Investor Presentation - July 2026
Released
Released
Announcement PDF
Building a Critical Minerals Platform
Noosa Mining Conference July 2026 | ASX: CRI
Rare Earths + Yttrium | Tungsten | Tin | Gallium
Flagship rare earth platform with strategic exposure to
defence and technology metals
2
Disclaimer
Authorised by the Board of Critica Limited
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 of all
the information that an investor should consider when making an investment decision. CRI is not
responsible for providing updated information and assumes no responsibility to do so. Recipients
should conduct their own investigations and perform their own analysis of the information,
statements and opinions contained and this Presentation should be read in conjunction with CRI’s
other periodic and continuous disclosure announcements lodged with the ASX.
This Presentation is for information purposes only. Neither this nor the information contained in it
constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of
CRI shares in any jurisdiction. This Presentation is not investment advice or a recommendation to
acquire CRI securities and has been prepared without taking into account the recipient's investment
objectives, financial circumstances or particular needs. Recipients should seek professional advice
before deciding if an investment is appropriate.
All securities transactions involve risks, which include (among others) the risk of adverse or
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
CRI has not completed a Scoping or Feasibility Study. References to development pathways are
aspirational and do not imply economic viability. Inferred Mineral Resources are insufficient to
support Ore Reserves and cannot underpin production targets or forecasts. Metallurgical results are
preliminary testwork on selected samples; applicability across the deposit and at scale remains to
be demonstrated. Future studies, permits and funding (including equity) may be required before any
development decision.
Competent Persons Statement
The information in this report that relates to exploration results including geology interpretation, data
preparation and data quality is based on work compiled by Dr. Stuart Owen who is a Member of the Australian
Institute of Geoscientists. Dr. Owen is a permanent employee of Critica Limited and has sufficient experience
that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which
he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC code). Dr. Owen consents to the
inclusion in the report of the matters based on his information in the form and context in which they appear.
This Presentation refers to Critica's mineral resource estimate at the Jupiter Project. The information in this
Presentation that relates to that mineral resource estimate has been extracted from Critica's previous ASX
announcement entitled Jupiter Maiden Resource – Australia’s Largest Clay Hosted which Critica announced
to the ASX on 11 February 2025 and 13 August 2025 Jupiter Confirmed as Australia’s Largest MREO Clay
Resource. A copy of the announcements are available at www.asx.com.au (ASXCRI) or at www.critica.limited.
Critica confirms that it is not aware of any new information or data that materially affects the information
included in that announcement and, in relation to the estimate of the mineral resource, confirms that all
material assumptions and technical parameters underpinning the estimate in that announcement continue to
apply and have not materially changed. The Competent Person in relation to the mineral resource estimate in
that announcement was Rodney Brown. Critica confirms that the form and context in which the Competent
Person's findings are presented have not been materially modified from that announcement.
The Information in this presentation relates to previous exploration results extracted from the following ASX
announcements:
• July 2026 - Critica Confirms High-Grade Rare Earth Zones at Jupiter
• 27 May 2026 - Jupiter Pilot Plant Delivers 14x Rare Earth Upgrade
• 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’ Largest Clay Hosted
• 23 January 2025 – First Pass Metallurgical Testwork Delivers 830% REE Upgrade
critica.limited
ASX:
CRI
July
2026
Critical Mineral Supply Chains Are Now Strategic Assets
3
Supply is highly concentrated1
~98% Gallium supply
~85%+ Rare earth processing
~80%+ Tungsten &
downstream
~35%+ Refined tin supply
Policy is now driving supply chains2
Critica is positioned where the market is heading
"The issue is not access - it is custody of supply"
Sources: 1USGS Mineral Commodity Summaries (2024–2025), 2International Energy Agency, Financial Times, European Commission (2025–2026).
critica.limited
ASX:
CRI
July
2026
The World is Moving from "Just in Time" to "Just in Case"
These are the exact commodities Critica is
developing across Jupiter and Mt Lindsay
• US$6.5 trillion of downstream industrial production outside China could be at
risk if China's expanded rare earth export controls are fully implemented
(IEA).
• ~US$65 billion in public funding has been committed globally to develop new
critical mineral supply chains (IEA).
