REG - Critical Mineral - New permit acquisitions

Critical Mineral ResourcesAnnouncement

06/12/2023 07:00

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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 (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 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 (http://www.cmrplc.com)

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