Strategic Minerals (SML) H1 2026 earnings summary

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.