Critical Mineral Resources Plc (LSE:CMRS) has appointed independent consultancy Addison Mining Services to prepare the maiden JORC-compliant mineral resource estimate for its Agadir Melloul copper project in Morocco.
Addison has started assessing the geological, drilling and assay information generated from the project and has already completed a site visit as part of the resource modelling process. Critical Mineral Resources is targeting publication of the initial estimate in October 2026.
The maiden resource will primarily incorporate results from the extensive drilling programmes carried out during 2025 and 2026 at Zone 1 North. Establishing an independently verified resource represents an important technical step as CMR seeks to move Agadir Melloul beyond exploration and into the next phase of project evaluation and development.
Importantly, the area expected to be covered by the first resource estimate represents only around 5% to 6% of the company’s existing permit footprint. This leaves the majority of the licence outside the initial resource calculation and provides considerable scope for additional exploration and potential resource growth.
CMR is continuing exploration across the wider Agadir Melloul permit area alongside the resource estimation work. Management believes further discoveries could increase the overall scale of the project and strengthen its strategic importance within the company’s Moroccan critical minerals portfolio.
The appointment of an independent consultant also provides external technical validation as CMR builds a more detailed understanding of the deposit. A JORC-compliant resource could provide a foundation for subsequent technical studies, further drilling and decisions over the project’s longer-term development pathway.
Despite the exploration progress, the company’s financial position remains a significant risk. Critical Mineral Resources currently generates no revenue and continues to report losses and cash outflows, while negative equity and increasing debt place additional pressure on its balance sheet.
Technical indicators are also generally bearish, with the shares trading below important moving averages and MACD remaining negative. Valuation provides little support because the company’s loss-making position results in a negative price-to-earnings ratio, while there is no dividend yield to provide an income component.
More about Critical Mineral Resources Plc
Critical Mineral Resources Plc is a London-listed exploration and development company focused on commodities considered important to electrification and the global energy transition. Its portfolio includes copper, silver and other critical mineral opportunities in Morocco.
The company views Morocco as an attractive jurisdiction due to its established mining sector, infrastructure, permitting environment and proximity to European markets. CMR’s strategy is centred on advancing prospective assets through exploration, resource definition and subsequent development studies.
Critical Mineral Resources also owns an 80% interest in Moroccan exploration and geological services company Atlantic Research Minerals SARL, providing the group with additional technical capabilities and an established presence in the country.
Through Agadir Melloul and its wider portfolio, CMR is seeking exposure to anticipated long-term demand growth for metals required across renewable energy, electrification and other emerging technologies.
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Meta description: Critical Mineral Resources appoints Addison Mining Services to prepare a maiden JORC resource estimate for Agadir Melloul, targeted for October 2026.
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