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Critical Metals releases interim results

Published by , Editorial Assistant
Global Mining Review,

Critical Metals plc, an investment company established to target opportunities in the critical and strategic metals sector, has announced its interim results for the six-month period ended 31 December 2022.


  • Successful readmission to trading on the Standard Segment of the Official List and trading on the Main Market of the London Stock Exchange.
  • Over the period, cumulatively acquired a 100% interest in Madini Occidental Limited (“Madini Occidental”), which holds a 70% interest in the Molulu copper/cobalt project (the “Molulu Project”).
  • Raised £1.8 million in conjunction with the readmission to fund the acquisition of the Molulu Project, drilling, mine site upgrades and general working capital.
  • Started early-stage groundwork to increase the understanding of the Molulu Project and identity further drilling targets in preparation for the next drilling campaign.
  • Strengthened technical team on site with the appointments of Lloyd Kirtley as DRC Project Field Manager and John Greef as Mine Manager at the Molulu Project.
  • Raised an additional £1.3 million and indirectly increased its ownership of the Molulu Project.
  • Post period, on the 26 January 2023, the Company announced the start of copper production with a forecast of producing circa. 120 000 tpy of Copper Oxide Ore.

Russell Fryer, CEO of Critical Metals, commented: “The last six months of the calendar year were pivotal for Critical Metals. The support of our shareholders enabled us to raise the £1.8 million to fund our then 57% stake in the Molulu Project and ensure our readmission to the Main Market. We have worked tirelessly since, strengthening our team on the ground, ensuring the delivery of key equipment on site, and repairing and building the necessary infrastructure to start production. In tandem with the work on site, the Board entered discussions with our partners to increase our stake in the Molulu Project. This increase was done in two tranches, and I am delighted that Critical Metals now holds a 70% interest in what we believe is a quality project in the DRC. We announced production on the 26 January 2023, post period, a great achievement by everyone involved. We expect that Molulu will be cash generative during 2023 as we commence sales post the rainy season ending. I remain extremely optimistic and excited about the year ahead and look forward to keeping shareholders informed about the Molulu Project and other acquisition targets, as and when these materialise.”

Chairman's Statement

The last six months have been transformational for Critical Metals. On the 12th September 2022, the Company announced the successful fundraise of £1.8 million to partially fund the acquisition of 57% in Madini Occidental Limited (“Madini Occidental” or “MO”), which holds a 70% interest in the Molulu copper/cobalt project (the “Molulu Project”), its flagship project in the Democratic Republic of Congo (“DRC”). This marked the Company’s first investment, and it was in line with its acquisition strategy – to focus on known projects with low entry costs and the potential to generate short-term cashflow.

Since then, it has wasted no time in starting the necessary groundwork and geological surveys to increase its understanding of the Molulu Project in the DRC. As part of this, the Company made key appointments to the team during the period. In October it appointed Lloyd Kirtley as the DRC Project Field Manager and John Greeff joined the Company, as Mine Manager, the following month, both have significant experience working in African mining jurisdictions. Combined with the rest of the team at Molulu, Lloyd and John have been instrumental in the success of getting the mine operational.

In December 2022, Critical Metals raised a further £1.3 million from five investors including seasoned investors Ian Hannam and Mark Horrocks. The proceeds were used to hire two consultants to help evaluate and advise on potential acquisition opportunities as well as fund the acquisition of the remaining 21.5% in Madini Occidental, increasing its stake to 100% and giving it an indirect ownership of the Molulu Project of 70%. This was part of a strategic reorganisation of the ownership of Molulu and will lead to a more streamlined and efficient management structure.

In January 2023, post period end, the Company announced that it had commenced production of Copper Oxide Ore at Molulu. Whilst we were delighted to begin production, we were disappointed by the short delay due to the hold-up in the delivery of key equipment to the site. This is a common problem being faced by the industry following the COVID pandemic and the more recent war in Ukraine putting pressure on supply chains. However, the minor delay does not take way from the team’s achievements with production at Molulu expected to be approximately 120 000 tpy of Copper Oxide Ore.

Production couldn’t come at a better time with global demand for battery metals such as copper and cobalt are likely to continue, as producers struggle to match output with demand for industry metals from car manufactures to energy storage batteries, to name a few.

The board, and the wider Critical Metals team believes that the Company is well positioned to take advantage of this move towards a greener world.

Looking forward, the Company will continue to support the development of the Molulu Project. Furthermore, the Company will continue its search for new investment opportunities that the board believes have the potential to be lucrative for the Company and its shareholders. This will be part of fulfilling the Company’s aim of acquiring significant minority equity interests of near production or within the natural resource's developments in the African continent.

I would like to thank fellow board members Anthony Eastman and Marcus Edwards-Jones for their continued support and guidance. 2022 was a challenging year for Critical Metals, however since September the company has seen considerable progress towards its aims. I would like to thank our shareholders who have remained with us throughout our journey and look forward to a successful 2023.

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This article has been tagged under the following:

African mining news Copper mining news Cobalt news