• Governments are shifting from lowest-cost sourcing to secure, diversified and
trusted supply.
• China’s expanded export controls are suspended, not removed, with
reinstatement expected from October 2026 when the one-year US-China
truce expires (Financial Times).
Building trusted Australian supply for Western economies:
✓ Jupiter: Rare Earths, Gallium, Yttrium, Scandium
✓ Mt Lindsay: Tin, Tungsten
4
Critical Minerals Demand is Accelerating
Sources: PwC Sizing the Prize: What’s the Real Value of AI for Your Business? (2017, reaffirmed in PwC AI outlook updates 2023–2024); International Energy Agency (IEA) Critical Minerals Market Review (2023,
2024) and Energy & AI (2024); U.S. Geological Survey (USGS) Mineral Commodity Summaries – Rare Earths (2024, 2025); U.S. Department of Defense critical materials and industrial base disclosures (2021–2024);
Adamas Intelligence rare-earth magnet demand analysis (2023–2024); Visual Capitalist (DoD/USGS compiled data, 2023–2024).
F-35 Fighter Jet
418 KG
Rare Earths Used
Nd Pr W Ga
Tb Y
Industrial Robots
1-3 KG
Rare Earths Used
Nd Pr Sm
Dy Tb Y
W
Ga
AI & Data Centres
100s KGs
Rare Earths Used
Nd Pr Ga
Dy Tb SC
Sn
Typical EV
1-4 KG
Rare Earths Used
Nd Pr Sm
Dy Tb Y
Sn
Sc
Rare Earths (NdPr)
• ~2× increase (2025 to 2026)
• Policy support + tightening supply
• Demand remains price-inelastic
Defence
EVs / Electrification
AI / Data-centres
Robotics
Tungsten (W03)
• ~5× rebound from 2023 to 2024 lows
• Export controls + defence demand
• Structural supply constraint emerging
Tin (Sn)
• ~2.5–3× from 2022-2023 lows
• Supply disruption (Myanmar/Indonesia)
• AI & data-center demand accelerating
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2026
Critical Minerals Enter Structural Price Re-Rating Phase
1. Refer to Jupiter resource announcements dated 11 Feb, 13 Aug, 10&28 Oct and 2 Dec 2025
2. Combined resource – Measured, Indicated & Inferred - Refer to ASX release 17 October 2012
Critica: A Multi-Asset Minerals Platform
5
Tier-1 jurisdictions Scale +
strategic optionality
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July
2026
Jupiter Rare Earth Project
• Australia's largest clay-hosted rare earth
resource (~1.8Bt)1
• Exposure to NdPr, Dy, Tb, Y and gallium
• Simple clay-hosted geology with a scalable
development pathway
• Scoping Study underway to support funding,
strategic partnerships and offtake
Mt Lindsay Tin-Tungsten Project
• One of Australia's largest undeveloped tin-
tungsten projects2
• Exposure to defence, semiconductor and
advanced manufacturing supply chains
• Scoping Study evaluating a lower-impact
underground development concept
• Strategic opportunity to support secure
Western tungsten and tin supply
Aligned to Western defence, AI and electrification supply chain
1
2
6
Why Jupiter Wins
1.Refer to Jupiter resource announcements dated 11 Feb, 13 Aug, 10&28 Oct and 2 Dec 2025, and metallurgical results announced 18 & 27 May 2026.
TREO = Total Rare Earth Oxides | MREO = Mixed Rare Earth Oxides | MREC = Mixed Rare Earth Carbonate | Ga = Gallium (Ga2O3 eq.) | U/Th = Uranium
& Thorium | ppm = parts per million | Bt/Mt/kt = billion/million/thousand tonnes
A Rare Earth Project Defined by Scale, Simplicity and Speed
Scale Simplicity
Speed Strategic Relevance
• ~1.8Bt resource
• Australia’s largest clay-
hosted REE system1
• Magnet + heavy REE
exposure (NdPr, Dy, Tb)
• Clay-hosted — no
drilling/blasting
• ~95%+ mass rejection
• Lower-cost processing
pathway
• Gallium (~70kt,
~63% extraction)
• Yttrium (~2.4% in
product; >30,000%
upgrade)
• Aligned West supply
chains
• 23 months: discovery
to commercial-grade
product
• MREO (97% TREO)
• MREC (58% TREO)
1.8Bt
Global Resource
~TREO 1,700ppm
~95%
Mass Reduction
Up to 14x
Grade Uplift
MREC
Commercial-grade product
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2026
A large-scale, low-cost REE system
with demonstrated metallurgy
Jupiter currently represents <3% of Critica’s
Brothers Project landholding
7
Jupiter ~1.8 Bt Resource: Australia’s Largest Clay-
Hosted Rare Earth System
Illustrative only. Jupiter resource is Inferred (ASX: 11 Feb & 13 Aug 2025) and not directly comparable to peers
with Indicated/Measured resources or advanced studies. Refer to Appendix C for source data for peer
comparisons.
