Announcement PDF ASX Announcement 29 September 2026 | ASX: CRI CRITICA LIMITED Level 2, 16 Altona Street, West Perth, Western Australia ABN 51 119 678 385 T: +61 8 6279 9428 E: admin@critica.limited critica.limited Mt Lindsay Scoping Study Delivers Strong Economics to Advance Underground Tungsten-Tin Development Critica Limited (ASX: CRI) (“Critica” or “the Company”) is pleased to announce the outcomes of the Scoping Study for its 100%-owned Mt Lindsay Tin-Tungsten Project in north-west Tasmania, evaluating a 1.0 Mtpa underground mining and processing development. The Scoping Study outlines an underground development pathway for Mt Lindsay with significant exposure to tin and tungsten, commodities with important applications across electronics, advanced manufacturing, defence and aerospace. The Study, prepared by DRA Global, evaluates an owner-operated underground mining and processing operation incorporating dual-decline access, longhole open stoping with paste fill, conveyor material handling, a tin-tungsten-magnetite processing flowsheet and supporting infrastructure. The underground concept represents a material departure from the historical open-pit development approach and seeks to minimise additional surface disturbance through project design. Cautionary statement The Scoping Study referred to in this announcement has been undertaken to determine the potential viability of developing the Mt Lindsay Tin-Tungsten Project in north-west Tasmania. The Scoping Study is a preliminary technical and economic study based on low-level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage. Further evaluation work and appropriate studies are required before Critica will be in a position to estimate any Ore Reserves or assess whether Critica may be able to provide any assurance of an economic development case. The Scoping Study production target is based solely on part of the Main and No.2 deposits within the updated JORC 2012 Mineral Resource Estimate (refer ASX announcement “Critica Updates Mt Lindsay Tin- Tungsten Mineral Resource to JORC 2012”, 14 September 2026). The production target comprises approximately 10.9 Mt of scheduled run-of-mine material after applying mining modifying factors, of which approximately 92% is derived from Indicated Mineral Resources and approximately 8% from Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Inferred Mineral Resources underpin approximately 8% of the production target and are predominantly scheduled in the later years of the mine plan, with only limited Inferred material scheduled in earlier years. Critica has concluded that the Inferred Mineral Resources are not a determining factor in the viability of the development scenario. 2 Critica CEO, Jacob Deysel, commented: “The Mt Lindsay Scoping Study represents an important step forward for Critica and a fundamental rethink of how this significant tin-tungsten resource could be developed. By moving from the historical open-pit concept to an underground development pathway, we have outlined a project with a smaller surface footprint and strong Scoping Study-level modelled economics. The Project also benefits from its location within an established Tasmanian mining region, with existing road access, proximity to established hydroelectric power infrastructure and access to export infrastructure at Burnie. The Base Case generates a pre-tax NPV of approximately A$1.42 billion, a pre-tax IRR of approximately 65% and an after-tax payback period of approximately 1.9 years, against pre- production capital of approximately A$244.5 million. Mt Lindsay also gives Critica substantial exposure to tungsten, which contributes approximately 75% of modelled Base Case life-of-mine revenue, at a time when secure Western supply of this critical mineral is becoming increasingly strategically important. Importantly, the current Scoping Study economics exclude copper and other potential by-products, which provide potential upside subject to further metallurgical and commercial evaluation. Our focus now is on systematically advancing the technical, metallurgical, approvals, funding and commercial work required to progress Mt Lindsay toward a Definitive Feasibility Study (DFS).” The Scoping Study outcomes, production target and forecast financial information are based on the material assumptions and modifying factors outlined in this announcement, including mine design, processing, metallurgical recoveries, capital and operating costs, commodity prices, exchange rates, approvals and funding. The Scoping Study has allowed for an overall accuracy range of approximately -25% to +50%. Critica considers that it has reasonable grounds for the production target and forecast financial information on the basis of those assumptions and modifying factors. However, there is no certainty that the assumptions will prove to be correct or that the outcomes