REG - Critical Mineral - Director Change and Share Incentive Scheme

Critical Mineral ResourcesAnnouncement

17/07/2024 07:00

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RNS Number : 6691W  Critical Mineral Resources PLC  17 July 2024

17 July 2024

Critical Mineral Resources PLC

('CMR' or the 'Company')

Director Change and Share Incentive Scheme

 

Critical Mineral Resources PLC ('CMR' or the 'Company'), the exploration and
development company focused on critical metals and minerals in Morocco is
pleased to announce that Dominic Traynor has been appointed Executive Chairman
of the Company.

 

Dominic Traynor has been a Non-Executive Director of the Company for over
two years, most recently as Non-Executive Chairman. During this time, he has
worked closely with CMR Chief Executive Charlie Long and the management to
implement the Company's strategy and its successful transition to an
exploration and development company focused on critical and clean energy
metals in Morocco. The appointment reflects Dominic's increased involvement
in CMR's strategic management and corporate affairs as it continues to gain
significant momentum in building a diversified portfolio of Morrocan
high-quality metals exploration and development projects.

 

Separately today, the Company announced it had signed an exclusive option to
acquire a high-grade silver and copper project in the Anti-Atlas and has
raised £750,000 through the issue of a convertible loan note.

 

Share Incentive Scheme

The board of directors has approved the Critical Mineral Resources plc 2024
Equity Incentive Scheme (the 'Scheme') and eligible employees have today
entered into agreements under the Scheme. The Scheme's main rules set out,
among other things, that the Scheme is limited to 10% of the Company's share
capital, that non-executive directors are eligible for up to 1% of the
Company's share capital, and executive directors are eligible for up to 3% of
the Company's share capital. The Scheme is being constituted to incentivise
eligible employees and further align their interests with those of
shareholders with performance conditions relating to a long-term and
sustainable increase in the value of the Company.

 

The total number of shares granted to an eligible employee will be divided by
three - referred to as the first, second and third tranches. The first tranche
will be released from forfeiture obligations if after 12 months the share
price is 2.5p or higher, the second tranche will be released from forfeiture
obligations if, after 24 months the share price is 3.5p or higher, and the
third tranche will be released from forfeiture obligations if after 36 months
the share price is 5.0p or higher.

 

 

 Critical Mineral Resources PLC           info@cmrplc.com (mailto:info@cmrplc.com)

 Charles Long, Chief Executive Officer
 Novum Securities                         +44 (0) 20 7399 9425

 Jon Belliss
 Hudson Sandler (Financial PR)            +44 (0) 207 796 4133

 Charlie Jack

 

Notes To Editors

Critical Mineral Resources (CMR) PLC is an exploration and development company
focused on developing assets that produce key commodities for the global
economy including those essential for electrification and the clean energy
revolution. Many of 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, manganese and potentially
other critical minerals and metals. 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, good 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 (http://www.cmrplc.com)

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