£248,155 R&D rebate received from HMRC by Cornwall Resources Ltd. Strategic Minerals plc, a producing mineral company actively developing projects prospective for battery materials, is pleased to announce that it has received a rebate of £248,155 from Her Majesty's Revenue and Customs in relation to research and development tax relief claims in...
·US $30 m combined pre-tax cash surplus from Paltridge North, Lynda and Lorna Doone. ·The feasibility study on the first element, Paltridge North, undertaken by Mining One and other internal consultants, indicates a cash surplus going forward, of US $6.4 m. ·Updated internal feasibility of the second stage development of Lynda and Lorna Doone indicates a cash...
RNS Number: 2552 U Strategic Minerals PLC 21 November 2019. A second and final Price Monitoring Extension has been activated in this security. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
RNS Number: 2545 U Strategic Minerals PLC 21 November 2019. The auction call period has been extended in this security by 5 minutes. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Strategic Minerals* (SML LN) 0.75p, Mkt Cap £11m – Resumption of regular sales at Cobre magnetite in the US Strategic Minerals reports the resumption of regular demand from existing Cobre clients sales at it’s Cobre magnetite operation in New Mexico through the last quarter to end-September. This does not include the major client where Strategic Minerals is pursuing a claim with arbitration now scheduled. Q3 sales were 26.3% higher yoy. Cash rose to US$765,000m at end-September from US$319.000m at end-June forcing management to slow expenditure and conserve cash while the company pursues its arbitration in the US. September sales also include the forfeiture of US$375,000, relating to deposits from the major Cobre client bringing the total deposits forfeited to US$750,000 for the year. Management are growing sales in the absence of the major client as seen in the Q3 sales recovery. Cobre magnetite: sales recovered to US$1.130m in Q3 vs US$0.598 yoy and to US$3,158 for FY 2019 vs US$4.856 for 2018 and US$4.032 for 2017. Leigh Creek: project received A$269,564 as a research grant and reimbursement of expenditure. The company produced and sold an initial consignment of copper cement and is working to bring the mine back into full scale production in late 2019 / early in 2020/ Redmoor scoping study: outlines a potential 600tpd underground mine with a ten year mine life. Capital costs estimated at US$89m are expected to generate an NPV8% of US$94m and IRR of 19.4% using prices of US$22,000/tonne for tin, US$330/mtu for tungsten trioxide and US$3.18/lb for copper. Conclusion: Management continue to advance the future of Leigh Creek copper production and are stepping forward with full ownership of the Redmoor tin, tungsten, copper, project in Cornwall. While the setback at the Cobre magnetite operation in the US has slowed progress cash reserves are recovering and the company should continue to add value on each of its three key fronts. *SP Angel acts as Nomad and Broker to Strategic Minerals
RNS Number: 9934 P Strategic Minerals PLC 16 October 2019 Market Abuse Regulation Disclosure. Strategic Minerals plc, a producing mineral company actively developing projects prospective for battery materials, is pleased to provide the following update on the Company's cash position and ore sales at the Cobre magnetite operation in New Mexico, USA for the...
RNS Number: 1610 P Strategic Minerals PLC 08 October 2019 Market Abuse Regulation Disclosure. Strategic Minerals plc, 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, in line with the revised...
Strategic Minerals plc, a producing mineral company actively developing projects prospective for battery materials, has been informed that, Peter Wale, Executive Director, acquired today a total of 3,514,942 ordinary shares of 0.1 pence each in the Company at an aggregated price of 0.719 pence per Ordinary Share.. It has an operation in the United States of...
·Accounting after tax loss of US $1,182,000. Cash after tax loss of US $256,000.. ·Pre-tax profit of US $675,000 from the Company's Cobre operation, prior to intercompany management charges, continues to underpin corporate cash flow.
RNS Number: 0447 O Strategic Minerals PLC 30 September 2019 Market Abuse Regulation Disclosure. Strategic Minerals plc, a producing mineral company actively developing projects prospective for battery materials, announces that, on Friday 27 September 2019, the SML group received A $575,000 as a loan recourse to the expected 2019 Research and Development...
Strategic Minerals* (SML LN) 0.879p, Mkt Cap £12.8m – Cobre Arbitration • Strategic Minerals reports that its wholly owned subsidiary, Souther Minerals Group, which operates the Cobre magneite sands project in New Mexico has lodged a notice of arbitration in its protracted dispute with the major, un-named, client at Cobre. • The claim is reported to consist of three main elements: o Over “$2.3m relating to payments outstanding to date” o Over “$19m in relation to lost profits for the balance of the contract”; and o “punitive damages as permitted by law”. • The company explains that it is taking a conservative view in respect of its future funding plans “and excluded any potential payment from the client and incorporated expected legal fees” • Managing Director, John Peters explained the background saying that “The claim against the major Cobre client has been meticulously reviewed prior its issuance and comes after the breakdown in negotiations with the client”. • He said that “the Board is continuing to review its projects and examining the preferred methods of funding such development.” In the light of events at Cobre but confirmed that “The Company remains in the fortunate position wherein the profits from the Cobre operation continue to fund overheads and contribute, albeit at a lower level, to project development. Further, as 100% owners, the Company can dictate the pace of progress on each project, as holding costs on each are relatively minor." Conclusion: The long-standing dispute with its main customer at Cobre has come to a head with the lodging of an arbitration claim. The timing of the company’s other projects may be adjusted to accommodate these events but the company is making the point that as it is sole owner it is in a position to make the required adjustments to its programme of work. *SP Angel act as Nomad and Broker to Strategic Minerals
RNS Number: 2714 N Strategic Minerals PLC 23 September 2019 Market Abuse Regulation Disclosure. 1) in excess of $2,300,000 in relation to payments outstanding to date;. 2) in excess of $19,000,000 in relation to lost profits for the balance of the contract; and.
