34.8 C
Belgrade
22/06/2024
Mining News

Critical Mineral Resources selects Novum Securities as exclusive broker for placing

Critical Mineral Resources has appointed Novum Securities as the exclusive broker for its recent placing. The net proceeds from this transaction will support the advancement of the Ifri project in Morocco, which has shown promising initial results.

Geological surveys conducted by the company’s team have revealed the presence of copper and silver in numerous quartz vein and shear zone structures, with some areas also showing gold assays. Furthermore, Critical Mineral Resources is in talks with a global commodity trading group to serve as its Moroccan partner for mineral sourcing and supply.

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The company sees potential near-term cash flows in trading metals and industrial minerals, either independently or through partnerships. The Ifri project, situated in an active mining belt known for copper, silver, and gold deposits, is positioned in an alteration hotspot with existing road and power infrastructure.

Critical Mineral Resources acquired 26 exploration permits in central Morocco earlier this year, demonstrating its commitment to developing clean energy and critical minerals projects with substantial scale potential. The Ifri project, identified as meeting the company’s criteria for development, will undergo comprehensive mapping and geochemical surveys with the support of the placing’s net proceeds.

CEO Charlie Long expressed gratitude to existing shareholders for their support and welcomed new shareholders. He emphasized that the funds raised will accelerate the company’s progress in seizing Moroccan opportunities, aiming for meaningful production of critical commodities and near-term cash generation. Critical Mineral Resources is optimistic about its Moroccan ventures and expects the fundraising to bolster its momentum in the region.

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