Critical Mineral Resources PLC announced it has signed an exclusive option to acquire the Igli Project (or Igli), a high grade silver and copper project in the Anti-Atlas which has returned grades of up to 912g/t silver and 2.97% copper. The option for such a prominent asset represents a significant milestone for the Company. It underscores its considerable momentum in Morocco, where it has become the partner of choice for development assets after accumulating an extensive Morrocan portfolio with multiple commodities critical for Western economies and the energy transition.

Igli highlights: Igli Project (or 'Igli') is a strategically located, silver and copper project, on the same structural corridor as the Tiouit (or Tiwit) Mine and Imiter Mine - one of the highest grade and largest silver mines in the world; CMR has secured a sixteen (16) month exclusive option to carry out geochem, geophysics and drilling before main acquisition payment; Very encouraging initial sampling at Igli. Grades acquired by CMR channel sampling and sampling of stockpiles include 912g/t silver and 2.97% copper, 496g/t silver and 3.34% copper, 741g/t silver and 3.21% copper; Regional geology suggests three potential targets at Igli (1) higher grade sub-vertical shear zones (2) lower grade basalt formation (3) deeper basement hosted shear zones, as found at the Tiwit and Imiter mines 6.5km and 25km along strike; Igli's combination of high grade mineralization within the shear zones and lower grade mineralization in the basalt formation is very encouraging for a successful exploration project; Igli Project consists of a 10.04km2 Mining License and an adjacent 5.96km2 exploration permit (Permis de Recherche) for 16km2 in total. Transaction summary: CMR expects to acquire 90% of the Igli Project based on the following terms: USD 12,000 Exclusivity Payment in cash granting CMR approximately two months exclusivity (until 13th September 2024) to undertake legal due diligence of the Property; USD 80,000 exclusive Option Payment granting CMR 14 months from 13th September 2024 to acquire a 90% interest in the Property in return for a 90% Cash Payment of USD 560,000.

This can be exercised at any time; Seven months following 13th September 2024, if the exclusive Option has not yet been exercised and therefore the USD 560,000 not been paid, a USD 60,000 Option Maintenance Fee is payable to maintain the exclusive Option for a further 7 months. This USD 60,000 is deductible from the USD 560,000 90% Cash Payment; A Final Payment of USD 150,000 is due 6 months following the 90% Cash Payment in either cash or equity at the vendor's discretion; CMR has the right to acquire the final 10% of the Igli Project for USD 500,000 in cash. Not including the initial USD 12,000 Exclusivity Payment, the total acquisition cost is USD 790,000 for 90% of the Property and USD 1,290,000 for 100% of the Property.