Critical Mineral Resources PLC Director Change and Share Incentive Scheme

RNS Number : 6691W

Critical Mineral Resources PLC

17 July 2024

 

17 July 2024

Critical Mineral Resources PLC

('CMR' or the 'Company')

Director Change and Share Incentive Scheme

 

Critical Mineral Resources PLC ('CMR' or the 'Company'), the exploration and development company focused on critical metals and minerals in Morocco is pleased to announce that Dominic Traynor has been appointed Executive Chairman of the Company.

 

Dominic Traynor has been a Non-Executive Director of the Company for over two years, most recently as Non-Executive Chairman. During this time, he has worked closely with CMR Chief Executive Charlie Long and the management to implement the Company's strategy and its successful transition to an exploration and development company focused on critical and clean energy metals in Morocco. The appointment reflects Dominic's increased involvement in CMR's strategic management and corporate affairs as it continues to gain significant momentum in building a diversified portfolio of Morrocan high-quality metals exploration and development projects.

 

Separately today, the Company announced it had signed an exclusive option to acquire a high-grade silver and copper project in the Anti-Atlas and has raised £750,000 through the issue of a convertible loan note.

 

Share Incentive Scheme

The board of directors has approved the Critical Mineral Resources plc 2024 Equity Incentive Scheme (the 'Scheme') and eligible employees have today entered into agreements under the Scheme. The Scheme's main rules set out, among other things, that the Scheme is limited to 10% of the Company's share capital, that non-executive directors are eligible for up to 1% of the Company's share capital, and executive directors are eligible for up to 3% of the Company's share capital. The Scheme is being constituted to incentivise eligible employees and further align their interests with those of shareholders with performance conditions relating to a long-term and sustainable increase in the value of the Company.

 

The total number of shares granted to an eligible employee will be divided by three - referred to as the first, second and third tranches. The first tranche will be released from forfeiture obligations if after 12 months the share price is 2.5p or higher, the second tranche will be released from forfeiture obligations if, after 24 months the share price is 3.5p or higher, and the third tranche will be released from forfeiture obligations if after 36 months the share price is 5.0p or higher.

 

 

Critical Mineral Resources PLC Charles Long, Chief Executive Officer	[e-mail]
Novum Securities Jon Belliss	[phone]
Hudson Sandler (Financial PR) Charlie Jack	[phone]

 

Notes To Editors

Critical Mineral Resources (CMR) PLC is an exploration and development company focused on developing assets that produce key commodities for the global economy including those essential for electrification and the clean energy revolution. Many of these commodities are widely recognised as being at the start of a supply and demand supercycle.

CMR is building a diversified portfolio of high-quality metals exploration and development projects in Morocco, focusing on copper, manganese and potentially other critical minerals and metals. CMR identified Morocco as an ideal mining-friendly jurisdiction that meets its acquisition and operational criteria. The country is perfectly located to supply raw materials to Europe and possesses excellent prospective geology, good infrastructure and attractive permitting, tax and royalty conditions. In 2023, the Company acquired an 80% stake in leading Moroccan exploration and geological services company Atlantic Research Minerals SARL.

Since taking over the CMR in 2022, the current management has completed a comprehensive strategic review and restructuring of the business and implemented its clear strategy to maximise exploration and resource development opportunities for the benefit of all stakeholders. The Company is listed on the London Stock Exchange (CMRS.L). More information regarding the Company can be found at www.cmrplc.com

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