Investor Presentation - Sydney Mining Club September 2025
Released
Released
Announcement PDF
Building Australian
Magnet Rare-Earth Supply
Scale • Simplicity • Speed
Jupiter REE Project is Australia’s largest clay-hosted MREO resource. Based in Western
Australia, with promising beneficiation testwork results, advancing through metallurgical
studies.
Corporate Presentation | September 2025 | ASX: CRI
Critica.limited
ASX: CRI
September 2025
Disclaimer
This Presentation (Presentation) has been prepared by Critica Minerals Limited (CRI or the
Company) and is authorised by the Board of CRI. The information contained in this Presentation
is a professional opinion only. Certain information in this Presentation has been derived from
third parties and though CRI has no reason to believe that it is not accurate, reliable or complete,
it has not been independently audited or verified by CRI.
This Presentation contains general and background information about CRI’s current activities as
at the date of this Presentation and should not be considered to be comprehensive or to
comprise of all the information that an investor should consider when making an investment
decision. CRI is not responsible for providing updated information and assumes no responsibility
to do so. Recipients should conduct their own investigations and perform their own analysis of
the information, statements and opinions contained and this Presentation should be read in
conjunction with CRI’s other periodic and continuous disclosure announcements lodged with the
ASX.
This Presentation is for information purposes only. Neither this nor the information contained in it
constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale
of CRI shares in any jurisdiction. This Presentation is not investment advice or a recommendation
to acquire CRI securities and has been prepared without taking into account the recipient's
investment objectives, financial circumstances or particular needs. Recipients should seek
professional advice before deciding if an investment is appropriate.
All securities transactions involve risks, which include (among others) the risk of adverse or
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agents and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities
(however caused, including negligence) in respect of, make no representations regarding, and
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conclusions or representations contained in this Presentation. No responsibility for any errors or
omissions from this arising out of negligence or otherwise is accepted.
Any forward-looking statements and forward-looking information included in this Presentation
involve subjective judgment and analysis and are subject to uncertainties, risks and
contingencies, many of which are outside the control of, and may be unknown to, CRI. In
particular, they speak only as of the date of this Presentation, they assume the success of CRI’s
strategies, and they are subject to significant regulatory, business, competitive and economic
uncertainties and risks. Actual future events may vary materially from the forward-looking
statements and forward-looking information and the assumptions on which they are based.
Recipients of this Presentation are cautioned to not place undue reliance on such forwardlooking statements and forward-looking information.
Authorised by the Board of Critica Limited
2
Basis of Preparation
CRI has not completed a Scoping or Feasibility Study. References to development pathways are
aspirational and do not imply economic viability. Inferred Mineral Resources are insufficient to support
Ore Reserves and cannot underpin production targets or forecasts. Metallurgical results are preliminary
testwork on selected samples; applicability across the deposit and at scale remains to be
demonstrated. Future studies, permits and funding (including equity) may be required before any
development decision.
Competent Persons Statement
The information in this report that relates to exploration results including geology interpretation, data
preparation and data quality is based on work compiled by Dr. Stuart Owen who is a Member of the
Australian Institute of Geoscientists. Dr. Owen is a permanent employee of Critica Limited and has
sufficient experience that is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as Competent Person as defined in
the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (JORC code). Dr. Owen consents to the inclusion in the report of the matters based on his
information in the form and context in which they appear.
This Presentation refers to Critica's mineral resource estimate at the Jupiter Project. The information in
this Presentation that relates to that mineral resource estimate has been extracted from Critica's
previous ASX announcement entitled Jupiter Maiden Resource – Australia’s Largest Clay Hosted which
Critica announced to the ASX on 11 February 2025 and 13 August 2025 Jupiter Confirmed as Australia’s
Largest MREO Clay Resource. A copy of the announcements are available at www.asx.com.au (ASXCRI)
or at www.critica.limited.