indicated by the Scoping Study will be achieved. Investors should not make investment decisions based solely on the results of the Scoping Study. Development of the Mt Lindsay Project will require substantial further funding. The Scoping Study estimates pre-production capital of approximately A$244.5 million, before taking into account sustaining capital or any additional funding requirements that may arise in connection with working capital, financing or other development requirements. The Company has not secured any of that funding required to develop the Project. Investors should note that there are risks that the Company will not be able to raise that amount of funding when needed (or at all). Any future development funding may include (without limitation) one or a combination of debt, equity, strategic partner, offtake-linked, joint venture or other commercial arrangements. The Company considers that it has reasonable grounds to believe that the necessary project funding may be obtainable as and when required, having regard to the matters described under “Project Financing, Marketing and Offtake” in this announcement. There is no certainty that such funding will be available when required or on acceptable terms. If equity funding is required, or if other funding arrangements involve the issue of securities or project-level interests, this may dilute existing shareholders or otherwise affect the value of their interests. 3 Executive Summary • Scoping Study outlines a 1.0 Mtpa underground development pathway for the 100%-owned Mt Lindsay Tin-Tungsten Project in north-west Tasmania. • 100%-owned Project located in an established Tasmanian mining region and held under granted Mining Lease. • Base Case economics demonstrate strong modelled outcomes, based on the Scoping Study production target and material assumptions set out in this announcement, including: o Pre-tax NPV of approximately A$1.42 billion and IRR of approximately 65% o After-tax NPV of approximately A$1.01 billion and IRR of approximately 56% o Estimated payback period of approximately 1.9 years o Modelled life-of-mine sales revenue of approximately A$5.20 billion • Capital-efficient development with estimated pre-production capital of approximately A$244.5 million. • Scoping Study includes a 13.5-year mining schedule, processing approximately 10.9 Mt and ramping up to a nominal steady-state processing rate of approximately 1.0 Mtpa. • Tungsten is the principal revenue contributor under the Base Case, accounting for approximately 75% of modelled life-of-mine revenue, providing significant exposure to a strategically important critical mineral. • Owner-operated underground mine concept based on longhole open stoping with paste fill, dual-decline access and conveyor material handling. • Established infrastructure setting – located within an established Tasmanian mining region with existing road access, proximity to Tasmania’s predominantly renewable electricity grid and hydroelectric power infrastructure, and access to established export infrastructure at Burnie. • Underground development represents a material departure from the historical open-pit development approach, with the Study seeking to minimise additional surface disturbance through project design and incorporating paste backfill to reduce the quantity of tailings requiring permanent surface storage. • Potential upside from copper and other by-products, which are excluded from the current Scoping Study economics and remain subject to further evaluation. • Critica is also progressing the Jupiter Rare Earth Project Scoping Study, which is targeted for release shortly. 4 Key Financial Outputs Metric Unit Base Case Sales revenue A$m 5,204.2 Average annual EBITDA1 A$m 268.9 Pre-tax NPV A$m 1,415.6 After-tax NPV A$m 1,006.0 Pre-tax IRR % 64.9 After-tax IRR % 55.6 Payback period years 1.92 Pre-production capital A$m 244.5 After-tax NPV / pre-production capital² 4.1x Total LOM capital (incl. sustaining capital and closure) A$m 441.8 Mining Schedule years 13.5 Processing schedule years 11.6 Material processed Mt 10.9 Notes: NPV is calculated using an 8% discount rate. All financial and operating figures presented in this table are estimates based on Scoping Study-level assumptions and are approximate. The financial outcomes are derived from the Scoping Study production target and should be read together with the material assumptions and cautionary statements contained in this announcement. 