Annual Report
Released
Released
Announcement PDF
Critica Limited | 1
Contents
Corporate Directory 2
Letter from Chairman 3
Review of Operations 5
Directors’ Report 14
Auditor’s Independence Declaration 31
Financial Statements 33
Consolidated Entity Disclosure Statement 66
Directors’ Declaration 67
Independent Auditor’s Report 68
Additional Shareholder Information 72
Schedule of Mineral Tenements 74
Critica Limited | 2
Corporate Directory
Non-Executive Chairman
Timothy Lindley
Non-Executive Director
Nicholas Cernotta
Executive Director
Jamie Byrde
Chief Executive Officer
Jacob Deysel
Company Secretary
Susan Park
Principal & Registered Office
Level 2, 16 Altona Street
West Perth WA 6005
Telephone: (08) 6279 9428
Facsimile: (08) 6500 9986
Stock Exchange Listing
Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
ASX Code: CRI
Lawyers
Thomson Geer Lawyers
Level 29, Central Park Tower,
152-158 St Georges Terrace
PERTH WA 6000
Website Address
critica.limited
Share Registry
Automic Group
Level 5, 191 St Georges Terrace
Perth WA 6000
Auditors
Stantons International Audit and Consulting Pty Ltd
Level 2
40 Kings Park Road
WEST PERTH WA 6005
Bankers
National Australia Bank
50 St Georges Terrace
PERTH WA 6000
Critica Limited | 3
Letter from the Chairman
Dear fellow shareholders,
On behalf of the Board of Directors of Critica Limited, I am pleased to present our Annual Report for the financial
year ended 30 June 2026. This has been a year of exceptional technical progress and disciplined execution, in
which Critica has moved decisively from resource definition toward development, laying the foundation for what
your Board believes will be a fundamental re-rating of the Company.
We are operating in a world that is rapidly relearning the cost of dependency. Decades of “just in time” critical
minerals supply chains, built on the assumption of open trade and low-cost processing concentrated in China,
are giving way to a “just in case” world in which access to; rare earths, gallium, scandium, yttrium, tin and
tungsten is increasingly treated as a matter of national and economic security rather than commercial
convenience. Export licensing regimes have tightened, Western governments are actively stockpiling, and
defence, technology and manufacturing supply chains are being urgently redesigned around non-China sources.
Critica is one of a small number of companies globally positioned to respond to this shift with genuine scale and
commodity diversity. Through our two wholly owned projects in Western Australia and Tasmania, Critica offers
exposure to a broad basket of the critical minerals now at the centre of this realignment inside one company: light
and heavy rare earths, magnet rare earths, gallium, scandium, yttrium, tin and tungsten.
At the heart of this positioning is Jupiter, Australia’s largest clay-hosted rare earth resource, with an Inferred
Resource of 1.8 billion tonnes. Jupiter sits within our 100%-owned Brothers Project, a landholding of some 1,356
km² in Western Australia’s Mid-West. Jupiter is only one of six clay-hosted rare earth discoveries identified to date
within Brothers. During the year, drilling and metallurgical test work at our Juno and Aurora satellite deposits
confirmed geology and mineralogy consistent with Jupiter. It remains our ambition, that Critica’s “Brothers
District will one day be to rare earths what the Pilbara has been to iron ore!” a single province capable of
supplying a globally significant share of the world’s critical minerals needs for decades to come.
Above all, the past year has been a year of de-risking. Since I wrote to you last year, Jupiter’s beneficiation
potential has been proven, repeated and independently verified into commercial-quality downstream products, a
97% Mixed Rare Earth Oxide and a 58% Mixed Rare Earth Carbonate, with three independent laboratories;
ANSTO, GAVAQ and AMML. These results cannot be underestimated as Critica has now demonstrated it can
produce both a MRE Carbonate and MRE Oxide at Global commercial grades, something unique compared to
many of our global peers.
Weaponisation of global trade by China, with Tungsten export bans and controls, coupled with significant
increases in Tin prices due to significant demand increases and supply problems in Myanmar and Indonesia has
allowed us to take a completely fresh approach to developing our other flagship project Mt Lindsay. We have
applied the same rigour to our Mt Lindsay project, one of Australia’s largest undeveloped tin and tungsten
resources in north-west Tasmania. Rather than simply updating a decade-old open-pit study, your Board took the
view that Mt Lindsay deserved to be reassessed from first principles for today’s stronger tin and tungsten
markets, today’s mining methods and today’s environmental expectations.
