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Strategic Minerals
Strategic Minerals (SML) investor relations material
Strategic Minerals H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary25 Sep, 2026
Executive summary
Revenue for H1 2026 was $1.59M, down 20% year-over-year due to a temporary drop in purchase volumes, but volumes have since normalized.
Loss before tax was $712K (vs. $568K profit in H1 2025), mainly due to a $812K non-cash share-based payment; excluding this, profit before tax would have been $100K.
Cash position strengthened to $10.0M at period end, following two equity fundraisings totaling £8.7M to fund Redmoor Project development.
Net assets increased to $17.5M from $7.1M at year-end 2025.
Financial highlights
Gross margin at Cobre held steady at 86% year-over-year.
Loss after tax was $995K (vs. $151K profit in H1 2025); basic and diluted loss per share was $0.037.
Investments in development projects totaled $1.21M, with $1.12M allocated to Redmoor.
Overhead expenses increased to $1.19M (H1 2025: $949K) due to Redmoor expansion.
Outlook and guidance
Fully funded for all planned activities for at least 12 months, including Redmoor infill drilling and pre-feasibility study.
Focus remains on advancing Redmoor, with a 22,500m drilling program underway and completion targeted for Q2 2027.
Market conditions for tungsten remain strong, with prices above upside case assumptions.
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Latest events from Strategic Minerals
- Redmoor resource expanded 49% and $12m raised for development, despite lower 2025 profit.SML
H2 2025 - Redmoor's resource and NPV surge, confirming its status as Europe's top undeveloped tungsten project.SMLInvestor update
- Cobre sales surged 42% in Q3 2025, fueling rapid Redmoor progress and strong investor interest.SMLTrading update
- Share price up 470% in 2025, with Redmoor and Cobre delivering strong operational results.SMLTrading update
- 2023 loss driven by LCCM impairment; Cobre client return boosts 2024 outlook.SMLH2 2023
- Record H1 profit and revenue, with expanded mineral rights and strengthened board for future growth.SMLH1 2024
- Revenue up 200% and return to profit, but future depends on Cobre customer retention.SMLH2 2024
- Redmoor advances as a leading tungsten project, fueled by strong drilling and stable cash flow.SMLInvestor update
- Revenue dipped on Cobre disruption, but Redmoor drilling and cash position strengthened.SMLH1 2025
Strategic Minerals
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