Strategic Minerals Plc, an international mineral exploration and production company, has released its financial results for the year ended December 31, 2024.
The companys revenue increased by approximately 200% to $4.7 million, driven by the return of a major client to the Cobre magnetite operation.
The increased revenue resulted in a pre-tax profit of $2.1 million and a profit after tax of $1.3 million.
The company invested $531k in development projects and ended the year with cash of $621k.
Post year-end, the company raised £1 million through a share placement to accelerate the development of the Redmoor Tungsten-Tin-Copper Project in Cornwall.
The companys operational highlights include the return of a major client to the Cobre magnetite operation, a new significant purchase order of up to 30,000 tonnes, and the expansion of its mineral rights footprint in East Cornwall.
The Board underwent changes with the appointment of Charles Manners and Mark Burnett as Non-Executive Chairman and Non-Executive Director, respectively. Alan Broome and John Peters retired from the Board.
The companys outlook for 2025 remains positive with a focus on maximising outputs from the Redmoor project and maintaining a strong performance from Cobre.