Critica confirms that it is not aware of any new information or data that materially affects the
information included in that announcement and, in relation to the estimate of the mineral resource,
confirms that all material assumptions and technical parameters underpinning the estimate in that
announcement continue to apply and have not materially changed. The Competent Person in relation to
the mineral resource estimate in that announcement was Rodney Brown. Critica confirms that the form
and context in which the Competent Person's findings are presented have not been materially modified
from that announcement.
•
•
•
•
•
•
•
•
1 September 2025 - Critica to produce high-grade REE concentrate at pilot plan
26 August 2025 - ANSTO & Minutech engaged to produce first MREC from Jupiter
13 August 2025 – Jupiter Confirmed as Australia’s Largest MREO Clay Resource
16 July 2025 – Critica Advances Jupiter – Outstanding Magnet and HREO Grades
28 May 2025 – Critica Commences Bulk Metallurgical Testwork
5 May 2025 – Drilling Targets Restricted Heavy REE at Satellite Prospects
11 February 2025 – Jupiter Maiden Resource – Australia’ Largest Clay Hosted
23 January 2025 – Frist Pass Metallurgical Testwork Delivers 830% REE Upgrade
The Problem: A Critical Supply Bottleneck
Demand is Surging, Structural and Strategic
China Dominates: ~70% Mining, ~90% Refining2
ASX: CRI
Rare earth processing concentration creates supply vulnerability for Western
markets and manufacturers
OEMs Desperate for Traceable, ESG-Compliant Supply
No New Supply: Build Times & Permitting Create Bottlenecks
3
Magnet REEs power technologies such as:
REE demand forecast to rise ~6× by 2050, with magnet REEs growing ~5× by
20401
Critica.limited
September 2025
Magnet REEs: Concentrated Supply, Rising Demand, Long Build Times
EVs
Wind
Turbines
Robotics
AI
Processors
Defense
Platforms
Global rare earth magnet demand to surge in coming years5
Policy requirements and customer demands drive need for traceable, nonChina supply chains; DoD bans Chinese magnets (mine-to-magnet by 20273)
Average 6–18 years from discovery-to-production - structural lag constrains
near-term supply4
Rare Earths Elements Supply Chain (% Share by Country)6
Sources
1 Barclays Research, May 2025
2 IEA;,Financial Times (quoting IEA); US Geological Survey
3 U.S. Government IRS rules on Evs and Restriction on NdFeB mine-to-magnet chain; EU Batteries Regulations
4 IEA; S&P Global
5 Reuters (quoting Adamas Intelligence)
6 Global X ETFs, Wood Mackenzie, Politico, United States Geological Survey (via Livewire Markets)
Critica.limited
ASX: CRI
September 2025
Policy Tailwinds
& OEM Pull
Grants, credits and offtake
support exist in market
Active programs across the West are
creating unprecedented support for
critical mineral projects, particularly
those with magnet rare earth elements
that can deliver in the near term1
U.S. Department of
US$110
Defence NdPr
price floor
mechanism for MP
Materials Corp2
Western Strategy Reset
US
U.S. Defense Production Act
US
Critical Minerals Security Program
EU
EU Critical Raw Materials Act
EU
EU European Raw Materials Alliance
JP
Japan JOGMEC Funding
KR
Korea Battery Initiative
AU
Critical Minerals Strategy
AU
Export Finance Australia
US
Inflation Reduction Act
AU
NRFC
Policy & Funding Tailwinds
U.S., EU, Japan, and Korea are prioritising secure MREO supply chains with direct funding
mechanisms. Japan/Korea have strategic stockpiling programs, government-backed financing
OEMs contracting earlier in the value chain to secure magnet metal supply,
especially for EV and renewable energy applications
EU targets by 2030: 10% extraction, 40% processing, 25% recycling, and ≤65% from
any single third country
What This Means for Critica
Conditions strongly favour projects in stable jurisdictions with credible resources and supportive geology.
Critica has the Western Australia location, a large-scale clay-hosted resource and ongoing metallurgical programs.
4
1 These programs do not guarantee eligibility or funding for CRI.
2 In July 2025, the U.S. Department of Defence (DoD) has agreed to a US$110/kg price floor for neodymium-praseodymium (NdPr), the key oxide used in high-strength permanent magnets.
