TIDMCMRS
RNS Number : 0845O
Critical Mineral Resources PLC
29 September 2023
29 September 2023
Critical Mineral Resources PLC
('CMR' or the 'Company')
Interim Results
Critical Mineral Resources plc (LON:CMRS), the exploration and
development company focused on clean energy commodities, is pleased
to announce its unaudited interim results for the six months ended
30 June 2023 ('H1 2023' or the 'Period').
Highlights in H1 2023
-- The Company completed its strategic review of the business,
determining that it would continue to take opportunities arising
from and aligned to supporting the European electric vehicle supply
chain and its compliance with increasing global legislation.
-- The strategic review included a detailed analysis of
appropriate jurisdictions. Following this, Morocco was identified
as a target jurisdiction. With deposits of copper, manganese,
nickel and potentially other clean technology metals and minerals,
Morocco has proven well-mineralised geology yet is under-explored.
Morocco's main trading partner is the European Union, and its
modern infrastructure, proximity to Europe and political stability
make it an excellent country for CMR to operate in.
-- Critically a range of international organisations, including
major car manufacturers and battery materials organisations, have
recently identified Morocco as a key hub to serve international
markets, highlighting the value opportunity for locally sourced
battery commodities.
-- CMR launched its operations into Morocco:
o Acquisition of 80% controlling interest in Atlantic Research
Minerals ('ARM') through a cash consideration of US$10,000.
-- Following the review of the RIWAQ portfolio, the Company
decided not to pursue the opportunity due to the early-stage nature
of the projects and the size of the portfolio.
-- Achieved a reduction in pre-tax losses during H1 2023,
reporting a pre-tax loss of GBP477,328 (H1 2022: GBP1,391,356).
This marked improvement includes a reduced loss from discontinued
operations, which amounted to GBP36,988 (H1 2022: GBP733,126).
-- Operating activities resulted in a net cash outflow of
GBP425,361 during the period. The Company's net cash position
improved, increasing to GBP248,297.
Post Period
-- On 14 September 2023, the Company announced the completion of
the Cyprus Asset Sale. This followed the receipt in September of a
third payment of GBP169,639 (US$213,750). This completion will
result in the removal of approximately GBP1.3m of liabilities from
the Group balance sheet. The final payment of US$214,250 plus
interest is due on 22 December 2023 .
-- The Company has made good operational progress:
o The Company has entered into binding heads of terms on the
Anzar Project, a high-grade sedimentary hosted copper-silver
project in central Morocco.
o The Ighrem Research permit was secured, a 16km(2) area that
contains high-grade manganese and barite mineralisation.
o ARM's Incubator Portfolio continues to advance opportunities
to secure ground in three separate regions.
-- Reflecting its evolved strategy, the Company changed its name
from Caerus Mineral Resources PLC to Critical Mineral Resources
PLC, aligning its brand with its corporate focus, operating
strategy and market position.
-- Morocco has continued to gain significant recognition from
global organisations as a battery commodity and materials hub with
commitments from China's CNGR Advanced Material to build a cathode
materials plant in Morocco to supply the US and European battery
markets as well as South Korea's LG Chem committing to build a
lithium refinery and cathode materials plant in the country.
Charles Long, Chief Executive Officer of CMR PLC, commented:
"We are delighted with the Company's progress against our
targeted strategy of taking opportunities arising from and aligned
to supporting the European electric vehicle supply chain and its
compliance with increasing global regulation.
Following our targeted analysis of Morocco as a jurisdiction
with all the appropriate resource opportunities and market
dynamics, we are pleased with the progress we have made in
acquiring top talent and development opportunities through Atlantic
Research Minerals. We believe the Anzar Project has the potential
to be extremely valuable for CMR shareholders but look forward to
building out our portfolio of development opportunities further. We
are in advanced discussions with a number of parties.
The recognition that Morocco has gained in recent months from
large-scale global stakeholders in the battery materials supply
chain clearly validates our strategy and belief that the country
has a significant opportunity to become a global battery
commodities and materials hub".