The Mt Lindsay Scoping Study is now imminent with DRA Global developing an underground development design.
We believe this approach has the potential to make Mt Lindsay one of the most environmentally conscious tin-
tungsten developments anywhere in the world, at a time when both tungsten and tin prices have strengthened
materially over the course of the year. Given the historical mining licences, Mt Lindsay also has the potential to be
one of the world’s fastest to production Tungsten mines in the world a time of acute and urgent demand.
Critica has made extraordinary progress in developing two Scoping Studies in parallel, both due by Q3 2026 and
we believe these studies represent the point at which Critica’s story de-risks from resource potential and
metallurgical promise to detailed asset-level economics, allowing the market for the first time to truly value the
Company.
Critica Limited | 4
This has been made possible due to our CEO, Jacob Deysel, who has driven the Company’s transition from
explorer to developer with real urgency and discipline leveraging his experience, and I thank him for the speed and
rigour with which he has directed our team and partners.
On behalf of the Board, I extend my sincere gratitude to the whole of the Critica team, whose relentless
dedication and technical excellence has moved your Company to the cusp of two historic Scoping Studies within
little more than two years of Jupiter’s discovery.
Critica is now development ready. On the back of our two forthcoming landmark Scoping Studies, we intend to
move quickly to advance existing offtake discussions and to deepen engagement with international governments
and companies that are actively seeking to secure diversified, Western aligned sources of rare earths, gallium,
yttrium, scandium, tin and tungsten.
Financially, Critica ended the year in a considerably stronger position than it began it, following the completion of
an $8 million capital raising during the period, with cash and cash equivalents of $5.3 million as at 30 June 2026.
This funding has directly supported the pace of drilling, metallurgical test work and study work set out in this
report, and the Board continues to manage the Company’s balance sheet with the discipline our shareholders
expect as we advance toward the completion of two Scoping Studies.
In closing, I would like to thank you, our shareholders, for your continued support as Critica has advanced from
explorer to developer. The pace and scale of what your Company has achieved this year, across two projects, a
basket of critical minerals, and multiple independent laboratories and study partners, reflects a team executing
at a rate few of our peers can match. We are excited about the year ahead, and confident that the completion of
our two Scoping Studies will allow the market to see, in clear economic terms, the value we believe already exists
within Critica.
Yours faithfully,
Timothy Lindley FAICD FGIA
Chairman
Critica Limited
Critica Limited | 5
Review of Operations
Critica’s Dual-Project Critical Minerals Platform
Critica is advancing a diversified critical minerals platform through two strategically positioned Australian
assets. The Jupiter Rare Earth Project in Western Australia — the Company’s flagship and Australia’s largest
clay-hosted rare earth resource — provides exposure to magnet rare earths, yttrium and gallium, while the Mt
Lindsay Tin-Tungsten Project in Tasmania, one of the world’s largest undeveloped tin-tungsten projects, adds
exposure to tin and tungsten. Together the two projects span several critical minerals — rare earths, yttrium,
gallium, tin and tungsten — each subject to tightening global supply and increasing government support across
the U.S., Australia and Europe. During the year, both projects advanced towards Scoping Study completion,
each targeted for Q3 2026.
Brothers and Jupiter Clay-Hosted Rare Earths Project, Western Australia (100% owned)
Introduction
Critica’s 100% owned, flagship Brothers Clay-Hosted Rare Earth Project (Brothers) is a large strategic
landholding totalling approximately 1,356 km2
of granted tenure, with an additional 435 km2
of licences under
application, all situated on pastoral leases in Western Australia.
The Jupiter Project (Jupiter) is a high-grade, clay-hosted rare earths deposit located within the broader
Brothers landholding. Jupiter is the first of six clay-hosted REE discoveries that the Critica team has made at
Brothers. Discovered in late 2023 through geophysical targeting, Critica rapidly deployed cost-effective aircore
drilling (AC) to advance Jupiter. The Company successfully completed circa 40,000 metres of drilling within
Jupiter in less than 18 months.
To date, Jupiter boasts remarkably consistent rare earth mineralisation with broad, flat lying, high-grade zones
of 20 to 30 metre widths, under low cover and grades of over 2,000 ppm of Total Rare Earth Oxides (TREO). These
high-grade zones typically occur within circa 80 metre zones of mineralisation that grade over 1,000 ppm TREO.
