Critical Mineral Resources PLC on Tuesday said it acquired 26 exploration permits in central Morocco prospective for copper, antimony, tungsten, lead-zinc and gold.
This was via the acquisition of Moroccan company Hesperis Resources SARL via the issue of 3.0 million CMR shares worth £150,000 plus £75,000 via a deferred consideration of 1.5 million CMR shares.
The exploration and development company focused on clean energy metals in Morocco said the acquisition ‘transforms CMR’s incubator portfolio in terms of the company’s footprint of prospective ground in Morocco and its exposure to a wider range of critical metals and minerals.’
The Hesperis permits are located in the Rabat, Beni-Mellal, Agadir and Errachidia administrative regions and cover approximately 400 square kilometres.
CMR Chief Operating Officer Nourredine Sabraoui is a 25% owner of Hesperis, CMR noted, and so the deal is considered to be a related party transaction.
‘The acquisition of the Hesperis permits marks a key milestone in Critical Mineral Resource’s journey. The company now possesses a significant opportunity through its ongoing roll-up of permits across a sizeable footprint within well-established Moroccan mining territories,’ said Chief Executive Officer Charlie Long.
‘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. We are delighted to welcome the Hesperis owners as shareholders to the business.’
Shares in CMR were up 42% to 3.90 pence each in London on Tuesday afternoon.
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