Announcement PDF ASX Announcement 20 October 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 Jupiter Scoping Study Defines Pathway to Development Critica Limited (ASX: CRI) (“Critica” or the “Company”) is pleased to announce the outcomes of the Scoping Study for its 100%-owned Jupiter Rare Earth Elements Project (“Jupiter” or the “Project”) in Western Australia. The Scoping Study is underpinned by the updated JORC 2012 compliant Mineral Resource Estimate (“MRE”) announced by the Company on 12 October 2026, which established Jupiter’s first Indicated Mineral Resource. The Scoping Study was prepared by Sedgman Pty Ltd (“Sedgman”), with Snowden Optiro providing the mine design and scheduling work and SRK Consulting (“SRK”) responsible for the Mineral Resource Estimate underpinning the Study. The Scoping Study outlines a potential large-scale rare earths development pathway based on conventional open-pit mining, beneficiation and downstream hydrometallurgical processing to produce a mixed rare earth carbonate (“MREC”). The Study is based on an 8.0 Mtpa processing design basis and evaluates the development of Jupiter’s near-surface rare earth mineralisation, with the Production Target overwhelmingly underpinned by Indicated Mineral Resources. Jupiter contains all four principal magnet rare earths: neodymium, praseodymium, dysprosium and terbium. The Base Case attributes no value to iron, gallium or scandium, which remain subject to further evaluation. 2 Executive Summary • Scoping Study outlines an 8.0 Mtpa open-pit development pathway for the 100%- owned Jupiter Rare Earth Elements Project in Western Australia, producing a mixed rare earth carbonate (“MREC”). • Updated Mineral Resource of 1.7 Bt at 1,700 ppm TREO, including Jupiter’s first 160 Mt Indicated Mineral Resource, independently estimated by SRK Consulting at a 1,000 ppm TREO cut-off and announced on 12 October 2026. • 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 NPV₈ of approximately A$2.7 billion & IRR of approximately 56.0% o After-tax NPV₈ of approximately A$2.0 billion & IRR of approximately 48.4% o Estimated after-tax payback period of approximately 2.0 years from commencement of operations o Modelled life-of-mine sales revenue of approximately A$12.3 billion • Estimated pre-production capital of approximately A$556 million, supporting development of the proposed mining, beneficiation and hydrometallurgical processing operation. • Production Target overwhelmingly underpinned by Indicated Mineral Resources, with approximately 97% of the 107 Mt Production Target derived from Indicated Mineral Resources and 3% from Inferred Mineral Resources, based on a 1,500 ppm TREO plant- feed cut-off and following pit optimisation, conceptual mine design and scheduling. • The Production Target represents only approximately 6% of Jupiter’s total Mineral Resource, leaving approximately 94% outside the current mine plan and providing substantial potential for future Resource conversion, mine-life extension and/or expansion. • Conventional open-pit mining and integrated processing, with a favourable life-of- mine strip ratio of approximately 1.4:1, producing approximately 8,300 tpa of contained TREO in MREC (life-of-mine average) at a modelled overall TREO recovery of approximately 58%. • Exposure to all four principal magnet rare earths – neodymium, praseodymium, dysprosium and terbium - which together represent approximately 23% of TREO, with yttrium also contained within and valued as part of the MREC basket. • Potential upside from iron, gallium and scandium, including potential iron concentrate production, which are excluded from the current Scoping Study economics and remain subject to further evaluation. • Broader Brothers opportunity - Jupiter is one of six rare earth discoveries across the 100%-owned Brothers Project and represents less than 3% of its landholding. 3 Cautionary statement The Scoping Study referred to in this announcement has been undertaken to determine the potential viability of developing the Jupiter Rare Earth Elements Project in Western Australia. 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 to assess whether Critica may be able to provide any assurance of an economic development case. The Scoping Study Production Target is based on part of the Jupiter JORC 2012 compliant Mineral Resource Estimate announced by the Company on 12 October 2026. The Production Target comprises approximately 107 Mt of scheduled plant feed, based on a 1,500 ppm TREO plant-feed cut-off and following pit optimisation, conceptual mine design and scheduling, of which approximately 97% is derived from Indicated Mineral Resources and approximately 3% 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. Inferred Mineral Resources underpin only approximately 3% of the Production Target and are distributed across the mine schedule. The Company has concluded that the Inferred Mineral Resources included in the Production Target are not a determining factor in the viability of the development scenario and do not comprise a significant proportion of plant feed during the early years of the mine plan. The Scoping Study outcomes, production target and forecast financial information are based on the material assumptions and modifying factors outlined in this announcement, including assumptions about the availability of funding. To achieve the range of outcomes indicated in the Scoping Study, funding in the order of approximately A$556 million will be required for pre-production capital, which has been estimated to a Scoping Study level of accuracy of ±35%, plus working capital and other funding requirements. The Company does not currently have this funding in place. 