REG - Critical Metals PLC - Molulu Copper/Cobalt Project Update

Critical MetalsAnnouncement

26/10/2022 07:17

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RNS Number : 0972E  Critical Metals PLC  26 October 2022

Critical Metals plc / EPIC: CRTM / Market: Main Market

 

 

26 October 2022

Critical Metals plc

("Critical Metals" or the "Company")

Molulu Copper/Cobalt Project Update

 

Critical Metals plc, a mining company established to acquire mining
opportunities in the critical and strategic metals sector, currently
developing an ex-producing copper cobalt mine in the Democratic Republic of
Congo ("DRC"), is pleased to provide an update in relation to the Molulu
copper/cobalt project (the "Molulu Project").

Management Team

Following the appointment of Lloyd Kirtley as DRC Project Field Manager (RNS
released 13 October 2022), Mr. Kirtley will take up his position on the Molulu
mine site from the end of October. Mr. Kirtley will be on the ground
overseeing all environmental and social assessments, all start-up mining
activities, camp management (including infrastructure upgrades), and
critically, the logistics for the delivery of materials.

In addition, Critical Metals' Project Manager, Ongeza Mining have mobilized
their various teams required for the development of the Molulu Project. Their
finance manager and compliance advisor will be accompanying Mr. Kirtley to
site next week to set up and ensure the necessary reporting infrastructure and
financial controls are operational between the mine site and corporate
offices.

The Company is in the final stages of appointing a mine manager and it is
envisioned that they will based at the Molulu Project towards the middle of
November once employment documents are completed.

Groundwork

Groundwork at the Molulu Project began shortly post readmission and the
Company has a number of local workers employed to clear and clean the mine
campground and enhance security in anticipation of the above team's imminent
arrival.  The camp equipment, currently in transit from South Africa, is
expected to be arriving soon after this.

Geological Surveying

The Company has commenced preparations for the initial geological mapping
surveys. The DRC-based geologists have begun further geological mapping while
awaiting the arrival of the extended ground team.

The latest mapping programme will target the identification of the further
extensions of the copper ore body, where the mine engineers will interpret the
results to determine where to base the following drill campaigns. The Company
believes the mapping will be completed in the coming weeks.

 

Russell Fryer, CEO of Critical Metals, commented: "I am pleased to be able to
report on the early-stage fieldwork at the flagship Molulu Project in DRC with
the support of our newly appointed DRC Project Field Manager, Mr. Kirtley, who
I had the pleasure to welcome onboard earlier this month.

"I am confident that with the arrival of the team to site we will be able to
establish communications between the DRC team and the corporate offices that
will be crucial for further operational developments, site logistics, and
ultimately commencing production.

"These are exciting times for Critical Metals as we prepare the ground and
await the arrival of key camp equipment, expected in the coming weeks. It is
highly encouraging to see the collaboration of our team, including our current
DRC-based geologists, as we endeavor to identify further extensions of the
copper ore body by further geological mapping, which we hope will be completed
in a matter of weeks.

"The critical global demand for supplies for copper remains strong, this is an
opportune time to be developing an ex-producing copper/cobalt asset and places
Critical Metals in a position to capitalise on the growing demand. I look
forward to providing further updates over the coming weeks."

 

 

**ENDS**

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

 

 Russell Fryer                                  Critical Metals plc                           Tel: +44 (0)20 7236 1177

 Lucy Williams /                                Peterhouse Capital Limited, Corporate Broker  Tel: +44 (0)20 7469 0936

 Heena Karani                                                                                 Tel: +44 (0)20 7469 0933

 Catherine Leftley/Ana Ribeiro/Isabelle Morris  St Brides Partners Ltd,                       Tel: +44 (0)20 7236 1177

                                                Financial PR

 

About Critical Metals

Critical Metal's has acquired a
controlling 57% stake in Madini Occidental Limited, which holds an
indirect 70% interest in the Molulu copper/cobalt project, an ex-producing
medium-scale asset in the Katangan Copperbelt in the Democratic Republic of
Congo. In line with its investment strategy of focusing primarily on known
deposits, targeting projects with low entry costs and potential to generate
short-term cash flow; the Company intends on bringing the Molulu Project
into near term production at the earliest opportunity.

The Company will continue to identify future assets that are line with
its stated acquisition objective of low CAPEX and OPEX projects with near
term production, concentrating on minerals that are perceived to have
strategic importance to future economic growth and generate significant
value for shareholders.

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