Business
Drilling update
Critical Mineral Resources plc is accelerating its diamond drilling program at Agadir Melloul with two rigs now operating on two shifts per day, aiming to drill 20 holes monthly from mid-February. This intensified drilling, following a successful fundraise, is designed to produce the project's maiden resource estimate, targeted for publication in early Q3 2026. The company anticipates an internal maiden resource model by late Q2, with the JORC compliant estimate to follow. The focus on near-surface mineralization is highlighted as a significant economic advantage. Disclaimer*
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n\n \n \n \n \n \n \n \n \n 3 February 2026\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Critical Mineral Resources Plc\n \n \n \n \n Drilling ramping-up following oversubscribed fundraise\n \n \n \n \n \n \n Critical Mineral Resources plc (“CMR”, “Company”) is pleased to report that following the recently completed and heavily oversubscribed fundraise, diamond drilling with two rigs is ramping-up over the coming weeks as the weather improves. Drilling during H1 is designed to produce Agadir Melloul’s maiden resource estimate, targeted for publication in early Q3 2026.\n \n \n \n \n \n \n Key Highlights\n \n \n \n \n Accelerated drill programme at Agadir-Melloul\n \n \n Two diamond rigs ramping-up to two shifts per day each\n \n \n 20 holes planned per month from mid-February\n \n \n Agadir Melloul’s maiden resource estimate targeted for Q3 2026\n \n \n \n \n \n \n \n Fig.1 Company’s diamond rig at Agadir Melloul\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Source: Company\n \n \n \n \n \n \n \n Charlie Long CEO commented:\n \n \n \n \n “With two rigs now turning, we anticipate an extremely productive drill programme and for an internal maiden resource to be modelled by late Q2 and for the JORC compliant resource estimate to be published in early Q3.\n \n \n \n \n Drilling has been intermittent in recent weeks due to inclement weather. This week both rigs are operating on day shifts, and once the weather improves night shifts will be introduced. From then on we should be drilling 20 holes per month equating to approximately 1,000m.\n \n \n \n \n For a near-surface project like this, metres drilled is less important than the number of holes drilled. Each hole will range from 20m to 50m depth, with the occasional deeper hole to drill-test the basement as we continue the hunt for mineralised rhyolite. \n \n \n \n \n It’s worth reiterating that near-surface mineralisation is quite unusual and a huge economic advantage in terms of opex, upfront capex, reserve development capex and ongoing sustaining capex”.\n \n \n \n \n \n \n ENDS\n \n \n \n \n \n \n \n \n \n \n \n \n Critical Mineral Resources plc\n \n \n Charles Long,\n \n Chief Executive Officer\n \n \n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n \n \n Shard Capital LLP\n \n \n \n Erik Wo...