Announcement PDF Jacob Deysel | CEO Critica Investor Webinar | 21 October 2026 ASX: CRI One Critical Minerals Platform Two Scoping Studies delivered Two strategic Australian projects Tungsten | Tin | Rare Earths + Yttrium | Gallium This Presentation (Presentation) has been prepared by Critica 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 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 unanticipated market, financial or political developments. To the fullest extent permitted by law, CRI, its officers, employees, related bodies corporate, 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 take no responsibility for, any part of this Presentation and make no representation or warranty as to the currency, accuracy, reliability or completeness of any information, statements, opinions, 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 forward-looking statements and forward-looking information. BASIS OF PREPARATION The Mt Lindsay Scoping Study is a preliminary technical and economic study that is not sufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case. No Ore Reserve has been declared. The Scoping Study cautionary statement, production target basis and funding disclosure are set out in full on the following page and in the Company’s ASX announcement dated 29 September 2026. COMPETENT PERSONS STATEMENTS The information in this Presentation 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 Presentation of the matters based on his information in the form and context in which they appear. The information in this Presentation that relates to the Mineral Resource estimates for Mt Lindsay is based on, and fairly represents, information and supporting documentation prepared by Dr. Stuart Owen who is a member of the Australian Institute of Geoscientists. The information includes the mining and metallurgical assumptions used in reporting the Mineral Resource. Dr. Owen has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Dr Owen consents to the inclusion in the Presentation of the matters based on his information in the form and context in which they appear. The information in this Presentation that relates to previously reported Exploration Results and metallurgical test work has been extracted from the Venture Minerals Limited ASX announcements “Record Breaking Drill Intersection at Mount Lindsay - 147 metres @ 1.0% Tin” dated 16 December 2021 and “Pilot Scale Metallurgy Confirms Excellent Recoveries at Mt Lindsay” dated 31 August 2012. Critica confirms that it is not aware of any new information or data that materially affects the information included in those announcements and that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements. The information in this Presentation that relates to the Mt Lindsay Mineral Resource estimate has been extracted from the Company’s ASX announcement “Critica Updates Mt Lindsay Tin-Tungsten Mineral Resource to JORC 2012” dated 14 September 2026 (for which the Competent Person was Dr. Stuart Owen), and the information relating to the Mt Lindsay Scoping Study has been extracted from the Company’s ASX announcement dated 29 September 2026. Critica confirms that it is not aware of any new information or data that materially affects the information included in those announcements and that all material assumptions and technical parameters underpinning the mineral resource estimates, financial forecasts and the production target continue to apply and have not materially changed. Critica confirms that the form and context in which the Competent Person’s findings have not been materially modified from the relevant announcement. Copies of the announcements are available at www.asx.com.au (ASX: CRI) or www.critica.limited. The Scoping Study technical work, including the underground mine design, mine schedule, processing flowsheet, infrastructure concept and capital and operating cost estimates, was prepared by DRA Global. Disclaimer Authorised by the Board of Critica Limited critica.limited | ASX: CRI | October 2026 2 BASIS OF PREPARATION: JUPITER PROJECT The Jupiter Scoping Study is a preliminary technical and economic study that is not sufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case. No Ore Reserve has been declared. The Scoping Study cautionary statement, production target basis and