The Solution
Critica.limited
ASX: CRI
September 2025
Critica’s Jupiter Project
01
Scale
Australia’s largest and highest-grade clay-hosted resource. Magnet REEs (Nd,
Pr, Dy, Tb) making up a significant proportion of the reported grade
distribution1
02
Simplicity
Jupiter & Brothers REE Project
Preliminary testwork on selected samples indicates ~95% mass rejection and
>800% upgrade prior to leach
03
Speed
1.8 Bt @ 1,700 ppm TREO (1,000 ppm cut off)
Including 520 mt @ 2,200 ppm TREO (1,800 ppm cut off)
Geraldton
Current programs with ANSTO, Minutech and GAVAQ are now live, with results
intended to inform pilot-scale work and future studies
Golden Grove North Project
Perth
Kulin Project
5
1. Refer to Jupiter resource announcements dated 11 Feb and 13 Aug 2025
Jupiter: Scale
A large-scale, high-grade clay-hosted resource
Australian Clay Hosted REE Deposits
3,000
Jupiter High-Grade: Critica Limited
2,500
Jupiter: Critica
Limited
Mt. Ridley: Mt. Ridley
Mines
2,000
640Mt
Global Resource
MREO Resource
TREO 1700ppm
MREO 487ppm
~95%
WA
Mass Reduction
T1 Location
Beneficiation
testwork
Proven Mining
Jurisdiction
Salazar-Newmont-OConnor:
West Cobar Metals
>800%
U&Th
Grade Uplift
Low ppm
1,500
Splinter Rock: OD6
1,000
Cowalinya: Heavy Rare Earths Limited
500
Tower: Krakatoa
Resources
Koppamurra: Australian Rare Earths
North Stanmore: Victory Metals
Mt
0
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Resource Tonnage (Mt)
6
1.8Bt
TREO Grade (ppm)
TREO Grade (ppm)
Critica.limited
ASX: CRI
September 2025
with strong beneficiation potential
Illustrative only. Jupiter resource is Inferred (ASX: 11 Feb & 13 Aug 2025) and not directly comparable
to peers with Indicated/Measured resources or advanced studies. Refer to Appendix C for source data
for peer comparisons.
2,000
Beneficiation
testwork
Jupiter: Scale
Quality, continuity & growth potential
Mineralisation: Near surface, homogeneous across 40km2 –
constant & predictable
Growth potential: Jupiter <3% of Critica’s Brothers Project –
flexibility & grow
Critica.limited
ASX: CRI
September 2025
Clean basket: Low U&Th – potential ESG benfits
The Jupiter resource features consistent mineralisation across the deposit,
with opportunities for expansion through targeted exploration
7
Jupiter: Simplicity
September 2025
02
Critica.limited
01
ASX: CRI
Why Clay-Hosted Matters
Low strip ratio, potentially simple mining
Jupiter is located on pastoral leases with flat terrain and
sparse vegetation. Engagement underway for heritage
surveys and approvals.
Beneficiate upfront, low footprint
Clay-hosted advantage: upfront beneficiation delivers major
mass reduction and grade uplift before hydrometallurgy.
03
Metallurgical responsiveness, the key
Not all clays are equal. Preliminary testwork on Jupiter
samples indicates ~95% mass rejection and >800% upgrade
prior to leach.
Image: Jupiter Project. Jupiter's clay-hosted REE mineralisation potential to offer significant processing advantages over hard rock deposits.
The unique clay chemistry and structure enable physical separation and concentration using conventional, low-energy processes.
8
These are aspirational statements and are not intended to be forecasts, as the Company does not yet have reasonable grounds to expect that the matters on this slide will be achieved
Jupiter: Simplicity
Jupiter’s beneficiation unlocks simplicity
•
•
•
A smaller leach circuit
Reduced reagent, water and energy use
Low U&Th levels provide potential favourable characteristic for handling and processing
Critica.limited
ASX: CRI
September 2025
The combination of 95% mass rejection and 800% upgrade — indicate potential for delivers enduring advantages advantages such as:
9
Preliminary testwork on selected samples indicates ~95% mass rejection and >8× upgrade prior to leach; applicability across the deposit and at scale remains to be demonstrated. These are aspirational statements and
are not intended to be forecasts, as the Company does not yet have reasonable grounds to expect that the matters on this slide will be achieved.
