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Critical Mineral Resources plc (“CMR”, “Company”) is delighted to announce extremely encouraging results from its maiden core drilling programme at Agadir Melloul, confirming a significant new, shallow copper discovery and establishing the foundations for a potential district scale sediment hosted, copper-silver play.
Highlights
- Exceptional near surface copper intercepts including:
- 5.8m at 1.12% Cu / 19g/t Ag,
- 6.5m at 1.03% Cu,
- 4.7m at 1.48% Cu, in addition to
- 6.0m at 1.4% Cu / 31g/t Ag from the newly identified Rhyolite Target, all exceeding our expectations.
- These results allow for a significant growth runway with less than 1% of the project area drilled. Ongoing mapping confirms a district wide mineralised envelope, consistent with our 25 million tonne Initial Exploration Target.
- Shallow, near surface tabular copper deposit supports low capex and rapid development pathway, with a geometry amenable to open-pit operations.
- The new Rhyolite Target copper-silver discovery adds a second, potentially large scale, mineral system, materially expanding the projects already significant upside potential.
- On track to break ground on the Initial Mine Development in 2027, with a maiden resource expected as early as H1 2026.
Drill results
Sediment hosted mineralisation:
- BH01 - 5.8m at 1.12% copper and 19g/t silver from 2.2m
- BH04 - 2.5m at 0.85% copper and 4g/t silver from 1.5m
- BH06 - 2.0m at 1.3% copper from 16m
- BH07 - 1.3m at 0.98% copper from 16.7m
- BH09 - 3.0m at 0.75% copper from 10m
- BH12 - 4.0m at 1.04% copper from 2.0m
- BH 35 - 7.5m at 0.97% copper inc. 6.5m at 1.03% copper
- BH 36 - 4.7m at 1.48% copper from 17m
- BH 38 - 4.7m at 1.03% copper from 27m
- BH 43 - 3.0m at 1.1% copper from 6.0m
- BH 45 - 1.60m at 1.1% copper from 6.0m, 4.0m at 0.77% copper and 2.0m at 1.05% copper from 16.4m
Also, the new Rhyolite Target copper-silver discovery confirmed in late October, with the first drill hole returning very encouraging results:
- BHR01 - 6.0m at 1.4% copper and 31g/t silver from surface
Fig.1 Zone 1 North, long section showing shallow undulating mineralisation
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Source: Company
Fig.2 Zone 1 North cross section
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Source: Company
Charlie Long CEO commented:
“These excellent results have surpassed our expectations. We are seeing broad zones of consistent, high quality copper mineralisation in a very shallow setting, with multiple intercepts over 4m. This is a brilliant outcome, and the Initial Mine and Strategic Resource strategies are both on track.
It is particularly exciting that we have drilled less than 1% of our 50km2 sedimentary target, and geological evidence points to a large, mineralised copper system that extends across the project area. This positions the project as a scalable, district level opportunity, and we expect continued drilling to deliver a steady flow of excellent assay results as we build towards an extensive resource.
Agadir Melloul is different from most copper development stories in the market. It combines true scale potential, shallow geometry with near surface setting, creating economically and operationally favourable mining conditions in an excellent jurisdiction. This gives us a pathway to delivering a fast tracked, near surface operation.
And now we also have the unexpected bonus of a rhyolite hosted mineralisation target. This is an exciting discovery, which our team believes represents a second standalone mineral system with strong copper and silver grades. If our working model holds, this could transform Agadir Melloul into a multi-deposit copper district, dramatically enhancing its long-term strategic value.
Our shareholders have been patient, and we are now entering a period where we believe that patience will be rewarded. We are planning to accelerate our drilling program with an additional rig, to drill multiple targets, and ultimately add equity value from different parts of the project. The momentum is gathering, and we can look forward to much more good news in the future.”
Sedimentary copper - depth, grade and thickness
CMR’s Initial Exploration Target of 150,000 to 200,000 tonnes of contained copper is based on a shallow, semi-continuous tabular resource with a 2.0m average thickness and an average grade of 1.2% copper equivalent. While we are retaining the 2.0m target for now, today’s assay results indicate clear potential for the average thickness to exceed our current assumptions, proving tangible resource growth potential as drilling progresses.