The valuable magnet rare earths (MagREO) make up an average of 23 percent of the material which grades over
1,000 ppm TREO (by averaged assay data). An additional stand-out feature is the consistently low presence of
in-situ thorium and uranium.
Jupiter is strategically located within the Mt Magnet and Yalgoo mining district and enjoys exceptional
development potential being located adjacent to significant surrounding infrastructure. It is less than 10 km
from the bitumen highway that runs between Mt Magnet and Geraldton, providing easy access to local labour
centres, the Port of Geraldton and the mid-west gas pipeline that runs parallel to the highway.
Critica Limited | 6
Review of Operations (continued)
Figure 1 | Location Map of Jupiter within the Brothers clay-hosted REE Project
Critica Limited | 7
Review of Operations (continued)
Figure 2 | Jupiter and the Brothers Project Tenure map
Jupiter Maiden Resource Estimate
In February 2025, Critica achieved a key milestone through the release of a maiden Mineral Resource Estimate
(MRE) for Jupiter. The MRE contained an Inferred Resource of 1.8 Bt @ 1,700 ppm TREO at a 1,000ppm cut-off,
including a higher-grade component of 500 Mt @ 2,200 ppm TREO at a 1,800ppm cut-off. This high-grade
component is comparable with leading global clay-hosted REE deposits.
The MRE was prepared by leading international resource consultancy, SRK Consulting, and significantly
exceeded Critica’s expectations in terms of both tonnes and grade. The MRE also highlights excellent MagREO
content averaging approximately 23% of TREO along with a consistently low in-situ uranium and thorium
content.
The MRE was delineated with an average drill hole depth of just 58 metres, with more than 50% of drill holes
ending in mineralisation. Average thickness of mineralisation across the deposit is 31 metres. Mineralisation
begins from as little as two metres from surface, with an average depth across the deposit of 26 metres.
The Jupiter MRE establishes the project as Australia’s largest and highest-grade clay hosted rare earth resource
with a globally significant REE content potentially strategic to Australia’s future supply chain.
Notably, the MRE was delivered in just over a year following initial discovery at Jupiter in November 2023.
Critica Limited | 8
Review of Operations (continued)
Table 1 | Jupiter Inferred Grade-Tonnage Summaries
JORC Inferred Resource Cut-off Tonnage TREO2
Mag REO/MREO1
TREO (ppm) (Bt) (ppm) (ppm)
200 3.28 1,156 266
300 3.04 1,230 283
400 2.91 1,267 292
500 2.69 1,335 308
600 2.44 1,417 328
700 2.22 1,492 346
800 2.06 1,550 359
900 1.91 1,603 372
Global Resource 1,000 1.78 1,651 383
1,100 1.70 1,679 389
1,200 1.60 1,711 397
1,400 1.24 1,828 423
1,600 0.84 1,987 459
High-Grade Resource 1,800 0.52 2,169 499
2,000 0.30 2,372 542
2,200 0.17 2,578 587
¹ MREO (or MagREO) represents thesum of neodymium, praseodymium, dysprosium andterbium, expressed as oxides.MREO represents
approximately 23% of TREO.
2
TREO – Total Rare Earth Oxides
Resource drilling at Jupiter delivers excellent high-grade continuity of rare earth mineralisation
During the financial year, resource optimisation remained a key focus of the Jupiter Scoping Study. Since
publication of the maiden MRE, Critica completed 145 infill drill holes for 7,265 metres at Jupiter, together with a
further 29 holes for 1,204 metres at Juno and additional drilling across regional targets including Aurora. The infill
programme was completed on a nominal 125 metre by 125 metre spacing across the optimised resource
footprint and targeted higher-grade zones within the existing resource, supporting evaluation of selective mining
and higher-grade feed strategies as part of ongoing Scoping Study development.
Data validation, geological interpretation and resource optimisation work were substantially completed during
the year and finalised for handover to SRK Consulting for resource estimation. SRK is preparing an updated Jupiter
MRE, to be released following completion of its work, which is intended to support mine planning and Scoping
Study inputs, including potential conversion of parts of the existing Inferred Resource to Indicated Resource
classification.
Critica Limited | 9
Review of Operations (continued)
Figure 3 | Significant drilling intersections, coloured by TREO grade-thickness and shown on gravity
Critica Limited | 10
Review of Operations (continued)
Regional exploration continues to highlight the district-scale potential of the Brothers Project
Regional exploration during the year advanced across the district-scale Brothers Project, where Critica
commenced aircore drilling at the Juno and Aurora prospects under the Western Australian Government’s
Exploration Incentive Scheme (EIS). The EIS co-funded programme reimburses up to 50% of eligible drilling and
mobilisation costs, reducing capital intensity while testing the broader growth potential of the Brothers system.
