TIDMSML

RNS Number : 1610P

Strategic Minerals PLC

08 October 2019

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

8 October 2019

Strategic Minerals plc

("Strategic Minerals", "SML" or the "Company")

Redmoor Acquisition Update

Early Payment of Instalment

Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to announce that the first quarterly payment of A$300,000 has been made to New Age Exploration Limited ("NAE"), in line with the revised acquisition payment schedule for NAE's 50% holding in Cornwall Resources Limited, as described in the announcement released on 25 July 2019. The payment was due by 31 October 2019.

Commenting, John Peters, Managing Director of Strategic Minerals, said:

"The early payment by the Company reflects the Board's commitment to completing the transaction and the efforts to manage cash flow effectively to ensure continuity of progress on the Company's key projects."

 
  For further information, please contact: 
 
                                                                    +61 (0) 414 727 
  Strategic Minerals plc                                             965 
  John Peters 
  Managing Director 
  Website:         www.strategicminerals.net 
  Email:           info@strategicminerals.net 
 
  Follow Strategic Minerals on: 
  Vox Markets:     https://www.voxmarkets.co.uk/company/SML/ 
  Twitter:         @SML_Minerals 
  LinkedIn:        https://www.linkedin.com/company/strategic-minerals-plc 
  Facebook:        https://www.facebook.com/search/top/?q=strategic%20minerals%20plc 
 
                                                                    +44 (0) 20 3470 
  SP Angel Corporate Finance LLP                                     0470 
  Nominated Adviser and Broker 
  Ewan Leggat 
  Stephen Wong

Notes to Editors

Strategic Minerals plc is an AIM-quoted, operating minerals company actively developing projects prospective for battery materials. It has an operation in the United States of America and Australia along with development projects in the UK and Australia. The Company is focused on utilising its operating cash flows, along with capital raisings, to develop high quality projects aimed at supplying the metals and minerals being sought in the burgeoning electric vehicle/battery market.

In September 2011, Strategic Minerals acquired the distribution rights to the Cobre magnetite tailings dam project in New Mexico, USA, a cash-generating asset, which it brought into production in 2012 and which continues to provide a revenue stream for the Company. This operating revenue stream is utilised to cover company overheads and invest in development projects orientated to supplying the burgeoning electric vehicle/battery market.

In January 2016, the portfolio was expanded with the acquisition of shares in Central Australian Rare Earths Pty Ltd, which holds tenements in Western Australia prospective for cobalt, nickel sulphides and rare earth elements. The Company has since acquired all shares in Central Australian Rare Earths Pty Ltd. In September 2018, the Company entered contracts for the sale of certain CARE tenements identified as gold targets.

In May 2016, the Company entered into an agreement with New Age Exploration Limited and, in February 2017, acquired 50% of the Redmoor Tin-Tungsten project in Cornwall, UK. The bulk of the funds from the Company's investment were utilised to complete a drilling programme that year. The drilling programme resulted in a significant upgrade of the resource. This was followed in 2018 with a 12-hole 2018 drilling programme has now been completed and the resource update that resulted was announced in February 2019. In March 2019, the Company entered into arrangements to acquire the balance of the Redmoor Tin-Tungsten project in Cornwall. This was completed on 24 July 2019

In March 2018, the Company completed the acquisition of the Leigh Creek Copper Mine situated in the copper rich belt of South Australia and brought the project into limited production in April 2019, with full production expected in 2020.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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October 08, 2019 07:00 ET (11:00 GMT)

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