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Pin to quick picksStrategic Minerals Share News (SML)

Share Price Information for Strategic Minerals (SML)

London Stock Exchange
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Share Price: 0.225
Bid: 0.20
Ask: 0.25
Change: 0.025 (12.50%)
Spread: 0.05 (25.00%)
Open: 0.20
High: 0.225
Low: 0.20
Prev. Close: 0.20

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Strategic Minerals widens loss after incurring USD8.9 million impairment

Fri, 21st Jun 2024 13:16

(Alliance News) - Strategic Minerals PLC on Friday reported weaker financial performance as the company contends with falling sales and a lack of funding.

The London-based mining and exploration company said in 2023 pretax loss widened to USD9.1 million, USD0.2 million prior to non-cash adjustment for impairment, from USD0.4 million the year prior.

Revenue fell 36% to USD1.6 million from USD2.4 million, reflecting the suspension of orders from the Cobre magnetite operation's major client in late 2022.

Cash and cash equivalents held by Strategic Mineral decreased 67% to USD112,000 from USD341,000.

Throughout the year, the company was marketing and following up on potential co-investors in the Leigh Creek Copper Mine project which has suffered from a lack of funding since 2022. Failure to secure finance led management to impairing the asset at an USD8.9 million expense.

Looking ahead, management said the company is actively pursuing non-dilutive funding approaches, both joint venture and debt style, to progress both LCCM and Redmoor tin and tungsten project.

Strategic Minerals shares were up 5.6% to 0.19 pence each in London on Friday afternoon.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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22 Nov 2019 14:32

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Strategic Minerals Starts Arbitration Proceedings Against Cobre Client

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Strategic Minerals Granted Tax Refund From Australian Government

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(Alliance News) - Strategic Minerals PLC on Thursday said it has reached an agreement to amend the terms for buying the remaining 50% stake in the Redmoor tin and tungsten project in Cornwall, for

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