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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
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
Next Strategic Minerals earnings date
H2 202619 May, 2027
Strategic Minerals
Next Strategic Minerals earnings date
H2 202619 May, 2027
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