Critical Metals PLC has successfully completed a placing, raising approximately £215,000 at 9.5 pence per share. The proceeds will be used to advance the diamond drilling campaign at the Molulu copper/cobalt project in the Democratic Republic of Congo and for the upgrade of the public road to Molulu. The drilling campaign has shown encouraging results, revealing high-grade copper mineralization, and the company plans to restart drilling in January 2024. The data from the drilling campaign is expected to be included in a JORC report to be released in Q1 2024.

Additionally, the company has decided to invest in the public road from the Molulu Project to ensure reliable ore delivery at anticipated volumes. The road improvements, including grading, ground compacting, and rainwater drainage points, are expected to take approximately forty-five days and will be funded in part by the placing proceeds.

The company has raised approximately £215,000 at an issue price of 9.5 pence per Ordinary Share by the issue of 2,263,159 Ordinary Shares, with the CEO, Russell Fryer, participating in the placement. Application has been made for the admission to the Official List and the Main Market of 2,263,159 Ordinary Shares in respect of the Placing, which are expected to admit on 12 January 2024.

Critical Metals PLC has acquired a controlling 100% stake in Madini Occidental Limited, which holds an indirect 70% interest in the Molulu copper/cobalt project, a producing asset in the Katangan Copperbelt in the Democratic Republic of Congo. The company aims to identify future assets in line with its acquisition objective of low CAPEX and OPEX brown-field projects with near-term production and cash-flow, focusing on minerals of strategic importance to future economic growth.