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Clean energy metals firm Critical Mineral Resources (CMR) has acquired 26 exploration permits for copper, antimony, tungsten, lead-zinc and gold in central Morocco, online news outlet Proactive Investors reported on Tuesday.
The deal was reached through the acquisition of Moroccan group Hesperis Resources. The exploration licenses are in the Rabat, Beni-Mellal, Agadir and Errachidia administrative regions.
CMR's payment for acquiring Hesperis consists of two tranches: 3 million shares (£150,000) issued at closing and 1.5 million shares (£75,000) delivered when drilling starts. Both sets of shares have a price of 5p each.
As part of the deal, the sellers are locked in for ten months, further solidifying CMR's control over the acquired permits. This agreement strengthens CMR's hold on a substantial area within established Moroccan mining districts, significantly advancing their strategy of building a diverse portfolio of critical minerals essential for the clean energy transition.
CMR's CEO, Charlie Long, sees this acquisition as a crucial step, noting it fuels their momentum toward bringing these resources into production and generating revenue.