Jupiter: Catalysts
Derisking to Development - Near-term Value Catalysis
September 2025
01
02
ANSTO Program
GAVAQ Beneficiation
Advancing leach testwork to produce first Mixed Rare Earth
Scaled beneficiation program to produce additional concentrate for MREC
Carbonate (MREC)
optimisation
Minutech Program
Parallel leach testwork to produce first Mixed Rare Earth
Carbonate (MREC)
04
Pilot Design
Results are intended to inform pilot design and future study stages
Parallel workstreams are underway, designed to provide multiple validation points
as the project advances
Critica.limited
ASX: CRI
03
10
These are aspirational statements and are not intended to be forecasts, as the Company does not yet have reasonable grounds to expect that the matters on this slide will be achieved
Jupiter: Access
Critica.limited
ASX: CRI
September 2025
Tier-1 Western Australia Infrastructure Advantage
11
Jupiter is located within trucking
distance of services, power and
port infrastructure
1
Infrastructure rich
Road > rail > port pathways; short haul to
utilities
Proven mining jurisdiction
2 Transparent approvals, Skilled workforce and
OEM/contractor base.
ESG Advantage
ASX: CRI
September 2025
Built-In, Not Bolted-On
Critica’s Jupiter project is being
advanced with a focus on ESG
principles, leveraging geological and
processing characteristics that have
the potential to reduce
environmental impact and align with
global decarbonization objectives
95% before leaching
Critica.limited
Mass rejection
Clean Geology
Preliminary testwork indicates exceptionally low uranium and thorium
content, significantly below regulatory thresholds — a favourable
characteristic for handling and export.
Smaller Footprint
Beneficiation results show ~95% mass rejection, meaning substantially
less material would require processing and storage compared to
untreated feed
Resource Efficiency
Flowsheet design under evaluation suggests lower water and energy
intensity than direct-leach approaches, reflecting potential processing
efficiencies.
Heritage Assessment
Standard heritage assessment undertaken – low risk area
12
Strategic & Offtake Process
Critica.limited
ASX: CRI
September 2025
Partnering to align specs, offtake and capital
1
Magnet Manufacturers
Direct users of separated rare earth oxides
2
OEMs
EV, wind turbine, and defense manufacturers seeking secure supply chains
3
Processors
Separation facilities seeking consistent MREC feedstock
• Early engagement underway - building OEM relationships and aligning on
requirements
• Formal agreements - would be considered once MREC production and product
specifications are defined
• Strong OEM interest has been received - with discussions expected to continue
alongside product specification and testwork outcomes
13
These are aspirational statements and are not intended to be forecasts, as the Company does not yet
have reasonable grounds to expect that the matters on this slide will be achieved
Funding Plan
September 2025
Stage the dollars to de-risk
01
Funded for the current metallurgical
program
ASX: CRI
02
Critica.limited
Fully funded – met program
Disciplined approach
Expenditure prioritised on activities that
advance the project to key technical
milestones
03
Non-dilutive focus
The Company continues to assess
opportunities for grants and strategic funding
as part of its staged development approach
14
Note: Funding requirements beyond pilot-scale testwork remain to be
determined and may include equity.
Critica Limited (ASX:CRI)
Owner of Australia's Largest Clay REE Resource1
Share Price Performance (12 months)
ASX: CRI
September 2025
Company Snapshot
ASX-listed
Since 2006, critical minerals focused
Ticker
CRI.ASX
Primary Project
Jupiter REE (WA)
Other Assets
Mt Lindsay Tin-Tungsten (Tasmania)
Jurisdiction
100% owned Australian portfolio
Shareholder Summary
Critica.limited
% Holding
15
Top 20 Shareholders
WGS
21%
63,688,888
Financial Snapshot
2.4%
Elphinstone Group
60,521,450
2.2%
Board and Management
58,113,409
2.2%
Lion Selection Group
52,631,579
2.0%
NorthStar Impact Fund
40,000,000
1.5%
2.70Bn
Shares on issue
$0.02
Last Price
$4.15M
Cash
Nil
Debt
3
2
1
$54M
Market Capitalisation2
$50M
Enterprise Value2
1.