For further information, please contact:
Critical Mineral Resources plc info@cmrplc.com
Charles Long, Chief Executive Officer
Novum Securities
Jon Belliss +44 (0) 20 7399 9425
---------------------
Hudson Sandler (Financial PR)
Charlie Jack +44 (0) 207 796 4133
---------------------
Notes To Editors
Critical Mineral Resources (CMR) plc is an exploration and
development company focused on developing assets that produce key
commodities essential for renewable energy, battery storage and
electrification to support the clean energy revolution. These
commodities are widely recognised as being at the start of a supply
and demand supercycle.
CMR is building a diversified portfolio of high-quality metals
exploration and development projects in Morocco, focusing on
copper, nickel, manganese, cobalt, and potentially rare earths. 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, 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.
Since taking over the CMR in 2022, the current management has
completed a comprehensive strategic review and restructuring of the
business and implemented its clear strategy to maximise exploration
and resource development opportunities for the benefit of all
stakeholders. The Company is listed on the London Stock
Exchange (CMRS.L). More information regarding the Company can be found at www.cmrplc.com
Chairman's Review of Year to date
Dear Shareholders,
I am pleased to present our Interim Results for 2023. This
period has been marked by significant developments that underline
our commitment to sustainable growth and the supply of essential
commodities for the clean energy revolution.
One of the most noteworthy milestones was our strategic decision
to enter Morocco, a jurisdiction teeming with promise. Through the
acquisition of an 80% controlling interest in ARM, we have secured
a strong foothold in Morocco's rich mineral landscape. Since this
acquisition, we've made remarkable progress - secured the Ighrem
Research permit, an area with high-grade manganese and barite
mineral deposits; progressed with advancing the Incubator Portfolio
where we are actively working to secure land in three distinct
prospective regions. The Company has also entered into binding
heads of terms on the Anzar Project, a high-grade, sedimentary
copper-silver project in central Morocco.
These developments underscore the geological potential of the
regions in which we are prospecting. They also highlight the robust
expertise of our Moroccan subsidiary, ARM. Our strategic focus
remains clear: we are committed to harnessing the potential of
these assets to create sustainable value for our stakeholders, even
as we navigate challenging market conditions.
In the pursuit of opportunities, we conducted a thorough review
of the RIWAQ portfolio. Regrettably, we made the difficult decision
not to pursue this opportunity due to the early stage of the
projects and the extensive size of the portfolio.
As we transition to Critical Mineral Resources PLC, we look
forward to an exciting future characterised by continued growth,
exploration, and the pursuit of opportunities that align with our
mission to support the clean energy sector and drive long-term
shareholder value.
Looking ahead, we aim to continue making progress in Morocco
through our ARM portfolio, as well as actively seeking other
licences and opportunities in the country.
Financials
During the period, the Group made a pre-tax loss of GBP477,328
(six months ended 30 June 2022: loss of GBP1,391,356). This
includes the loss from discontinued operation of GBP36,988 (six
months ended 30 June 2022: GBP733,126). The net liabilities of the
Group increased from GBP156,560 as of 31 December 2022 to
GBP647,256 as of 30 June 2023.
During the period, the net cash outflow from operating
activities was GBP425,361, and the net cash position increased by
GBP106,280 to GBP248,297.
I would like to thank our employees, partners and shareholders
for their continued support of Critical Minerals Resources.
Directors' Responsibility Statement
The Directors confirm that these condensed interim financial
statements have been prepared in accordance with UK adopted
International Accounting Standard 34, 'Interim Financial Reporting'
and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority and that the
interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
-- An indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
-- Material related-party transactions in the first six months
and any material changes in the related-party transactions
described in the last annual report.