Source: Jupiter resource is Inferred (ASX: 11 Feb & 13 Aug 2025) , Second High-Grade MREP Shows Strong
Magnet REE & Y Grades (ASX 2 Dec 2025), resource definition drilling results (ASX, July 2026)
Jupiter’s Scale and Geology
Scale & Definition: Over 30,000m drilled
145-hole infill program complete; updated MRE underway
with SRK
Mineralisation: Near surface, homogeneous across 40km2
Magnet plus heavy REE rich:
Nd, Pr, Tb & Dy = ~23% of TREO
Other Critical minerals:
Yttrium
Gallium contained ~70kt
Premium Fe concentrate by-product
Clean basket: Low Uranium & Thorium
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2026
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Designed for Simplicity, Cost and Permitting Advantage
These are aspirational statements and are not intended to be forecasts, as the Company does not yet
have reasonable grounds to expect that the matters on this slide will be achieved
Jupiter Tier 1 WA
Location –
infrastructure rich
Simple Mining:
• Flat, near-surface deposit
• Low strip ratio
• Clay hosted - no drilling/blasting required
Low Processing Intensity:
• ~95% mass rejection before leaching
• Beneficiation-first flowsheet
• Lower reagent, water and energy intensity
• Low U/Th
Limited New Infrastructure Required:
• Highway through lease
• Two gas pipelines crossing lease
• Power lines nearby
• Rail access within region
Simple Permitting Pathway:
• Proven mining jurisdiction (WA)
• Flat terrain, Pastoral lease
• Native title extinguished
• Lower environmental intensity vs conventional REE processing
Jupiter Lease area -
Feb 2026 drilling
campaign
critica.limited
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2026
Jupiter attributes all point to a lower cost operation
9
Preliminary large-scale testwork (400 kg bulk sample) indicates ~95% mass rejection and up to 14× upgrade prior to leach across multiple Jupiter ore types (ASX, 27 May 2026 pilot plant results). Applicability across the broader deposit and at commercial scale
remains to be demonstrated. These are aspirational statements and not intended to be forecasts - Applicability across the broader deposit and at commercial scale remains to be demonstrated.
Mixed Rare Earth Product (MREP) - An intermediate product in rare earth processing, typically containing 30–50% TREO. MREP can be produced as a carbonate (MREC) or oxide (MREO) and is the preferred feedstock for downstream separation facilities.
95%+
Mass
reduction
Intermediate
Concentrate
Up to 14X
+ Grade
uplift
4. Progressive Rehabilitation
Designed for downstream
integration (US, EU, Japan,
Korea)
2. Beneficiation First
3. Hydro Processing
1. Simple Mining
60%+ Fe Iron ore by-products
Ga + Sc by-products
MREO/MREC + Y
Simple Processing, Multiple Revenue Streams
Upgrade early - process less - unlock multiple products
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ASX:
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2026
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Scoping Study Underway
Credible Execution
• Sedgman appointed as Lead Engineer
• Industry-recognised EPC with critical minerals experience
Integrated Study Scope
• Mining, beneficiation and processing integrated
• Resource update underway
• Metallurgical optimization ongoing
What This Delivers
• First independent view of project economics
• Defines base-case development pathway
• Unlocks funding, partner and offtake
First integrated assessment of mining, processing and economics
critica.limited
ASX:
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2026
Industry leading partners
11
Mt Lindsay: Strategic Tin & Tungsten
Strategic Exposure
• Tin and tungsten markets and supply chains have
shifted fundamentally over the last 12 months.
