Update, drill results and outlook
Summary by AI BETAClose X
30 July 2026
Critical Mineral Resources Plc
Q2 operational update and further drill results from Agadir Melloul
Critical Mineral Resources plc (“CMR”, “CMRS” or the “Company”) reports an operational update for the second quarter of 2026 from its Agadir Melloul copper project in Morocco, including further drill results, progress on resource-definition drilling and the commencement of project development studies.
Current drilling activity is focused on infill and step-out drilling at Zone 1 North. The latest results indicate the continuation of copper mineralisation within drilled areas at Zone 1.
Drill results and drilling update
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The company reports the following drill intercepts:
- 6.9m at 0.45% Cu and 1.0g/t Ag from surface,
- 6.9m at 0.52% Cu from 37m inc. 2.0m at 0.74% Cu from 38.7m,
- 2.9m at 0.67% Cu and 2.5g/t Ag from 11.0m inc. 1.0m at 1.24% Cu from 12.0m,
- 1.4m at 0.85% Cu and 4.4g/t Ag from 30.8m
- Currently drilled close to 6% of project area and internal non-JORC resource model, as reported last month, contains approximately 25,000* tonnes of copper.
- A recently completed drill hole intersected over 10m of mineralisation from 52m down hole. Massive sulphide copper enrichment was also identified at the base of the interval at 66m with assays pending. This could have important implications for the average width of Agadir Melloul mineralisation.
- Next drill results during August expected to include this hole (Fig.1).
- Current drilling focused on resource expansion, delineation and infill drilling at Zone 1 North.
- Field work on the southeastern permit, 10km southeast of Zone 1 North has identified multiple high quality and high priority drill targets (Fig.2).
* c.$250m of net revenue based on a copper price of $13,500/t, 81% metallurgical recovery, 95% payability, less transport costs and deductions
Fig 1. Drill core from late July 2026
Source: Company
Fig 2. Southeast permits drill target generation – June and July 2026
Agadir Melloul Q2 2026 update
Project development
- Work relating to the feasibility study and Environmental Impact Assessment (“EIA”) for the proposed processing plant commenced in July including a site visit and survey of the proposed plant location. This work is being led by Marrakech based Afrilab Group.
- A second programme of laboratory metallurgical testwork is under way. This is expected to be followed by a pilot-plant met test programme designed to support finalisation of the process flowsheet.
- Technical sub-committee has been established to oversee project development and feasibility study work. Its inaugural meeting was held in Casablanca in June.
Resource drilling
- Following a short pause in drilling due to a shortage of consumables, drilling has resumed and the Company reports a current drilling rate of approximately 800m per month. Further drill results are expected in August 2026. The consumables shortage is mainly related to the preferred drill bit for the Agadir Melloul rock type.
- Drilling is currently focused on infill and step-out drilling designed to support resource definition at Zone 1 North.
- A contractor operated reverse circulation rig is being procured to replace the contractor-operated diamond rig, with the objective of increasing drilling rates.
- An independent resource consultancy has been engaged to complete the Company’s maiden Mineral Resource Estimate in accordance with the JORC code. Publication is targeted for October 2026.
District exploration
- Field work on the southeastern permit, approximately 10km southeast of Zone 1 North has identified multiple priority drill targets.
- The results highlight the broader exploration potential of the project area and support further evaluation of the Company’s stated exploration target. See Fig 2 above.
Bolt-on acquisition
- The proposed bolt-on acquisition at Agadir Melloul remains subject to the relevant government process. The timing of completion is dependent on that process, and the Company will provide a further update when appropriate.
Charlie Long CEO commented:
“The drill results indicate the continuation of near-surface sedimentary copper mineralisation at Zone 1. Although the latest grades are lower than those reported in previous drill results, they are above our internal 0.3% copper cut-off grade and consistent with the variability anticipated by the company in a sedimentary copper system.
The first half of 2026 has seen Agadir Melloul transition from a discovery into a development project. Development work has started, including more metallurgical testwork, environmental studies, preparations for the maiden Mineral Resource Estimate and feasibility study planning. The newly established technical sub-committee brings together experienced study and mine-development professionals, including members of CMR’s owner’s team, to oversee this work.