Juno, located south of the Jupiter deposit, is characterised by an elevated proportion of magnet rare earth oxides,
while Aurora, to the northwest, is testing mineralisation analogous to Jupiter. Drilling at Juno and Aurora
continues to highlight the potential for additional resource growth beyond the current Jupiter footprint, with initial
EIS co-funded results anticipated in the period ahead. Consistent with the Jupiter resource, the Brothers
prospects continue to exhibit low in-situ uranium and thorium.
Metallurgical development delivers commercial-grade rare earth products and a low-cost beneficiation
pathway
Metallurgical development at Jupiter delivered exceptional outcomes during the year through the Company’s
beneficiation-first flowsheet. Pilot plant optimisation upgraded feed material approximately 14×, from a
representative feed grade of approximately 2,137 ppm TREO to an intermediate concentrate grading
approximately 3% TREO – at approximately 90–95% mass rejection. Strong recoveries were maintained, including
approximately 81% Magnet REO recovery and approximately 71% TREO recovery. Individual recoveries for key
magnet rare earth oxides varied by element, include Nd₂O₃ 74.5%, Dy₂O₃ 74.7%, Pr₆O₁₁ 69.3% and Tb₄O₇ 65.9%.
The Company demonstrated multiple downstream product routes from the beneficiated concentrate. ANSTO
produced a commercial-grade Mixed Rare Earth Carbonate (MREC), while Australian Minmet Metallurgical
Laboratories (AMML) independently produced a series of Mixed Rare Earth Oxide (MREO) products via a
conventional sulphuric acid bake flowsheet, culminating in a high-purity MREO grading up to approximately 97%
TREO.
Hydrometallurgical testwork achieved recoveries of up to approximately 71% TREO and up to approximately 76%
Magnet REO, demonstrating the effectiveness of the beneficiation-first flowsheet .
Ongoing metallurgical programmes also highlighted co-product potential. Previous testwork demonstrated
approximately 63% gallium extraction into solution using the same hydrometallurgical flowsheet developed for
rare earth recovery, and Jupiter hosts approximately 70,000 tonnes of contained gallium, positioning gallium as
a potentially significant additional value stream. In parallel, beneficiation programmes continued to produce an
iron-rich concentrate stream that is under assessment as a potential by-product.
With both MREC and MREO pathways demonstrated, Critica commenced preparation of representative product
samples for qualification and early-stage offtake engagement. Metallurgical programmes advanced with ANSTO,
Minutech–AMML and Phenikaa University and fed directly into the Jupiter Scoping Study, led by Sedgman with
Snowden Optiro (mining inputs) and SRK Consulting (resource updates), which remained on track for completion
during Q3 2026. During the year the Company also secured $300,000 in non-dilutive research funding from the
Minerals Research Institute of Western Australia (MRIWA) and the Curtin-led RTCM Trailblazer programme,
joined the U.S. Defense Industrial Base Consortium (DIBC), and maintained its partnership in the Critical Metals
for Critical Industries Cooperative Research Centre (CMCI CRC).
Critica Limited | 11
Review of Operations (continued)
Metallurgical testwork (continued)
To date, Critica’s metallurgical testwork has demonstrated the potential for significant competitive advantage in
the future processing of Jupiter ore, and lower operating and capital costs, reduced environmental impact and
faster permitting, in strong alignment with the Company’s ESG focus.
Optimisation programmes are continuing with ANSTO and other technical partners, focused on reducing reagent
and acid consumption, improving recoveries, enhancing product quality and refining operating conditions, with
further updates to be provided as this work progresses.
Scoping Study and Development Strategy
During the year, Critica continued to advance the Jupiter Scoping Study, led by Sedgman with Snowden Optiro
providing mining inputs and SRK Consulting undertaking resource updates. Resource optimisation, mine
planning, metallurgical testwork and flowsheet development are feeding into the Scoping Study, which is
targeted for completion during Q3 2026. The study is evaluating development pathways for Jupiter, including
selective mining and higher-grade feed strategies and the production of mixed rare earth carbonate and mixed
rare earth oxide products.
