Critical Mineral Resources PLC (LSE:CMRS) shares soared, gaining over 18%, in Monday's early trade after it unveiled positive results from its maiden core drilling programme at Agadir Melloul in Morocco, confirming a shallow copper discovery with district-scale potential.
“These excellent results have surpassed our expectations,” chief executive Charlie Long said. He added that geological evidence indicates a large mineralised system across the project area, with less than 1% of the 50 km² target drilled to date.
The company said the shallow geometry suggests potential for low-cost, open-pit development.
A maiden resource estimate is targeted for the first half of 2026, followed by feasibility work and environmental assessment.
The new intercepts included 5.8 metres at 1.12% copper and 19 g/t silver, 6.5 metres at 1.03% copper, and 4.7 metres at 1.48% copper, along with a six-metre interval grading 1.4% copper and 31 g/t silver from a newly identified rhyolite target.
CMR noted that drilling density will increase with the arrival of an additional rig, supporting both its initial mine plan and a larger strategic resource.
In London, CMR shares were up 18.6% changing hands at 3.98p.