Critical Mineral Resources plc has added 26 exploration permits, prospective for copper, antimony, tungsten, lead-zinc and gold, to its Morocco portfolio.
INFRASTRUCTURE
The new permits were secured through an all-share acquisition of Hesperis Resources SARL, of which the company’s new chief operating officer Noureddine Sabraoui is a 25% beneficial owner.
Sixteen of the permits lie east of Casablanca in the Rabat and Beni Mellal administrative regions.
In farther southern regions of Souss-Massa and Draa-Tafilalet, with their respective capital cities of Agadir and Errachidia, the permits are prospective for copper, silver, barite, oligiste (foliated iron oxide) and manganese.
Covering approximately 400km2, the new ground gives Critical Mineral exposure to a potentially wider range of minerals and metals.
The company said that the regions also host historical and current mining sites with established road and power infrastructure.
Critical Mineral will pay an initial £150,000 in the form of three million shares at a price of five pence per share to Hesperis, followed by £75,000 with 1.5m shares at the start of drilling on any of the new permits.
Hesperis shareholders have also agreed to a ten-month lock-in period.
Critical Mineral chief executive officer Charlie Long added: “The company now possesses a significant opportunity through its ongoing roll-up of permits across a sizeable footprint within well-established Moroccan mining territories.
“Critically, we now have excellent momentum as we continue to deliver against our stated strategy of developing an exciting portfolio of assets with the potential to bring minerals vital for the clean energy revolution into production and cash generation.”
Critical Mineral said its directors considered the related party transaction to be fair and reasonable “insofar as the shareholders of Critical Mineral Resources are concerned”.
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