Steadright Critical Minerals Inc. has finalized a binding 32% carried interest in the Shan Tang Mining special purpose vehicle for the TitanBeach Titanium Project in Morocco, securing full carry status with no dilution risk or further contribution required toward exploration or production costs.

NSM Capital SARL, the Moroccan entity in which Steadright holds a 76.5% interest, completed the arrangement with Homme Construction. The 192-square-kilometre TitanBeach claim package incorporates a 16-square-kilometre area converted to a permitted mining concession, representing the first mining license granted for coastal-waters heavy mineral sands recovery in the Atlantic Ocean.

Shan Tang Mining now holds the transferred TitanBeach claims, with NSM Capital General Manager L. Jouak serving as one of two General Managers of the new entity.

Under a Framework Cooperation Agreement signed with a State-Owned Enterprise engineering and construction group, the partner will provide full-process capability and established mining technology. The SOE Partner's initial scope comprises operating a pilot plant at TitanBeach and developing a long-term mining strategy subject to pilot results.

The project's environmental permit has cleared the public process stage and is awaiting final signature. Steadright holds an effective indirect attributable share of approximately 24.5% in the project, with an option under a shareholders agreement with Critical Foundation Metals Inc. to increase its NSM Capital interest to 80%.

CEO Matt Lewis commented on the milestone:

“We are proud of what the NSM Capital team and L. Jouak have achieved. Securing this license and forging agreements of this caliber represents significant progress. We look forward to advancing the TitanBeach Project and to the continued development of these partnerships.”

— Matt Lewis, CEO

Read the full announcement: NSM Capital SARL Signs Framework Cooperation Agreement with Multinational Construction and Engineering SOE for the TitanBeach Mining Project