funding disclosure are set out in full in the Jupiter Scoping Study Cautionary Statement in this Presentation and in the Company’s Jupiter Scoping Study ASX announcement dated 20 October 2026. Competent Persons Statements: Jupiter Project The information in this Presentation that relates to Exploration Results, geological interpretation, data compilation and data quality for the Jupiter Project is based on information compiled by Dr Stuart Owen, with Dr Natalee Bonnici contributing to the data compilation and data quality aspects of the Mineral Resource work. Dr Owen and Dr Bonnici are employees of Critica Limited and act as joint Competent Persons for their respective areas of responsibility. Dr Owen is a Member of the Australian Institute of Geoscientists. Dr Bonnici is a Member of the Australian Institute of Geoscientists (Membership No. 11904). Both have sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to their respective activities, to qualify as Competent Persons as defined in the 2012 Edition of the JORC Code. The information in this Presentation that relates to the Jupiter Mineral Resource Estimate is based on information and supporting documentation prepared by Mr Rodney Brown of SRK Consulting (Australasia) Pty Ltd. Mr Brown is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient relevant experience to qualify as a Competent Person under the JORC Code. Mr Brown is responsible for the preparation of the resource models and Mineral Resource estimates. Dr Owen, Dr Bonnici and Mr Brown consent to the inclusion of the matters based on their respective information in the form and context in which they appear. The information in this Presentation that relates to the Jupiter Mineral Resource Estimate and Jupiter Scoping Study has been extracted from the Company’s ASX announcements “Jupiter Delivers First 160 Mt Indicated Mineral Resource” dated 12 October 2026 and the Jupiter Scoping Study announcement dated 20 October 2026. Critica confirms that it is not aware of any new information or data that materially affects the information included in those announcements and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate, production target and forecast financial information continue to apply and have not materially changed. Critica confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the relevant announcements. The Jupiter Scoping Study technical work was prepared by Sedgman Pty Limited, including specialist technical work undertaken by its subcontractors. Snowden Optiro completed the mining Scoping Study, including the open-pit mine design and mine schedule. Technical Statement: Sedgman The information in this Presentation that relates to the Jupiter Scoping Study processing flowsheet, infrastructure concept, capital and operating cost estimates and associated modifying factors is based on technical work prepared by Sedgman Pty Limited, including specialist technical work undertaken by its subcontractors. The relevant technical information has been reviewed and approved by Robert Simmons, Manager, Project Development of Sedgman. Robert Simmons has sufficient experience relevant to the assessment, development and study of mineral projects of this type and scale, including the consideration of processing, infrastructure, capital and operating cost inputs and other modifying factors at Scoping Study level, and consents to the inclusion in this Presentation of the matters based on Sedgman’s work in the form and context in which they appear. The Information in this presentation relates to previous exploration results and metallurgical results extracted from the following ASX announcements: • 20 October 2026 – Jupiter Scoping Study Defines Pathway to Development • 12 October 2026 – Jupiter Delivers First 160Mt Indicated Mineral Resource • July 2026 - Critica Confirms High-Grade Rare Earth Zones at Jupiter • 27 May 2026 - Jupiter Pilot Plant Delivers 14x Rare Earth Upgrade • 20 May 2026 - Critica Secures $300,000 MRIWA and RTCM Trailblazer Funding • 18 May 2026 - Critica Produces 97% TREO Third MREO from Jupiter • 5 May 2026 - Critica Appoints DRA Global for Mt Lindsay Underground Scoping Study • 14 April 2026- Jupiter Pilot Plant Recovery Improves to 81% MagREO • 16 February 2026 – Critica Produces First MREC from Jupiter at ANSTO • 2 