Critical Mineral Resources to boost mining operations in Morocco

Critical Mineral Resources PLC (CMR) is set to boost its mining operations in Morocco. This follows a successful raising of $39,000 to facilitate the operations. This fundraising initiative follows CMR’s acquisition of 26 exploration permits in central Morocco earlier in the year. These permits cover areas prospective for copper, antimony, tungsten, lead-zinc, and gold.

The funding which was acquired through the placement of both new ordinary shares and treasury shares are designated to advance, particularly the Ifri Project in the Anti-Atlas region, which has demonstrated promising initial results. The fundraising activity also involved KM Securities, a company in which CMR non-executive director Russell Thomson holds a 50% stake, acquiring 2,000,000 ordinary shares in CMR.

Potential

According to CMR’s geological team, the Ifri site displays significant mineralization, including copper, silver, and gold. Initial channel sampling at Ifri returned assays indicating 3.1% copper and 17 grams per tonne of silver. In addition to the fundraising, CMR has been in discussions with a prominent global commodity trading group to explore potential partnerships for sourcing and supplying certain minerals for the global supply chain.

Charlie Long, the Chief Executive Officer of CMR, expressed gratitude to existing shareholders for their support and welcomed new shareholders to the company’s register. He highlighted that the net proceeds from the fundraising would accelerate CMR’s efforts to capitalize on the abundant opportunities in Morocco’s mining sector. Long emphasized CMR’s focus on developing projects and opportunities that offer the prospect for significant production of critical commodities and near-term cash generation. He further mentioned CMR’s satisfaction with its recent progress in Morocco and expressed confidence that the fundraising would enhance their momentum in the region.