Highlights

  • Q3 2025 ore sales at Cobre increased 42.4% QoQ, reaching 16,098 tons.
  • Revenue for Q3 2025 rose to USD 1.08m, up 31.9% compared to Q2 2025.
  • Redmoor drilling confirms high-grade tungsten zones and potential for resource expansion.

Strategic Minerals plc (LSE:SML), an international mineral exploration and production company, has released its Q3 2025 trading update, reporting a recovery in ore sales at its Cobre magnetite operation in New Mexico, USA.

Sales at Cobre increased by 42.4% compared to the previous quarter, with 16,098 tons sold in Q3 2025, generating USD 1.08m in revenue. This follows downtime earlier in the year caused by regional wildfires. By comparison, Q2 2025 sales totaled 11,305 tons and USD 0.82m in revenue.

Cash Position

As of 30 September 2025, the Company held a cash balance of USD 0.83m, down from USD 1.59m at the end of Q2 2025.

Redmoor Project Developments

Significant progress has been reported at the Redmoor Tungsten Tin Copper Project in Cornwall, UK, where recent drilling has confirmed high-grade tungsten mineralisation. Key updates include:

  • Exceptional assay results: Drillhole CRD033 returned high tungsten grades, identifying multiple stacked mineralised zones within the Sheeted Vein System (SVS) deposit.
  • New mineralised zones: CRD033 revealed additional potentially economic zones, expected to contribute to the upcoming Mineral Resource Estimate (MRE) update.
  • Data validation: CRD033 serves as a twin of a 1980s borehole, supporting historical data validation and strengthening the geological model.
  • Accelerated drilling programme: A second rig has increased drilling, with six holes completed to date, all intersecting the SVS. Samples are being processed for laboratory analysis.
  • Exploration model testing: Drill hole CRD037 tested CRL’s exploration target, confirming SVS-style veins and supporting the existing exploration model.
  • MRE support work: Metallurgical and processing tests are ongoing to define flow sheet design and recovery assumptions for the MRE update.

Management Commentary

Mark Burnett, Executive Director of Strategic Minerals, commented:

"The success of the programme is generating significant interest in the market. Over the past two weeks the executive directors have undertaken more than 20 non-deal institutional and UHNW investor meetings and have held an extremely well attended and engaging retail investor presentation which has generated very positive feedback. As a Board we are enjoying bringing the attention of the wider market to this extraordinary and high-grade critical minerals opportunity. As China tightens its grip on its own critical minerals, we have right here in the UK an opportunity to develop a world-class polymetallic tungsten resource."

Share performance

The company is currently trading at GBX 0.94, up by 9.30% from its previous close of GBX 0.86.