Drilling Update
Summary by AI BETAClose X
18 March 2026
Critical Mineral Resources Plc
2026 Work Programme and Drilling Update
Critical Mineral Resources plc (“CMR”, or the “Company”) is pleased to provide an update on drilling activities at the Agadir Melloul copper silver project and outline the 2026 work programme and key development milestones.
Two diamond drill rigs are currently operating on site, and drilling activity has accelerated following the replacement of a contractor rig which had experienced mechanical issues. Drilling rates are now exceeding 50 metres per day across the two rigs.
Core samples from both Zone 1 and Zone 2 continue to display visible sulphide mineralisation. Initial samples from the current drilling programme will be submitted for laboratory analysis shortly, with first assay results expected in mid to late April 2026. Subject to laboratory turnaround times, the Company intends to provide drilling updates approximately every four weeks thereafter.
Drilling progress
A total of 720m of core drilling was completed in February, reflecting a combination of adverse weather conditions and contractor rig breakdowns. These issues have now been addressed, with a replacement contractor diamond rig now on site while the Company’s diamond rig is operating at near full capacity.
With both rigs now operating effectively, the Company expects to drill close to 1,000 metres in March and intends to increase this rate to 1,200 metres per month in the coming months. The drilling programme is being actively managed as the geological model evolves, enabling work to focus on the most prospective zones identified to date.
Highlights
- Two diamond rigs are currently in operation.
- Copper sulphide mineralisation observable in core.
- Drill programme being actively refined as the geological model evolves.
- CMR’s diamond drill is performing extremely well, and the contractor rig has been upgraded.
2026 development timeline
|
Milestone |
Target Timing |
|
Metallurgical test work programme (laboratory and pilot plant) |
May – Jun 2026 |
|
Process flowsheet development and preliminary plant design |
By Jul 2026 |
|
Geotechnical studies |
By Jul 2026 |
|
Processing plant Environmental Impact Assessment submitted |
By Aug 2026 |
|
Maiden JORC Mineral Resource Estimate |
Sept 2026 |
|
Mine planning and production scheduling studies |
Oct – Nov 2026 |
|
Definitive Feasibility Study completion |
Target Dec - 2026 |
|
Processing plant EIA approval |
Target Dec - 2026 |
Drilling update
Diamond core is now being produced on a daily basis, and copper mineralisation in both sulphides and oxides is observable in core. Figure 1 below shows copper oxide and sulphide mineralisation from Zone 1. There will be a short operational pause this week for Eid al-Fitr, after which drilling will continue at approximately 50m per day.
Fig.1 March drill core
Source: Company
Charlie Long CEO commented:
“ Following a challenging start to the year due to weather conditions and contractor rig issues, drilling operations at Agadir Melloul are now running smoothly with two rigs operating on site and drilling rates improving significantly.
The geological model continues to evolve as new drill information becomes available, and visible sulphide mineralisation has been encountered in multiple zones across the project area. We expect to begin releasing assay results from the current drilling programme in April and will provide regular updates thereafter.
In parallel with the drilling programme, a number of important development workstreams are progressing, including metallurgical testing, process design and environmental studies. These activities are designed to support the delivery of a maiden JORC Mineral Resource later this year and to advance the project towards feasibility.
Agadir Melloul continues to demonstrate the characteristics of a potentially significant copper system, with shallow mineralisation, encouraging grades and considerable exploration potential across the wider licence area. As the core photos show, we are seeing good copper mineralisation and we’re very excited about the upcoming results”
Resource development and exploration potential
The planned maiden Mineral Resource Estimate will focus on shallow mineralisation identified within a small portion of the overall Agadir Melloul licence area. The Company expects this initial resource to represent less than 5% of the total project area, highlighting the significant exploration upside across the wider land package.
CMR has defined an Initial Exploration Target of approximately 150,000 to 200,000 tonnes of contained copper equivalent, based on a shallow, semi-continuous tabular mineralised system with an estimated average thickness of approximately 2 metres and an average grade of approximately 1.2% copper equivalent.
The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.
Following the publication of the maiden Mineral Resource Estimate in Q3 2026, the Company plans to advance the mining studies required for the Agadir Melloul feasibility study, including mine design and production scheduling, with the objective of supporting the development of an initial mining operation.
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
|
Critical Mineral Resources Plc Charles Long, Chief Executive Officer |
|
|
Shard Capital LLP Erik Woolgar Damon Heath |
+44 (0) 207 186 9952 |
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
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