Critical Mineral Resources Plc - Drilling Update

 

30 October 2025

 

 

Agadir Melloul Drilling Update

 

Critical Mineral Resources is pleased to report excellent progress at the Agadir-Melloul drilling programme, with visible mineralisation in over 60% of drill holes completed to date.   Assay results from the current programme will be announced in mid-November.   The company continues to pursue the dual strategy of an initial mine development alongside the discovery of a large scale, strategic resource.

 

Highlights

 

• 20 drill holes completed, primarily focused on Zone 1 North
• Over 60% of holes display visible copper mineralisation
• Assay results expected mid-November
• Continuous mineralisation over 750 meters along strike, and open to the south
• Drilled area to date represents <1% of the 50km 2 target limestone
• On track to define sufficient resources for the Initial Mine by the end of Q1 2026, early Q2 2026
• Targeting initial 3 million tonnes at 1.0% to 1.2% CuEq to underpin Feasibility Study
• Dual strategy of Initial Mine development alongside large-scale exploration targeting a minimum of 20 million tonnes at 1.2% CuEq
• Company-owned drill rig is in Moroccan waters and is due to arrive at site during December 2025, enhancing future drilling capacity

 

 

Drilling update

 

Since commencing in early September, 20 drill holes have been completed, mainly concentrated within Zone 1 North. Samples are currently being assayed at Afrilab in Marrakech, and we expect to receive results over the next two weeks. First assays will be published by mid-November.

 

Encouragingly, more than 60% of holes drilled have observable copper mineralisation, supporting the Company’s expectation of a near surface resource (in some areas at surface), averaging 2.0m to 2.5m in thickness and grading 1.0% to 1.2% copper equivalent.

 

Fig.1 Mineralised core

 

 

 

From the northernmost section of Zone 1 North, mineralisation is continuous southwards for approximately 750m followed by a short approximately 300m interval of lower grade material, before returning to stronger mineralisation that remains open along strike to the south.

 

Figure 3 shows the area drilled thus far, shaded in dark grey. The drilled area represents less than 1% of the project’s 50km 2 target limestone, highlighting the considerable exploration upside still to be realised.

 

Fig.2 Existing portfolio and current area of drilling

 

 

Fig.3 Drilled area in dark grey represents <1% of project’s 50km 2

target limestone

 

 

 

Initial Mine

 

CMR is on track to delineate sufficient resources to underpin the Initial Mine development by the end of Q1 2026 or early Q2 2026.

 

Drilling across Zone 1 North and Zone 2 South will support a planned 650 to 1,000tpd operation, targeting a 2.5 to 3.0 million tonne reserve and an estimated 10 year initial mine life. Management expects to have delineated 3.0 million tonnes in resources by early 2026, enabling the commencement of the Initial Mine feasibility study in mid 2026.  Construction is anticipated being in 2027.

 

Note: The Company’s earn-in agreement requires a minimum 650tpd operation; management is targeting 1,000 tpd.

 

Strategic Discovery

 

Alongside the Initial Mine, the company continues to pursue its broader exploration programme across the 80km 2 project area, including 50km 2 of target limestone. An Initial Exploration Target has been defined of 20 to 25 million tonnes at 1.2% CuEq, based on 5km 2 of mineralisation at an average 2m thickness.

 

To accelerate this programme, CMR expects to be operating two diamond drill rigs before the end of 2025, with a third rig to be added as results dictate. The Company’s own drill rig, due to arrive during December  2025, will increase drilling productivity and reduce exploration costs. Once landed and cleared customs a separate announcement will be released with more details.

 

Charlie Long CEO commented:

 

“We are making fantastic progress in Morocco. Commencing drilling in early September to announcing first assays in mid-November represents excellent momentum on the ground. We remain firmly on track to initiate the Initial Mine feasibility study next year, while continuing to explore for a large-scale, strategic discovery.

 

Our understanding of the system at Agadir-Melloul continues to evolve.   Only this week, we were excited by the discovery of a significant copper-silver vein, extending from a high-grade historical mining operation. While not our main target, this discovery adds further upside value, and could be a welcome source of blending ore in future.

 

Agadir Melloul is a large scale and highly prospective project, and we expect it to continue to deliver discoveries and positive results for the benefit of our shareholders, our joint venture partner and all stakeholders”

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Notes To Editors

Critical Mineral Resources (CMR) PLC is focused on developing a sediment-hosted copper and silver project in Morocco. The macro strategy is to produce critical minerals for the global economy, including those essential for electrification and the clean energy revolution. Many of these commodities, including copper, are widely recognised as being at the start of a supply and demand supercycle.

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, CMR acquired an 80% stake in leading Moroccan exploration and geological services company Atlantic Research Minerals SARL. In 2025, CMR signed a definitive joint venture agreement to earn-in to 60% of the Agadir Melloul sediment hosted copper and silver project.

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