December 2025 – Second High-Grade MREP Shows Strong Magnet REE & Y Grades • 17 November 2025 – Critica’s MREP Flowsheet Achieves 63% Gallium Leach Recovery • 28 October 2025 – Jupiter Delivers First High Grade 84% TREO MREP • 29 September 2025 – Consistent Bulk Sample Results Strengthen Jupiter Pathway • 1 September 2025 - Critica to produce high-grade REE concentrate at pilot plant • 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’s Largest Clay Hosted • 23 January 2025 – First Pass Metallurgical Testwork Delivers 830% REE Upgrade Critica confirms that it is not aware of any new information or data that materially affects the exploration results and metallurgical results information included in those announcements and that the form and context in which the Competent Person’s findings are presented have not been materially modified from those announcements. The Competent Person for relevant exploration results and metallurgical results in those announcements was Dr Stuart Owen. Copies of the announcements are available at www.asx.com.au (ASX: CRI) or www.critica.limited. Disclaimer (continued) Authorised by the Board of Critica Limited critica.limited | ASX: CRI | October 2026 3 MT LINDSAY TUNGSTEN + TIN SCOPING STUDY DELIVERED A$1.0bn2 After-tax NPV₈ 55.6% After-tax IRR STRONG ECONOMICS DEMONSTRATED • Production Target ~92% Indicated Resources • Strong NPV, IRR and rapid payback • Advancing feasibility, offtake and partners JUPITER RARE EARTHS + Y + Ga SCOPING STUDY DELIVERED A$2.0bn1 After-tax NPV₈ 48.4% After-tax IRR STRONG ECONOMICS DEMONSTRATED • Production Target ~97% Indicated Resources • Strong NPV, IRR and rapid payback • Advancing PFS, offtake and strategic partners 100% OWNED AUSTRALIAN ASSETS • STRATEGIC CRITICAL MINERALS • MULTIPLE NEAR-TERM CATALYSTS ¹ Jupiter Scoping Study: all Jupiter economic and development metrics are Scoping Study estimates. Refer Critica Limited ASX announcement “Jupiter Scoping Study Defines Pathway to Development” dated 20 October 2026; Mineral Resource of 160Mt Indicated and 1.5Bt Inferred, for a total 1.7Bt at 1,700ppm TREO (1,000ppm TREO cut-off), refer ASX announcement “Jupiter Delivers First 160 Mt Indicated Mineral Resource” dated 12 October 2026. ² Mt Lindsay Scoping Study: all Mt Lindsay economic and development metrics are Scoping Study estimates. Refer Critica Limited ASX announcement “Mt Lindsay Study Delivers Strong Tungsten and Tin Economics” dated 29 September 2026. Read with the Scoping Study Cautionary Statements in this Presentation. A$245m Pre-production capital ~1.9 YEAR PAYBACK ~2.0 YEAR PAYBACK I N V E S T M E N T C A S E The Critica Investment Case Two 100%-owned Australian projects | ~A$3.0bn combined after-tax NPV₈ critica.limited | ASX: CRI | October 2026 A$556m Pre-production capital 4 THE SUPPLY PROBLEM China dominates processing and refining across the minerals Critica is targeting. ~99% Gallium supply1 ~90% Rare earth processing2 ~80% Tungsten & downstream1 ~45% Refined tin supply3 DEMAND + DIVERSIFICATION Strategic demand is broadening across four major end markets. DEFENCE Tungsten + magnet REEs AI + DATA CENTRES Tin + rare earths ADVANCED MANUFACTURING Tungsten + tin ELECTRIFICATION Magnet rare earths Rare earth supply needs to grow materially by 2040, with new projects required to diversify supply.2 CRITICA'S RESPONSE Two Australian projects exposed to the exact supply chains the West is trying to secure. JUPITER | WA Rare earths • Yttrium • Gallium 1.7Bt Resource • 160Mt Indicated Beneficiation + high-grade MREC/MREO MT LINDSAY | TAS Tungsten • Tin Scoping Study • ~92% Indicated A$1.01bn after-tax NPV₈ • 55.6% IRR THE INVESTMENT THESIS: CONCENTRATED SUPPLY + STRATEGIC DEMAND + TWO AUSTRALIAN PROJECTS WITH DISTINCT VALUE DRIVERS Sources: ¹ USGS, Mineral Commodity Summaries 2026 / China Mineral Industry data. ² IEA, Global Critical Minerals Outlook 2026. ³ International Tin Association / Project Blue market estimates. ⁴ Reuters, “How obscure yttrium became a global flashpoint”, 13 September 2026. Project data: Critica ASX announcements. ~93% Yttrium supply4 I N V E S T M E N T C A S E Why Critica Matters Now Critical mineral supply is concentrated. Demand is strategic. New Western supply is required. critica.limited | ASX: CRI | October 2026 5 COMMODITY MARKETS ARE