Steadright Critical Minerals Inc. has started preparatory infrastructure work on the pilot plant construction phase at the Beach One site of the TitanBeach Titanium Project in Morocco.

The ground-breaking follows the recent finalisation of a Framework Cooperation Agreement with a State-Owned Enterprise partner. Under the agreement, the State-Owned Enterprise partner is covering all costs for planning, design, permanent works, operations and maintenance, and employee base camps, alongside installing beneficiation processing equipment and providing full-process capability and established mining technology.

Steadright holds its economic exposure to the TitanBeach project indirectly through a 76.5% equity interest in NSM Capital SARL, which controls the 192-square-kilometre claim package in Morocco. NSM Capital holds a 32% full carried interest in the Shan Tang Mining special purpose vehicle established for the project, requiring no further financial contribution and carrying no dilution risk. This provides Steadright with an approximate 24.5% effective indirect attributable share.

“We are currently focused on the necessary preparatory infrastructure work at the Beach One site , including preparing and establishing designated areas for the employee accommodation containers, as well as other minor infrastructure and preparatory work at the project site.”

— L. Jouak, CEO of NSM Capital

“We at Steadright are very impressed with the speed with which NSM, Shan Tang, and the SOE are moving things forward. From my perspective, that is an extremely quick breaking-of -ground for preparatory work. We look forward to milestones being reached on this project, and of course, we want to thank all the government people and the people of Morocco who have made this project possible.”

— Matt Lewis, Steadright CEO

A long-term mining development strategy for the TitanBeach project remains subject to pilot plant results. Meanwhile, approval of the environmental permit for the project has passed the public process stage and is waiting to be signed.

In corporate developments, the board approved the issuance of 3,840,000 stock options to directors, consultants, and service providers under the company’s stock option plan. The options are exercisable at $0.25 CAD per share for a five-year period ending April 17, 2031, subject to required regulatory approvals.

Read the full announcement: Preparatory Infrastructure Work for Pilot Plant and Mining on the HMS TitanBeach Titanium Project in Morocco Begins. Company Options Issued