Strategic Minerals* (SML LN) 1.025p, Mkt Cap £15.0m – R & D Grant for Leigh Creek copper mine • Strategic Minerals has confirmed receipt of A$269,564 as a research grant and reimbursement of expenditure at the Leigh Creek copper mine in South Australia where Strategic Minerals has produced and sold an initial consignment of copper cement and is working to bring the mine back into full scale production in late 2019 / early in 2020 • “The payment recognises a portion of works conducted at LCCM and a subsequent claim is expected next year. Management is currently evaluating funding alternatives to bring forward a portion of this anticipated payment”. • Commenting on the grant, John Peters, Managing Director said that "The Research and Development re-imbursement reflects the substantial works being undertaken at Leigh Creek in preparation for restoring full operations in 2020. The receipt confirms our expectation of cash flow from the Australian Taxation Office and reinforces our expectation of a higher amount next year." Conclusion: Strategic Minerals’ work at its Leigh Creek operation in South Australia is being recognised by the Australian tax authorities as eligible for reimbursement of research and development expenditure *SP Angel act as Nomad and Broker to Strategic Minerals
RNS Number: 5198 L Strategic Minerals PLC 06 September 2019 Market Abuse Regulation Disclosure. Strategic Minerals plc, a producing mineral company actively developing projects prospective for battery materials, announces that the SML group has today received A $296,594-33 as a Research and Development grant/re-imbursement from the Australian...
Strategic Minerals* (SML LN) 1.35p, Mkt Cap £19.8m – Settlement of acquisition • Strategic Minerals reports that it has now settled the acquisition of New Age Exploration’s (NAE) 50% holding in Cornwall Resources which holds the Redmoor tin/tungsten project in Cornwall. • Strategic Minerals has made an initial A$290,000 payment, which takes total cash paid to date to A$300,000, and agreed to make three further cash payments each of A$300,000 quarterly “before 31 October 2019, 31 January 2020 and 30 April 2020. The balance is then to be paid on or before26 June 2020.” • Interest on the balance of the outstanding A$2.7m is charged at “5%pa calculated on a daily balance basis, payable at the end of each calendar quarter”. • Commenting on the revised acquisition arrangements for Cornwall Resources and the Redmoor project which he said would enable the company to build on “this potentially world class mining opportunity over the coming years”, Managing Director, John Peters, explained that “The provision of a vendor loan has assisted the Company in managing its cash flow while ensuring that any future arrangements can be planned with the knowledge that the Company has total control of Cornwall Resources Limited.” • In our opinion, consolidating full ownership of Cornwall Resources should benefit the project through a simpler management structure while the revised schedule of payments to NAE should more closely match the expected addition of a second source of cash generation from Strategic Minerals’ Leigh Creek copper project in South Australia, where, following initial sales of copper cement which were announced in May, full production is scheduled for commencement in late 2019 / early in 2020. Conclusion: The revised payment schedule for the acquisition of NAE’s 50% interest in Cornwall Resources should simplify the future exploration management of the Redmoor tin/tungsten project and assist Strategic Minerals in matching the staged payments to NAE with the expected build up of copper production from its Leigh Creek operation in South Australia. *SP Angel act as Nomad and Broker to Strategic Minerals
Strategic Minerals Limited (SML.L) Announced that further to the announcement dated 27 June 2019, it has settled the acquisition of New Age Exploration Limited's (NAE) 50.0% holding in Cornwall Resources Limited (CRL). The company has settled the acquisition of NAE's 50.0% holding in CRL on the basis that, in lieu of the original structured cash components, the company made an initial A$290,000 payment, taking total cash paid to A$300,000 and agreeing an 11 month payment schedule for the balance of A$2,700,000.
Strategic Minerals (SML) 1.32p £20.55m Strategic Minerals, a producing mineral company actively developing projects prospective for battery materials, notified the market that, further to the announcement dated 27 June 2019, it has settled the acquisition of New Age Exploration Limited's ("NAE") 50% holding in Cornwall Resources Limited ("CRL"). SML has settled the acquisition of NAE's 50% holding in CRL on the basis that, in lieu of the original structured cash components, SML made an initial A$0.29m payment, taking total cash paid to A$0.3m and agreeing an 11 month payment schedule for the balance of A$2.7m. Payments of A$0.3m are to made quarterly before 31 Oct 2019, 31 Jan 2020 and 30 Apr 2020. The balance is then to be paid on or before 26 Jun 2020. The interest rate on the balance of A$2.7m is 5% pa, calculated on a daily balance basis, payable at the end of each calendar quarter to allow for early repayment. SML has provided NAE with a charge over the Company's shares in CRL, a debenture charge over CRL's property and, in the event of default, NAE has the option to convert any outstanding balances to SML shares at 90% of the VWAP for SML shares in the 10 trading days prior to the issue of the conversion notice. Acquisition is completed upon the registration of charges.
Strategic Minerals plc is a UK registered resources company focused on the development and supply of iron ore - in particular magnetite - to the world's industrial markets.
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