Critical Mineral Resources Plc - Drilling Results

2 June 2026

 

 

 

 

Critical Mineral Resources Plc

Drilling results and in-house block model

 

Critical Mineral Resources plc (“CMR”, “CMRS”, “Company”) is pleased to provide an update from the Agadir Melloul copper silver project.

Drilling continues to confirm laterally extensive, near-surface copper-silver mineralisation at Agadir Melloul. The shallow and gently dipping nature of the mineralisation supports management's view that the project has potential for favourable development economics, subject to ongoing technical and economic studies.

Drill results have been processed and modelled by the Company’s Senior Geologist, one of Morocco’s pre-eminent resource modelling experts. This internal model is presented below and subject to economic studies is sufficient for development of the Initial Mine. The Company shall continue to release drill results on a regular basis going forward. The turnaround for assays is three to four weeks from samples arriving at the laboratory.

 

Highlights

New drill results include:

• 9.7m at 0.74% Cu and 4.46g/t Ag from 25.2m, inc.
  •   2.2m at 1.05% Cu and 3.5g/t Ag from 25.2m, and
  • 3.6m at 0.98% Cu and 6.22g/t Ag from 29.3m
• 3.0m at 1.12% Cu and 5.75g/t Ag from 24m
• 1.9m at 1.20% Cu and 4.33g/t Ag from 38.3m
• 4.0m at 0.70% Cu and 0.93g/t Ag from 3.0m
• 1.0m at 4.52g/t Au from 10.0m

 

Internal geological and block modelling work

• Less than 5% of sedimentary target drilled to date.
• Multiple higher-grade zones identified for follow-up drilling.
• Modelling continues to support management's confidence in the scale potential of the project ahead of the maiden JORC Resource Estimate targeted for Q3 2026.
• Drill spacing predominantly 50m x 100m and 100m x 100m for high confidence and likely to convert to Measured and Indicated.

 

General progress

• April drill metres of 1,300m.
• May drill metres of circa 900m due to Eid El Adha holiday. Next long public holiday Eid El Fitr in following Ramadan in March 2027.
• Technical committee being established with first meetings and site visit towards the end of June.

 

 

Internal block model and resource progress

Management is very satisfied with the progress of the Agadir Melloul internal resource. The internal resource is modelled by our Senior Geologist, one of Morocco’s leading resource geologists, a technical auditor for the two of largest mining companies in Morocco and an expert in the copper deposits and copper resource modelling in the Anti-Atlas copper belt.

 

Fig.1 Internal resource model

Source: Company

 

Fig.2 Example cross section

Source: Company

 

Charlie Long CEO commented:

“It is fantastic to see more good drill results and our internal resource model for Agadir Melloul taking shape. The growing geological model continues to strengthen our confidence in the project's development potential as we advance towards a maiden JORC Resource Estimate. The internal model has been prepared by a very experienced resource geologist and provides an important foundation for the Company's ongoing resource estimation work.

The Agadir Melloul exploration programme was designed with tight-spaced drill holes, which combined with the sediment hosted style of mineralisation, means we are very confident about what we have and what the potential is. We have been working to international QA/QC standards, using the best equipment, latest software and one of the best assay laboratories in Africa.

We also benefit from the geological understanding developed at the nearby Tizert copper deposit, which provides a useful regional analogue for ongoing exploration at Agadir Melloul. This helps guide our exploration strategy and supports management's confidence in the broader exploration potential of the project.

For example, we are finding areas with wide mineralisation up to 10m thick, a feature of parts of the Tizert resource. Hole BH157 announced today shows we have similar thick zones, and at approximately 10m thick, you don’t need much of a footprint to add tonnage very quickly. It’s worth noting that one of our acquisition properties, which we expect to close shortly, has copper mineralisation outcropping over at least a 10m interval. We anticipate discovering multiple areas like these with thick, near surface, copper mineralisation.”

 

Technical summary of drilling programme

As part of a mineral exploration and development program conducted in accordance with international reporting standards, including NI 43-101, SAMREC and JORC Code, the drilling campaign is being conducted to evaluate the copper potential of the Agadir Melloul project.

As of May 23, 2026, a total of 176 holes had been drilled, of which 172 have been geochemically analysed in the laboratory. The total length drilled is 6,711 m, with depths ranging from 5.3 m to 85 m and an average of 38 m. The total linear area analysed in the laboratory reaches 1,591 m. All the work was carried out according to rigorous quality control protocols (QA/QC), including the systematic insertion of standards, blanks and duplicates, in accordance with the requirements of the main codes.

The interpretation of the analytical results was performed by applying several arbitrary cut-off grades (% Cu), in order to assess the distribution of the mineralization and its sensitivity to economic parameters.

The results are summarized in the table below.

 

Recent drilling continues to demonstrate continuity of shallow mineralisation across multiple areas of the project and provides additional data for the Company's planned maiden JORC Resource Estimate.

The analysis of this data highlights several key findings:

•   At a cut-off grade of 0.20% Cu, 57 holes are positive, representing 33.13% of the holes assayed. This result reflects relatively extensive mineralization, although encompassing low-grade zones.

•   At a cut-off grade of 0.25% Cu, the number of positive holes is reduced to 48 (28%) indicating an improvement in economic potential.

•   At a cut-off grade of 0.30% Cu, 40 holes remain positive (23.26%) which corresponds to the most enriched zones in the mineralized system.

The maximum observed grade (2.66% Cu) remains constant for all three scenarios, suggesting the presence of high-grade zones regardless of the cut-off grade applied.

This evolution highlights a classic relationship in mineral exploration: an increase in the cut-off grade leads to a decrease in the mineralized volume but an increase in the average grade, which is decisive in the economic evaluation of a project.

Within the framework of the NI 43-101, SAMREC and JORC codes, these results are validated by fieldwork, highlighting:

• the geological and structural continuity of the mineralization,
• the representativeness of the samples analysed,
• the robustness of the QA/QC procedures, and
• the appropriateness of the economic assumptions used.

At this stage, the data presented are exploration results and do not yet constitute an official mineral resource estimate. However, they represent a solid basis for:

• the development of a three-dimensional geological model,
• the definition of mineralized envelopes (wireframes),
• the planning of additional boreholes (infill and extension),
• and, ultimately, the estimation of mineral resources according to the categories defined by international standards.

In conclusion, the integration of these quantitative results, including drilled and analysed core as well as cut-off grade variations, provides a better understanding of the potential of the deposit and its sensitivity to economic parameters, and is an essential step towards the advanced phases of mine development.

With drilling ongoing, management's near-term focus remains on metallurgical testwork, process flowsheet development, the maiden JORC Resource Estimate and advancement of feasibility studies.

 

2026 development timeline

 

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

 

 

Notes To Editors

Critical Mineral Resources 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