Strategic Minerals PLC (LON:SML) (OTCMKTS:SMCDY) said it returned a 46% year-on-year boost in sales volumes at the Cobre project in the US in the third quarter to end September 2020, with sales revenue up by 55%.
Uninterrupted operations continue at Cobre as a result of effective zero contact on-site due to processes and policies enacted in response to the coronavirus pandemic.
During the period the company also appointed NRG Capital to develop options to advance the Redmoor tungsten and tin project in Cornwall.
The company’s cash balance stood at US$264,000 as of September 30, 2020.
Commenting in a statement, John Peters, managing director of Strategic Minerals, said: "Sales at Cobre continue to show excellent annual growth providing the Company the opportunity to repay outstanding liabilities and benefit from surplus cash generated from operations.
"Steps have been taken to move both the Leigh Creek and Redmoor projects forward in a manner that avoids dilution at the parent level. With copper prices around US$3lb and the recent emphasis on the strategic nature of tungsten, the Board is confident that the underlying value in its projects will be realized."