Critical Mineral Resources Gains Option to Acquire Igli Project in Morocco

In a move to secure high-grade copper and silver resources, Critical Mineral Resources (CMR) has secured an exclusive option to acquire the Igli Project in Morocco's Anti-Atlas region. The project boasts promising initial samples with grades of up to 912g/t silver and 2.97% copper. This strategic acquisition aligns with CMR's focus on developing critical metal and mineral assets in Morocco.

Securing such a prominent asset marks a major milestone for the Company, highlighting its strong momentum in Morocco. The Company has established itself as the preferred partner for development assets, building an extensive Moroccan portfolio with various commodities crucial for Western economies and the energy transition.

In parallel, the Company has raised £750,000 through a convertible loan note to support its working capital and capital expenditure needs, including exploration activities at Igli. A substantial portion of this funding is provided by Prism Group AG, a Swiss and UAE-based private investment office known for its long-term, patient investment strategy. Additionally, the Company has announced the promotion of Dominic Traynor from Non-Executive Chairman to Executive Chairman.

The Igli Project, strategically positioned along the same structural corridor as the Tiouit and Imiter Mines—one of the world's largest and highest-grade silver mines—represents a significant opportunity. CMR has secured a 16-month exclusive option to conduct geochemical, geophysical, and drilling activities prior to the main acquisition payment. Initial sampling results at Igli are promising, with grades from CMR’s channel and stockpile sampling reporting up to 912 g/t silver and 2.97% copper, 496 g/t silver and 3.34% copper, and 741 g/t silver and 3.21% copper.

Charlie Long, Chief Executive Officer of CMR PLC, expressed his enthusiasm about securing exclusivity and an option for the Igli Project, highlighting it as one of the most promising prospects encountered in the past year. He emphasized the project's strategic location, situated directly along strike from the Tiwit and Imiter deposits, which enhances its potential. Long noted that the Saghro Massif region, where Igli is located, has experienced relatively limited exploration and minimal drilling or geophysical work, further boosting its attractiveness. He also pointed out the project's multiple targets, including vertical shear zones and a widespread mineralized basalt formation, which could offer significant depth extension and mineralization potential.

Guy Rothschild, Chief Operating Officer of Prism Group, expressed enthusiasm about becoming CMR’s primary strategic investor. He praised CMR for its impressive opportunities in Morocco and beyond, attributing this to its management’s expertise and deal flow. Rothschild highlighted the excitement around the recent silver-copper option announcement, which underscores CMR’s Moroccan expertise. While Prism's primary investments are in the financial sector, Rothschild noted that their shareholders possess significant mining experience and a robust network in the GCC and North Africa. He emphasized the intention to closely collaborate with CMR, supporting Dominic’s transition to an executive role and his increased involvement in the project.