Refer MRE announced dated 11 Februart 2025 and MRE Update dated 13 August 2025.
2.
Share price, market cap and EV as at 29 August 2025.
3.
Cash as at 30 June 2025. No debt. Figures shown in Australian dollars.
Leadership Team
Jacob Deysel BSc Mining, MBA
CEO – mining engineer with 25+ years in global critical mineral leadership—from Rio Tinto to Rare Earths
and UEC—expert at scaling projects into production.
Management
Jamie Byrde BComm, CA
CFO – Finance professional with 20+ years in ASX-capable CFO and company secretary roles, specialising
in governance, compliance and capital discipline.
Dr. Thi Thu Hien Dinh BSc (Mineral Processing), PhD (Metallurgy)
Senior Metallurgist – PhD metallurgist with 23+ years in rare earths and battery metals; led processing
teams across REE, lithium, and nickel projects.
Board
16
Dr. Stuart Owen BSc (Geology), PhD (Geology)
Exploration Manager – PhD geologist with 25+ years of exploration success across four continents; led
discovery of Paulsens gold and the Jupiter REE deposit.
Dr. Natalee Bonnici BSc Hon (Geology), PhD (Geometallurgy)
Senior Exploration Geologist – 15+ years as a Geologist and PhD geometallurgist experienced in linking
mineralogy to metallurgical behaviours; part of the discovery of the Triumph VHMS deposit, Leonora WA;
developed and delivered resources at Northern Star Kalgoorlie.
Critica.limited
ASX: CRI
September 2025
Proven Track Record in Critical Minerals Project Delivery
Tim Lindley MCom, BA, GAICD, FGIA
Non-Executive Chairman – Seasoned ASX Chair and NED with 25 years in global investment banking
(Morgan Stanley, Barclays, Deutsche and UBS), adept in equity raising, project finance and growth M&A.
Nick Cernotta B.Eng (Mining)
Non-Executive Director – Mining engineer with 40 years of global multi-commodity, corporate and
operational leadership experience (Fortescue, Barrick, MacMahon). Independent NED and Chair roles across
ASX-listed companies.
Critica is not just a resource story —
delivered by people who’ve done it before
• Proven track record in critical
minerals project delivery
• Experience from exploration
through to production
• Board and management aligned
on disciplined execution
• Deep WA industry, OEM and
investor relationships
Investment Highlights
02
ASX: CRI
September 2025
01
Critica.limited
03
Scale
•
Australia’s largest clay-hosted magnet REE resource (~640 Mt @ ~490 ppm MREO)
•
~680,000 t contained MREO (including Nd, Pr, Dy, Tb)
•
District-scale growth — Jupiter is one of six discoveries across Brothers (1,353 km²)
Simplicity
•
Clay-hosted advantage — beneficiate upfront before hydromet
•
Exceptional responsiveness — ~95% mass rejection & >800% upgrade
•
Low U/Th basket — cleaner, safer, easier to permit, smaller footprint
Speed
•
Active programs now — ANSTO, Minutech, GAVAQ pilot
•
Clear catalyst path — MREC samples, Scoping inputs
•
Disciplined funding — milestone-driven
Near-term value catalysts:
Resource > MREC > Pilot upscale > Scoping study > Commercial discussions
17
These are aspirational statements and are not intended to be forecasts, as the Company does not yet have reasonable grounds to
expect that the matters on this slide will be achieved
Our advantage is simple: scale that
overwhelms, metallurgical potential
and a pathway that accelerates.