1 Average annual EBITDA represents total modelled EBITDA divided by the modelled processing/revenue period and is an arithmetic life-of-mine average. It does not represent forecast EBITDA in any individual year. ² After-tax NPV / pre-production capital is calculated by dividing after-tax NPV8 by estimated pre-production capital. The Scoping Study production target comprises approximately 10.9 Mt of scheduled run-of-mine material after applying mining modifying factors, of which approximately 92% is derived from Indicated Mineral Resources and approximately 8% from Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Key Investment and Strategic Themes 1. Strong modelled economics – The Base Case generates a modelled after-tax NPV₈ of approximately A$1.01 billion, an after-tax IRR of approximately 56% and an estimated payback period of approximately 1.9 years, calculated on an after-tax, pre-finance basis from the commencement of commercial production, based on a 13.5-year mining schedule. 2. Capital-efficient development – Pre-production capital of approximately A$244.5 million provides a comparatively modest upfront capital requirement for the scale and duration of the development scenario evaluated in the Scoping Study. 5 3. Strategic tungsten exposure – Tungsten is the principal revenue contributor under the Base Case, accounting for approximately 75% of modelled life-of-mine revenue, providing substantial exposure to a strategically important critical mineral with highly concentrated global supply. 4. Predominantly Indicated production target in an established mining jurisdiction – Approximately 92% of the Scoping Study production target is derived from Indicated Mineral Resources, with approximately 8% derived from Inferred Mineral Resources. The Project is held under a granted Mining Lease in an established Tasmanian mining district. The forecast financial information should be read together with the Scoping Study cautionary statement and material assumptions contained in this announcement. Mt Lindsay provides Critica with material exposure to tin and tungsten, two strategically important metals with established applications across electronics, semiconductors, solder, defence, cutting tools and advanced manufacturing. In particular, the concentrated nature of global tungsten supply and its importance to defence and advanced industrial applications supports the strategic relevance of potential new sources of supply from jurisdictions such as Australia. Tungsten is the principal revenue contributor under the Base Case, accounting for approximately 75% of modelled life-of-mine revenue and providing Mt Lindsay with substantial exposure to a strategically important critical mineral. Global tungsten supply is highly concentrated, with China controlling approximately 79% of mining capacity and 85% of APT refining capacity. S&P Global estimates a 21,000-tonne WO₃ supply gap outside China in 2026 (August 2026). China's tungsten export controls, together with US defence procurement restrictions extending across the supply chain from January 2027, represent a structural shift in global supply that could underpin sustained higher prices rather than a cyclical spike. As illustrated below, the European APT tungsten benchmark increased by more than 400% between September 2025 and August 2026. This significant price appreciation has strengthened the prevailing market backdrop for Mt Lindsay, noting that the Base Case assumes a tungsten APT price of US$2,500/mtu. The Scoping Study economics are based solely on the Main and No.2 deposits and exclude copper as a payable product. Copper and other potential by-products provide potential upside but are excluded from the current Scoping Study economics and remain subject to further mineralogical, metallurgical and commercial evaluation. The Base Case APT price assumption of US$2,500/mtu is below the latest European APT benchmark price shown in Figure 1. Figure 1 | European APT Tungsten Benchmark Price – September 2025 to August 2026 Figure 1: European APT 88.5% WO₃ benchmark price. Source: Asian Metal. Benchmark: APT 88.5% WO₃ minimum, CIF Rotterdam/Baltimore, duty-free, quoted in US$/mtu WO₃ Date Published 1 September 2026. 6 Pathway to Development Mt Lindsay has a number of important foundations already in place to support its advancement toward a Definitive Feasibility Study (DFS): • 100% ownership and granted Mining Lease – providing a clear project ownership and tenure position; • Established Mineral Resource – supported by extensive historical drilling and technical work; • Established mining region – located in Tasmania’s west coast mining district, close to existing mining operations and services; • Existing infrastructure and access – road access and proximity to Tasmania’s predominantly renewable electricity grid, including established hydroelectric power infrastructure, and regional rail infrastructure; and • Access to export infrastructure – Burnie, approximately 120 km by road from the Project, provides access to an established export port. Figure 2 | Mt Lindsay location and regional infrastructure Resource foundation The updated JORC 2012 Mineral Resource for Mt Lindsay comprises 19 Mt @ 1.09% SnEq, containing approximately 49 kt of tin and 28 kt of WO₃ at the primary 