REG-Critical Mineral Resources Plc: Drilling Update

Critical Mineral ResourcesAnnouncement

Today 07:02

18 March 2026

 

 

 

 

Critical Mineral Resources Plc

2026 Work Programme and Drilling Update

 

Critical Mineral Resources plc (“CMR”, or the “Company”) is pleased to
provide an update on drilling activities at the Agadir Melloul copper silver
project and outline the 2026 work programme and key development milestones.

Two diamond drill rigs are currently operating on site, and drilling activity
has accelerated following the replacement of a contractor rig which had
experienced mechanical issues. Drilling rates are now exceeding 50 metres per
day across the two rigs.

Core samples from both Zone 1 and Zone 2 continue to display visible sulphide
mineralisation. Initial samples from the current drilling programme will be
submitted for laboratory analysis shortly, with first assay results expected
in mid to late April 2026. Subject to laboratory turnaround times, the Company
intends to provide drilling updates approximately every four weeks thereafter.

 

Drilling progress

A total of 720m of core drilling was completed in February, reflecting a
combination of adverse weather conditions and contractor rig breakdowns. These
issues have now been addressed, with a replacement contractor diamond rig now
on site while the Company’s diamond rig is operating at near full capacity.

With both rigs now operating effectively, the Company expects to drill close
to 1,000 metres in March and intends to increase this rate to 1,200 metres per
month in the coming months. The drilling programme is being actively managed
as the geological model evolves, enabling work to focus on the most
prospective zones identified to date.

 

Highlights
*            Two diamond rigs are currently in operation.          
*            Copper sulphide mineralisation observable in core.          
*            Drill programme being actively refined as the geological model
evolves.          
*            CMR’s diamond drill is performing extremely well, and the
contractor rig has been upgraded.
 

2026 development timeline

 Milestone                                                       Target Timing       
 Metallurgical test work programme (laboratory and pilot plant)  May – Jun 2026      
 Process flowsheet development and preliminary plant design      By Jul 2026         
 Geotechnical studies                                            By Jul 2026         
 Processing plant Environmental Impact Assessment submitted      By Aug 2026         
 Maiden JORC Mineral Resource Estimate                           Sept 2026           
 Mine planning and production scheduling studies                 Oct – Nov 2026      
 Definitive Feasibility Study completion                         Target Dec -  2026  
 Processing plant EIA approval                                   Target Dec -  2026  

 

Drilling update

Diamond core is now being produced on a daily basis, and copper mineralisation
in both sulphides and oxides is observable in core. Figure 1 below shows
copper oxide and sulphide mineralisation from Zone 1. There will be a short
operational pause this week for Eid al-Fitr, after which drilling will
continue at approximately 50m per day.

 

Fig.1 March drill core



Source: Company

 

Charlie Long CEO commented:

“                     Following a challenging start to the year due to
weather conditions and contractor rig issues, drilling operations at Agadir
Melloul are now running smoothly with two rigs operating on site and drilling
rates improving significantly.

The geological model continues to evolve as new drill information becomes
available, and visible sulphide mineralisation has been encountered in
multiple zones across the project area. We expect to begin releasing assay
results from the current drilling programme in April and will provide regular
updates thereafter.

In parallel with the drilling programme, a number of important development
workstreams are progressing, including metallurgical testing, process design
and environmental studies. These activities are designed to support the
delivery of a maiden JORC Mineral Resource later this year and to advance the
project towards feasibility.

Agadir Melloul continues to demonstrate the characteristics of a potentially
significant copper system, with shallow mineralisation, encouraging grades and
considerable exploration potential across the wider licence area. As the core
photos show, we are seeing good copper mineralisation and we’re very excited
about the upcoming results”

 

Resource development and exploration potential

The planned maiden Mineral Resource Estimate will focus on shallow
mineralisation identified within a small portion of the overall Agadir Melloul
licence area. The Company expects this initial resource to represent less than
5% of the total project area, highlighting the significant exploration upside
across the wider land package.

CMR has defined an Initial Exploration Target of approximately 150,000 to
200,000 tonnes of contained copper equivalent, based on a shallow,
semi-continuous tabular mineralised system with an estimated average thickness
of approximately 2 metres and an average grade of approximately 1.2% copper
equivalent.

The potential quantity and grade of the Exploration Target is conceptual in
nature. There has been insufficient exploration to estimate a Mineral Resource
and it is uncertain whether further exploration will result in the estimation
of a Mineral Resource.

Following the publication of the maiden Mineral Resource Estimate in Q3 2026,
the Company plans to advance the mining studies required for the Agadir
Melloul feasibility study, including mine design and production scheduling,
with the objective of supporting the development of an initial mining
operation.

Competent Person Statement

The technical exploration and mining information contained in this
announcement has been reviewed and approved by Mr. Robert Nigel Chapman. Mr.
Chapman has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity to
which he is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves and as a qualified person under the AIM
Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Luna
Recursos Naturales SAC, an independent geological consultancy established in
2014 and is a Member of the Australasian Institute of Geoscientists (A.I.G.)
Mr. Chapman has visited Agadir Melloul and consents to the inclusion in this
Announcement of such information in the form and context in which it appears.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

 

ENDS

 

 Critical Mineral Resources Plc   Charles Long,  Chief Executive Officer  info@cmrplc.com       
 Shard Capital LLP   Erik Woolgar  Damon Heath                            +44 (0) 207 186 9952  

 


Notes To Editors

Critical Mineral Resources (CMR) Plc is an exploration and development company
focused on developing assets that produce critical minerals 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 super cycle.

CMR is building a diversified portfolio of high-quality metals exploration and
development projects in Morocco, focusing on copper, silver 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.

The Company is listed on the London Stock Exchange (CMRS.L). More information
regarding the Company can be found at                      www.cmrplc.com



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