Strategic Minerals (SML) H2 2024 earnings summary

Executive summary

• Revenue surged 200% to $4.7m for 2024, driven by the return of a major client at the Cobre magnetite operation, marking the strongest performance since 2017.

• Pre-tax profit reached $2.1m, reversing a $9.1m loss in 2023; profit after tax was $1.3m compared to a $9.2m loss last year.

• Cash at year-end increased to $621k from $112k, with $531k invested in development projects.

• Post year-end, £1m was raised via share placement to accelerate Redmoor project development.

Financial highlights

• Revenue: $4.7m (2023: $1.6m), up 200%.

• Pre-tax profit: $2.1m (2023: loss $9.1m); profit after tax: $1.3m (2023: loss $9.2m).

• Overhead expenses rose 19% to $1.73m.

• Cash at year-end: $621k (2023: $112k).

• Basic and diluted EPS: 0.64 cents (2023: -0.45 cents).

Outlook and guidance

• Positive momentum expected for 2025, supported by a significant 30,000-tonne purchase order at Cobre and extended stockpile access to 2029.

• Focus on progressing Redmoor to pre-feasibility and bankable feasibility stages, with grant funding secured.

• Sale of Leigh Creek Copper Mine targeted for 2025.