olivLaw · European equity research
Critical Mineral Resources Plc CMRS.L
United Kingdom · London Stock Exchange · ISIN GB00BMDQ4L78 · Vertical: Listed companies from United Kingdom
Critical Mineral Resources Plc is a UK-listed company investing in mineral exploration and development projects, mainly in Morocco, with a focus on metals used in electrification such as copper. In fiscal 2025 the company reported a loss before taxation of £2,258,457, and cash at 31 December 2025 stood at £88,929, which makes future funding a central question for investors.
At the close of 05 Nov 2026, Critical Mineral Resources Plc (CMRS.L) stock was 0.02 GBP (+0.00% on the day), with market capitalisation 3.2 m GBP, beta -0.04, 52-week range 0.02–0.04 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 0.02 – 0.02
- in the lower half of the band · %B 0.28 · band width 26.9%
- SMA 50 / 200
- 0.02 / 0.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −23.1% | +0.4% | −23.5 pp | — |
| 3 months | +11.1% | −3.3% | +14.4 pp | — |
| 6 months | −16.7% | +4.0% | −20.6 pp | — |
| Year to date | −29.8% | +8.1% | −37.9 pp | — |
| 1 year | −45.9% | +10.7% | −56.6 pp | +6.7% |
| 3 years | −40.7% | +50.1% | −90.8 pp | +24.8% |
| 5 years | −89.5% | +43.6% | −133.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 255.6 k | -914.1 k | -2.2 m |
| Net income YoY | unavailable | −457.7% | unavailable |
| Diluted EPS | unavailable | -0.01 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 88.9 k GBP
- Financial debt
- 961.7 k GBP
- Net debt
- 872.8 k GBP
- Equity
- -1.0 m GBP
- Total assets
- 2.1 m GBP
- Debt / equity
- unavailable
- Current ratio
- 0.23x
- ROE
- unavailable
- ROA
- -187.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | — | -792.7 k | -928.3 k | esef· 27 May 2026verified |
| Interest expense | 5.2 k | 38.2 k | 1.3 m | esef· 27 May 2026verified |
| Pre-tax income | 248.1 k | -822.4 k | -2.3 m | esef· 27 May 2026verified |
| Income tax | 0 | 0 | 0 | esef· 27 May 2026verified |
| Net income | 255.6 k | -914.1 k | -2.2 m | esef· 27 May 2026verified |
| Diluted EPS | — | -0.01 | -0.01 | esef· 27 May 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 24.8 k | 70.1 k | 88.9 k | esef· 27 May 2026verified |
| Receivables | — | 117.5 k | 67.9 k | esef· 27 May 2026verified |
| Current assets | 168.4 k | 187.6 k | 156.8 k | esef· 27 May 2026verified |
| Property, plant & equipment, net | 80.3 k | 54.7 k | 29.1 k | esef· 27 May 2026verified |
| Intangibles (excl. goodwill) | 2.3 k | 2.3 k | 2.3 k | esef· 27 May 2026verified |
| Total assets | 251.1 k | 244.6 k | 2.1 m | esef· 27 May 2026verified |
| Short-term debt | 0 | 215.6 k | 466.4 k | esef· 27 May 2026verified |
| Long-term debt | — | 0 | 495.4 k | esef· 27 May 2026verified |
| Current liabilities | 281.5 k | 484.1 k | 695.7 k | esef· 27 May 2026verified |
| Total liabilities | 335.0 k | 519.1 k | 3.2 m | esef· 27 May 2026verified |
| Equity | -83.9 k | -274.5 k | -1.0 m | esef· 27 May 2026verified |
| Shares outstanding at year end | — | 70.3 m | 160.5 m | esef· 27 May 2026derived |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.2 m GBP
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.7x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Critical Mineral Resources Plc (CMRS.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: -0.7x
- Current ratio: 0.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CMRS.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Critical Mineral Resources Plc is a UK-listed company investing in mineral exploration and development projects, mainly in Morocco, with a focus on metals used in electrification such as copper. In fiscal 2025 the company reported a loss before taxation of £2,258,457, and cash at 31 December 2025 stood at £88,929, which makes future funding a central question for investors 1.
SWOT
Strengths
- The company has a supportive principal shareholder base that could help secure funding for new opportunities 1.
- The management team includes people with experience in mining, finance and operations in North Africa, giving it strong local knowledge 1.
- The strategy is aligned with electrification trends and demand for critical metals, giving a clear development direction 1.
Weaknesses
- The company has no operating revenue of its own and reports losses, so reliance on external funding is a major factor 1.
- Cash reserves are limited relative to planned spending, which raises questions about going concern over the medium term 1.
- The board has limited diversity, and the diversity targets of the listing rules are not fully met 1.
Opportunities
- If the Agadir Melloul feasibility study is completed successfully, the company could move toward construction and operation 1.
