Critical Metals plc has entered into an offtake agreement with OM Metal & Resources S.A.R.L. for the sale of a minimum of 20,000 tonnes of copper oxide ore from its Molulu copper/cobalt project in the Democratic Republic of Congo (DRC). The agreement is valid from 4 October 2023 to 31 December 2023 and can be renewed by mutual agreement. The company will provide the buyer with copper ore with an average minimum acid soluble copper grade of 1.5%. The gross price received for the sale of copper ore, based on an LME copper price of US$8000 and an acid soluble copper grade of 3%, would be US$91.20 per tonne.

OM Metal & Resources has already taken delivery of the first load of copper ore and has a fleet of ten trucks, each with the capacity to transport 40 tonnes of ore. Russell Fryer, CEO of Critical Metals, expressed delight at the offtake agreement, stating that it makes the company the first western and London Stock Exchange listed company to produce and sell copper ore in the DRC since Glencore and Ivanhoe. He added that the agreement will provide short-term cash flow and allow for the fast-tracking of progress at Molulu. The company aims to produce 10,000 tonnes of oxide ore per month in the first phase of production.

Critical Metals will supervise the weighing, moisture determination, sampling, and analysis of the copper oxide ore after the delivery of five trucks to OM Metal's factory to ensure accuracy. The sales price will be based on the closing daily LME copper price on the delivery date of the 5th truck. The buyer will make payment for all invoices received for the current week in the following week, minus a transportation cost.

Critical Metals plc is a mining investment company focused on acquiring mining opportunities in the critical and strategic metals sector. It has acquired a controlling 100% stake in Madini Occidental Limited, which holds an indirect 70% interest in the Molulu copper/cobalt project in the Katangan Copperbelt in the DRC. The company aims to identify future assets that align with its acquisition objective of low CAPEX and OPEX brown-field projects with near-term production and cash flow, focusing on minerals that are strategically important for future economic growth.