Steadright Cancels Deal to Acquire 50% Stake in Moroccan Quarry Company

17:10

Canadian critical-minerals developer Steadright Critical Minerals has terminated an agreement that would have given it a 50% interest in a Moroccan company active in quarrying, crushing and mineral processing, according to a company statement.

The decision puts on hold a transaction announced earlier this year, although Steadright said it intends to reopen discussions surrounding the proposed investment.

Planned Moroccan Joint Venture

The agreement, signed on June 27 and publicly announced on June 29, 2026, involved Maghreb Atlas Trading SARL and Mining Research Company. Under the original arrangement, Steadright was expected to take half of the Moroccan venture, while the two existing partners would each retain a 25% interest.

The proposed consideration combined equity, cash and additional project funding. Steadright had planned to issue five million of its shares to each partner, with the shares valued at C$0.20 apiece. The transaction also provided for a €700,000 payment to be placed in an escrow account.

Beyond the acquisition terms, Steadright had committed to allocating up to C$480,000 for repair and rehabilitation work associated with the operation.

The company did not provide a specific explanation for the termination of the agreement in its announcement. It indicated, however, that discussions related to the transaction could resume, leaving open the possibility of a revised arrangement between the parties.

Morocco Remains a Strategic Focus

Founded in 2019, Steadright Critical Minerals has positioned Morocco as an important part of its strategy to develop projects linked to critical minerals.

The Canadian company also holds a binding memorandum of understanding concerning the historic Goundafa mine, where a mining permit is in place. The project forms part of Steadright's broader efforts to establish a portfolio of Moroccan mineral assets.

The cancellation of the quarry transaction therefore represents a change in the company's immediate investment plans rather than a withdrawal from Morocco. Any renewed negotiations with Maghreb Atlas Trading and Mining Research Company could determine whether the proposed partnership returns in a modified form.

For now, the acquisition agreement is no longer in effect, while the future of the planned 50% stake remains dependent on further discussions between the parties.