LONDON, July 1, 2026, 18:06 BST
- Critical Mineral Resources traded at 2.00p bid, 2.20p offer after London closed, up 10.53%. Volume was 384,774 shares.
- The RNS feed hasn’t posted a company release since June 3, which means the stock move didn’t follow any fresh regulatory news.
- The June 3 voting-rights tally priced at a 2.10p midpoint puts the equity value near £7.91 million. That’s higher than the £7.13 million market cap figure listed by HL.
Critical Mineral Resources PLC (LON:CMRS) traded higher Wednesday, despite no new news from the company. Investors looked at share count and what copper cut-off grade will show up when the Morocco asset gets its first resource estimate.
HL quoted the shares after the London close at 2.00p to sell and 2.20p to buy, up 0.20p or 10.53%. Volume came in at 384,774 shares. Investing.com put the same volume at about 25% of the stock’s 1.57 million three-month average—light dealing for the size of the move.
The valuation doesn’t line up. HL lists market cap at £7.13 million on 341.58 million shares. CMR’s June 3 AGM update set total voting rights at 376,699,158. With the shares at a 2.10p midpoint, that puts the regulatory value near £7.91 million—about £780,000 higher than HL shows.
| Market math | Figure |
|---|---|
| Bid/offer | 2.00p / 2.20p |
| Mid taken for calc | 2.10p |
| Hargreaves Lansdown market cap listed | £7.13 mln |
| Voting stock as of June 3 | 376,699,158 |
| Market value by June 3 count | £7.91 mln |
| Difference to HL entry | £0.78 mln, or 10.9% |
Sources: HL quote data and CMR AGM voting-rights filing; figures come from those numbers.
The gap is key here since CMR trades more on funding rounds and its resource story than actual earnings. HL’s 2025 numbers showed no revenue, a net loss of £2.25 million, assets of £2.15 million, liabilities at £3.14 million, and net debt at £913,820.
January’s financing offers a fresh reference. CMR sold 108.9 million shares and received subscriptions on another 21.1 million at 2.25p, raising £2.925 million pre-costs. The fundraise included one-for-one warrants, exercisable at 4.5p.
| Price marker | Level | Gap from 2.10p |
|---|---|---|
| Midpoint today | 2.10p | — |
| January placing/subscription | 2.25p | -6.7% |
| Warrant price | 4.50p | -53.3% |
| 52-week low | 1.10p | +90.9% |
| 52-week high | 5.50p | -61.8% |
Sources: HL, CMR’s fundraise RNS, Investing.com 52-week range. Percentage gaps worked out from source numbers.
CMR’s June 2 update put total drilling at Agadir Melloul at 176 holes, with assays completed on 172. The project has reached 6,711 metres drilled so far. Whether the stock re-rates soon will hinge on how these results hold up once stricter copper cut-offs are applied.
| Copper cut-off | Positive drill holes | Share of assayed holes | Drop versus 0.20% case |
|---|---|---|---|
| 0.20% Cu | 57 | 33.13% | — |
| 0.25% Cu | 48 | 28.00% | -15.8% |
| 0.30% Cu | 40 | 23.26% | -29.8% |
Source: CMR’s June 2 drilling update. Drop numbers use the 57-hole base scenario.
Chief Executive Charlie Long said in the update that CMR was seeing “wide mineralisation up to 10m thick” and looking for “multiple areas like these”. CMR posted a 9.7-metre intercept with grades of 0.74% copper and 4.46 grams per tonne silver from 25.2 metres depth. The company also reported a higher-grade zone of 3.6 metres at 0.98% copper and 6.22g/t silver. Investegate
Long said back in January the fundraise let CMR drill over 1,000 meters a month and aim for a first JORC resource in around six months. In June, the company moved its formal maiden JORC Mineral Resource Estimate target to September 2026. Process flowsheet and geotech studies are due in July, with EIA submission expected in August and a definitive feasibility study set for December.
CMR’s RNS feed put out AGM Results on June 3. Just before, on June 2, the company reported new drilling numbers. The June 2 release said assays were expected back three to four weeks after sample delivery to the lab.