• Tin - semiconductors, electronics, AI
infrastructure
• Tungsten - defence, advanced manufacturing
• Structural supply constraints emerging1
• Policy-driven demand dynamics
Asset Positioning
• One of the largest undeveloped tin–tungsten
projects
• Two magnetic rich skarn systems
• 83,000m diamond drilled completed
• Resource2
• 81kt tin
• 3.2Mt mtu WO3 (tungsten)
• Open at depth
• Permitted asset - existing Mining Licence in
place
1. Goldinvest (Mar 2026); Reuters; industry data
2. Combined resource – Measured, Indicated & Inferred - Refer to ASX release 17 October 2012
World-Class Tin–Tungsten Province
>$12bn historical production
Mt Lindsay
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July
2026
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Mt Lindsay: Designed for Responsible Development
Designed Around Today's ESG Expectations
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2026
“The world doesn't need another mining project, it needs critical mineral projects that can actually be permitted, financed and built.
That's exactly what we're designing Mt Lindsay to become.”
*Concepts currently being evaluated as part of the Mt Lindsay Scoping Study.
A new Scoping Study is redefining Mt Lindsay for today's environmental, social and strategic expectations—designing a project that delivers
long-term value for shareholders, communities and Tasmania
Lower Impact Smarter Infrastructure
• Underground mine design • Portal located to leverage existing disturbed areas*
• Minimise new surface disturbance • Infrastructure located in lower-impact areas*
• Existing access corridors utilised where practical* • Smaller, more compact project footprint
Responsible Waste Management Shared Value
• Underground backfill central to project design* • Long-term skilled regional employment
• Designed to minimise surface TSF footprint • Local procurement and economic growth
• Lower long-term environmental footprint • Secure Australian tin & tungsten supply
13
Near-Term Milestones
Progression Jupiter and Mt Lindsay through disciplined technical and commercial execution
JUPITER
1. Resource Optimisation Completed
2. Beneficiation Advancement
3. Commercial Grade MREC Produced
4. Commercial Grade MREO Produced
5.
Updated Resource Estimate (Drilling
Complete)
6. Product Qualification
7. Scoping Study (Q3 2026)
MT LINDSAY
1. Project Review Commenced
2. DRA Appointed
3. Resource Update Underway
4. Rescoping Programme Underway
5. Updated Resource Estimate
6. Development Optimisation
7. Scoping Study (Q3 2026)
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ASX:
CRI
July
2026
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Corporate Snapshot
Company Snapshot
ASX-listed Since 2006, critical minerals focused
Ticker CRI.ASX
Primary Project Jupiter Rare Earths Project (WA)
Other Assets Mt Lindsay Tin-Tungsten (Tasmania)
Jurisdiction 100% owned Australian portfolio
Shareholder Summary
1. Refer MRE announced dated 11 February 2025 and MRE Update dated 13 August 2025.
2. Share price, market cap and EV as at 16 July 2026.
3. Cash as at 31 March 2026
% Holding
Top 20 Shareholders 22.41%
Financial Snapshot
3.02Bn
Shares on issue
$54.6M
$7.75M
Cash3
Nil
Debt
$46.9M
Enterprise Value2
Market Capitalisation2
$0.018
Last Price2
Share Price Performance (6 months)
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ASX:
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2026
Critica Limited (ASX: CRI)
15
Experienced Operators, Not Just Developers
• Proven track record in critical
minerals project delivery
• Experience from exploration
through to production
• Board and management aligned
on disciplined execution
• Deep WA industry, OEM and
investor relationships
Management
Jacob Deysel – CEO
• 25+ years in global mining and critical minerals
• Experience from Goldfields - Rio Tinto - Kenmare - UEC
• Discovery – development – operating exposure
Jamie Byrde – CFO & Executive Director
• 20+ years in ASX-listed companies
• Strong focus on capital discipline, governance and funding
A team combining discovery,
metallurgy, development and capital
markets expertise — aligned to
deliver
Dr. Stuart Owen – Exploration Manager
• 25+ years global exploration experience
• Led discovery of Paulsens gold and Jupiter REE
Dr. Natalee Bonnici Senior Exploration Geologist
• 15+ years in geology and geometallurgy
• Part of team that discovered Triumph VHMS; resource delivery
at Northern Star
Tim Lindley - Non-Executive Chairman
• 25+ years in global investment banking
• Experience across equity raising, project finance and M&A
Dr. Thi Thu Hien Dinh - Chief Metallurgist
• 23+ years in rare earths and battery metals
• Led REE, lithium and nickel processing
teams
Nick Cernotta - Non-Executive Director
• 40+ years global mining leadership
• Experience with Fortescue, Barrick, Macmahon
critica.limited
ASX:
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2026
Board
16
Why Own Critica Now?