- Rising demand for metals linked to electrification could support the value of existing projects or the acquisition of new assets 1.
- Solar and wind power could lower operating costs for a future mining project and create complementary energy projects 1.
Threats
- Difficulty raising funds in volatile capital markets could limit the company's ability to continue investing 1.
- Climate change, including reduced rainfall, could affect water availability for operations in Morocco 1.
- Competitors with larger resources could win attractive projects, reducing the company's room to grow 1.
Risks
- Uncertain external fundinghigh
The report states that future availability of funding for new investment and exploration is uncertain, which could slow the company's plans 1.
- Going concernhigh
The board regularly reviews whether the company can continue as a going concern based on cash flows and funding options, which has a major impact on the strategic plan 1.
- Dependence on key individualsmedium
The company relies heavily on a few directors, and their departure could affect strategy execution and relationships with partners in Morocco 1.
- Metal pricesmedium
Fluctuations in copper and other metal prices could affect the value of future acquisitions and project returns 1.
- Currency riskmedium
Investments are priced in US dollars and Moroccan dirhams, so currency movements could change project costs 1.
Investment thesis
What would need to be true (bull case)
- If demand for electrification-related metals holds up, projects in the portfolio could gain value as they advance toward development 1.
- Successful completion of the Agadir Melloul feasibility study could open the path to construction and production and change the company's profile 1.
- The team's experience in North Africa and support from its principal shareholder could help secure new opportunities and funding 1.
What would break the thesis
- The company reports losses and has no operating revenue of its own, so future funding could prove costly or difficult to obtain 1.
- Competitors with much larger financial resources could win the projects the company wants, limiting its growth prospects 1.
- Climate risks in Morocco, particularly water scarcity, could affect a future mining project and slow development 1.
What to watch
- Completion of the Agadir Melloul feasibility study2026
- Results of the drilling campaign in Moroccofirst half 2026
- New asset acquisitions or other funding arrangementsnext 10-K
- Annual general meeting and any decisions on remuneration and fundingJune 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Group's principal activity is investing in mineral exploration and development projects, alongside identifying and pursuing acquisition targets and mineral trading opportunities in the sector 1. Current operations are limited to exploration and drilling in Morocco, plus due diligence on other projects in other jurisdictions 1. The main project mentioned is Agadir Melloul, for which management aims to deliver a construction-ready and operational-ready feasibility study during fiscal 2026 1.
The company was incorporated in England and Wales and changed its name several times, reaching its current name in August 2024 1. Its shares have traded on the standard segment of the Main Market of the London Stock Exchange since March 2021 1. The stated strategy is to acquire and develop mining projects linked to electrification and clean technologies 1.
The Directors do not recommend a dividend and believe the Group should seek to generate capital growth for shareholders 1. The board includes executive and non-executive directors, and an independent Non-Executive Chair was appointed in February 2026 1.
Segments
Exploration and drilling in Morocco
The core operational activity is exploration and drilling in Morocco, where the company invested significantly in a drilling campaign during 2025 that is expected to continue through the first half of 2026 1. This is the only effective operational activity of the group at present 1.
Market context
The company operates in the market for critical minerals and metals used in clean technologies, where demand is supported by electrification, electric vehicles and energy storage 1. Management expects demand for copper and other metals to rise over the medium term, supported by global GDP growth 1.
Metal prices, rising mining costs from inflation, and volatile capital markets are factors that can influence asset values and access to finance 1. The report notes that if commodity prices fall, the value of future opportunities could be affected 1.
Trends
- Electrification and clean technology demandtailwind
The directors believe global electrification and rising demand for clean technologies could increase demand for copper and other metals, which underpins the company's strategy 1.
- Water availability in Moroccoheadwind
Changes in precipitation patterns could affect water supply for a potential future mining operation in Morocco, identified as a key climate-related risk 1.
- Falling cost of solar and wind powertailwind
Solar and wind technology is improving and becoming cheaper, which could lower the cost of power for mining operations and open renewable energy opportunities 1.
- Geopolitical tensions and tariffsmixed
Recent global tariffs and political changes are regularly assessed, but management has noted no impact so far given the early stage of its Moroccan operations 1.
Competitive position
The report states that competitors with significantly greater financial and technical resources could outbid the company for future upstream opportunities 1. Competition for equity capital also exists between similar upstream companies in the clean technology metals sub-sector 1.
- Upstream companies with greater financial resources
The report refers in general to competitors with stronger financial and technical resources, without naming specific entities 1.
- Other clean technology metals companies
Companies in the same sub-sector compete for projects and for investment capital 1.
- Companies competing for projects in Morocco
Competition for available assets in Morocco is not detailed in the report but is cited as a strategic risk 1.
- Investors in critical metals projects
Competition for capital could limit the company's access to funding for new acquisitions 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202527 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Critical Mineral Resources Plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.