RESPONDING Three price signals reinforce the strategic-demand story. RARE EARTHS (NdPr) ~1.8× since January 20264 Policy support + tightening supply TUNGSTEN (WO₃) ~6.5× year on year5 Export controls + defence / industrial demand TIN (Sn) ~3× from 2022 lows6 Supply disruption + AI / data-centre demand Not a single-commodity thesis. Critica has exposure across multiple minerals and multiple end markets. POLICY SUPPORT + TIGHTER SUPPLY + STRONGER PRICING = A MORE SUPPORTIVE BACKDROP FOR CRITICA Sources: ¹ US–Australia Framework for Securing Supply in Critical Minerals and Rare Earths, Oct 2025; ² Australian Government, Critical Minerals Strategic Reserve, Jan 2026; ³ Chinese critical-mineral export control announcements, 2023–25; ⁴ SMM NdPr oxide market data, Sep 2026; ⁵ Argus/Fastmarkets European APT market data, Sep 2025–Sep 2026; ⁶ LME tin cash settlement data, Oct 2022–Sep 2026. POLICY IS MOVING FROM WORDS TO ACTION Governments are increasingly acting to secure critical-mineral supply chains. US + AUSTRALIA Critical minerals supply framework1 Financing • offtake • permitting • potential price- support mechanisms AUSTRALIA A$1.2bn Strategic Reserve2 Rare earths and gallium among the initial priority minerals CHINA Export controls have changed the market3 Rare earths, gallium and tungsten increasingly subject to strategic trade controls Governments are no longer just identifying critical minerals; they are actively intervening to secure supply. I N V E S T M E N T C A S E Policy and Prices Are Re-Rating Critical Minerals Government intervention is accelerating as strategic supply constraints support stronger commodity pricing critica.limited | ASX: CRI | October 2026 6 ONE PLATFORM • TWO PROJECTS • COMPLEMENTARY VALUE DRIVERS • MULTIPLE CATALYSTS Mt Lindsay: figures are Scoping Study estimates (ASX, 29 September 2026). Jupiter: figures are Scoping Study estimates (ASX, 20 October 2026); Mineral Resource of 160Mt Indicated and 1.5Bt Inferred, for a total 1.7Bt at 1,700ppm TREO (1,000ppm TREO cut-off), refer ASX announcement “Jupiter Delivers First 160 Mt Indicated Mineral Resource” dated 12 October 2026. Scoping Study estimates are preliminary and subject to uncertainty; development of each project remains subject to further studies, approvals, financing and a future Board decision. WHAT EACH PROJECT CONTRIBUTES MT LINDSAY FIRST TO DEVELOP Tungsten + tin • Tasmania Scoping Study delivered → DFS / offtake / strategic partners JUPITER SCALE + ECONOMICS Rare earths + Y + Ga • Western Australia Scoping Study delivered → PFS / offtake / partners THE CRITICA PLATFORM 100% OWNED • AUSTRALIAN JURISDICTIONS • COMPLEMENTARY CRITICAL MINERALS • ONE PLATFORM I N V E S T M E N T C A S E One Platform, Two Strategic Australian Projects Two complementary Australian projects. One critical minerals platform critica.limited | ASX: CRI | October 2026 7 S E C T I O N 0 1 Mt Lindsay Project “One of Australia’s largest undeveloped tungsten & tin resources” Tungsten | Tin | North-west Tasmania critica.limited | ASX: CRI | October 2026 8 Base Case Scoping Study figures prepared by DRA Global; refer ASX announcement 29 September 2026 and read with the cautionary statement and material assumptions in that announcement. NPV at an 8% discount rate; corporate tax rate 30%. Concentrate payabilities assumed at 94% tin, 80% tungsten and 100% magnetite. Capital and operating cost estimates carry a Scoping Study accuracy range of approximately −25% to +50%. No Ore Reserve has been declared and there is no certainty the production target or forecast financial information will be realised. KEY SCOPING STUDY METRICS A$1.4bn Pre-tax NPV (8%) A$1.0bn After-tax NPV (8%) 55.6% After-tax IRR ~1.9 yrs Payback A$3.11bn LOM EBITDA A$5.20bn LOM sales revenue KEY FINANCIAL ASSUMPTIONS: BASE CASE Production target basis 1Mt average LOM run-rate ~92% Indicated and ~8% Inferred Mineral Resources, after mining modifying factors. Study author A$245m Pre-production capital 4.1x After-tax NPV / pre-prod capital Assumption Base Case Tin price US$45,000/t Tungsten APT price US$2,500/mtu Magnetite concentrate (65% Fe) US$115/dmt Exchange rate (AUD:USD) 0.65 Discount rate 8% Corporate tax rate 30% A$2.67bn Pre-tax LOM free cash flow A$1.92bn After-tax LOM free cash flow US$314/mtu Indicative tungsten operating