0.4% SnEq cut-off (refer ASX announcement “Critica Updates Mt Lindsay Tin-Tungsten Mineral Resource to JORC 2012”, 14 September 2026). The Scoping Study evaluates a subset of this Mineral Resource, with the production target comprising approximately 10.9 Mt of scheduled run-of-mine material sourced solely from the Main and No.2 deposits. Approximately 92% of the production target is derived from Indicated Mineral Resources and approximately 8% from Inferred Mineral Resources after applying mining modifying factors. The Inferred Mineral Resources are predominantly scheduled in the later years of the mine plan, with only limited Inferred material scheduled in earlier years, and are not a determining factor in the viability of the development scenario. 7 Underground development concept The Scoping Study represents a material shift from the historical open-pit development concept evaluated by the Company (formerly Venture Minerals Limited) in its 2012 Bankable Feasibility Study. The preferred development concept evaluated by the Scoping Study comprises an owner-operated, 1.0 Mtpa underground mine using longhole open stoping with paste fill, dual-decline access and conveyor material handling. The underground approach provides the basis for an integrated project configuration designed around mine access, materials handling, processing infrastructure and tailings management. The Main and No.2 deposits are located completely beneath the surface, with the conceptual development providing underground access from the existing HEC quarry area and conveyor material handling to the proposed processing plant and tailings storage area, in proximity to the sealed Pieman Road and existing power infrastructure. Paste backfill forms an integral part of the underground mining concept, supporting the selected mining method while reducing the quantity of tailings requiring permanent surface storage. The Study has also sought, where practical, to utilise existing disturbed areas and infrastructure corridors to minimise additional surface disturbance. Figure 3 | Conceptual Mt Lindsay underground development and integrated surface infrastructure Figure 3: Conceptual Mt Lindsay underground development and integrated surface infrastructure layout showing the Main and No.2 deposits completely beneath the surface, underground access from the existing HEC quarry and the relationship to proposed surface infrastructure. Indicative development pathway The Company’s current indicative development pathway contemplates advancing Mt Lindsay from the Scoping Study into a Definitive Feasibility Study, with environmental assessment and approvals work, metallurgical validation, product qualification and commercial engagement progressing in parallel. Subject to successful completion of this work, receipt of required approvals, securing the required project funding and a future Board decision to proceed, the Project would then progress through final investment decision, construction, commissioning and production ramp-up. The timing of these activities is indicative only and will be refined as the Project advances through subsequent study phases. 8 Figure 4 | Indicative Mt Lindsay development pathway Note: The development timeline is indicative only and represents the Company’s current planning assumptions. Timing is subject to successful completion of further studies and engineering, environmental and regulatory approvals, product qualification and commercial outcomes, securing the required project funding and a future Board decision to proceed. There is no certainty that the Project will progress in accordance with this timeframe. Next steps Critica’s next phase of work will focus on the key workstreams required to further de-risk and advance Mt Lindsay toward a Definitive Feasibility Study (DFS): • Resource confidence – improved metallurgical characterisation to refine resource classification; • Mine design – further optimisation of the underground mine plan and schedule; • Metallurgy – validation and optimisation of recoveries and product specifications; • Engineering and infrastructure – further definition of key project infrastructure and logistics; • Environmental and approvals – advancement of environmental studies and permitting requirements; and • Commercial and funding – advancement of funding strategy, offtake opportunities and potential strategic partnerships. Project Financial Forecasts Economic analysis The Base Case generates a modelled after-tax NPV₈ of approximately A$1.01 billion and an after-tax IRR of approximately 56%. The key project valuation metrics are summarised below. The Scoping Study economic analysis is based on the selected 1.0 Mtpa development case and incorporates the mine schedule, metallurgical recoveries, capital and operating cost estimates and commercial assumptions described in this announcement. These financial outcomes are derived from the Scoping Study production target and should be read together with the material assumptions and cautionary statements contained in this announcement. 