Contact
ASX: CRI
Address: Level 2, 16 Altona Street, West Perth WA 6005
Phone: +61 8 6279 9428
Email: info@critica.limited
Website: critica.limited
Follow Us
linkedin.com/company/criticaltd
Investor Relations
Dannika Warburton
Investability
@Critica_CRI
investors@investability.com.au
Appendix A: Glossary
September 2025
Key Terms and Definitions
TREO/MREO
1
Total Rare Earth Oxides / Magnet Rare Earth Oxides - MREO refers specifically to
those rare earth elements used in permanent magnets (primarily Nd, Pr, Dy, Tb)
Critica.limited
ASX: CRI
NdPr
2
Neodymium and Praseodymium - The two most common rare earth elements used in
permanent magnets, typically accounting for ~90% of magnet composition
Dy, Tb
3
Dysprosium and Terbium - Heavy rare earth elements added to magnets to improve
performance at high temperatures, critical for EV traction motors and wind turbines
MREC
4
Mixed Rare Earth Carbonate - An intermediate product in rare earth processing,
typically containing 30-50% TREO - the product that is a preferred feedstock for
separation facilities
19
Critica.limited
ASX: CRI
September 2025
Appendix B: Jupiter Inferred Mineral Resource Estimate
20
Cut-off
Tonnage
TREO
MREO
La2O3
CeO2
Pr6O11
Nd2O3
Sm2O3
Eu2O3
Gd2O3
Tb4O7
Dy2O3
Ho2O3
Er2O3
Tm2O3
Yb2O3
Lu2O3
Y2O3
TREO (ppm)
(Bt)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
1,000
1.78
1,651
383
342
762
81
284
41
9
25
3
14
2
6
1
5
1
74
1,800
0.52
2,169
499
444
1,023
106
371
53
11
31
4
18
3
8
1
6
1
90
Jupiter Inferred Grade-Tonnage Summaries
Cut-off
Tonnage
TREO
MREO
La2O3
CeO2
Pr6O11
Nd2O3
Sm2O3
Eu2O3
Gd2O3
Tb4O7
Dy2O3
Ho2O3
Er2O3
Tm2O3
Yb2O3
Lu2O3
Y2O3
TREO (ppm)
(Bt)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
(ppm)
200
3.28
1,156
266
249
526
57
197
28
6
17
2
10
2
5
1
4
1
52
300
3.04
1,230
283
264
560
61
210
30
6
19
2
11
2
5
1
4
1
56
400
2.91
1,267
292
271
578
63
216
31
7
19
2
11
2
5
1
4
1
57
500
2.69
1,335
308
283
610
66
228
33
7
20
2
12
2
5
1
4
1
61
600
2.44
1,417
328
298
649
70
243
35
7
22
3
12
2
6
1
4
1
65
700
2.22
1,492
346
311
685
74
256
37
8
23
3
13
2
6
1
5
1
68
800
2.06
1,550
359
322
713
76
267
39
8
24
3
14
2
6
1
5
1
71
900
1.91
1,603
372
332
739
79
276
40
8
24
3
14
2
6
1
5
1
73
1,000
1.78
1,651
383
342
762
81
284
41
9
25
3
14
2
6
1
5
1
74
1,100
1.70
1,679
389
348
775
83
289
42
9
25
3
15
2
6
1
5
1
75
1,200
1.60
1,711
397
354
791
84
294
43
9
26
3
15
3
7
1
5
1
77
1,400
1.24
1,828
423
377
849
90
315
45
9
27
3
16
3
7
1
5
1
80
1,600
0.84
1,987
459
408
930
98
341
49
10
29
3
17
3
7
1
6
1
85
1,800
0.52
2,169
499
444
1,023
106
371
53
11
31
4
18
3
8
1
6
1
90
2,000
0.30
2,372
542
483
1,127
116
404
57
12
33
4
19
3
8
1
7
1
97
2,200
0.17
2,578
587
523
1,232
125
437
61
13
36
4
20
3
9
1
7
1
105
Mineral Resource Estimate prepared by globally recognised, tier one consultants, SRK Consulting.