cost* *After tin and magnetite by-product credits; derived non- IFRS measure, not C1 or AISC. M T L I N D S A Y P R O J E C T The Economics Speak for Themselves Mt Lindsay is one of the largest undeveloped tungsten–tin assets in a Tier 1 jurisdiction critica.limited | ASX: CRI | October 2026 9 TUNGSTEN APT US$2,500/mtu SEPTEMBER BENCHMARK US$3,000/mtu ~17% BELOW REFERENCED BENCHMARK Concentrated mining and refining; strategic interest in secure, non-Chinese supply. Argus/Fastmarkets European APT market data, 1 Sep 2026 TIN SCOPING STUDY BASE CASE US$45,000/t SEPTEMBER BENCHMARK US$54,725/t ~18% BELOW REFERENCED BENCHMARK Electronics and electrification demand alongside constrained, exposed supply. LME cash settlement, 1 Sep 2026 The assumptions are long-term assessment prices - not an extrapolation of current spot prices. They reflect Critica’s view that structural supply constraints and strategic demand support longer-term pricing. Source: Mt Lindsay Scoping Study, Commodity Price Assumptions. Mt Lindsay produces scheelite and tin concentrates; modelled revenue applies 80% tungsten and 94% tin payabilities, plus transport and selling costs. Benchmarks are dated market references, not forecasts. SCOPING STUDY BASE CASE M T L I N D S A Y P R O J E C T Concentrated Supply Is Driving a Structural Repricing Scoping Study economics underpinned by Base Case prices below September 2026 benchmarks critica.limited | ASX: CRI | October 2026 10 Distance to the Port of Burnie per the Mt Lindsay Scoping Study (ASX announcement 29 September 2026). Tasmania’s electricity generation is predominantly hydroelectric; the Scoping Study assumes grid power as the primary electricity supply, with connection capacity and commercial terms subject to confirmation. Named nearby operations are third-party mines cited for regional context only. 100% ownership and granted Mining Lease Established project ownership and mining tenure Established Mineral Resource More than 88,000m of diamond drilling and extensive technical work Established mining district Located near operating mines and established mining services Existing infrastructure and access Road access, nearby power infrastructure and regional rail Established export infrastructure Port of Burnie approximately 120 km by road 100% Ownership and granted Mining Lease 88,000m Diamond drilling completed Hydro Predominantly renewable Tasmanian grid 120km By road to Port of Burnie ~ 120km M T L I N D S A Y P R O J E C T Strong Foundations for Development Key foundations already in place to advance Mt Lindsay towards a DFS critica.limited | ASX: CRI | October 2026 11 PLAN VIEW OF THE MAIN AND NO.2 MINERALISED SYSTEMS 14.3 Mt ~32 kt ~23 kt ~92% Main and No. 2 Mineral Resource Production target from Indicated Mineral Resources Contained WO₃ Contained tin Supported by more than 88,000 m of diamond drilling Additional Mineral Resources lie outside the current Scoping Study focus, providing opportunities for further evaluation M T L I N D S A Y P R O J E C T An Established Resource Underpins Development The Main and No. 2 deposits represent 75% of Mt Lindsay’s total Mineral Resource critica.limited | ASX: CRI | October 2026 12 *Conceptual arrangement of the Mt Lindsay underground development showing the Main Skarn and No. 2 Skarn mineralised systems beneath surface, underground access from the existing HEC Quarry area, and the relationship to the proposed conveyor, processing plant, tailings storage and existing infrastructure. The concept illustrates how underground mine access and surface infrastructure are being considered together to maximise the use of existing disturbed areas and minimise new surface disturbance. Final locations and configurations remain subject to further engineering, environmental assessment and regulatory approvals. Refer ASX announcement 29 September 2026. Defined underground access Proposed decline from a portal within the existing HEC quarry Integrated site layout Underground conveyor connecting the mine to the proposed processing plant, approximately 600 m from the portal Designed Around Existing Disturbance Proposed infrastructure designed around existing disturbed areas, with potential underground tailings backfill. 