critica.limited
ASX:
CRI
July
2026
1. STRATEGIC PLATFORM 3. PROVEN EXECUTION
• Two strategic projects • Commercial-grade product in ~23 months
• Multiple critical minerals • Proven beneficiation platform
• Tier-1 Australian jurisdiction • Multiple product pathways
2. STRUCTURAL TAILWINDS 4. MULTIPLE CATALYSTS
• AI • Defence • Electrification • Jupiter Scoping Study
• Supply chain security • Mt Lindsay Scoping Study
• No scalable substitutes
• Ongoing metallurgical & commercial
milestones
Not a single-asset story — a scalable critical minerals platform
A differentiated critical minerals platform positioned at the intersection of
technology, geopolitics and supply-chain security.
Contact
ASX: CRI
Address: Level 2, 16 Altona Street, West Perth WA 6005
Website: critica.limited
Follow Us
linkedin.com/company/criticaltd
@Critica_CRI
Investor Relations
Dannika Warburton
Investability
investors@investability.com.au
Critica CEO
Jacob Deysel
Phone: +61 8 6279 9428
Email: info@critica.limited
18
Jupiter: Sustainability Advantage
Built-In, Not Bolted-On
Critica’s Jupiter project is being
advanced with a focus on sustainability
principles, leveraging geological and
processing characteristics that have the
potential to reduce environmental
impact and align with global
decarbonization objectives
Mass rejection
before leaching
95%
Preliminary testwork indicates exceptionally low uranium and thorium
content, significantly below regulatory thresholds — a favourable
characteristic for handling and export
Pilot-scale beneficiation results from a 400 kg bulk sample show ~95%
mass rejection across multiple ore types, meaning substantially less
material requires downstream processing and storage compared to
untreated feed
Flowsheet design under evaluation suggests lower water and energy
intensity than direct-leach approaches, reflecting potential processing
efficiencies
Standard heritage assessment undertaken – low risk area
Clean Geology
Smaller Footprint
Resource Efficiency
Heritage Assessment
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Appendix A: Glossary
Key Terms and Definitions
1
TREO/MREO
Total Rare Earth Oxides / Magnet Rare Earth Oxides - MREO refers specifically to
those rare earth elements used in permanent magnets (primarily Nd, Pr, Dy, Tb)
2
NdPr
Neodymium and Praseodymium - The two most common rare earth elements used in
permanent magnets, typically accounting for ~90% of magnet composition
4
MREP
Mixed Rare Earth Product - An intermediate product in rare earth processing,
typically containing 30–90% TREO. MREP can be produced as a carbonate (MREC)
or oxide (MREO) and is the preferred feedstock for downstream separation facilities
3
Dy, Tb
Dysprosium and Terbium - Heavy rare earth elements added to magnets to improve
performance at high temperatures, critical for EV traction motors and wind turbines
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Appendix B: Jupiter Inferred Mineral Resource Estimate
Mineral Resource Estimate prepared by globally recognised, tier one consultants, SRK Consulting.
For full Jupiter MRE detail including all component REO grades and gangue material content refer to ASX Announcement 11 February 2025.