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 and modifying factors 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 Jupiter Project will require substantial further funding. As noted above the Scoping Study estimates pre-production capital of approximately A$556 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 the 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” 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. 4 Critica CEO, Jacob Deysel, commented: “The Jupiter Scoping Study is a major milestone for Critica, demonstrating the potential for a large-scale rare earths development with compelling preliminary economics and a Production Target overwhelmingly underpinned by Indicated Mineral Resources. The Study delivers a pre-tax NPV₈ of A$2.7 billion, a pre-tax IRR of 56.0% and pre-production capital of approximately A$556 million. Importantly, approximately 96.6% of the Production Target is derived from Indicated Mineral Resources, providing a substantially higher-confidence foundation for the development case evaluated in the Study. The Production Target also represents only approximately 6% of Jupiter’s total Mineral Resource, leaving approximately 94% outside the current mine plan and providing significant potential for future Resource conversion, mine-life extension and/or expansion. The Base Case attributes no value to iron, gallium or scandium, providing further potential upside as we advance the Project. The Scoping Study was prepared by Sedgman, with Snowden Optiro undertaking the mine design and scheduling work and SRK Consulting responsible for the Mineral Resource Estimate. The Study provides a clear technical foundation for the next phase of development at Jupiter.” Cautionary statement cont. The Scoping Study Base Case assumes a gross MREC basket value of US$52.80/kg and 75% payability against that gross basket value. The assumed MREC basket value is a modelled gross contained rare earth oxide value derived from the assumed individual rare earth oxide price deck and modelled MREC composition and is not a quoted market price or contracted sales price for MREC. Critica has no binding offtake or pricing agreement for the proposed MREC and actual realised MREC pricing and payability may differ materially from the assumptions used in the Scoping Study. 5 Key Financial Outputs Financial Metric Unit Base Case Sales revenue A$m 12,271 Average annual EBITDA¹ A$m 446 Total operating costs A$m 6,022 Pre-tax NPV₈ A$m 2,672 After-tax NPV₈ A$m 1,985 Pre-tax IRR % 56.0 After-tax IRR % 48.4 After-tax payback period2 years 2.0 Pre-production capital A$m 555.5 After-tax NPV₈ / pre-production capital3 3.6x Total LOM capital (pre-production, sustaining & closure capital) A$m 606.2 Mining schedule years 14.3 Processing schedule years 14.0 Material processed Mt 107.3 NPV is calculated using an 8% real discount rate from the assumed commencement of construction in 2030. 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. MREC pricing caution: The Scoping Study Base Case assumes a gross MREC basket value of US$52.80/kg and 75% payability against that gross basket value. The US$52.80/kg MREC basket value is a modelled gross contained rare earth oxide value derived from the assumed individual rare earth oxide price deck and the modelled composition of the MREC. It is not a quoted market price for MREC or a contracted sales price. Critica has no binding offtake or pricing agreement for the proposed MREC. Actual realised MREC pricing and payability will depend on the final product composition and specification, customer qualification, applicable refining and commercial terms and prevailing market conditions, and may differ materially from the assumptions used in the Scoping Study. 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 Payback period is calculated on an after-tax, pre-finance basis from commencement of operations. It excludes the pre-production development period. ³ 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 107 Mt of scheduled plant feed, based on a 1,500 ppm TREO plant-feed cut-off and following pit optimisation, conceptual mine design and scheduling, of which approximately 97% is derived from Indicated Mineral Resources and approximately 3% 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. Inferred Mineral Resources comprise only 3% of the Production Target and are distributed across the mine schedule. The Company has concluded that the Inferred Mineral Resources included in the Production Target are not a 6 determining factor in the viability of the development scenario and do not comprise a significant proportion of plant feed during the early years of the mine plan. Key Investment and Strategic Themes 1. Large-scale rare earth resource base – the updated Jupiter Mineral Resource comprises approximately 1.7 Bt at 1,700 ppm TREO at a 1,000 ppm TREO cut-off, including Jupiter’s first Indicated Mineral Resource of approximately 160 Mt at 1,700 ppm TREO, providing a substantial Resource base to support the Project’s ongoing evaluation. 