New permit acquisitions

Critical Mineral Resources PLC

06 December 2023

 

6 December 2023

Critical Mineral Resources PLC

('CMR' or the 'Company')

New permit acquisitions

Critical Mineral Resources plc ('CMR' or the 'Company), the exploration and development company focused on clean energy metals in Morocco, is pleased to provide the following update on newly acquired permits.

Since acquiring 80% of Atlantic Research Minerals SARL ('ARM')  in June 2023, CMR has been adding Moroccan metals and minerals projects to its portfolio. In early September, the Company announced the granting of the Ighrem Project, prospective for copper, oligiste iron ore and manganese. Today, the Company announces it has been granted four new exploration permits in the Rabat and Beni-Mellal regions, covering an area of approximately 80 km². Three new permits comprise the Meseta Project, primarily prospective for copper.

Meseta project summary

·    The Meseta Project consists of three exploration permits in a region of copper, tungsten, tin and lead-zinc mineralisation.

·    Meseta is located in north Morocco, 80km south of Rabat, and is easily accessible by sealed roads. The main Meseta permit is located on the same structural trend as the Rhouirat N'Has tungsten-copper project managed by Morocco's state natural resources developer ONHYM and Aterian PLC's Zaer Project.

·    The main Meseta permit was visited recently and showed clear evidence of historical mining activity at several locations across the property.

Meseta project strategic rationale

CMR's focus is on developing Moroccan commodity projects with the clear potential to support the transition to clean energy and quickly advance to production and cash generation. As part of this focus, the Company continues to evaluate advances in battery chemistries and broader electrification technologies required for global decarbonisation. While debate continues regarding the future form and ratio of clean energy commodities in batteries, the importance of copper and its position as an enabler of electrification despite long-term supply constraints remains accepted thinking. Meseta will provide CMR with continued and additional exposure to copper and its long-term value opportunity.

Figure 1: Map showing Meseta Project permits

[Source: Company]

Zagora option agreement

In September, CMR and its subsidiary ARM signed a binding term sheet with the shareholders of S.A Strategy SARL ('SAS'), the owner of the Zagora Cobalt Project, to earn in on the delivery of certain milestones. CMR and SAS have mutually agreed to terminate this agreement, though both organisations will continue to collaborate and seek opportunities to partner in the future.

Charlie Long, Chief Executive Officer of CMR PLC, commented:

"We are delighted to add the Meseta project to our portfolio of exploration permits. It fits CMR's stated strategy of targeting Moroccan assets with the potential to produce clean energy commodities. While We continue to develop our opportunities for cash generation from earn-in with near-term production assets such as Anzar, Meseta is an important addition to our incubator portfolio of licenses.

Early indications give us confidence it has copper development potential. We are pleased to provide our investors with additional exposure to copper projects and the significant value we believe they and copper hold for the long term".

 For further information, please contact:

Critical Mineral Resources plc Charles Long, Chief Executive Officer	[e-mail]
Novum Securities Jon Belliss	[phone]
Hudson Sandler (Financial PR) Charlie Jack	[phone]

Notes To Editors

Critical Mineral Resources (CMR) plc is an exploration and development company focused on developing assets that produce key commodities essential for renewable energy, battery storage and electrification to support the clean energy revolution. These commodities are widely recognised as being at the start of a supply and demand supercycle.

CMR is building a diversified portfolio of high-quality metals exploration and development projects in Morocco, focusing on copper, nickel, manganese, cobalt, and potentially rare earths. CMR identified Morocco as an ideal mining-friendly jurisdiction that meets its acquisition and operational criteria. The country is perfectly located to supply raw materials to Europe and possesses excellent prospective geology, infrastructure and attractive permitting, tax and royalty conditions. In 2023, the Company acquired an 80% stake in leading Moroccan exploration and geological services company Atlantic Research Minerals SARL.

Since taking over the CMR in 2022, the current management has completed a comprehensive strategic review and restructuring of the business and implemented its clear strategy to maximise exploration and resource development opportunities for the benefit of all stakeholders. The Company is listed on the London Stock Exchange (CMRS.L). More information regarding the Company can be found at www.cmrplc.com

 

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