Strategic Minerals PLC (AIM:SML, OTC:SMCDF) reported revenues at its Cobre tailings processing operation in New Mexico, rose by more than 250% in the latest quarter as a key customer restarted orders.
Revenues in the three months to the end of June were US$1,296 million, against US$367,000 this time a year ago.
SML noted that this quarter’s revenues were up 95% over June 2022, when the major client was active.
Volumes in the quarter rose to 18,935 tonnes against a comparable 4,162 in 2023 and 10,711 in 2022.
Strategic Minerals now expects Cobre’s full-year 2024 revenues to exceed US$4 million, or higher than previous forecasts.
As a result of the first half performance, creditor arrangements, excluding the board and management, are now up to date, SML said, with one short-term funding facility (A$50,000) now repaid.
Two facilities totalling A$100,000 are expected to be repaid from Cobre sales by their maturity date in October.
John Peters, managing director, added: "The quarter's sales have exceeded our expectations and bode well for a strong performance at Cobre in 2024 with forecasted annual sales now upgraded and expected to exceed US$4.0m.
"Management continues to progress negotiations with potential investors on both its Redmoor and Leigh Creek projects as well as seeing cautious signs of more widespread renewed investor interest.
“Until such time as a project-related liquidity event occurs, the Company will continue to closely monitor short-term cash flow and remains committed to avoiding the need for a dilutive capital raise, currently considered unnecessary."