The geometry of our exploration target is comparable to several well-known sediment hosted copper orebodies in the Zechstein Basin, such as KGHM’s Lubin Mine in Poland, which has an average thickness of 2.8m (ranging from 1.5m to 5.0m) and an average reserve grade of 0.95% copper and 48g/t silver. Lubin operates at depths of 368m to more than 1,000m.Its longevity and scale is supported by the exceptional consistency of the Kupferschiefer orebody.
Agadir Melloul has similar geometry to Lubin but benefits enormously from very shallow, near surface mineralisation. Shallow mines typically benefit from lower capital intensity, lower sustaining and reserve development costs, and favourable mining economics, all of which support a fast-track development profile.
Strategic Resource Strategy
Concurrently with the Initial Mine development, CMR is moving aggressively to advance its parallel strategy of delineating a large-scale strategic resource at Agadir-Melloul. With our own, new core drill rig arriving imminently, drilling will accelerate sharply, enabling rapid expansion of the known mineralised footprint.
Our primary target is a laterally semi-continuous 1.5m to 3.5m thick extensive zone of mineralised sediments, comprising limestones, dolomites and microconglomerates. Mineralisation within this sequence demonstrates strong lateral continuity, with higher grade zones developing where host rocks exhibit elevated permeability and porosity, a model that supports the potential for a large-scale discovery.
Summary and rhyolite assessment
CMR remains firmly on track to deliver a shallow, open pittable, maiden resource by late Q2 to early Q3 2026, sufficient in scale to underpin the Initial Mine development.The initial resource’s grade and geometry is expected to be in line with our target of a near surface, 2.0m thick and 1.2% copper equivalent deposit, with potential for thickness to increase based on current intercepts.
The Rhyolite Target discovery has created a major new growth vector. There are various scenarios, all of which are very positive. The base case is that drilling delineates a near surface rhyolite hosted mineralisation through secondary enrichment. Even this would represent a highly valuable addition to the project.
However, our working hypothesis, is that the rhyolite was mineralised with primary copper and silver, which would constitute an entirely new igneous hosted copper system within the project. This scenario would significantly elevate Agadir Melloul’s long term and large-scale potential.
CMR will shortly be selecting representative core samples from both styles of mineralisation for thin-section and associated detailed petrology and mineralogy studies.
Fig.3 Current portfolio map
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Source: Company
Fig.4 Drilled area in dark grey represents <1% of project’s 50km2 target limestone
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Source: Company
Fig.5 Geological model showing mineralised envelope and targeted higher-grade zones
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Source: Company
Fig.6 Rhyolite Target core
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Source: Company
Outlook
Following publication of the resource estimate in H1 2026, CMR will immediately commence the Agadir-Melloul feasibility study and Environmental Impact Assessment for the processing plant, as it targets construction of the Initial Mine during 2027. With the Company’s own, new rig arriving imminently to accelerate exploration, we expect drilling density, mineralised footprint, and resource to grow rapidly.
The project is emerging as one of the most compelling new copper discoveries, with size, grade, geometry, and multi system upside rarely seen at this early stage of exploration.
Competent Person Statement
The technical exploration and mining information contained in this announcement has been reviewed and approved by Mr. Robert Nigel Chapman. Mr. Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Luna Recursos Naturales SAC, an independent geological consultancy established in 2014 and is a Member of the Australasian Institute of Geoscientists (A.I.G.) Mr. Chapman has visited Agadir Melloul and consents to the inclusion in this Announcement of such information in the form and context in which it appears.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
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Brixton Metals
Diversified exposure to copper, gold and silver with projects in North America
Diversified exposure to copper, gold and silver with projects in North America Keep Reading...
Overview
Brixton Metals (TSXV:BBB,OTCQB:BBBXF,FRA:8BX1) is a Canadian mineral exploration company focused on silver, copper, gold and critical minerals across North America.
