Morocco Portfolio Targets Near-Term Production
Research Report

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Disclosures for Atrium Research, Steadright Critical MInerals Inc., February 27, 2026

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On February 27, 2026, Atrium Research analysts Riley Venton, P.Eng, and Ben Pirie initiated coverage on Steadright Critical Minerals Inc. (SCM:CSE) with a BUY rating and a target price of CA$0.50 per share, representing 113% upside from the current share price of CA$0.235. The initiation is driven by the company's rapid accumulation of four critical mineral assets in Morocco, each presenting near-term production potential and significant exploration upside.

Steadright Critical Minerals, established in 2019 and previously focused on exploration in Quebec, shifted its strategic direction to Morocco following the appointment of Matt Lewis as CEO in April 2025. Since arriving in the country in March 2025, the company has completed four acquisitions: the TitanBeach Titanium Project (75% ownership), the historic Goundafa Mine (100% ownership via earn-in), the Copper Valley Project (75% ownership), and a letter of intent to acquire up to 60% of SilverLine Mining Sarl. Minority interests in the TitanBeach and Copper Valley assets are held by a private company, Critical Foundation Metals, through NSM Capital Sarl.

The Goundafa Mine represents SCM's largest transaction at US$8.0M in total consideration, structured with only US$500K required upfront and the majority of deferred payments (US$4.25M) not due until the end of 2028. Atrium estimates the initial sale of 14,400 tonnes of historic stockpiles at Goundafa will conservatively generate approximately US$1M for SCM, with upside potential beyond zinc and lead. Stockpile removal is expected to begin in May 2026. The mine was historically operated between 1929 and 1956, producing approximately 320,000 tonnes from Vein 1, and ceased operations due to political changes following Moroccan independence rather than mining or profitability issues. A non-compliant 2022 resource estimation indicated 6.62Mt with grades of 2.1% zinc, 1.8% lead, 1.5-2.1% copper, and up to 3.5 g/t gold. SCM has defined an exploration target of 4.5-9.0Mt targeting approximately 495 million pounds of copper-equivalent.

TitanBeach One is expected to commence production in Q3 2026, with environmental and mining license applications submitted at the end of 2025. Morocco's permitting framework is expected to enable approval within approximately three months. The project spans 192 square kilometers of exploration claims in the Tan-Tan Province, focused on titanium dioxide. A 2025 sampling program of 38 samples confirmed titanium-bearing black-sand horizons at surface, with Fe2O3 values up to 79.5% and TiO2 up to 14.9%. An NI 43-101 technical report was filed in January 2026. The company has indicated strong offtake interest from Chinese companies, European trading houses, and Indian manufacturers.

At Copper Valley, SCM expects to receive its mining license for initial extraction imminently, following its January 2026 acquisition. The project features copper mineralization visible at surface, with assays returning up to 46.34% lead and 48% silver. A conceptual exploration target ranges from 45 million to 481 million pounds copper-equivalent.

Atrium's valuation is based on an EV/lb copper-equivalent approach for Goundafa (US$0.03/lb, yielding US$14.9M) and Copper Valley (US$0.02/lb, yielding US$3.0M), both at discounts to the peer median of US$0.08/lb, given that compliant resources have not yet been defined. TitanBeach is valued at US$15.2M based on acquisition terms, as the definitive agreement implies a total project value of US$20M for 100% ownership. Total asset value is estimated at US$33.1M, which, after adjustments for net cash of CA$2.6M and the present value of Goundafa's earn-in payments, yields a total equity value of CA$39.0M.

Morocco's positioning as the most attractive mining jurisdiction in Africa, according to the Fraser Institute, combined with its 0% corporate tax for the first five years and full tax exemption in the Southern Zone, provides a favorable operating environment. The country's 2025-2030 mining development plan aims to more than double mining revenues by 2030. Aya Gold and Silver Inc. (AYA:TSX; MYAGF:OTCMKTS) is cited as a first mover in the country, with its approximately CA$3.1B market cap highlighting the region's potential.

Key risks include above-average exploration risk given no NI 43-101 compliant resources are currently defined, average execution risk as operational plans remain in development, and average balance sheet risk with CA$2.6M in pro-forma cash following a recently announced CA$2.5M non-brokered private placement. Management and directors collectively hold approximately 2% of outstanding shares, with the remaining ownership largely comprised of retail shareholders. The company has 53.8M shares outstanding and a fully diluted share count of 83.1M.

Near-term catalysts include Goundafa stockpile sales commencing in May 2026, TitanBeach One production in Q3 2026, and a SilverLine definitive agreement expected in 2026.