Strategic Minerals (SML) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was $4.23m, down 11% year-over-year, with profit before tax at $0.66m, impacted by non-cash share-based payments and increased investment in Redmoor.

• Cash at year-end rose to $0.78m, with $12m raised post-year-end to fund Redmoor's pre-feasibility study.

• Significant progress at Redmoor, including a 49% increase in resource tonnage and a new high-grade mineralised zone.

• Sale process for Leigh Creek Copper Mine advanced, with initial payments received and further proceeds expected.

Financial highlights

• Gross margin improved to 85% from 82% year-over-year.

• Net loss attributable to owners was $0.15m, compared to a $1.3m profit in 2024.

• Cash generated from Cobre covered group working capital and contributed to Redmoor exploration.

• Share price increased 472% during 2025.

Outlook and guidance

• Focus remains on advancing Redmoor through pre-feasibility, leveraging strong cash position and anticipated Leigh Creek sale proceeds.

• Cobre expected to continue generating positive cash flow, supporting group overheads.

• Robust critical mineral prices, especially tungsten, underpin positive outlook.