Critical Mineral Resources Plc - Drilling update

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

 

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

 

 

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