For full Jupiter MRE detail including all component REO grades and gangue material content refer to ASX Announcement 11 February 2025.
Appendix C: Source Data for Peer Comparisons
Critica.limited
ASX: CRI
September 2025
Project
Company
Caldeira
Meteoric Resources
Colossus
Viridis Mining
Cowalinya
Ema
Koppamurra
Heavy Rare Earths Limited
Brazil Critical Minerals
Australian Rare Earths
Mt. Ridley
Mt. Ridley Mines
North Stanmore
Victory Metals
PCH Project
Appia Rare Earths and
Uranium Group
Rocha Da Rocha
Salazar-Newmont-West Cobar
Brazilian Rare Earths
West Cobar Metals
Tiros
Resouro Strategic Metals
Tower
Krakatoa Resources
Resource
Mt
TREO (ppm)
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
37
629
832
1,497
1
329
163
493
2,983
2,668
2,097
2,359
2,605
2,680
2,162
2,508
Inferred
159
870
Total
159
870
Indicated
248
759
Inferred
695
701
Total
Measured
Indicated
Inferred
Total
943
0.7
112
123
236
716
813
750
747
748
Inferred
168
1,201
Total
168
1,201
Indicated
Inferred
Total
Indicated
176.5
70.9
247.5
6.6
477
533
493
2,513
Inferred
46.2
2,888
Total
52.8
2,841
Inferred
510
1,513
Total
510
1,513
Indicated
44
1,229
Inferred
186
1,166
Total
Measured
Indicated
Inferred
Total
Indicated
Inferred
Total
230
367
1,000
500
1,867
40
60
101
1,178
4,100
4,000
3,700
3,940
824
852
840
21
The peer comparison is illustrative only and not intended to imply economic viability or equivalence.
Stage
Source
PFS
ASX Announcement. Maiden Barra do Pacu Resource adds strategic high-grade rare
earths.15 April 2025. 02936637.pdf
Pre-Scoping
ASX Announcement. Colossus Delivers Largest Measured & Indicated Resource and
Highest MREO Grade IAC Project Globally. 22 January 2025. 2924-02905018-
6A1247713
Pre-Scoping
ASX Announcement. Five-Fold Increase in mineral resources to 159 Mt @ 870 ppm
Total Rare Earth Oxides at Cowalinya Project in Western Australia. 3 October 2023.
Scoping Study
ASX Announcement. Updated Mineral Resource for Ema 97% Increase of indicated
tonnage. 21 February 2025.
Scoping Study
ASX Announcement. ASX Release. Significant Resource Expansion at Koppamurra.
30 September 2024. ASX:AR3 - Significant Resource Expansion at
02720133.pdf
https://braziliancriticalminerals.com/announcements/6803971
Koppamurra
Pre-Scoping
ASX Announcement. Significant Resource Expansion at Koppamurra. 30 September
2024. ASX:AR3 - Significant Resource Expansion at Koppamurra
Scoping Study
ASX Announcement. North Stanmore advances as a global heavy rare earth clay
deposit. 16 January 2025. 2924-02903539-6A1247110
Pre-Scoping
CSE Announcement. Appia Files NNI 43-101 Technical Report on Maiden Indicated
and Inferred Mineral Resource Estimate for PCH Ionic Adsorption Clay Project in
Gois, Brazil. April 16 2024. 205668.pdf
Pre-Scoping
Brazilian Rare Earths. Prospectus. 7 December 2023. 2924-02755917-6A1187169
Pre-Scoping
ASX Announcement. Major Resource Expansions at Salazar for REEs, TiO2 and
Scandium. 8 October 2024. ea9172ff-a94.pdf
Scoping Study
TSXV Release. Tiros Measured and Indicated Resource increased by 37% to 1.4
billion tonnes at 12% TiO2 and 4,000 ppm TREO. 08 April 2025. 8f9caf36-25f.pdf
Pre-Scoping
ASX Announcement. Krakatoa Delivers maiden mineral resource at tower rare earth
deposit. 21 November 2022. 02600437.pdf
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