CMR adds 26 polymetal permits to Morocco portfolio

Critical Mineral Resources plc (CMR) has added 26 exploration permits prospective for copper, antimony, tungsten, lead-zinc and gold to its Morocco portfolio.

INFRASTRUCTURE

The new permits were secured through an all-share acquisition of Hesperis Resources SARL, of which CMR’s new chief operating officer Noureddine Sabraoui is a 25% beneficial owner.

Sixteen of the permits are located east of Casablanca in the Rabat and Beni Mellal administrative regions.

Further south in the regions of Souss-Massa, with Agadir as the capital, and Draa-Tafilalet with Errachidia as the capital, the permits are prospective for copper, silver, barite, oligiste (foliated iron oxide) and manganese.

Covering approximately 400km², the new ground gives CMR the potential to a wider range of minerals and metals in regions host to historical and current mining sites with established road and power infrastructure.

The company will pay an initial £150,000 in the form of CMR three million shares at a price of 5p per share to Hesperis followed by £75,000 with 1.5m shares at the start of drilling on any of the new permits.

Hesperis shareholders have also agreed to a ten-month lock-in period.

CMR chief executive officer Charlie Long said that the acquisition marked a key milestone for the company.

“The company now possesses a significant opportunity through its ongoing roll-up of permits across a sizeable footprint within well-established Moroccan mining territories.

“Critically, we now have excellent momentum as we continue to deliver against our stated strategy of developing an exciting portfolio of assets with the potential to bring minerals vital for the clean energy revolution into production and cash generation.

“We are delighted to welcome the Hesperis owners as shareholders to the business”.

CMR said its directors considered the related party transaction to be fair and reasonable “insofar as the shareholders of Critical Mineral Resources are concerned”.