The company is currently transitioning from explorer to developer as it advances its Langis Silver Project in Ontario towards maiden mineral and tailings resource estimates. Thorn, its district-scale project in British Columbia’s Golden Triangle, remains a shared focus with three individual resource estimates expected in Q1 2027
In addition, Brixton Metals is strategically advancing non-core projects through partnerships and option agreements with companies such as Ivanhoe Electric (NYSE American:IE;TSX:IE). These partnerships provide partner-funded exploration, allowing Brixton Metals to retain upside exposure while conserving capital and strengthening its balance sheet. This approach enables the company to focus on high-impact targets while mitigating exploration risk.
Brixton Metals’ management team, led by Chairman & CEO Gary R. Thompson, brings decades of experience in resource exploration, project development, and capital markets. The team’s expertise allows the company to efficiently advance multiple projects while maintaining exposure to a diversified portfolio of metals.
In October 2026, Brixton announced the closing of its option agreement with McKnight Resources AB to acquire a 100 percent interest in the silver-focused Silvergruvan Project in Hällefors Municipality, south-central Sweden. The 1,460-hectare property sits on the western margin of the Bergslagen province. Brixton can exercise the option by issuing C$1.5 million in shares and funding C$3.3 million in exploration, with a 2 percent NSR royalty granted to McKnight upon exercise.
With global demand for copper and critical minerals set to surge over the next 25 years—driven by renewable energy, electrification, and industrial decarbonization—Brixton Metals is well positioned to capitalize on the green revolution. By combining discovery potential at its flagship project, strategic monetization of non-core assets, and disciplined exploration, Brixton Metals is advancing toward its next growth milestones while delivering significant value for investors.
Company Highlights
- High-Grade Silver Project: Langis Silver Project in the historic Cobalt Mining District of Ontario, which combines the past-producing, high-grade Langis and Hudson Bay mines.
- Pipeline Projects: Includes Thorn (BC, Canada), Hog Heaven (Montana, USA) and Atlin Goldfields (BC, Canada), providing diversified exposure to copper, gold and silver.
- Partnerships: Strategic option agreements with tier-one partners BHP and Ivanhoe Electric provide technical validation and fund exploration on non-core projects.
- Shareholder Base: Strategic investors include BHP (approx. 10.4percent) and Ivanhoe Electric.
- Management Expertise: Led by co-founder Gary Thompson, the management team has an average tenure of over 25 years, showing significant stability.
- Fully funded 2026 program: The company closed a C$9.1 million financing in August to ramp up its ongoing drill campaign at the Langis Silver Project to capitalize on record-high silver prices. Brixton also announced a non-brokered flow-through private placement of up to C$6 million in October, with proceeds directed to exploration and drilling at the Thorn and Langis projects.
- Near-term catalyst: Brixton is anticipating a maiden mineral resource estimate on the historic tailings at Langis in Q4 2026, three mineral resource estimate on the Thorn project in Q1 2027, and a maiden mineral resource estimate at Langis in Q2 2027.
Key Projects
Langis Silver Project (Ontario, Canada)
The Langis Silver Project combines the past-producing, high-grade Langis and Hudson Bay mines, which are primary silver-cobalt-nickel brownfield opportunities located in the historic Cobalt Mining District of Ontario, which has a regional production history of over 600 million ounces of silver.
Brixton Metals has actively explored these sites, with drilling at Langis yielding over 220 intervals exceeding 100 g/t silver, including high-grade intercepts such as 15,436 g/t silver and 1.98 percent cobalt between 2016 - 2022. Recent drill results included 20 m of 5,015 g/t silver, including 0.65 m of 89,125 g/t. The projects benefit from year-round road access and proximity to existing infrastructure, including a railway and the Electra Battery Metals cobalt refinery 10 km away.
Project Highlights:
- Historic Mineralization: High-grade silver and cobalt intercepts in historical drilling.
- Strategic Opportunity: Near term cash-flow by reprocessing historic tailings
- Exploration Upside: Property hosts brownfield exploration targets with known mineralization.
- Critical Minerals Exposure: Adds battery metals to Brixton Metals’ diversified portfolio.
