25 April 2024
Critical Mineral Resources PLC
('CMR' or the 'Company')
Directorate Change and Annual Report and Financial Statements for the Year Ended 31 December 2023
Critical Mineral Resources PLC ('CMR' or the 'Company), the exploration and development company focused on clean energy metals in
Chairman Appointment
Dominic Traynor has been a Non-Executive Director of the Company for two years. Over the last year he has worked closely with the management regarding the evolution of the Company's strategy and its successful transition to an exploration and development company focused on critical and clean energy metals in
Annual Report and Accounts and General Meeting
The Report and Accounts are now available on the website at https://cmrplc.com and a copy will also shortly be made available on the FCA's National Storage Mechanism ('NSM') in electronic format, as required under DTR obligations. The Company intends to hold a General Meeting in the near future to approve the Report and Accounts. The Chairman's report is provided below.
Chairman's Report
2023 was a year of important and successful transition for the Company, during which it developed a clear strategy and made strong operational progress. With the Company's clear focus on taking opportunities to develop commodities urgently required for Western economies, and reflecting our progress, it was only appropriate to change the Company name to Critical Mineral Resources PLC ("CMR"), on 17 August 2023. I am delighted to have recently taken the position of Chairman following the year of progress and with so much opportunity ahead.
The sale of the
Mindful of the Company's human and financial resources, CMR undertook a strategic review analysing appropriate jurisdictions where the Company could fully focus. This included analysis of jurisdictions that offer substantial resource opportunities, are not constrained by geopolitical sensitivities and have developed downstream and customer markets nearby. As part of this exercise, CMR also took the difficult decision not to pursue the opportunity to develop its RIWAQ Al Mawarid for Mining ("RIWAQ") portfolio of exploration licence applications in the
Following the completion of the strategic review in June, the Company entered the Moroccan market via the 80% acquisition of a local Moroccan exploration company, Atlantic Research Minerals ("ARM"), led by a highly regarded Moroccan geologist with a deep understanding of the region.
In the second half of the year, CMR gained momentum in building an extensive portfolio of projects proving the geological potential of the Moroccan regions where the Company is prospecting and the strong know-how of its Moroccan subsidiary ARM. After extensive exploration during the summer months, the Company announced it had staked several research permits, from which it kept the Ighrem Permit. The Ighrem permit is 16km2 and contains high-grade manganese and barite mineralisation. It is also prospective for copper and silver. At the same time, CMR announced that it had entered into binding heads of terms on the Anzar Project, a potentially exciting high-grade copper-silver project in central
The Company maintained its momentum and continued to build out its Moroccan incubator portfolio, ensuring it has a healthy balance of commodities supporting critical minerals demand and the clean energy transition. In this regard, CMR increased its exposure to copper, a commodity vital for electrification, with the announcement in December that the Company had been granted four new exploration permits in the
Post Period
In January 2024, the Company announced that it had agreed to acquire 26 exploration permits in central
In March 2024, the Company raised
Outlook
In the last nine months, the Company has gained significant momentum in
In addition to rapid progress we have made with our existing Moroccan portfolio, we are also utilising the board's extensive contacts to source larger-scale projects with or without the support of potential strategic investors. The Company has ambitions to grow its portfolio of critical minerals assets and aims to become a producer in the medium term, sooner if the right opportunity is sourced. As touched on below this could extend to the wider renewables sector depending on project availability.
Given the operational traction CMR has achieved, it has built extensive relationships within the mining sector at a domestic level. This includes relationships with clean energy stakeholders evaluating
This would be a natural extension of the Company's existing strategy and provide significant appeal to end customer markets, who are increasingly embedding strategies to address their scope two and scope three carbon emissions.
I want to thank the entire CMR team, who, after the turmoil of 2022, have worked tirelessly during the last year to reposition the business, establish a clear strategy and make excellent progress in its execution. I am confident CMR is now well-positioned to continue operational progress, achieve growth and deliver value for all stakeholders.
Dominic Traynor
Chair
24 April 2024
Critical Mineral Resources PLC Charles Long, Chief Executive Officer |
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Novum Securities Jon Belliss |
+44 (0) 20 7399 9425 |
Hudson Sandler (Financial PR) Charlie Jack |
+44 (0) 207 796 4133 |
Notes To Editors
Critical Mineral Resources (CMR) PLC is an exploration and development company focused on developing assets to produce critical minerals and metals, including those essential for renewable energy and electrification to support the clean energy revolution. Many of these commodities are widely recognised as being at the start of a supply and demand supercycle.
CMR is building a diversified portfolio of high-quality metals exploration and development projects in
Since taking over the CMR in 2022, the current management has completed a comprehensive strategic review and restructuring of the business and implemented its clear strategy to maximise exploration and resource development opportunities for the benefit of all stakeholders. 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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