27th Aug 2024 10:51
(Alliance News) - Critical Metals PLC on Tuesday gave an update on its key Molulu copper and cobalt project in the Democratic Republic of Congo.
The mine developer said that a 28 kilometre road rehabilitation has been completed to support increased traffic to the project in all-weather conditions.
Critical Metals said it identified three separate copper zones after detailed trenching and soil chemistry analysis.
Further, it entered into a term sheet for the injection of up to GBP2.5 million from NIU Invest SE, a Berlin-based company that invested GBP1 million in the convertible loan note that Critical Metals issued in April.
Critical Metals Chief Executive Officer Russell Fryer said: "The identification of three copper zones is a fantastic achievement and we are very pleased that the refurbishment of the road leading to the Molulu project has been completed. We are delighted to have secured a bridge loan financing agreement with NIU and agreed a framework for NIU to provide us with the strategic financing that would enable us to push forward with our exploration work. We are grateful to NIU for their support. We look forward to providing further updates on all activities in due course."
Critical Metals shares were down 25% to 2.49 pence each on Tuesday morning in London. It has a GBP1.7 million market capitalisation.
By Tom Budszus, Alliance News slot editor
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