Thorn Project (BC, Canada)
The Thorn Project covers approximately 2,945 sq km on the same geological trend as British Columbia’s Golden Triangle, a region renowned for world-class porphyry and epithermal systems. The project hosts porphyry-style alteration with copper, gold, silver, and molybdenum, with significant exploration potential. Its proximity to regional infrastructure and road access reduces logistical challenges and supports accelerated exploration programs.
Project Highlights:
- Camp Creek Corridor: An 80-kilometer-long northeast-southwest trending corridor that hosts multiple underexplored porphyry-style prospects.
- Trapper Target: High-grade gold intercepts demonstrate multiple vein systems with near-term resource potential.
- Catalyst Target: First-ever drilling confirms copper-gold porphyry mineralization, advancing the exploration pipeline.
- Tempest Target: Initial drilling reveals a multiphase porphyry system with copper-gold-silver-molybdenum mineralization and strong hydrothermal alteration.
Hog Heaven Project (Montana, USA)
Located in western Montana, Hog Heaven is a historical silver-gold-copper property with significant porphyry potential. Hog Heaven is currently under an earn-in agreement where Ivanhoe Electric can earn up to 75 percent interest through staged cash payments and exploration expenditures. This arrangement provides funding for exploration while retaining Brixton Metals’ upside exposure.
The property contains multiple mineralized zones, including historical drill targets with notable copper, gold, and silver intercepts. Ivanhoe’s initial drilling has confirmed mineralization and highlighted the project’s potential for large-scale porphyry systems. Brixton retains exposure to exploration success while de-risking development costs.
Project Highlights:
- Option Agreement: Ivanhoe Electric can earn up to 75 percent through US$4.5 million in cash and US$40 million in work over 11 years. US$3.5M cash payments have been made, and approximately US$21 million has been spent on the project to date.
- Mineralization: Historical drilling confirms copper, gold, and silver mineralization across multiple targets.
- Exploration Focus: Targets include porphyry-style and epithermal systems.
Atlin Goldfields Project (British Columbia, Canada)
The Atlin Goldfields Project is located in northwestern British Columbia, an area historically known for placer gold production, offering strong potential for hard-rock gold discoveries.
Exploration at Atlin focused on identifying orogenic and intrusion-related gold targets, with early work confirming mineralization continuity in key areas. The property benefits from proximity to historic mining infrastructure and geology conducive to high-grade gold zones, providing an attractive exploration and growth opportunity.
Project Highlights:
- Historic Production: Located near areas of historic placer gold production, indicating strong geological potential.
- Exploration Targets: Focused on orogenic and intrusion-related gold deposits with high-grade potential.
Management Team
Gary R. Thompson - Chairman and CEO, President, Director
Gary Thompson is a co-founder of Brixton Metals with over 25 years of experience in the resources sector, spanning precious and base metals, oil & gas, and geothermal energy. He has led public companies since 2006 and has held senior roles in both junior and major mining companies, including Newmont Mining, NovaGold Resources, and Encana Corporation. Thompson took Cayley Geothermal public in 2006 through the acquisition of Sierra Geothermal Power and served as CEO until its acquisition by Ram Power in 2010.
Cale Moodie – CFO and Director
Cale Moodie, a co-founder of Brixton Metals, has over 15 years of public markets experience. A CPA and serial entrepreneur, he has served as founder, CEO, CFO, director, and audit committee chair for multiple publicly traded companies on the TSXV and CSE. Moodie holds a Bachelor of Science from UBC and earned his CPA designation while working at KPMG in Vancouver. He has been involved in over $150 million in financings for resource and technology companies.
Michael Rapsch – Vice President, Investor Relations
Michael Rapsch has 20 years of capital markets experience in the resource sector, including senior roles in corporate communications and corporate development. He led investor relations and marketing programs for SilverCrest Mines until its acquisition by First Majestic in 2015, and from 2015 to 2018 managed investor relations for SilverCrest Metals, owner of the Las Chispas silver-gold project in Mexico. In 2019, he founded Cologne Communications, providing investor relations consulting to publicly traded resource companies, and has been instrumental in capital raises and market communications throughout his career.
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