The Company is currently targeting publication of the maiden Mineral Resource Estimate in October 2026, which will reflect metres drilled and only 5% to 6% of a growing land package. We do however have a very good handle of the growing resource thanks to our internal modelling work. We will provide further drill results as they become available.
Copper’s structural supply deficit is not waiting for the mining industry to catch up. Our strategy is to bring a modest sized Initial Mine into production quickly, fund it with the minimum possible dilution, and use that platform to prove up what we believe will be a district-scale copper system. The second half of 2026 will see a JORC resource, feasibility study work and partnership discussions. As a result, our strategy will become measurable, and we look forward to reporting against it month by month”
Agadir Melloul H1 2026 development progress
Since the Company’s oversubscribed £2.925 million placing in January 2026, CMR has moved Agadir Melloul from an exploration discovery towards a defined development project. Each of the 2026 workstreams (resource drilling, metallurgy, process design, permitting and independent resource estimation) is directed at the single objective of converting a district-scale copper discovery into an Initial Mine while systematically removing risk for shareholders.
• Maiden JORC Mineral Resource Estimate (“MRE”) on track. An independent resource consultancy was engaged in July with the MRE publication targeted for October 2026. The MRE will only reflect metres drilled, approximately 5% to 6% of current permit area.
• Metallurgy materially de-risked. Best flotation testwork to date delivered 80.1% copper recovery into a concentrate assaying 26.97% Cu with 72g/t Ag. Testwork undertaken by SGS certified Afrilab Group of Marrakech.
• Feasibility study workstreams underway. The Company is targeting completion by the end of 2026. Pilot plant metallurgical testwork, flowsheet and preliminary plant design are planned for August. Processing plant Environmental Impact Assessment submission before the end of September.
• Technical sub-committee established. The TSC was set up in July and formalises independent oversight of the feasibility study and development workstreams.
• District upside potential intact. Fieldwork is advancing approximately 10km southeast of Zone 1 North. Management maintains its medium-term exploration target of 25 million tonnes.
• Positive drill results from Zone 1. Drill results received to datecontinue to return shallow mineralisation above the internal (0.3% copper) cut-off grade, supporting a low-strip, near-surface Initial Mine development plan.
2026 workstream summary:
| Workstream | H1 2026 delivery | Status |
| Drilling | Company-owned diamond rig commissioned and drilling from January; two-rig programme sustained through H1; c.7,000m of 10,000m programme complete. | On track |
| Funding | Oversubscribed £2.925m placing (January) funding the 2026 resource drilling plan. | Complete |
| Drill results | Consistent shallow copper-silver intercepts at Zones 1 and 2; gold intercepts including 4.5g/t Au over 1.0m; further mineralised rhyolite discoveries. | Ongoing |
| Metallurgy | Laboratory and pilot-scale testwork with Afrilab; 80.1% Cu recovery, 26.97% Cu concentrate grade. | Substantially de-risked |
| Resource estimation | Independent resource consultancy engaged for maiden JORC MRE. | Commenced |
| Permitting | Mining licence and environmental permit for extraction received; land access secured (4-year renewable government lease); plant EIA submission targeted for September or October. | Advancing |
| Governance | Technical sub-committee established (Casablanca, June); board strengthened in early Q1 2026. | Complete |
2026 development milestone timeline – updated estimates:
| Milestone | Target Timing |
| Metallurgical testwork programme (laboratory and pilot plant) | August 2026 |
| Process flowsheet development and preliminary plant design | Aug - Sep 2026 |
| Geotechnical studies | Aug - Sep 2026 |
| Processing plant Environmental Impact Assessment submitted | End Sep 2026 |
| Maiden JORC Mineral Resource Estimate | October 2026 |
| Mine planning and production scheduling studies | Oct – Nov 2026 |
| Feasibility Study completion | Target Dec 2026 |
| Processing plant EIA approval | Target Dec - 2026 (subject to regulatory timelines) |
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
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Critical Mineral Resources plc Charles Long, Chief Executive Officer |
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Shard Capital LLP Erik Woolgar Damon Heath
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+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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