REG-Critical Mineral Resources Plc: Drilling update

Critical Mineral ResourcesAnnouncement

23/04/2026 07:00

23 April 2026

 

 

 

Critical Mineral Resources Plc

Drilling rate and outlook

 

Critical Mineral Resources plc (“CMR”, “CMRS” or the “Company”) is
pleased to provide an operational update on its flagship Agadir Melloul
copper-silver project in Morrocco, where drilling is continuing to deliver
very encouraging progress, supporting our medium term 25 million tonne
resource exploration target.

The current drilling programme is advancing to plan, both in terms of metres
drilled and continued intersection of observable copper sulphide and oxide
mineralisation over expected widths.                      With drilling
momentum building, the company remains on track to report positive drill
results at the end of April or very shortly after.

A batch of core samples was submitted to the laboratory on the 9          th  
        of April, with the turnaround expected to be two to three weeks plus
24 hours for final data processing.

 

Highlights
*            Diamond core drilling currently running at a rate of 1,200m per
month, supporting a steady pipeline of regular assay results going forward.   
      
*            Maiden resource estimate remains on target for Q3 2026 and is
expected to underpin the Initial Mine development, subject to technical and
economic studies.          
*            2026 news flow is expected to include progress across key
feasibility workstreams, including metallurgical testwork, processing plant
flowsheet design and other technical studies.          
*            Management continues to maintain its base case, medium term
exploration target of 25 million tonnes.
 

Drilling rate

During March, drilling metres totalled 860m over 21 operating days with 10
days lost to the Ramadan Eid holiday period. Thus far in April, the average
daily drill productivity has been approximately 60m, putting the company on
track for 1,200m for the month, ensuring a regular flow of drilling results
going forward. Visible mineralisation remains consistent with the Company’s
geological model, including very good continuity of copper mineralisation
observed across multiple drill holes and zones. This is a highly encouraging
indicator as the Company advances towards its maiden resource milestone.

 

Agadir Melloul progress and multiple targets

Since signing the Agadir Melloul joint venture in mid 2025, CMR has moved
quickly to advance the project. Drilling commenced in September 2025 and
meterage increased with a second rig in December 2025, notwithstanding an
unusual wet and cold winter period which temporarily impacted drilling rates.

In addition to the discovery of sedimentary copper, during Q4 2025 the Company
discovered a well mineralised igneous extrusion thought to be rhyolite and
also received assay results indicating gold in certain areas. Together, these
developments reinforce the broader prospectivity of the project area with
potential for a deeper igneous copper-silver-gold target.

CMR believes Agadir Melloul continues to demonstrate meaningful upside
potential, including from several mineralised vein structures which, once
drilled, should add higher-grade material to the overall resource inventory.

 

Tizert analogue

Work completed to date has confirmed what management believes to be a
significant new sediment-hosted copper discovery. Agadir Melloul is a
geological analogue to the nearby 130 million tonne Tizert copper deposit,
located approximately 50km away, sharing the same geological age, stratigraphy
(specific sedimentary rock types) and style of mineralisation. This comparison
continues to support management’s belief that Agadir Melloul has the
potential to develop into a substantial copper project.

 

Drill results previously announced include:

BH01 - 5.8m at 1.12% copper and 19g/t silver from 2.2m

BH04 - 2.5m at 0.85% copper and 4g/t silver from 1.5m

BH06 - 2.0m at 1.3% copper from 16m

BH07 - 1.3m at 0.98% copper from 16.7m

BH09 - 3.0m at 0.75% copper from 10m

BH12 - 4.0m at 1.04% copper from 2.0m

BH 35 - 7.5m at 0.97% copper inc. 6.5m at 1.03% copper

BH 36 - 4.7m at 1.48% copper from 17m

BH 38 - 4.7m at 1.03% copper from 27m

BH 43 - 3.0m at 1.1% copper from 6.0m

BH 45 - 1.60m at 1.1% copper from 6.0m, 4.0m at 0.77% copper and 2.0m at 1.05%
copper from 16.4m

BHR01 – 6.0m at 1.4% copper and 31g/t silver from surface

 

Fig.1 Zone 1 North, long section showing shallow undulating mineralisation

 

   

Source: Company

 

Targeting 25 million tonnes

Results from ongoing core logging, and assay results received and disclosed,
continue to align with the Company’s geological model, exploration targets
and broader expectations for the project.

The drilling success rate, defined internally as copper mineralisation over a
minimum of 0.30% copper (the Company’s working cut-off grade) is currently
approximately 27%. This metric is an internal exploration measure and does not
imply economic viability.

This success rate significantly exceeds our previously stated target success
rate of 5% to 10% - although it is too early to determine whether this rate of
success will be maintained across the wider project area. Drilling is targeted
using geochemical mapping, trenching and fieldwork. Geophysics is also planned
to support future exploration.

To support the delineation of JORC compliant Mineral Resources at the scale of
25 million tonnes or more, the Company’s strategy is to:
1.            Build a land package containing at least 100km           2      
     of prospective sedimentary copper rocks (Adoudounian aged sediments in
contact with the Precambrian basement).          
2.            Drill the most prospective areas, aiming for between 5% and 10%
of prospective rocks to be mineralised sufficiently and with the correct
characteristics to be classified as JORC resources.          
3.            Continue expanding the joint venture’s land package including
two properties currently under exclusivity, in order to maximise district
scale exploration potential.
The joint venture’s current land package, including properties under
exclusivity, contains extensive areas of prospective sedimentary units
totalling 65km          2           (within a total permit area of 102Km      
   2          ).

 

2026 development timeline

 Milestone                                                      Target Timing                                 
 Metallurgical testwork programme (laboratory and pilot plant)  May to 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 to Nov 2026                               
 Feasibility Study completion                                   Target Dec 2026                               
 Processing plant EIA approval                                  Target Dec 2026 (subject to govt. timelines)  

 

Fig.2 April drill core



Source: Company

Note: 100% core recovery

 

Charlie Long CEO commented:

“                     Agadir Melloul continues to deliver shallow copper
mineralisation over very encouraging widths, and the growing consistency we
are seeing in the core is reinforcing our confidence in the scale potential of
the project.

With drilling rates increasing and assay results expected on a regular basis,
we believe the market will see a steady stream of progress from Agadir Melloul
over the coming months. At the same time, we are moving forward with the
technical workstreams needed to support our maiden resource estimate and
feasibility study. Management believes the first resource estimate will
support an initial development scenario, subject to the technical and economic
studies now being progressed.

As the proposed mine is being built, we expect to see substantial upside from
continued drilling, with the potential to expand resources and enhance
long-term project value as we aim for 25 million tonnes or more.

I have just returned from Morocco where management spent several days
reviewing both progress at Agadir Melloul and a number of new opportunities.
Should one or more of these meet our strict technical and economic criteria,
we believe they could add further depth to CMR’s growth pipeline.

I would also like to thank our new Chairman Géraud Moussarie who is already
adding value through his experience, network and governance insight, while
fully supporting CMR’s ambition to build meaningful mid-tier mining
business”

 

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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