1.0 Mtpa Proposed mining rate 13.5 years Mining schedule 11.6 years Processing life 10.9 Mt Material processed M T L I N D S A Y P R O J E C T A Defined Underground Mining Concept A 1.0 Mtpa underground operation leveraging existing infrastructure critica.limited | ASX: CRI | October 2026 13 A$244.5m Pre-production capital A$197.3m Sustaining capital + closure A$441.8m Total LOM capital 4.1x After-tax NPV / pre-prod capital Capital estimates from the Mt Lindsay Scoping Study (DRA Global), at Scoping Study accuracy of approximately −25% to +50%. Excludes working capital and financing costs. Refer ASX announcement 29 September 2026. PRE-PRODUCTION CAPITAL TOTAL LIFE-OF-MINE CAPITAL A$244.5m A$441.8m Mine development A$122.0m Processing & infrastructure A$94.0m Contingency A$28.5m Pre-production A$244.5m Sustaining capital A$177.3m Mine closure A$20.0m M T L I N D S A Y P R O J E C T A$244.5m to Production | Strong Capital Efficiency After-tax NPV of 4.1 times pre-production capital critica.limited | ASX: CRI | October 2026 14 2026 H1 H2 2027 H1 H2 2028 H1 H2 2029 H1 H2 Scoping Study Definitive Feasibility Study (18 months) Environmental Assessment and Permitting (parallel) Construction, Commissioning and Ramp-up Final Investment Decision (FID) mid-2028 First Production end 2029 1 Definitive Feasibility Study H2 2026 – H1 2028 • Optimise design, costs and schedule • Advance offtake and financing discussions • Refine environmental and social studies 2 Progress permitting 2026 – 2028 (parallel) • Environmental impact assessment • Progress key approvals • Stakeholder and community engagement 3 Final Investment Decision Mid-2028 • Subject to DFS outcomes, approvals and funding 4 Construction and ramp-up H2 2028 – 2029 • Indicative construction period • Commissioning and operational readiness • First production targeted end 2029 Indicative development pathway only. Timing is subject to further studies, engineering, environmental and regulatory approvals, product qualification, commercial outcomes, funding and a future Board decision to proceed. Refer to Mt Lindsay Scoping Study announcement, 29 September 2026. M T L I N D S A Y P R O J E C T From Scoping Study to First Production Indicative development pathway targeting first production end-2029 critica.limited | ASX: CRI | October 2026 15 S E C T I O N 0 2 Jupiter Project “Australia’s largest clay-hosted rare earth deposit” Rare Earths | Yttrium | Gallium | Western Australia critica.limited | ASX: CRI | October 2026 16 KEY SCOPING STUDY METRICS A$2.7bn Pre-tax NPV (8%) A$2.0bn After-tax NPV (8%) 48.4% After-tax IRR A$556m Pre-production capital ~2.0 yrs Payback A$6.25bn LOM EBITDA A$12.27bn LOM sales revenue 3.6x After-tax NPV / pre- prod capex A$5.64bn Pre-tax LOM free cash flow A$4.20bn After-tax LOM free cash flow A$30,150/t AISC per tonne MREC KEY FINANCIAL ASSUMPTIONS (BASE CASE) Assumption Base Case Gross MREC basket price US$52.80/kg MREC MREC payability 75% Exchange rate (AUD:USD) 0.65 Discount rate 8% Corporate tax rate 30% Total royalties (% of revenue) 3.5% Critical Minerals Production Tax Incentive (CMPTI) 10% Production target basis Study author 8 Mtpa nominal throughput 107.3 Mt Production Target 97% Indicated | 3% Inferred Base Case Scoping Study figures led by Sedgman; refer to the Jupiter Scoping Study ASX announcement and read with the cautionary statement and material assumptions. NPV at an 8% discount rate; corporate tax rate 30%; MREC payability 75%; AUD:USD 0.65; royalties 3.5% of revenue; Critical Minerals Production Tax Incentive 10%. Capital and operating cost estimates are Scoping Study estimates with accuracy of approximately ±35%. No Ore Reserve has been declared. J U P I T E R P R O J E C T The Economics Speak for Themselves Compelling economics from one of the world’s largest clay-hosted rare earth resources critica.limited | ASX: CRI | October 2026 17 Base Case pricing is independently forecast, product-specific and discounted for commercial payability Source: Argus Rare Earths Analysis Data, May 2026; Critica Jupiter Scoping Study. Actual realised pricing and payability will depend on final product composition and specification, customer qualification, prevailing market conditions and negotiated commercial terms. J U P I T E R P R O J E C T Long-Term Pricing Underpins the Base Case Independent Argus forecasts | Product-specific basket | 75% payability | Se