Strategic Minerals PL's subsidiary in New Mexico has had access to the Cobre magnetite stockpile in New Mexico confirmed for a tenth consecutive year.
The junior said that sales n February had also seen a sizeable uptick.
"While the quarters ended 31 December 2021 and January 2022 saw a significant drop in demand, February 2022 has seen sales 12% higher compared to February 2021 and the first two months of 2022 combined are only marginally below that of comparable 2021 sales," it said.
John Peters, SML’s managing director, added: "While not unexpected, the rollover of access at Cobre is always an important milestone in SML's calendar.
“Given our close relationship with the mine owner, the rollover was expected and the Board and Management do not currently foresee any problems with future rollovers.
"It is pleasing to see that the CV Investments' receivership is moving forward and the company anticipates, but is not relying upon, a cash settlement arising from the closure of this matter.
"Recent significant rises in the copper price, to over US$4.50/lb, have continued to heighten interest in our Leigh Creek Copper Mine project and we look forward to it joining Cobre this year as a second income stream for the Company, subject to securing the necessary funding. "
Strategic said it has also received a US court order allowing subsidiary SMG to file its claim for US$21.9m in its action against CV Investments.