2. Production Target overwhelmingly underpinned by Indicated Mineral Resources and utilises only a small proportion of the Resource – approximately 97% of the 107 Mt Production Target is derived from Indicated Mineral Resources, with 3% derived from Inferred Mineral Resources. The Production Target represents only approximately 6% of Jupiter’s total Mineral Resource, leaving approximately 94% outside the current mine plan and providing substantial potential for future Resource conversion, mine optimisation and evaluation of mine-life extension opportunities. 3. Exposure to all four magnet rare earths and a broader suite of strategic commodities – magnet rare earths comprise approximately 23% of TREO, including neodymium, praseodymium, dysprosium and terbium. Jupiter also contains iron, gallium, scandium and yttrium, with yttrium included within the MREC basket valuation. No value is attributed to iron, gallium or scandium in the Base Case, representing potential future upside subject to further evaluation. 4. Strategic opportunity to support diversified Western rare earth supply chains – global rare earth supply remains highly concentrated, with Argus estimating China accounts for more than 65% of global mined rare earth output and approximately 85% of separation capacity. While Argus forecasts China’s share of global rare earth supply to decline as new projects and existing non-Chinese producers expand, China is forecast to remain a major source of global supply through 2040. Jupiter’s location in Western Australia and exposure to all four principal magnet rare earths position the Project as a potential future contributor to more diversified rare earth supply chains. 5. Defined rare earth production pathway – the Scoping Study evaluates an 8.0 Mtpa operation incorporating open-pit mining, beneficiation and downstream hydrometallurgical processing, with the Base Case producing MREC containing approximately 8,300 tonnes per annum of contained TREO on a life-of-mine average basis, against a Scoping Study process design basis of approximately 9,300 tonnes per annum at nominal processing capacity. 6. Beneficiation-first processing strategy – the proposed flowsheet concentrates rare earth- bearing material ahead of downstream hydrometallurgical processing, substantially reducing the mass requiring treatment. Pilot-scale testwork has demonstrated approximately 71% TREO recovery, while subsequent optimisation achieved approximately 14-fold TREO upgrading and 95% feed mass rejection. 7. Established Western Australian infrastructure setting – Jupiter is located in Western Australia’s Mid-West, approximately 70 km southwest of Mount Magnet and 270 km east of Geraldton, with the Project located less than 10 km from the Mount Magnet–Geraldton highway, a gas pipeline in proximity to the Project and electricity transmission infrastructure within approximately 50 km. 8. Positioned within Western Australia’s growing rare earths industry – Jupiter is located within an emerging rare earths mining and processing ecosystem that includes Iluka Resources’ Eneabba Rare Earths Refinery and Lynas Rare Earths’ Mt Weld mine and Kalgoorlie Rare Earths Processing Facility, supporting the development of rare earths processing capability, technical expertise and supply chains within Western Australia. 9. Substantial opportunity beyond the initial development case – with approximately 94% of Jupiter’s total Mineral Resource outside the current Production Target, Jupiter provides substantial scale for future evaluation. Further Resource conversion, metallurgical work, process optimisation and mine planning provide opportunities to assess mine-life extension, production optimisation and potential additional value streams beyond the current Scoping Study development case. 10. Broader Brothers opportunity – Jupiter is one of six rare earth discoveries within Critica’s 100%- owned Brothers Project and represents less than 3% of the broader Project landholding. The forecast financial information should be read together with the Scoping Study cautionary statement and material assumptions contained in this announcement. 7 Jupiter provides Critica with material exposure to magnet rare earths, which are strategically important inputs into high-performance permanent magnets used across electric vehicles, wind turbines, industrial motors, electronics, data centres, robotics and defence applications. Jupiter contains all four principal magnet rare earths (neodymium, praseodymium, dysprosium and terbium) which together represent approximately 23% of TREO in the updated Jupiter Mineral Resource. Global rare earth supply chains remain highly concentrated. Argus estimates that China currently accounts for more than 65% of global mined rare earth output and approximately 85% of global separation capacity. Argus forecasts new projects to account for approximately 25% of global mine supply by 2040, reflecting an increasing contribution from diversified sources of rare earth supply outside China. Notwithstanding this growth, China is expected to remain a major source of global rare earth supply through 2040. Figure 1 | Forecast global rare earth supply by source to 2040 (t REO) – Argus base model Figure 1: Argus forecasts global rare earth supply to increase from approximately 400 kt REO in 2026 to approximately 735 kt REO by 2040. Over the same period, China’s share of supply is forecast to decline from