Vox Markets Logo

Strategic Minerals reports sales revenue from Cobre up by 250%

10:00, 9th July 2024
Alastair Ford
Vox Newswire

Strategic Minerals has reported magnetite sales for the quarter ended 30 June of US$1.296m, up by around 250% on the corresponding quarter a year earlier. 

It’s the highest June quarter sales figure on record, and has led to an upgrade in expectations for the full year. 

Overall, sales for 2024 are now expected to exceed US$4m. 

The bumper figures come as the company’s major buyer at the Cobre iron ore project returned after a period of absence. Additionally, a major new client has also started buying magnetite. 

Full year sales volumes are now expected to exceed 60,000 tons, up from 17,965 tons in 2023.

The strong performance has allowed Strategic Minerals to catch up all creditors and to repay one of the two previously outstanding short-term funding facilities. Two further facilities, amounting to A$100,000 in total, remain in place, but repayment is now expected by the maturity date in October.

There remains more than US$500,000 in deferred remuneration owed to the board. 

"The quarter's sales have exceeded our expectations and bode well for a strong performance at Cobre in 2024,” said John Peters, managing director of Strategic Minerals.

Meanwhile, the company also continues to progress negotiations with potential investors on its Redmoor and Leigh Creek projects.



View From Vox


The comparable figures look good when set against the previous year, since the major buyer was absent.  But it’s worth noting that the numbers for the most recent quarter are also up by around 95% on the corresponding period. That points to a more solid underlying trend, and investors were cheered by the receding prospect of dilution in the near-term and rewarded the company with a 33% boost to the share price on the day. 



Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.