Update re Proposed Acquisition of DRC Project

RNS Number : 0646K

Critical Metals PLC

31 August 2021

 

Critical Metals plc / EPIC: CRTM / Market: Main Market / Sector: Closed End Investments

31 August 2021

Critical Metals plc

("Critical Metals" or the "Company")

Update re Proposed Acquisition of DRC Copper/Cobalt Project

Critical Metals plc, a mining investment company established to acquire mining opportunities in the critical and strategic metals sector , is pleased to provide an update on its proposed acquisition of a majority stake in Mauritius-based Madini Occidental Ltd, the 70% shareholder of Miniere Molulu in the Democratic Republic of the Congo (DRC) announced on 20 May 2021.

All key advisers have been engaged and workstreams in relation to due diligence and application for readmission to trading on the Standard List, including the preparation of a Prospectus, are underway. A Competent Persons Report has been prepared in respect of the Molulu Project and the audit and conversion of the Madini Occidental Ltd accounts into an IFRS compliant format is progressing. It is expected that a draft Prospectus will be submitted to the FCA for review in the coming weeks.

The Board also notes that the Company continues to assess further potential acquisition opportunities in the copper-cobalt, tantalum-tin, vanadium-titanium, and tantalum-niobium sectors in line with its stated strategy.

The Board looks forward to providing further updates in due course.

**ENDS**

For further information on the Company please visit www.criticalmetals.co.uk or contact:

Russell Fryer	Critical Metals plc	Tel: [phone]
Rory Murphy / James Bellman	Strand Hanson Limited Financial Adviser	Tel: [phone]
Lucy Williams / Heena Karani	Peterhouse Capital Limited, Corporate Broker	Tel: [phone] Tel: [phone]
Catherine Leftley / Isabelle Morris	St Brides Partners Ltd, Financial PR	Tel: [phone]

About Critical Metals

Critical Metals was formed as an investment company and intends to make equity investments into operators or near-term production operators within the natural resources development and production sector in the continent of Africa. It is envisaged that such acquisition or acquisitions will trigger a reverse takeover in accordance with the listing rules. The Company intends to search initially for acquisition opportunities in the natural resources sector on known deposits and more specifically minerals that are perceived to have strategic importance to future economic growth. Commodities such as antimony, beryllium, cobalt, copper, fluorspar, gold, rare earth elements, tin, tungsten, titanium, and vanadium have been identified by several governments as "critical minerals" and so guaranteeing supplies is seen as a strategic necessity. The Company therefore believes that the market conditions for these minerals will remain strong in the short-to-long term.

 

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