Aim-listed Critical Mineral Resources has acquired 26 exploration permits prospective for copper, antimony, tungsten, lead/zinc and gold in central Morocco.
The company has acquired the permits through the acquisition of Moroccan company Hesperis Resources.
The acquisition transforms Critical Mineral’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, it says.
The Hesperis permits are located in the Rabat, Beni-Mellal, Agadir and Errachidia administrative regions and cover about 400 km2.
These regions boast a number of historical and current mining sites with established road and power infrastructure.
Shareholders have agreed to an all-share transaction that will result in Critical Minerals issuing 3-million shares to the owners of Hesperis at completion, followed by 1.5-million shares to be issued at the start of drilling.
Critical Mineral posits that this reflects Hesperis’ confidence in the opportunity the permitted ground offers and the company’s ability to develop it.
Hesperis shareholders have also agreed to a ten-month lock-in period.
The acquisition is aligned with Critical Mineral’s stated strategy of targeting and acquiring clean energy development assets in Morocco.
The newly acquired permits ensure the company now has meaningful exposure to a broad range of clean energy materials across permitted areas of significant geographic scale, it points out.
COO Noureddine Sabraoui is a 25% beneficial owner of Hesperis.
“The acquisition of the Hesperis permits marks a key milestone in Critical Mineral Resources’ 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.
“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,” says Critical Mineral CEO Charlie Long.
