Operational update

Critical Mineral Resources PLC ('CMR' or the 'Company'), the exploration and development company focused on critical metals and minerals in Morocco is pleased to provide an operational update on its Ifri Project ('Ifri') in the Anti-Atlas.

Highlights

• Positive initial work at the Ifri Project in the Anti-Atlas. Prospecting by CMR's geological team has demonstrated copper and silver in multiple shear zone and quartz vein structures with some structures containing gold mineralisation.
• Channel samples include assay results of (1) 3.1% copper and 17 g/t silver (2) 1.95% copper and 15 g/t silver, and (3) 0.86 g/t gold and 21 g/t silver. These initial samples are demonstrative of Ifri's potential.
• The Company is pleased to see copper and silver grades returned at Ifri given the incidence of visible copper sulphide and copper oxide mineralisation on the property and Ifri's proximity to the Tagmout copper-silver mine.
• The presence of gold in the system is also extremely encouraging given nearby industrial scale and artisanal underground gold mining. Existing mines are targeting the quartz structures with gold grades in the region known to improve at depth.
• The Ifri Project is located in a well-known mining belt which hosts active and previously operating mines. These include the Imiter silver mine, the Tiouit gold mine, the Bou Skour copper project and the Tagmout silver-copper project less than 5.0km away from Ifri.

Ifri Project summary

Initial prospecting at the Ifri site has identified multiple large mineralised shear structures with copper oxide, copper sulphide, silver and gold mineralisation. Historical small scale mining for copper and gold is also evident at numerous locations across the property and, significantly, there is a significant scale drilling programme 2.5km west of the permit and an underground gold mine being developed less than 10km north of the permit. We have located these operations but the project names are unknown and it is unclear who the operators are.

Fig 1 Ifri Project mineralisation

Source: Critical Mineral Resources PLC

Saghro Massif Potential

Ifri is located within the Saghro Massif, an area of old (Precambrian) igneous rocks in the Anti-Atlas. In a relatively small area, this series of inliers hosts multiple past producing mines, operational mines and development projects. Probably the most well-know mines are the Imiter silver mine and the Tiouit gold mine. The Bou Skour copper project and Tagmout copper-silver project are also significant deposits and located very close to Ifri. Figure 3 illustrates Ifri's location within an alteration hot spot, where NE-SW faults are thought to represent paths for hydrothermal fluids and mineralisation.

Fig 2 Saghro Massif mining belt

Source: Critical Mineral Resources PLC

Fig 3 Ifri's location and mineral prospectivity map

Source: Mamouch, Y.; Attou, A.; Miftah, A.; Ouchchen, M.; Dadi, B.; Achkouch, L.; Et-tayea, Y.; Allaoui, A.; Boualoul, M.; Randazzo, G.; et al. Mapping of Hydrothermal Alteration Zones in the Kelâat M'Gouna Region Using Airborne Gamma-Ray Spectrometry and Remote Sensing Data: Mining Implications (Eastern Anti-Atlas, Morocco). Appl. Sci. 2022, 12, 957. https://doi.org/10.3390/app12030957

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Ifri Outlook

The next stage at Ifri is a systematic exploration programme including detailed mapping, geochemical surveying, followed by geophysics and drill-target generation.

Charlie Long, Chief Executive Officer of CMR PLC, commented:

"We are very excited about the Ifri Project and its potential to host both copper-silver and gold deposits. Ifri is located in a mineralised system and we will now focus on systematic exploration and drill target generation. We are encouraged by the numerous mines in this belt, several of which are intrusion-related deposits, and therefore the region's strong potential for large scale discoveries. At Ifri, we will be targeting both mineralised structures near the surface and richer sources of copper, silver and gold at depth".