Critical Mineral Resources Plc - Drilling update

Critical Mineral Resources Plc – Drilling update

PR Newswire

LONDON, United Kingdom, April 23

23 April 2026

Critical Mineral Resources Plc

Drilling rate and outlook

Critical Mineral Resources plc («CMR», «CMRS» or the «Company») is pleased to
provide an operational update on its flagship Agadir Melloul copper-silver
project in Morrocco, where drilling is continuing to deliver very encouraging
progress, supporting our medium term 25 million tonne resource exploration
target.

The current drilling programme is advancing to plan, both in terms of metres
drilled and continued intersection of observable copper sulphide and oxide
mineralisation over expected widths. With drilling momentum building, the
company remains on track to report positive drill results at the end of April or
very shortly after.

A batch of core samples was submitted to the laboratory on the 9th of April,
with the turnaround expected to be two to three weeks plus 24 hours for final
data processing.

Highlights

· Diamond core drilling currently running at a rate of 1,200m per month,
supporting a steady pipeline of regular assay results going forward.
· Maiden resource estimate remains on target for Q3 2026 and is expected to
underpin the Initial Mine development, subject to technical and economic
studies.
· 2026 news flow is expected to include progress across key feasibility
workstreams, including metallurgical testwork, processing plant flowsheet design
and other technical studies.
· Management continues to maintain its base case, medium term exploration
target of 25 million tonnes.

Drilling rate

During March, drilling metres totalled 860m over 21 operating days with 10 days
lost to the Ramadan Eid holiday period. Thus far in April, the average daily
drill productivity has been approximately 60m, putting the company on track for
1,200m for the month, ensuring a regular flow of drilling results going forward.
Visible mineralisation remains consistent with the Company’s geological model,
including very good continuity of copper mineralisation observed across multiple
drill holes and zones. This is a highly encouraging indicator as the Company
advances towards its maiden resource milestone.

Agadir Melloul progress and multiple targets

Since signing the Agadir Melloul joint venture in mid 2025, CMR has moved
quickly to advance the project. Drilling commenced in September 2025 and
meterage increased with a second rig in December 2025, notwithstanding an
unusual wet and cold winter period which temporarily impacted drilling rates.

In addition to the discovery of sedimentary copper, during Q4 2025 the Company
discovered a well mineralised igneous extrusion thought to be rhyolite and also
received assay results indicating gold in certain areas. Together, these
developments reinforce the broader prospectivity of the project area with
potential for a deeper igneous copper-silver-gold target.

CMR believes Agadir Melloul continues to demonstrate meaningful upside
potential, including from several mineralised vein structures which, once
drilled, should add higher-grade material to the overall resource inventory.

Tizert analogue

Work completed to date has confirmed what management believes to be a
significant new sediment-hosted copper discovery. Agadir Melloul is a geological
analogue to the nearby 130 million tonne Tizert copper deposit, located
approximately 50km away, sharing the same geological age, stratigraphy (specific
sedimentary rock types) and style of mineralisation. This comparison continues
to support management’s belief that Agadir Melloul has the potential to develop
into a substantial copper project.

Drill results previously announced include:

BH01 – 5.8m at 1.12% copper and 19g/t silver from 2.2m

BH04 – 2.5m at 0.85% copper and 4g/t silver from 1.5m

BH06 – 2.0m at 1.3% copper from 16m

BH07 – 1.3m at 0.98% copper from 16.7m

BH09 – 3.0m at 0.75% copper from 10m

BH12 – 4.0m at 1.04% copper from 2.0m

BH 35 – 7.5m at 0.97% copper inc. 6.5m at 1.03% copper

BH 36 – 4.7m at 1.48% copper from 17m

BH 38 – 4.7m at 1.03% copper from 27m

BH 43 – 3.0m at 1.1% copper from 6.0m

BH 45 – 1.60m at 1.1% copper from 6.0m, 4.0m at 0.77% copper and 2.0m at 1.05%
copper from 16.4m

BHR01 – 6.0m at 1.4% copper and 31g/t silver from surface

Fig.1 Zone 1 North, long section showing shallow undulating mineralisation

[A diagram of a structure

AI-generated content may be incorrect.]

Source: Company

Targeting 25 million tonnes

Results from ongoing core logging, and assay results received and disclosed,
continue to align with the Company’s geological model, exploration targets and
broader expectations for the project.