approximately 66% to 48%, as existing non-Chinese producers expand and new projects enter production. New projects are forecast to contribute approximately 25% of global mine supply by 2040, highlighting the increasing contribution expected from new and diversified sources of rare earth supply. Source: Argus Media, 2026. The concentration of existing supply, together with recent trade restrictions, has increased the strategic focus on developing diversified sources of magnet rare earth supply. In April 2025, China introduced export controls covering a range of medium and heavy rare earth-related products, including dysprosium and terbium metals, oxides, compounds and certain permanent magnet materials. The International Energy Agency (“IEA”) subsequently reported that exports of affected rare earth elements and permanent magnets fell sharply following the introduction of the controls, disrupting supply to downstream manufacturers outside China. Australia has identified light rare earth elements, particularly neodymium and praseodymium, and heavy rare earth elements, particularly dysprosium and terbium, among the initial minerals targeted by the Australian Government’s Critical Minerals Strategic Reserve. Gallium is also included. The Australian Government states that these minerals were selected having regard to vulnerable supply chains, their importance to national security and economic resilience, and Australia’s potential to meet identified demand. 8 The Jupiter Scoping Study process design basis provides for production of MREC containing approximately 9,300 tonnes per annum of TREO at nominal processing capacity, with the Base Case financial model assuming a life-of-mine average of approximately 8,300 tonnes per annum of contained TREO in MREC. Jupiter’s scale, exposure to all four principal magnet rare earths and location in Western Australia provide the Project with the potential to contribute to the development of more diversified rare earth supply chains. The Scoping Study Base Case assumes a gross MREC basket value of approximately US$52.80/kg (US$52,800/t) and 75% payability. The gross MREC basket value is derived from the expected rare earth composition of the product and long-term rare earth oxide price assumptions based on Argus Rare Earths Analysis Data, May 2026, using its Europe/US price forecasts to 2040 expressed in real 2026 US$/kg REO. Applied to an MREC grading approximately 58% TREO, these assumptions produce a representative Base Case gross basket value of approximately US$52,800/t MREC. The financial model applies 75% payability to this gross basket value. The modelled gross MREC basket value does not represent a quoted market price or contracted sales price for MREC. Critica has no binding offtake or pricing agreement for the proposed MREC. Actual realised pricing and payability will depend on final product composition and specification, customer qualification, applicable refining and commercial terms and prevailing market conditions, and may differ materially from the assumptions used in the Scoping Study. Importantly, the Scoping Study Base Case attributes no revenue to iron, notwithstanding that the proposed beneficiation flowsheet provides for the recovery of iron concentrates. At the proposed 8.0 Mtpa processing rate, the process design is expected to produce approximately 230,000 tonnes per annum of magnetite-rich iron concentrate and approximately 130,000 tonnes per annum of hematite-rich iron concentrate. No revenue from these products is included in the Base Case financial outcomes. The iron concentrates therefore represent potential future upside, subject to further metallurgical testwork, confirmation of product grades and specifications, recoveries, logistics, marketing and economic evaluation. Similarly, no value is attributed to gallium or scandium in the Base Case. These commodities represent potential future upside subject to further mineralogical, metallurgical and commercial evaluation. Yttrium is contained within the MREC and is included in the MREC basket valuation applied in the Base Case. Pathway to Development Jupiter has a number of important foundations already in place to support its advancement through the next stages of project development. The Project combines a large established Mineral Resource, shallow conventional open-pit development, a defined processing pathway and access to established infrastructure in Western Australia’s Mid-West, providing a practical foundation for progression through further feasibility studies, approvals and ultimately development. Jupiter is one of six rare earth discoveries within Critica’s 100%-owned Brothers Project and represents less than 3% of the broader Brothers Project landholding. Key development attributes include: 1. 