Steadright Critical Minerals $SCM.v - Interesting DD from a Moroccan article

So Steadright Critical Minerals announced a JV with a Chinese SOE. The announcement from Steadright was pretty light on details.

[https://www.newsfilecorp.com/release/310203/NSM-Capital-SARL-Signs-Framework-Cooperation-Agreement-with-Multinational-Construction-and-Engineering-SOE-for-the-TitanBeach-Mining-Project](https://www.newsfilecorp.com/release/310203/NSM-Capital-SARL-Signs-Framework-Cooperation-Agreement-with-Multinational-Construction-and-Engineering-SOE-for-the-TitanBeach-Mining-Project)

But then I found this article here:

[https://mobile.telquel.ma/2026/09/03/titane-a-tan-tan-le-nouveau-pari-minier-du-maroc\_2005371](https://mobile.telquel.ma/2026/09/03/titane-a-tan-tan-le-nouveau-pari-minier-du-maroc_2005371)

It's behind a paywall, but the article says that the SOE is Chinese National Building Material. Who according to Gemini is is the largest building materials manufacturer and integrated service provider in the world. The plan is for them to invest 190 million Moroccan dirhams for the first year - which is around $28M CAD. And the project should employ upto 150 people. Working up to 30k tonnes of processing a day.

SCM got a carry on this, for around 24%.

So they basically own part of a project that is ramping up production and didn't have to put in any money, as I understand it.

Seems like the market is sleeping on this one.