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Critica Limited ASX:CRI

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Venture Minerals (ASX:VMS) has revealed it will be changing its company name to Critica Limited —under the ticker code CRI — amid completing the acquisition of the Jupiter Project in Western Australia.

Over the coming weeks, the $41.46 million market capitalised company plans to secure shareholder approval for the name change, and will seek for the name to be formally registered.

Managing Director Philippa Leggat says that over the past three months, the company has put a new board in place, raised capital, sold a legacy asset, defined a new strategy, and changed the company name.

“We are moving forwards with clear intent to add value,” Leggat says.

“Drilling at Jupiter will be completed in a few weeks, metallurgical testwork is underway, and targeting our maiden resource by the end of the year.”

Further, Venture Minerals completed the acquisition of the remaining 30% of the Jupiter Project from its joint venture partner Merchant Ventures. After securing shareholder approval at a general meeting on 22 August, Venture Minerals issued 78.94 million shares to Merchant Ventures’ nominee, Sentinel Exploration, as consideration for the acquisition.

Venture Minerals notes 52.63 million consideration shares will be subject to voluntary escrow until 1 March 2025, or a change of control event occurring. As a result of completing the acquisition, the company has terminated the joint venture agreement with Merchant Venture.

Merchant Holdings will continue to hold a 1% net smelter return royalty over the project.

Venture Minerals is dedicated to developing its rare earths and critical mineral deposits to meet global demand for minerals vital to modern technology and the green energy transition.

Venture Minerals to rename amidst Jupiter acquisition