Shares of Critical Mineral Resources Plc (ASX:CMRS) experienced an uptick as high as 9.6%, reaching 3.98p.

This exploration and development company known for its focus on clean energy metals signed an agreement to earn into the Zagora Cobalt Project located in Morocco.

Critical Mineral Resources, a UK-based company, mentioned that the near-surface cobalt structure provides potential for a shallow discovery.

CMRS considers the Zagora project to be strategically located as it is around 90km south of the Bou Azzer district, which is mined by Managem Group, a company that has contractual obligations to supply cobalt to BMW and Renault.

At present, the stock has increased by 3.4%, paring Year To Date losses to nearly 12%.

Critical Mineral Resources Plc (ASX:CMRS) is a UK-based exploration and development company with a focus on clean energy metals.