The
information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been
incorporated into UK law by the European Union (Withdrawal) Act
2018.
28 November
2024
Strategic Minerals
plc
("Strategic Minerals", "SML" or the "Company")
Cobre Access Extended Until
31 March 2029 and new 2025 Purchase Order
Strategic Minerals plc (AIM: SML;
USOTC: SMCDY), a producing minerals
company, is pleased to announce the
extension of its access to the Cobre magnetite stockpile in New
Mexico from 31 March 2027 to 31 March 2029 and a new significant
purchase order for 2025.
From 2017, Strategic Minerals has
repeatedly extended access to the magnetite stockpile at Cobre, New
Mexico, through its wholly owned subsidiary Southern Minerals Group
("SMG"), providing a long-term revenue stream for the
Company.
The latest extension demonstrates
the continued high-level of operational performance maintained by
the SMG team on the ground and will allow SML to explore
opportunities to optimise revenues and cash flow going
forward.
The timing of the extension also
coincides with the receipt of a new purchase order for 2025 of up
to 30,000 tonnes from one of SMG's major clients, which contributes
substantially to the forward-looking revenue profile.
Sales at Cobre continue to perform
well with management confident of exceeding full year sales of
US$4.5m. Further details will be provided in the Company's next
quarterly update scheduled for Q1 2025.
Commenting, Mark Burnett, Executive Director of Strategic
Minerals, said:
"The extension of access at Cobre to 31 March 2029 is a huge
achievement by the excellent SMG team on the ground. Combined with
a significant new purchase order, this should underpin the revenue
profile for SML into 2025 and beyond and provide scope to expand
operations across the portfolio of SML assets."
Notes to Editors
Strategic Minerals plc is an
AIM-quoted, producing minerals company, actively developing
strategic projects in the UK, United States and
Australia.
In September 2011, Strategic
Minerals acquired the distribution rights to the Cobre magnetite
project in New Mexico, USA, through its wholly owned subsidiary
Southern Minerals Group. Cobre has been in production since 2012
and continues to provide a sustainable revenue stream for the
Company.