Critical Mineral Resources acquires 26 exploration permits in Morocco

LONDON, UK: Critical Mineral Resources plc (CMR), a company focused on clean energy metals in Morocco, has announced the acquisition of 26 exploration permits in central Morocco through the purchase of Hesperis Resources SARL, a Moroccan company. The permits cover about 400 km2 of land rich in copper, antimony, tungsten, lead-zinc and gold.

The acquisition expands CMR’s portfolio of critical metals and minerals in Morocco, a country with a well-established mining industry and infrastructure. The deal involves an all-share transaction of 4.5 million shares, with a lock-in period of ten months for the Hesperis shareholders.

CMR’s Chief Operating Officer, Noureddine Sabraoui, is a 25% owner of Hesperis. The directors of CMR have confirmed that the transaction is fair and reasonable for the shareholders of both companies.

CMR aims to develop Moroccan projects that can support the transition to clean energy and generate cash quickly. The Hesperis permits are located in four different regions, each with its own metallogenic characteristics.

Charlie Long, Chief Executive Officer of CMR PLC, commented: “The acquisition of the Hesperis permits marks a key milestone in Critical Mineral Resource’s journey. 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. We are delighted to welcome the Hesperis owners as shareholders to the business”.

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