Critical Metals plc is making significant strides in advancing the Molulu Copper/Cobalt Project in the Democratic Republic of Congo. With a recent oversubscribed private placement of convertible loan notes, the company has raised £1,603,600 to fund various key initiatives.
The funds will be used to improve the public road to Molulu, advance the Phase 1 drilling program, create a block model and mine plan, and for general working capital purposes. Additionally, the company plans to recommence production in H2 2024 with a target of 10,000 tonnes of copper ore per month.
The company has also appointed a new Non-Executive Director, Gordon Thompson, who brings extensive experience in building mines and designing copper/cobalt plants in the DRC. Furthermore, Critical Metals has received a term sheet from a financial institution in the US for a $11,000,000 loan, with other funding applications in progress.
Despite the termination of a proposed transaction with Kastro SARL, the company is in discussions with another processing plant in the Katanga province. The total number of Ordinary Shares in issue has been clarified, and the company has appointed Fox-Davies Capital Limited as its broker.
CEO Russell Fryer expressed enthusiasm for the progress made, highlighting the support from investors and the potential for cash generation. The company aims to resume ore shipments in the near future and is focused on achieving key milestones to advance the project.
With a clear roadmap for development and strategic partnerships in place, Critical Metals plc is making significant headway towards advancing the Molulu Copper/Cobalt Project and achieving its production goals.
