Source - Alliance News

Critical Mineral Resources PLC on Monday said it signed an earn-in deal for the Zagora cobalt project in Morocco alongside its subsidiary Atlantic Research Minerals SAR.

The London-based exploration and development company is focused on clean energy commodities and has a project in Morocco.

The binding term sheet was signed with the shareholders of S.A. Strategy SARL, the owner of the Zagora project, to ‘earn-in on delivery of certain milestones’, Critical Mineral said.

ARM will invest into the project to produce a JORC standard scoping study before progressing to a pre-feasibility study and definitive feasibility study. Its interest will start at 20% to 25% and will increase subject to the delivery of project development milestones.

Critical Mineral Chief Executive Officer Charlie Long said: ‘We are pleased to have signed this binding heads of terms to earn-in to the Zagora cobalt project, which represents another milestone in our Morrocan journey.

‘This agreement strengthens our position in the critical minerals sector. Morocco’s cobalt industry and associated demand dynamics, combined with its position as a fast-growing battery materials hub, means there is clear demand for new cobalt projects. The near surface mineralisation at Zagora is exciting, and the team will now progress with the development of the project, providing further updates in the near future.’

Shares in Critical Mineral were up 8.7% at 3.94 pence each in London on Monday morning.

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