Kulin Project, Nickel-Copper-PGE & Gold, Western Australia
Activities during the Year
In June 2025, Critica entered into a Farm-In Agreement (Agreement) with Ausgold Limited (ASX: AUC) (Ausgold)
with respect to its Kulin Gold Project (Kulin Project).
The Kulin Project, comprising of exploration licence E70/5077, is located approximately 75km northeast of
Ausgold’s 100%-owned Katanning Gold Project.
The Agreement allows Critica shareholders to retain exposure to potential upside in the Kulin Project up to a
30% joint venture interest (refer Agreement terms below).
Key Agreement Terms
Under the Agreement, Ausgold has the right to earn up to a 70% interest in the Kulin Project over three years by
expending:
• Stage 1: A$250,000 within 18 months to earn 51%; and
• Stage 2: A further A$360,000 over the following 24 months to earn an additional 19%.
Upon completion of the earn-in, Critica will retain a 30% contributing interest in the Kulin Project, with the right
to convert to a 1.5% net smelter royalty (NSR) at a decision to mine.
Critica Limited | 12
Review of Operations (continued)
Mt Lindsay Tin-Tungsten Project
Critica offers exposure to one of the world’s largest undeveloped tin-tungsten projects. Mount Lindsay has a
granted mining lease and, following the 14 September 2026 update to JORC 2012, a project-wide Mineral
Resource of 19 Mt @ 1.09% SnEQ at a 0.4% SnEQ cut-off, containing approximately 49 kt of tin and 28 kt of WO₃
and comprising Indicated and Inferred Resources (refer to Table 2). The JORC 2012 restatement provides a clear
and current view of the scale and quality of the Mt Lindsay Mineral Resource ahead of the upcoming Scoping
Study.
In 2022 The Australian Government recognized Tungsten as a critical minerals and Mount Lindsay was included
in the Critical Minerals Prospectus.
Tin is a versatile metal with a wide range of applications due to its corrosion resistance, low toxicity and useful
alloys. It is used extensively in electronics, particularly in solder, and has applications in clean energy and
battery technologies.
Tungsten is a highly durable and dense metal with a wide range of industrial and technological applications,
including in the defence and aerospace industries.
Table 2: Mount Lindsay Tin-Tungsten Project – Mineral Resource Estimate
Deposit Material
class
Million
Tonnes
SnEQ % Sn % WO3
%
DTR Mass
Recovery
%
Sn
tonnes
WO3
tonnes
Iron Ore
tonnes
Main &
No.2
Indicated 12 1.22 0.24 0.17 13 28,000 20,000 1,500,000
Main &
No.2
Inferred 2.3 0.85 0.16 0.12 12 3,800 2,700 280,000
Livingstone Inferred 4.4 0.88 0.29 0.11 na 13,000 4,700 na
Reward Indicated 0.34 1.06 0.81 0.05 na 2,700 150 na
Reward Inferred 0.23 1.07 0.78 0.05 na 1,800 120 na
PROJECT TOTAL
(INDICATED +
INFERRED)
19 1.09 0.26 0.15 9.3 49,000 28,000 1,800,000
Critica Limited | 13
Review of Operations (continued)
Notes:
• na not estimated
• The formula used to calculate the Sn equivalent values for the Main and No.2 deposits is SnEQ (%) = Sn% + (WO3% x 5.556) +
(DTR Mass Recovery x 0.002556), and for Livingstone and Reward SnEQ % = Sn % + (WO3% x 5.556).
• The Sn equivalent formulae use a tin metal price of US$45,000/t, an APT (Ammonium Para Tungstate) price of US$2500/mtu
(1mtu =10kgs of WO3) and a 65% iron ore price of US$115/t. Copper is not included in the Sn equivalent.
• Iron Ore mass recovery was determined by Davis Tube Recovery (DTR) testing (90% of data set) and regression of the magnetic
susceptibility according to the formula DTR Mass Recovery % = Magnetic susceptibility 10-3 SI units x 0.0318 + 4.6278 as
established from the DTR work.
• Pilot-scale test work on approximately 3 tonnes of representative Main and No.2 deposit material produced a 45% Sn
concentrate at an overall tin recovery of 72%, a tungsten concentrate exceeding 66% WO₃ at an overall tungsten recovery of
83% to APT, and a 65% Fe Iron Ore at 98% recovery (refer Venture Minerals announcement to ASX dated 31 August 2012).
• Further bulk and pilot metallurgical test work is in progress on selected mineralisation types to optimise concentrate grades
and recoveries.