9 Table 1 | Economic Analysis Metric Unit Base Case Pre-tax NPV8 A$m 1,415.6 After-tax NPV8 A$m 1,006.0 Pre-tax IRR % 64.9 After-tax IRR % 55.6 Payback period1 years 1.92 Pre-production capital A$m 244.5 After-tax NPV / pre-production capital 4.1x All financial figures presented in this table are estimates based on Scoping Study-level assumptions and are approximate. ¹ Payback period is calculated on an after-tax, pre-finance basis from commencement of commercial production. Capital Cost Estimate The current Base Case financial model includes pre-production capital of approximately A$244.5 million. In addition, approximately A$177.3 million of sustaining capital is incurred over the operating life, together with approximately A$20.0 million of closure costs, resulting in total modelled life-of-mine capital of approximately A$441.8 million. The pre-production capital estimate includes approximately A$39.5 million of capitalised mining operating costs, A$82.5 million of mining capital, A$94.0 million of plant, TSF and other capital and A$28.5 million of contingency, resulting in total pre-production capital of approximately A$244.5 million. Table 2 | Pre-Production Capital Cost Estimate Capital cost estimate Unit Base Case Capitalised mining operating costs A$m 39.5 Mining Capital A$m 82.5 Plant, TSF and other capital A$m 94.0 Contingency A$m 28.5 Total pre-production capital A$m 244.5 The capital cost estimate has been prepared to Scoping Study level, for which an overall accuracy range of approximately -25% to +50% would normally be expected. Most process plant and infrastructure capital is based on previous BFS-level work and is considered consistent with Class 4 accuracy expectations, while the mining estimate has a lower level of definition and may remain at Class 5. The overall capital estimate should therefore be considered within the Scoping Study-level accuracy range stated above. The key physical and production metrics underpinning the Scoping Study production target and financial model are summarised below. 10 Table 3 | Key Physical and Production Metrics Key project metrics Unit LOM Project scale and duration Mining schedule years 13.5 Processing period years 11.6 Nominal steady-state processing rate Mtpa 1.0 Mining Waste mined kt 1,672 Mineralised material mined kt 10,908 Sn grade % 0.18% WO3 grade % 0.14% DTR magnetic mass recovery¹ % 13.04% Processing Mineralised material processed kt 10,908 Tin (Sn) concentrate production2 dmt 31,626 Tungsten (WO3) concentrate production2 dmt 19,339 Magnetite concentrate production2 dmt 2,144,445 ¹ DTR magnetic mass recovery represents the proportion of material recoverable as magnetite iron ore concentrate. DTR Mass Recovery was estimated in the Main and No.2 Mineral Resource model using Davis Tube Recovery analyses for approximately 90% of the composited assay intervals, with the remaining intervals estimated by regression from magnetic susceptibility. ² Concentrate production figures are Scoping Study outputs derived from the production target and metallurgical assumptions. Historical pilot-scale testwork on approximately 3 tonnes of representative Main and No.2 material produced a 45% Sn concentrate at 72% overall tin recovery, a tungsten concentrate exceeding 66% WO₃ at 83% overall tungsten recovery to APT, and a 65% Fe iron ore concentrate at 98% recovery. Further bulk and pilot metallurgical testwork is in progress. Operating Costs The Base Case financial model includes estimated life-of-mine operating costs for mining, processing, general and administration, product transport and selling, and royalties, as summarised below. 11 Table 4 | Life-of-Mine Operating Costs Operating cost category Unit Base Case Mining costs A$m 1,143.8 Processing costs A$m 411.5 G&A / site administration A$m 87.3 Product transport and selling A$m 179.7 Royalties A$m 267.7 Total Operating Costs A$m 2,090.0 To provide an indication of the operating cost attributable to tungsten production, the Scoping Study also presents a derived unit operating cost after crediting modelled tin and magnetite revenue. Table 5 | Indicative Tungsten Unit Operating Costs Unit cost metric Unit Base Case Operating cost net of tin and magnetite by-product credits¹ US$/mtu 314 ¹ Calculated as life-of-mine mining, processing, G&A/site administration and product transport and selling costs, less modelled tin and magnetite revenue, divided by modelled payable tungsten production of approximately 1.006 million mtu, and converted to US dollars at the Base Case AUD/USD exchange rate of 0.65. This is a non-IFRS financial measure derived from the Scoping Study financial model and is not intended to represent a C1 or AISC cost. Key Financial