Critical Mineral Resources PLC New permit acquisitions (7683V)
06 Dicembre 2023 - 8:00AM
UK Regulatory
TIDMCMRS
RNS Number : 7683V
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
km(2) . 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 info@cmrplc.com
Charles Long, Chief Executive Officer
Novum Securities
Jon Belliss +44 (0) 20 7399 9425
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Hudson Sandler (Financial PR)
Charlie Jack +44 (0) 207 796 4133
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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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