Shares in Critical Mineral Resources PLC (LSE:CMRS) rose 14% after the company announced a joint venture to develop a copper and silver project in central Morocco, backed by a £1.325 million investment.
The agreement gives CMR a path to earn a 60% stake in a shallow sedimentary-hosted deposit that the board believes could become a significant new discovery.
Drilling is expected to begin in the third quarter of 2025, using a diamond rig recently acquired in Canada.
The project will be fast-tracked toward production, with plans for a 1,000 tonnes per day flotation plant and an initial exploration target of up to 200,000 tonnes of contained copper at 1.2% copper equivalent.
The shallow nature of the deposit and proximity to infrastructure are expected to keep development costs low. The venture draws on local mining expertise, led by CMR’s chief operating officer, Noureddine Sabraoui. The company has also appointed Russell Tucker to its board.
The shares rose 0.16p to 1.31p.