• In the Company’s opinion, all elements included in the metal equivalent calculation have a reasonable potential to be
recovered and sold.
• Project Total comprises Indicated and Inferred Mineral Resources. Figures may not sum due to rounding.
• Refer to ASX Announcement 14 September 2026 further details regarding metal equivalents.
Scoping Study and Development Strategy
During the year, Critica appointed DRA Global to undertake a Scoping Study for Mt Lindsay, evaluating a low-
impact underground development strategy that incorporates paste backfill to reduce surface tailings and
infrastructure positioning to minimise environmental impact. The reassessment reflects significant increases
in tin and tungsten prices over the preceding 18 months, driven by globally constrained supply, and follows
constructive engagement with Mineral Resources Tasmania, including support at Ministerial level. Underground
mine design updated geological modelling and resource optimisation are feeding into the DRA Scoping Study,
which is targeted for completion during Q3 2026, alongside progressing partnership and offtake discussions.
Competent Person’s 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.
The information in this announcement that relates to the Mineral Resource estimates for Jupiter is based on work conducted
by Rodney brown of SRK Consulting (Australasia) Pty Ltd. Rodney Brown is a member of the Australasian Institute of Mining
and Metallurgy and has sufficient experience that is relevant to the style of mineralisation type of deposit under
consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms of the JORC code. Mr. Brown
consents to the inclusion in the report of the matters based on his information in the form and context in which they appear.
The information in this announcement 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 report of the matters based on his information in the form and context
in which they appear.
Notes: All material assumptions and technical parameters underpinning the Minerals Resource estimates referred to within
previous ASX announcements continue to apply and have not materially changed since last reported. The company is not
aware of any new information or data that materially affects the information included in this announcement.
Critica Limited | 14
Directors’ Report for the year ended 30 June 2026
The Directors of Critica Limited submit herewith the consolidated financial statements of the Company and its
controlled entities (“Group” or “Consolidated Entity”) for the financial year ended 30 June 2026 in order to
comply with the provisions of the Corporations Act 2001.
1. Directors
The following persons were Directors of Critica Limited during the whole of the financial year and up to the date
of this report, unless otherwise stated:
2. Principal Activities
The principal activity of the consolidated entity during the financial year was mineral exploration and
development of the Jupiter Rare Earths Project in Western Australia. There were no significant changes in the
nature of the consolidated entity’s principal activities during the financial year.
3. Group Financial Overview
Profit and Loss
The loss attributable to owners of the consolidated entity after providing for income tax amounted to $7,212,175
(2025: $3,750,939). The prior year result included a gain from discontinued operations of $2,950,000 associated
with the disposal of Venture Iron Pty Ltd. Loss from continuing operations for the year ended 30 June 2025 was
$6,700,939.
Financial Position
The consolidated entity had $5,327,735 in cash and cash equivalents as at 30 June 2026 (2025: $4,150,029).
The consolidated entity had net assets of $6,353,310 (2025: $5,331,350) at 30 June 2026.
4. Dividends Paid or Recommended
The Directors do not recommend the payment of a dividend and no amount has been paid or declared by way
of a dividend to the date of this report.
Mr Timothy Lindley Non-Executive Chairman
Mr Nicholas Cernotta Non-Executive Director
Mr Jamie Byrde Executive Director
Critica Limited | 15
Directors’ Report for the year ended 30 June 2026 (continued)
5. Significant Changes in the State of Affairs
The following significant changes in the state of affairs during the financial year:
• On 1 July 2025, the Company announced the appointment of Mr Jacob Deysel as Chief Executive Officer,
commencing 15 July 2025.
• On 16 July 2025, the Company announced further metallurgical results from the Jupiter Rare Earths
Project, including outstanding magnet and heavy rare earth oxide grades from beneficiation testwork.
• On 1 September 2025, the Company announced plans to produce a high-grade rare earth concentrate at
pilot plant scale.
• On 28 October 2025, the Company announced that Jupiter had delivered its first high-grade Mixed Rare
Earth Product grading 84% TREO, further de-risking Critica’s processing flowsheet.
• On 17 November 2025, the Company announced that its Mixed Rare Earth Product flowsheet had
achieved 63% gallium leach recovery, demonstrating gallium as a potential valuable by-product.
• On 2 December 2025, the Company announced that a second high-grade Mixed Rare Earth Product had
achieved 86% TREO, with strong magnet rare earth and yttrium grades.
• On 20 January 2026, the Company announced the formal commencement of the Jupiter S
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