The interim report was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by:
Chris Lambert
Executive Chairman
29 September 2023
Condensed Consolidated Statement of Profit or Loss and Other
Comprehensive Income
Six months Six months
to 31 June to 31 June
2023 (unaudited) 2022* (unaudited)
Note GBP GBP
Continuing operations:
Administrative expenses 3 (439,151) (658,217)
Finance costs (1,189) (13)
------------------- --------------------
Operating loss and loss before
taxation (440,340) (658,230)
Income tax expense - -
------------------- --------------------
Total loss from continuing operations (440,340) (658,230)
Loss from discontinued operations (36,988) (733,126)
------------------- --------------------
Loss for the period (477,328) (1,391,356)
Total loss attributable to:
Owners of Critical Mineral Resources
plc (476,320) (1,370,688)
Non-controlling interests (1,008) (20,668)
------------------- --------------------
(477,328) (1,391,356)
Other comprehensive income:
Items that may be reclassified
subsequently to profit and loss:
Exchange differences on translation
of foreign operations (13,370) (18,932)
------------------- --------------------
Other comprehensive profit (loss)
for the period arising from discontinued
operations (13,370) (18,932)
Total comprehensive loss for the
period (490,698) (1,410,288)
Total comprehensive loss attributable
to:
Owners of Critical Mineral Resources
plc (489,641) (1,389,620)
Non-controlling interests 1,057 (20,668)
------------------- --------------------
(490,698) (1,410,288)
Total comprehensive loss attributable
to Owners of Critical Mineral Resources
plc:
Continuing operations (440,340) (656,494)
Discontinued operations (49,301) (733,126)
------------------- --------------------
(489,641) (1,389,620)
Earnings per share:
Total basic and diluted loss per
share (GBP):
Continuing operations 4 (0.009) (0.011)
Continued and discontinued operations 4 (0.009) (0.023)
*Restated to show continued and discontinued operations as
comparative
The above condensed Consolidated Statement of Profit or Loss and
Other Comprehensive Income should be read in conjunction with the
accompanying notes.
Condensed Consolidated Statement of Financial Position
As at As at
30 June 31 December
2023 2022
Note GBP GBP
ASSETS
Non-current assets
Tangible assets 54,732 83,902
Total non-current assets 54,732 83,902
Current assets
Other receivables 53,827 527,237
Cash and cash equivalents 236,089 115,824
289,916 643,061
Assets classified as held for
sale 533,532 515,796
------------ -------------
Total current assets 832,448 1,158,857
------------ -------------
Total assets 878,180 1,242,759
------------ -------------
LIABILITIES
Non-current liabilities
Lease liabilities (18,756) (23,717)
------------ -------------
Total non-current liabilities (18,756) (23,717)
Current liabilities
Trade and other payables 5 (183,103) (95,826)
Lease liabilities (37,427) (61,718)
------------ -------------
(220,530) (157,544)
Liabilities directly associated
with assets classified as held
for sale (1,286,152) (1,218,058)
Total current liabilities (1,506,682) (1,375,602)
Total liabilities (1,525,438) (1,399,319)
Net liabilities (647,258) (156,560)
============ =============
EQUITY
Share capital 6 612,113 612,113
Share premium 6 5,840,002 5,840,002
Other equity 7 - -
Share-based payment reserve 32,680 68,706
Foreign exchange reserve 197,896 212,323
Retained earnings (7,297,242) (6,856,948)
------------ -------------
Capital and reserves attributable
to owners of Critical Mineral
Resources plc (614,551) 5,018,542
------------ -------------
Non-controlling interests (32,707) (32,756)
------------ -------------
Total equity (647,258) (156,560)
============ =============
The above Condensed Consolidated Financial Statements should be
read in conjunction with the accompanying notes.
The Financial Statements were approved and authorised for issue
by the Board on 29 September 2023 and were signed on its behalf by:
Charlie Long, Director
Condensed Consolidated Statement of Changes In Equity
Share-based Foreign
Share Share payment Retained exchange Non-controlling
capital premium reserve earnings reserve interest Total
GBP GBP GBP GBP GBP GBP GBP
Balance as at
30 June 2022 612,113 5,840,002 215,245 (2,883,579) (38,531) (89,715) 3,655,535
--------- ----------- ----------- ------------- --------- --------------- -----------
Comprehensive
income
Loss for the
6 months - - - (4,140,854) - (7,494) (4,148,348)
Exchange differences
on translation
of foreign operations - - - - 250,854 15,847 266,701
--------- ----------- ----------- ------------- --------- --------------- -----------
Total comprehensive
income for the
6 months - - - (4,140,854) 250,854 8,353 (3,881,647)
Transactions
with owners recognised
directly in equity
Transactions
with NCI - - - - - 48,606 48,606
Share-based payments - - 20,946 - - - 20,946
Cancelled warrants - - (167,485) 167,485 - - -
--------- ----------- ----------- ------------- --------- --------------- -----------
Total transactions
with owners recognised
