Critical Mineral no longer 'rock-kicking explorer' amid Morocco deal
Critical Mineral Resources PLC on Wednesday announced the acquisition of three additional permits in Morocco.
Critical Mineral shares jumped 35% to 4.04 pence each on Wednesday afternoon in London.
The exploration and development company focused on clean energy metals in Morocco said a special purpose vehicle named AgaMel Minerals SARL has been incorporated to hold three Coppernicus Mining Co SARL AU permits. It will both apply for and buy all additional permits including three acquisitions in the sedimentary copper project in Agadir Melloul in central Morocco.
Critical Mineral says it now holds an initial 10% in the special purpose vehicle, with an earn-in structure allowing it to buy an interest of up to 60%.
Further, Critical Minerals aims to invest at least $900,000 into the special purpose vehicle, which currently owns six permits including three permits where Critical Minerals has a contractual 50% ownership.
Critical Mineral Chief Executive Officer Charlie Long said: ‘It is extremely pleasing to announce details of this game changing transaction, which moves CMR from rock-kicking explorer to project developer with an awesome asset. It has taken two years and a huge amount of work since we first visited Agadir Melloul to get to this point. And despite having visited many excellent projects, some of which we optioned and explored, Agadir Melloul has always been our priority target.’
He added: ‘Together with our strategic investor, we believe the existing sampling data, derived mostly from trenching, underpins the initial mine project of a 750 to 1,000 tonnes per day flotation plant, and significantly derisks our investment. While the potential for a much larger discovery, which we are calling the strategic resource strategy, provides for a very exciting and potentially very high return investment case for both current and future shareholders.’
Further, CEO Long said that drilling will start during the next week or two, with assay results to be quick to follow.
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