(Alliance News) - Strategic Minerals PLC on Wednesday said sales at its Cobre operation have returned to normal.
The London-based mining and exploration company's Cobre operation in New Mexico, US currently sells magnetite from a treated stockpile through the its wholly owned subsidiary Southern Minerals Group LLC.
For the quarter ending in March, sales revenue more than doubled to USD841,000 from USD415,000 last year.
Although it should be noted that last year, the company's major client did not purchase any magnetite during the first quarter.
Managing Director John Peters said: "The quarter's sales have confirmed our expectations for a strong performance at Cobre in 2024 and a likely annual result exceeding USD3.5 million."
Due to a sales slump in 2023, the company has secured AUD50,000, or USD32,686, short-term working capital at an interest rate of 12% per annum from an individual investor. This funding had attached to it, the issue of 10 million warrants over new shares, of 0.1 pence each in the company, with an exercise price of 0.5p maturing December 31, 2025.
Strategic Minerals shares were up 10% to 0.25 pence each in London on Wednesday afternoon.
By Elijah Dale, Alliance News reporter
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Strategic Minerals (SML)