Shares in Critical Mineral Resources PLC jumped 14% after the company announced a joint venture on Friday to develop a copper and silver project in central Morocco, business news outlet Proactive reported.
The London-listed firm secured a GBP 1.325 million investment as part of the agreement, setting the stage for what it calls a potential major discovery.
The deal gives CMR the right to earn a 60% stake in a shallow, sedimentary rock deposit. The company plans to begin drilling in the third quarter of 2025 using a diamond rig it recently acquired in Canada.
CMR’s board believes the project could yield up to 200,000 tons of contained copper at a grade of 1.2% copper equivalent.
The company plans to fast-track the project toward production, with a 1,000-ton-per-day flotation plant on the drawing board. CMR said the shallow depth of the deposit and nearby infrastructure would help keep development costs low. The project is supported by local mining expertise, led by chief operating officer Noureddine Sabraoui.
CMR also added Russell Tucker to its board as it moves forward with the Moroccan venture.
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