Assumptions The key commodity price, exchange rate, taxation and discount rate assumptions applied in the Base Case are summarised below. Table 6 | Key Financial Assumptions Assumption Unit Base Case Tin price US$/t Sn 45,000 Tungsten APT price US$/mtu APT 2,500 Magnetite concentrate price US$/dmt concentrate 115 AUD:USD exchange rate US$/A$ 0.65 Corporate tax rate % 30 Discount rate for NPV % 8 The Base Case adopts long-term commodity price assumptions considered appropriate for assessing the underlying economics of the Mt Lindsay Project. These assumptions were developed with reference to a range of market sources, including consensus pricing adopted by comparable listed tin and tungsten companies, published market pricing and data from Asian Metal (asianmetals.com), and London Metal Exchange (LME) pricing data for tin. 12 Commodity Price Assumptions The Scoping Study adopts long-term price assumptions of US$2,500/mtu for tungsten APT and US$45,000/t for tin, both at discounts to the referenced market benchmarks. Tungsten: The assumed APT price of US$2,500/mtu is approximately 17% below the referenced European benchmark of US$3,000/mtu. The benchmark is based on Asian Metal's APT 88.5% WO₃ minimum, CIF Rotterdam/Baltimore, duty-free price series, as presented in Figure 1, published on 1 September 2026. The Company's long-term pricing approach reflects concentrated global tungsten supply and increasing interest in secure, non-Chinese sources. Tin: The assumed tin price of US$45,000/t is approximately 18% below the LME cash settlement price of US$54,725/t on 1 September 2026. The Company's long-term outlook reflects demand from electronics and electrification, alongside potential supply constraints. Both assumptions incorporate discounts to current market benchmarks and reflect the Company's view that structural supply constraints, rather than cyclical factors, alongside growing strategic and technology-driven demand, will support longer-term prices. Earnings and Cash Flow The Scoping Study financial model generates substantial modelled earnings and free cash flow over the life of the Project under the Base Case. The key modelled earnings and cash flow outcomes are summarised below. Table 7 | Earnings and Cash Flow Financial metric Unit Base Case Life-of-mine sales revenue A$m 5,204.2 Life-of-mine EBITDA A$m 3,114.3 Life-of-mine pre-tax free cash flow (FCFF)¹ A$m 2,672.4 Life-of-mine post-tax free cash flow (FCFF)¹ A$m 1,917.1 ¹ Free cash flow to firm (FCFF) represents modelled project cash flow before financing and includes pre-production and sustaining capital and closure costs. Sensitivity analysis The Base Case economics are sensitive to movements in commodity prices, ore grades, operating costs, mining costs, upfront and sustaining capital, processing costs and waste tonnes. The sensitivity analysis has been prepared against the Base Case after-tax NPV₈ of approximately A$1.01 billion and illustrates the impact of independent ±10% and ±20% changes in each variable. The analysis indicates that project value is most sensitive to commodity prices and ore grades. A 20% reduction in commodity prices reduces after-tax NPV₈ to approximately A$614 million, while a 20% reduction in ore grades reduces it to approximately A$625 million. Operating costs and mining costs also have a material impact on project value, while upfront capital, processing costs, waste tonnes and sustaining capital have a comparatively smaller effect within the ranges tested. 13 Figure 5 | Base Case After-Tax NPV8 sensitivity analysis Figure 5: Base Case after-tax NPV₈ sensitivity analysis. Base Case NPV₈: A$1,006.0 million. Sensitivities show the independent impact of ±10% and ±20% changes in each variable, with all other assumptions held constant. The sensitivity analysis is illustrative only and considers changes to individual assumptions in isolation, with other assumptions held constant. Actual project outcomes may be affected by simultaneous changes in multiple variables and may differ materially from the outcomes presented. Property description, access and infrastructure setting Mt Lindsay is located in north-west Tasmania, approximately 32 kilometres by road west of Tullah and approximately 120 kilometres by road from the Port of Burnie. The Project is located within an established Tasmanian mining region that includes the Renison Bell and Rosebery mining operations. The Project is accessed from the regional road network and existing access corridors. The Port of Burnie provides established port infrastructure in north-west Tasmania, with any future use by the Project subject to detailed logistics assessment and relevant commercial arrangements. Regional rail infrastructure, including the Melba rail line, may provide a potential alternative transport option subject to future project requirements and detailed assessment. The physical set