Operational Progress at Agadir Melloul Copper-Silver Project
Critical Mineral Resources Plc (CMR) is excited to share an operational update regarding its flagship Agadir Melloul copper-silver project located in Morocco. The ongoing drilling activities continue to show promising developments, reinforcing the company's medium-term exploration target of a 25 million tonne resource. The current drilling program is progressing as planned, with the company reporting significant intersections of observable copper sulphide and oxide mineralization across expected widths. As drilling momentum builds, CMR anticipates releasing positive drill results by the end of April or shortly thereafter.
A batch of core samples was submitted to the laboratory on April 9, with results expected within two to three weeks, followed by an additional 24 hours for final data processing. The diamond core drilling is currently operating at an impressive rate of 1,200 meters per month, ensuring a steady stream of assay results in the forthcoming period. The maiden resource estimate is still projected for the third quarter of 2026, which is anticipated to support the initial mine development, dependent on the outcomes of technical and economic studies.
Drilling Rate and Project Advancements
In March, CMR achieved a drilling total of 860 meters over 21 operational days, accounting for 10 lost days due to the Ramadan Eid holiday. Thus far in April, the average daily drilling productivity has reached approximately 60 meters, keeping the company on track to meet its monthly target of 1,200 meters. This consistent visible mineralization aligns with the company's geological model, with notable continuity in copper mineralization observed across multiple drill holes and zones, offering a highly encouraging outlook as the company aims for its maiden resource milestone.
Since entering into a joint venture for the Agadir Melloul project in mid-2025, CMR has efficiently advanced the project, commencing drilling in September 2025 and increasing meterage with the addition of a second rig in December 2025. Despite facing an unusually wet and cold winter that temporarily slowed drilling rates, the project has seen significant discoveries, including sedimentary copper and well-mineralized igneous extrusions presumed to be rhyolite. The assay results have also revealed the presence of gold in certain areas, further enhancing the project's prospectivity and suggesting a deeper target for copper-silver-gold mineralization.
CMR believes that the Agadir Melloul project continues to hold substantial potential, especially with several mineralized vein structures that could contribute higher-grade material to the overall resource inventory once drilled. The project has been identified as a geological analogue to the nearby 130 million tonne Tizert copper deposit, located approximately 50 kilometers away, sharing similar geological age, stratigraphy, and mineralization style. This resemblance strengthens management's conviction that Agadir Melloul possesses the capability to evolve into a significant copper project.
Drilling results already announced include impressive intersections, such as 5.8 meters at 1.12% copper and 19g/t silver from a depth of 2.2 meters, and 4.7 meters at 1.03% copper from 27 meters, among others. The ongoing core logging and received assay results consistently align with the company's geological model and exploration targets, with a current drilling success rate of approximately 27%, significantly exceeding the previously stated target of 5% to 10%. This success rate, however, is an internal measure and does not imply economic viability. The company continues to utilize geochemical mapping, trenching, and fieldwork to define the most prospective areas for drilling.
CMR's strategic approach aims to delineate JORC-compliant Mineral Resources at a scale of 25 million tonnes or more, which includes expanding the land package to encompass at least 100 square kilometers of prospective sedimentary copper rocks. The current land package already contains extensive areas totaling 65 square kilometers of promising sedimentary units, positioning the company favorably for future exploration.
Looking ahead, the company has outlined a comprehensive development timeline for 2026, with significant milestones set for metallurgical testwork, process flowsheet development, environmental impact assessments, and the maiden JORC Mineral Resource Estimate by September 2026. CMR's focus remains on building a meaningful mid-tier mining business that can effectively contribute to the global economy through the production of critical minerals essential for electrification and the clean energy revolution. The company is listed on the London Stock Exchange (CMRS.L), and further information can be found on their official website at www.cmrplc.com.
As reported by markets.ft.com.