100% ownership – providing Critica with control over the future development and commercialisation strategy for Jupiter; 2. Large Resource foundation – an updated JORC 2012 compliant Mineral Resource of approximately 1.7 Bt at 1,700 ppm TREO, including Jupiter’s first Indicated Mineral Resource of approximately 160 Mt at 1,700 ppm TREO, providing substantial scale relative to the initial development contemplated in the Scoping Study; 3. High-confidence initial development relative to the Resource – approximately 96.6% of the 107.3 Mt Production Target is derived from Indicated Mineral Resources, while the Production Target represents only approximately 6% of Jupiter’s total Mineral Resource; 4. Shallow, conventional mining – near-surface mineralisation supporting a staged open-pit development using conventional hydraulic excavators and haul trucks, with no routine drilling and blasting currently contemplated; 9 5. Favourable strip ratio – the Scoping Study mine plan has an average waste-to-feed strip ratio of approximately 1.4:1, limiting the amount of waste material required to be mined relative to plant feed and supporting efficient conventional open-pit mining, with potential benefits for mining costs, equipment requirements and waste-rock management; 6. Defined processing pathway – beneficiation followed by hydrometallurgical processing to produce MREC, supported by pilot-scale beneficiation and downstream metallurgical testwork; 7. Demonstrated rare earth product flexibility – metallurgical testwork has successfully produced high-quality mixed rare earth oxide (MREO) grading approximately 97% TREO and mixed rare earth carbonate (MREC) grading approximately 58% TREO, demonstrating the potential for alternative product pathways to meet different downstream customer requirements, subject to further process optimisation and commercial evaluation; 8. Established infrastructure setting – proximity to the sealed Geraldton–Mount Magnet road, regional gas and power infrastructure and access to services and export infrastructure through Geraldton; 9. Established land-use setting – the Project is located on Crown pastoral lease land within an established Western Australian mining and pastoral land-use framework, with existing access to the Project area; 10. Established mining jurisdiction – location within Western Australia’s Mid-West provides access to an established resources-sector workforce, services and supply chain and a well-defined regulatory framework. Jupiter is also positioned within Western Australia’s growing rare earths industry, which includes Iluka Resources’ developing Eneabba Rare Earths Refinery and Lynas Rare Earths’ Mt Weld mine and Kalgoorlie Rare Earths Processing Facility; and 11. Broader Brothers growth potential – Jupiter is one of six rare earth discoveries within Critica’s 100%-owned Brothers Project and represents less than 3% of the broader Project landholding, providing substantial opportunity for further exploration, resource growth and evaluation of additional rare earth deposits beyond the initial Jupiter development. 10 Figure 2 | Jupiter and the wider Brothers location and regional infrastructure Figure 2: Jupiter is located in Western Australia’s Mid-West region, approximately 70 km southwest of Mount Magnet and approximately 270 km east of Geraldton, with access to established road, gas and export infrastructure. The Project is also positioned within Western Australia’s growing rare earths industry, which includes Iluka Resources’ developing Eneabba Rare Earths Refinery 250 km to the southwest and Lynas Rare Earths’ Mt Weld mine and Kalgoorlie Rare Earths Processing Facility 475 km to the southeast. Distances quoted are approximate straight-line distances. 11 Figure 3 | Jupiter resource footprint within the Brothers REE Project Figure 3: Jupiter is one of six rare earth discoveries within Critica’s 100%-owned Brothers Project and represents less than 3% of the broader Brothers Project landholding. The right panel shows the Jupiter Mineral Resource footprint and the left panel shows Jupiter in the context of the broader Brothers Project. Development setting Land tenure and physical setting Jupiter is situated on Crown pastoral lease land, within relatively flat and sparsely vegetated terrain, with existing tracks providing access across the Project area. This provides an established land-use setting for the Project, subject to applicable statutory approvals, heritage requirements and pastoral leaseholder arrangements. Figure 4 | Jupiter Project development setting Figure 4: Jupiter resource area showing the relatively flat, sparsely vegetated terrain and vehicle access. 12 Road access and Geraldton Jupiter benefits from proximity to established regional transport infrastructure. The sealed Geraldton– Mount Magnet Road passes approximately 10 km from the Project, providing an established regional transport route towards Geraldton. Geraldton is located approximately 270 km west of Jupiter and provides access to regional services, workforce and logistics support, together with established port and export infrastructure. Figure 5 | Established road access near the Jupiter Project Figure 5: The sealed Geraldton–Mount Magnet Road passes within 16 km of Jupiter, providing established access for personnel, equipment and project logistics and a direct transport connection towards Geraldton. Figure 6 | Geraldton Port and regional export infrastructure Figure 6: Geraldton Port, approximately 270 km west of Jupiter, provides established port and export infrastructure servicing Western Australia’s Mid-West region. Source: Wikimedia Commons, CC0 1.0. 13 Gas infrastructure Existing high-pressure gas infrastructure is located in the vicinity of Jupiter, providing a potential future energy-supply option for the Project. The availability and configuration of future gas supply to the Project will be further assessed as part of subsequent engineering studies. Figure 7 | Gas infrastructure near the Jupiter Project Figure 7: Exis