Strategic Minerals PLC (AIM:SML, OTC:SMCDF) said revenue from its Cobre tailings operation in New Mexico rose in the quarter to end-September 2022 after price increases in July.
Quarterly revenue at Cobre improved to US$0.653mln (2021: US$0.607mln) with annual sales now US$2.48mln (US$$2.9mln), with the reduction reflecting lower prices earlier in the year.
Elsewhere, it said talks are ongoing over funding for the Leigh Creek copper project (LCCM) in Australia while Strategic Minerals is hopeful the tin and tungsten project at Redmoor in Cornwall will qualify for assistance under the UK’s critical metals programme.
In a statement, John Peters, Strategic Minerals’ managing director, said: "Sales revenue levels continue to provide operational support, despite price increases. Efforts continue to secure funding for the LCCM restart but, as yet, no binding commitments have been made.
"We are studiously preparing submissions for possible government funding of the Redmoor mine and believe that this project aligns well with the UK Government's plans for the Critical Minerals sector."
Cash balances at the end of September were US$0.38mln