directly in equity - - (146,539) 167,485 - 48,606 69,552
--------- ----------- ----------- ------------- --------- --------------- -----------
Balance as at
31 December 2022 612,113 5,840,002 68,706 (6,856,948) 212,323 (32,756) (156,560)
--------- ----------- ----------- ------------- --------- --------------- -----------
Comprehensive
income
Loss for the
6 months - - - (476,320) - (1,008) (477,328)
Exchange differences
on translation
of foreign operations - - - - (14,427) 1,057 (13,370)
--------- ----------- ----------- ------------- --------- --------------- -----------
Total comprehensive
income for the
6 months - - - (476,320) (14,427) 49 (490,698)
Transactions
with owners recognised
directly in equity
Lapsed warrants - - (36,026) 36,026 - - -
--------- ----------- ----------- ------------- --------- --------------- -----------
Total transactions
with owners recognised
directly in equity - - (36,026) 36,026 - - -
--------- ----------- ----------- ------------- --------- --------------- -----------
Balance as at
30 June 2022 612,113 5,840,002 32,680 (7,297,242) 197,896 (32,707) (647,258)
--------- ----------- ----------- ------------- --------- --------------- -----------
Condensed Consolidated Statement of Cash Flows
6 month 6 month
period ended period ended
30 June 30 June
2023 2022
Notes GBP GBP
Cash flow from operating activities
Loss for the period before taxation (477,328) (1,391,356)
Adjustments for:
Interest expense 1,189 13
Depreciation 34,866 11,926
Impairment of financial assets - 352,885
Impairment of assets (net of
tax) - 853,989
Write back of contingent consideration - (186,914)
Share-based payment expense - 116,326
Foreign exchange gain on financial
assets (22,252) (44,034)
-------------
Operating cash flows before
movements in working capital (463,525) (287,165)
Increase in trade and other receivables (31,675) (86,043)
Increase in trade and other payables 69,839 29,826
------------- --------------
Net cash used in operating activities (425,361) (343,382)
Cash flow from investing activities
Return of deposit on potential 500,000 -
acquisition
Deposit for sale of subsidiaries 5 88,002 -
Expenditure on intangible assets (29,450) (730,666)
Proceeds/(expenditure) on tangible
assets 6,000 (24,133)
------------- --------------
Net cash flow from investing
activities 564,552 (754,799)
Cash flow from financing activities
Interest paid (1,189) (13)
Finance lease payments (31,723) -
Net cash outflow from financing
activities (32,912) (13)
Net increase/(decrease) in cash
and cash equivalents 106,279 (1,098,194)
------------- --------------
Effect of exchange rates on cash 1 (20,747)
Cash and cash equivalent at beginning
of the half year 142,017 2,508,108
------------- --------------
Cash and cash equivalent at
end of the half year 248,297 1,389,167
============= ==============
The above condensed Consolidated Statement of Cash Flows should
be read in conjunction with the accompanying notes.
Notes to the condensed interim financial statements
1. General information
The principal activity of the Company and its subsidiaries (the
Group) is in mineral exploration and the development of appropriate
exploration projects. The Company's registered office is at
Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF. Its shares
are listed on the Main Market of the London Stock Exchange under
the Standard Segment of the Official List under the ticker
"LSE:CMRS". On 17 August 2023 the Company changed its name from
Caerus Mineral Resources PLC to Critical Mineral Resources PLC.
2. BASIS of PREPARATION
These condensed interim financial statements are for the six
months ended 30 June 2023 and have been prepared in accordance with
the accounting policies adopted in the Group's most recent annual
financial statements for the year ended 31 December 2022.
The Group have chosen to adopt IAS 34 "Interim Financial
Reporting" in preparing this interim financial information. They do
not include all the information required in annual financial
statements, and they should be read in conjunction with the
consolidated financial statements for the year ended 31 December
2022 and any public announcements made by Critical Mineral
Resources Plc ("CMR") during the interim reporting period.
The business is not considered to be seasonal in nature.
The functional currency for each entity in the Group is
determined as the currency of the primary economic environment in
which it operates. The functional currency of the parent company
CMR is Pounds Sterling (GBP) as this is the currency that finance
is raised in. The functional currency of its subsidiaries is the
Euro as this is the currency that mainly influences labour,
material and other costs of providing services. The Group has
chosen to present its consolidated financial statements in Pounds
Sterling (GBP), as the Directors believe it is a more convenient
presentational currency for users of the consolidated financial
statements. Foreign operations are included in accordance with the
policies set out in the Annual Report and Accounts.
