CMR has significantly expanded its mining portfolio by acquiring 26 exploration permits in central Morocco through the acquisition of Hesperis Resources, a Moroccan company.
The permits, prospective for copper, antimony, tungsten, lead-zinc and gold, are expected to expand CMR’s exposure to critical metals and minerals essential for clean energy.
They cover an area of around 400km² across the Rabat, Beni-Mellal, Agadir and Errachidia administrative regions.
These areas are known for their rich mining history and current operations, supported by well-established road and power infrastructure.
The deal marks a transformative step for CMR, enhancing its incubator portfolio and increasing its footprint in Morocco.
It comprises two stages, with the initial consideration involving £150,000 ($190,088m) payable through the issuance of three million ordinary shares at 5p each.
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This will be followed by a deferred payment of £75,000, contingent upon CMR’s decision to commence exploration drilling on any of the Hesperis permits, payable by issuing 1.5 million additional shares.
Inclusion of these permits in CMR’s portfolio aligns with the growing demand for metals and minerals critical to the clean energy sector.
CMR chief operating officer Noureddine Sabraoui holds a 25% beneficial ownership in Hesperis, deeming the acquisition a related party transaction.
The Hesperis project portfolio offers CMR access to prospective grounds in several distinct metallogenic regions, positioning the company for potential future exploration and development successes in the realm of clean energy resources.
CMR CEO Charlie Long said: “The acquisition of the Hesperis permits marks a key milestone in Critical Mineral Resource’s journey.
“The ccompany 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.”