Strategic Minerals PLC (LON:SML) has made its first payment for a 50% stake in the Redmoor Tin-Tungsten project in Cornwall ahead of schedule.
The explorer said that it had made the A$300,000 payment to New Age Exploration Limited (ASX:NAE) in line with a revised payment schedule agreed in July, the payment had been scheduled for 31 October.
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Payments of A$300,000 are to be made quarterly under the plan, with the next instalment due on 31 January 2020, the total cost of the stake will amount to A$3mln.
“The early payment by the Company reflects the Board's commitment to completing the transaction and the efforts to manage cash flow effectively to ensure continuity of progress on the Company's key projects", said John Peters, SML’s managing director.
In early afternoon trading on Tuesday, Strategic Minerals’ shares were steady at 0.8p.