The condensed interim financial statements have been approved
for issue by the Board of Directors on 29 September 2023.
New standards, amendments and interpretations adopted by the
Group.
During the current period the Group adopted all the new and
revised standards, amendments and interpretations that are relevant
to its operations and are effective for accounting periods
beginning on 1 January 2023. This adoption did not have a material
effect on the accounting policies of the Group.
New standards, amendments and interpretations not yet adopted by
the Group.
The standards and interpretations that are relevant to the
Group, issued, but not yet effective, up to the date of these
interim Financial Statements have been evaluated by the Directors
and they do not consider that there will be a material impact of
transition on the financial statements.
Going concern
The condensed interim financial statements have been prepared on
the assumption that the Group will continue as a going concern.
Under the going concern assumption, an entity is ordinarily viewed
as continuing in business for the foreseeable future with neither
the intention nor the necessity of liquidation, ceasing trading or
seeking protection from creditors pursuant to laws or regulations.
In assessing whether the going concern assumption is appropriate,
the Directors take into account all available information for the
foreseeable future, in particular for the twelve months from the
date of approval of the condensed interim financial statements.
The Group's assets are not currently generating revenues, an
operating loss has been reported and an operating loss is expected
in the 12 months subsequent to the date of these financial
statements. The Company will be looking to raise further funds/has
the ability to place the approximately 10.7 million Ordinary Shares
held by itself, to raise the additional finance required to fund
the building of its exploration portfolio.
The Board, whilst acknowledging this material uncertainty,
remains confident of raising finance and therefore have concluded
that there is a reasonable expectation that the Company has access
to adequate resources to continue in operational existence for the
foreseeable future. In the event of lack of funds, the Directors
would implement temporary reductions in salaries. For this reason,
the Directors have adopted the going concern basis in preparing the
condensed interim f inancial statements.
Risks and uncertainties
The Directors continuously assess and monitor the key risks of
the business. The key risks that could affect the Group's
medium-term performance and the factors that mitigate those risks
have not substantially changed from those set out in the Group's
most recent annual financial statements for the year ended 31
December 2022.
Critical accounting estimates
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the end of the
reporting period. Significant items subject to such estimates are
set out in Group's most recent annual financial statements for the
year ended 31 December 2022. The nature and amounts of such
estimates have not changed during the interim period.
Segmental reporting
For the purpose of IFRS 8, the Chief Operating Decision Maker
"CODM" takes the form of the board of directors. The Directors are
of the opinion that the business of the Group focused on two
reportable segments as follows:
-- (All continued operations) - Head office, corporate and
administrative, including parent company activities of raising
finance and seeking new investment opportunities, all based in the
UK and
-- (All discontinued operations) - Mineral exploration, all
based in Cyprus (all discontinued operations and disclosed in this
note as the CODM have continued to review the results of this
segment for the year).
The separation of these segments are clearly shown on the face
of the consolidated profit and loss account and the consolidated
balance sheet and as such, are not reported separately here.
3. ADMINISTRATIVE EXPENSES
6 months 6 months
to 30 June to 30 June
2023 2022*
GBP GBP
Wages and salaries 207,186 124,655
Regulatory fees 21,729 22,449
Share-based payments - 116,327
Estimated credit loss - 352,886
Depreciation 29,170 -
Foreign exchange - (44,006)
Legal and Professional fees 137,134 58,181
Other 43,932 27,725
------------ ------------
439,151 658,217
------------ ------------
*Restated to only show continuing operations
4. EARNINGS PER SHARE
The calculation for earnings per Ordinary Share (basic and
diluted) is based on the consolidated loss attributable to the
equity shareholders of the Company is as follows:
Period ended Period ended
Continuing operations: 30 June 2023 30 June 2022*
Total loss for the period (GBP) (440,340) (658,230)
-------------- ---------------
Weighted average number of
Ordinary shares** 50,252,945 61,211,258
-------------- ---------------
Total Loss per Ordinary share
(GBP) (0.009) (0.011)
-------------- ---------------
Continuing and discontinued
operations:
Total loss for the period (GBP) (477,328) (1,391,356)
-------------- ---------------
Weighted average number of
Ordinary shares 50,252,945 61,211,258
-------------- ---------------
Total Loss per Ordinary share
(GBP) (0.009) (0.023)
-------------- ---------------
*Restated to show continued and discontinued operations as
comparative
Earnings and diluted earnings per Ordinary share are calculated
using the weighted average number of Ordinary shares in issue
during the period. There were no dilutive potential Ordinary shares
outstanding during the period.
