Strategic Minerals makes first payment to New Age Exploration early

Battery minerals developer Strategic Minerals announced on Tuesday that the first quarterly payment of AUD 0.3m (£0.17m) has been made to New Age Exploration.

The AIM-traded firm said the payment was in line with the revised acquisition payment schedule for New Age Exploration’s 50% holding in Cornwall Resources, as it announced on 25 July.

It said the payment had been due by 31 October.

“The early payment by the company reflects the board's commitment to completing the transaction and the efforts to manage cash flow effectively to ensure continuity of progress on the company's key projects,” said managing director John Peters.