London, July 3, 2026, 15:03 BST
- Critical Mineral Resources PLC (LON:CMRS) was quoted at 2.00p/2.30p in delayed retail data, with 277,016 shares traded.
- The latest company RNS on the main feed is the June 3 AGM result, so there was no fresh company release in the past 24–48 hours.
- The share base is the data point to watch: CMRS price pages still show about 341.58 million shares, while company voting rights stand at 376.70 million.
- The next dated project markers are July technical work, an August EIA filing target and a September maiden JORC resource estimate.
Critical Mineral Resources PLC (LON:CMRS) sat in a wide quote on Friday, with delayed retail data showing a 2.00p sell price and 2.30p buy price. AJ Bell showed the stock up 0.20p, or 9.52%, with 277,016 shares traded and a market value of £7.86 million. Hargreaves Lansdown showed the same spread and volume but a £7.30 million market cap, a small but material mismatch for a junior miner.
London was open for normal trading at the time of the dateline. The London Stock Exchange schedule for July 3 shows trading from 0800 to 1630 BST, even though U.S. markets were shut for the Independence Day holiday.
The RNS feed gives no fresh company catalyst. Investegate lists Critical Mineral Resources’ latest filings as AGM Results on June 3 and Drilling Results on June 2. That puts the current stock debate on price, liquidity, share count and the Agadir Melloul resource timetable, not a new announcement.
| Delayed market marker | Figure |
|---|---|
| Sell / buy quote | 2.00p / 2.30p |
| Midpoint used for calculations | 2.15p |
| Volume shown by AJ Bell and HL | 277,016 shares |
| Notional value at 2.15p midpoint | about £5,956 |
| Year low / year high shown by AJ Bell | 1.10p / 5.50p |
The share-count gap is the cleaner angle. HL’s price page lists 341.58 million shares in issue, while the company’s June 3 AGM result gives total voting rights of 376,699,158. At a 2.15p midpoint, that difference is worth about £755,000, or just over 10% of the lower share-count valuation.
| Share base used | Shares | Implied value at 2.15p |
|---|---|---|
| Price-page share count | 341.58 mln | £7.34 mln |
| Company voting-rights count | 376.70 mln | £8.10 mln |
| Difference | 35.12 mln | £0.76 mln |
The gap traces back to equity and conversion shares. On April 29, the company said it had received conversion notices for 33,721,061 and 45,273,349 shares from strategic investors, with 35,121,879 shares issued that day and the balance due after the AGM. The same release put total voting rights at 376,699,158 and said the largest shareholder would keep a 28.5% position.
January’s financing is the other price marker. Critical Mineral Resources raised £2.925 million before expenses at 2.25p a share, split between 108,888,885 placing shares and 21,111,110 subscription shares. Subscribers also received one-for-one warrants at 4.5p. At Friday’s 2.15p midpoint, the stock sat 4.7% below the placing price and would need a 109% rise to reach the warrant strike.
| Reference price | Level | Gap from 2.15p midpoint |
|---|---|---|
| Bid | 2.00p | -7.0% |
| January placing / subscription | 2.25p | +4.7% |
| Ask | 2.30p | +7.0% |
| Warrant strike | 4.50p | +109.3% |
| 52-week high | 5.50p | +155.8% |
The project data still sets the risk. In its June 2 drilling update, the company reported 176 holes drilled and 6,711 metres completed as of May 23. New assays included 9.7 metres at 0.74% copper and 4.46 grams per tonne silver from 25.2 metres, plus 3.0 metres at 1.12% copper and 5.75 g/t silver from 24 metres. The company said less than 5% of the sedimentary target had been drilled.
| Copper cut-off used in June 2 update | Positive drill holes | Positive samples |
|---|---|---|
| 0.20% Cu | 57 | 33.13% |
| 0.25% Cu | 48 | 28.00% |
| 0.30% Cu | 40 | 23.26% |
Chief Executive Charlie Long said in June that, at “approximately 10m thick,” Agadir Melloul did not need “much of a footprint” to add tonnage quickly. In April, he called the project a “shallow, coherent copper system.” Non-executive director Russell Tucker said then that “only a fraction of the project has been drill tested.” Investegate
The annual report explains why the share count and funding price matter. The group reported a 2025 pre-tax loss of £2.26 million, or about £946,627 before non-cash convertible-loan-note accounting charges, and used £865,230 of cash in operations. Cash at Dec. 31 was £88,929, before the January raise. The accounts also said a material uncertainty existed over going concern because the group would need further financing in the 12 months after approval of the statements.
The dated work plan is tight. Critical Mineral Resources has targeted process flow-sheet work and geotechnical studies by July, a processing plant environmental-impact-assessment submission by August, a maiden JORC mineral resource estimate in September, mine planning in October-November and a definitive feasibility study in December. For investors, each of those items tests whether an equity value near £8 million is pricing a resource build or just another funding cycle.
