GCIStrategic Minerals shares rise, as interims show strong cash flow and boosted profits
Shares in Strategic Minerals () jumped by nearly 50% to 0.06p in early trade September 26th, after the company put out interim results for the six months to June 2024.
The return of a major client for the American iron ore business positively impacted cash flow and helped sales for the six months climb to US$2.136 million, the highest six month revenue since 2017.
This provides an outlook for 2024 sales of more than US$4.5m.
With increased sales has come increased operating profitability. The pre-tax profit for the period was US$950,000, up from US$54,000 in the corresponding period a year earlier.
After tax profit was US$667,000.
During the period US$325,000 was invested in the company's development projects, Redmoor tungsten and tin Mine and Leigh Creek Copper Mine.
US$258,000 of accrued creditors were repaid in the period.
Executive Directors' fees were temporarily reduced in 2024 reflecting undertakings associated with 2023.
Unrestricted cash as at 30 June 2024 was US$280,000.
View from Vox
Strategic Minerals has released a tight set of results, showing just what it can achieve with a fair wind behind it. Much potential remains in the development projects, and with the cash generation running strong once again, we could start to see significant progress.
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