Highlights

  • Visible copper mineralisation recorded in over 60% of holes drilled to date.
  • Assay results from the current programme expected to be released in mid-November.
  • Drilling confirms continuous mineralisation over 750m, open towards the south.

Critical Mineral Resources (LSE:CMRS) announced significant progress at its ongoing drilling programme at the Agadir-Melloul project in Morocco. The company has completed 20 drill holes since the campaign began in early September, with over 60% of the holes displaying visible copper mineralisation.

Encouraging Progress at Agadir-Melloul

Samples from the current programme are being assayed at Afrilab in Marrakech, with results expected by mid-November. The mineralised zones observed to date average 2.0m to 2.5m in thickness and grade approximately 1.0% to 1.2% copper equivalent (CuEq).

The drilled section at Zone 1 North has confirmed continuous mineralisation over 750m along strike, followed by a short 300m zone of lower grade material before strengthening again to the south. The drilled area so far accounts for less than 1% of the 50km² target limestone, underscoring the exploration potential of the project.

Path Toward Initial Mine Development

CMR remains on track to define resources sufficient to underpin its Initial Mine development by the end of Q1 or early Q2 2026. Drilling across Zone 1 North and Zone 2 South is planned to support a mining operation of 650–1,000 tonnes per day (tpd), targeting a reserve base of 2.5 to 3.0 million tonnes and a projected initial mine life of 10 years.

Management expects to delineate around 3.0 million tonnes in resources by early 2026, which will form the basis for a feasibility study scheduled to commence in mid-2026. Construction activities are anticipated to begin in 2027. The company’s earn-in agreement stipulates a minimum 650tpd operation, though management aims to achieve 1,000tpd.

Large-Scale Discovery Potential

Beyond the Initial Mine area, CMR continues exploration across the broader 80km² Agadir-Melloul project, including 50km² of target limestone. An initial exploration target of 20–25 million tonnes at 1.2% CuEq has been defined, based on approximately 5km² of mineralisation averaging 2m thickness.

To accelerate this work, CMR plans to operate two diamond drill rigs by the end of 2025, with a third to follow as needed. The company’s own drill rig is currently en route to Morocco and is expected to arrive on-site in December 2025, improving drilling efficiency and reducing exploration costs.

Management Commentary

Charlie Long, CEO of Critical Mineral Resources, stated:

“We are making fantastic progress in Morocco. Commencing drilling in early September to announcing first assays in mid-November represents excellent momentum on the ground. We remain firmly on track to initiate the Initial Mine feasibility study next year, while continuing to explore for a large-scale, strategic discovery.

Our understanding of the system at Agadir-Melloul continues to evolve. Only this week, we were excited by the discovery of a significant copper-silver vein, extending from a high-grade historical mining operation. While not our main target, this discovery adds further upside value, and could be a welcome source of blending ore in future.”

Share Performance

CMRS’s shares trading at GBX 4.05 per share on 30 October 2025, Up by 8.00% from its previous close of GBX 3.75.