The drilling success rate, defined internally as copper mineralisation over a
minimum of 0.30% copper (the Company’s working cut-off grade) is currently
approximately 27%. This metric is an internal exploration measure and does not
imply economic viability.

This success rate significantly exceeds our previously stated target success
rate of 5% to 10% – although it is too early to determine whether this rate of
success will be maintained across the wider project area. Drilling is targeted
using geochemical mapping, trenching and fieldwork. Geophysics is also planned
to support future exploration.

To support the delineation of JORC compliant Mineral Resources at the scale of
25 million tonnes or more, the Company’s strategy is to:

1. Build a land package containing at least 100km2 of prospective sedimentary
copper rocks (Adoudounian aged sediments in contact with the Precambrian
basement).
2. Drill the most prospective areas, aiming for between 5% and 10% of
prospective rocks to be mineralised sufficiently and with the correct
characteristics to be classified as JORC resources.
3. Continue expanding the joint venture’s land package including two properties
currently under exclusivity, in order to maximise district scale exploration
potential.

The joint venture’s current land package, including properties under
exclusivity, contains extensive areas of prospective sedimentary units totalling
65km2 (within a total permit area of 102Km2).

2026 development timeline

Milestone Target Timing
Metallurgical testwork May to Jun 2026
programme (laboratory and
pilot plant)
Process flowsheet development By Jul 2026
and preliminary plant design
Geotechnical studies By Jul 2026
Processing plant Environmental By Aug 2026
Impact Assessment submitted
Maiden JORC Mineral Resource Sept 2026
Estimate
Mine planning and production Oct to Nov 2026
scheduling studies
Feasibility Study completion Target Dec 2026
Processing plant EIA approval Target Dec 2026 (subject to govt. timelines)

Fig.2 April drill core

[image]

Source: Company

Note: 100% core recovery

Charlie Long CEO commented:

«Agadir Melloul continues to deliver shallow copper mineralisation over very
encouraging widths, and the growing consistency we are seeing in the core is
reinforcing our confidence in the scale potential of the project.

With drilling rates increasing and assay results expected on a regular basis, we
believe the market will see a steady stream of progress from Agadir Melloul over
the coming months. At the same time, we are moving forward with the technical
workstreams needed to support our maiden resource estimate and feasibility
study. Management believes the first resource estimate will support an initial
development scenario, subject to the technical and economic studies now being
progressed.

As the proposed mine is being built, we expect to see substantial upside from
continued drilling, with the potential to expand resources and enhance long-term
project value as we aim for 25 million tonnes or more.

I have just returned from Morocco where management spent several days reviewing
both progress at Agadir Melloul and a number of new opportunities. Should one or
more of these meet our strict technical and economic criteria, we believe they
could add further depth to CMR’s growth pipeline.

I would also like to thank our new Chairman Géraud Moussarie who is already
adding value through his experience, network and governance insight, while fully
supporting CMR’s ambition to build meaningful mid-tier mining business»

Competent Person Statement

The technical exploration and mining information contained in this announcement
has been reviewed and approved by Mr. Robert Nigel Chapman. Mr. Chapman has
sufficient experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity to which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and
Gas Companies. Mr. Chapman is an employee of Luna Recursos Naturales SAC, an
independent geological consultancy established in 2014 and is a Member of the
Australasian Institute of Geoscientists (A.I.G.) Mr. Chapman has visited Agadir
Melloul and consents to the inclusion in this Announcement of such information
in the form and context in which it appears.

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

ENDS

Notes To Editors

Critical Mineral Resources (CMR) PLC is an exploration and development company
focused on developing assets that produce critical minerals for the global
economy, including those essential for electrification and the clean energy
revolution. Many of these commodities are widely recognised as being at the
start of a supply and demand super cycle.

CMR is building a diversified portfolio of high-quality metals exploration and
development projects in Morocco, focusing on copper, silver and potentially
other critical minerals and metals. CMR identified Morocco as an ideal mining
-friendly jurisdiction that meets its acquisition and operational criteria. The
country is perfectly located to supply raw materials to Europe and possesses
excellent prospective geology, good infrastructure and attractive permitting,
tax and royalty conditions. In 2023, the Company acquired an 80% stake in
leading Moroccan exploration and geological services company Atlantic Research
Minerals SARL.

The Company is listed on the London Stock Exchange (CMRS.L). More information
regarding the Company can be found at www.cmrplc.com

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