Shares in Critical Mineral Resources PLC (LSE:CMRS) surged 20% to 4.5p after the company reported encouraging progress from its Agadir-Melloul copper project in Morocco, where visible mineralisation has been found in more than 60% of drill holes completed to date.
The company has drilled 20 holes, mainly in Zone 1 North, since the programme began in early September. Samples are being assayed at Afrilab in Marrakech, with initial results expected in mid-November. Chief executive Charlie Long said the speed of progress “represents excellent momentum on the ground”.
The drilling so far shows continuous copper mineralisation over 750 metres along strike, open to the south, with grades averaging between 1.0% and 1.2% copper equivalent. The area drilled represents less than 1% of the 50km² target limestone, highlighting significant exploration upside.
Critical Mineral Resources aims to define sufficient resources for an Initial Mine by early 2026, targeting 3 million tonnes at 1.0–1.2% CuEq to underpin a feasibility study and support a planned 650–1,000 tonnes-per-day operation.
Alongside this near-term mine plan, the company is pursuing a larger strategic discovery, with an exploration target of 20–25 million tonnes at 1.2% CuEq. A company-owned drill rig is due to arrive on site in December 2025, boosting future drilling capacity.