**Shares held by the Company at year end of 10,685,313 have been
excluded from the weighted average number of Ordinary shares
calculation from the date of gift.
5. TRADE AND OTHER PAYABLES
30 June 2023 31 December
2022
GBP GBP
Trade creditors 51,599 21,310
Accruals and other payables 23,933 60,800
Taxes and social security 19,569 13,716
Advanced payment 88,002 -
------------- ------------
183,103 95,826
------------- ------------
The advanced payment relates to the Cyprus Asset Sale and the
first payment made on 17 February 2023 of US$100,000
(GBP88,002).
6. SHARE CAPITAL AND SHARE PREMIUM
Number of Share Capital Share Premium Total
shares - GBP
Ordinary GBP
GBP
As at 31 December
2022 61,211,258 612,113 5,840,002 6,452,115
As at 30 June 2023 61,211,258 612,113 5,840,002 6,452,115
Included in the share premium balance is the cost of shares
issued to date of GBP314,550 (30 June 2022 and 31 December 2022
GBP314,550).
7. OTHER EQUITY
Other equity consists of "Treasury Shares" in Critical Mineral
Resources Plc that are held by the Company. These were gifted back
to the Company for nil consideration and are therefore recognised
in other equity at nil value. These have accounted for as Treasury
shares, though they are not legally considered to be Treasury
Shares as they were not "purchased" by the Company.
The number of shares gifted back to the Company amounts to
10,685,313 Ordinary shares and if recognised at fair value, at the
listed price on day of transfer, would be stated at a fair value of
GBP620,745.
8. WARRANTS and OPTIONS
The following table sets out the movement of warrants during the
period, no warrants were exercised during either period:
Number of warrants Exercise price (pence)
-------------------- ------------------- -----------------------
As at 31 December 8,283,174 5.0p to 30.0p
2022
Expired in the year 3,801,174 12.5p to 17.0p
-------------------- ------------------- -----------------------
As at 30 June 2023 4,482,000 5.0p to 30.0p
-------------------- ------------------- -----------------------
The Group has issued the following warrants, which are still in
force at the balance sheet date.
Date of Reason for issue No. of Exercise Life
Issue warrants price pence in years
per share
------------ -------------------------- ---------- ------------ ---------
Founder warrants - dated
25/01/2018 from Admission 300,000 5.0p 0.7
Placing warrants - Share
05/10/2021 Issue 3,750,000 30.0p 0.3
Broker warrants B - Cost
05/10/2021 of Services 432,000 20.0p 1.3
----------
4,482,000
----------
SHARE OPTIONS
On 25 November 2022, the Company granted options over a total of
4,400,000 Ordinary shares of 1 pence each in the capital of the
Company with an exercise price of 7.5 pence per Ordinary share.
The Options will vest in three instalments and will have an
exercise period of five years. The first tranche will vest when the
closing mid-market share price reaches 7.5 pence or above for three
consecutive trading days. The second tranche will vest when the
share price reaches 12.5 pence. The third tranche will vest when
the share price reaches 17.5 pence.
9. SUBSEQUENT EVENTS
On 3 July 2023, the Company acquired an 80% holding in Atlantic
Research Minerals, a local exploration company registered in
Morocco, for cash consideration of US$10,000.
On 17 August 2023 the Company changed its name from Caerus
Mineral Resources PLC to Critical Mineral Resources PLC.
On 14 September 2023, following receipt of the third payment of
GBP169,639 (US$213,750), the Company announced the completion of
the Cyprus Asset Sale to PM Ploutonic Metals Ltd ('Ploutonic') and
Indo-European Mining PR Ltd ('Indo'). The final payment of
US$214,250 plus interest is due on 22 December 2023. The interest
is calculated at 8% on any outstanding amounts from 12 May to
Completion (13 September) and from Completion to the Final Payment
Date.
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