Jupiter Inferred Grade-Tonnage Summaries
Cut-off Tonnage TREO MREO La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 Ga2O3
TREO (ppm) (Bt) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm)
1,000 1.78 1,651 383 342 762 81 284 41 9 25 3 14 2 6 1 5 1 74 39
1,800 0.52 2,169 499 444 1,023 106 371 53 11 31 4 18 3 8 1 6 1 90 42
Cut-off Tonnage TREO MREO La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3
TREO (ppm) (Bt) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm)
200 3.28 1,156 266 249 526 57 197 28 6 17 2 10 2 5 1 4 1 52
300 3.04 1,230 283 264 560 61 210 30 6 19 2 11 2 5 1 4 1 56
400 2.91 1,267 292 271 578 63 216 31 7 19 2 11 2 5 1 4 1 57
500 2.69 1,335 308 283 610 66 228 33 7 20 2 12 2 5 1 4 1 61
600 2.44 1,417 328 298 649 70 243 35 7 22 3 12 2 6 1 4 1 65
700 2.22 1,492 346 311 685 74 256 37 8 23 3 13 2 6 1 5 1 68
800 2.06 1,550 359 322 713 76 267 39 8 24 3 14 2 6 1 5 1 71
900 1.91 1,603 372 332 739 79 276 40 8 24 3 14 2 6 1 5 1 73
1,000 1.78 1,651 383 342 762 81 284 41 9 25 3 14 2 6 1 5 1 74
1,100 1.70 1,679 389 348 775 83 289 42 9 25 3 15 2 6 1 5 1 75
1,200 1.60 1,711 397 354 791 84 294 43 9 26 3 15 3 7 1 5 1 77
1,400 1.24 1,828 423 377 849 90 315 45 9 27 3 16 3 7 1 5 1 80
1,600 0.84 1,987 459 408 930 98 341 49 10 29 3 17 3 7 1 6 1 85
1,800 0.52 2,169 499 444 1,023 106 371 53 11 31 4 18 3 8 1 6 1 90
2,000 0.30 2,372 542 483 1,127 116 404 57 12 33 4 19 3 8 1 7 1 97
2,200 0.17 2,578 587 523 1,232 125 437 61 13 36 4 20 3 9 1 7 1 105
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Appendix C: Source Data for Peer Comparisons
Project Company Resource Mt TREO (ppm) Stage Source
Barkly Transition Minerals
Inferred 40 2,100
Pre-Scoping
ASX Announcement. Barkly Rare Earths Completes Successful IPO. 30
January 2026. ASX:BAK - Barkly Rare Earths Completes Successful IPO
Total 40 2,100
Cowalinya
Heavy Rare Earths
Limited
Inferred 159 870
Pre-Scoping
ASX Announcement. Five-Fold Increase in mineral resources to 159 Mt @
870 ppm Total Rare Earth Oxides at Cowalinya Project in Western Australia.
3 October 2023. 02720133.pdf
Total 159 870
Koppamurra Australian Rare Earths
Measured 0.7 813
Scoping Study
ASX Announcement. ASX Release. Significant Resource Expansion at
Koppamurra. 30 September 2024. ASX:AR3 - Significant Resource
Expansion at Koppamurra
Indicated 112 750
Inferred 123 747
Total 236 748
Mt. Ridley Mt. Ridley Mines
Inferred 168 1,201
Pre-Scoping
ASX Announcement. Significant Resource Expansion at Koppamurra. 30
September 2024. ASX:AR3 - Significant Resource Expansion at
Koppamurra
Total 168 1,201
North Stanmore Victory Metals
Indicated 55.0 1,029
Scoping Study
ASX Announcement. Updated MRE identifies HREO/TREO ratios up to 83%.
02976976.pdf
Inferred 265.6 374
Total 320.6 486
Rocha Da Rocha Brazilian Rare Earths
Inferred 510 1,513
Pre-Scoping
Brazilian Rare Earths. Prospectus. 7 December 2023. 2924-02755917-
6A1187169
Total 510 1,513
Salazar-Newmont-West
Cobar
West Cobar Metals
Indicated 44 1,229
Pre-Scoping
ASX Announcement. Major Resource Expansions at Salazar for REEs, TiO2
and Scandium. 8 October 2024. ea9172ff-a94.pdf
Inferred 186 1,166
Total 230 1,178
Splinter Rock OD6
Inferred 682 1,338
Scoping Study
ASX Announcement. Mineral Resource Estimate Doubles at Splinter Rock
Rare Earth Project. 29 May 2024. Mineral Resource Estimate Doubles at Splinter
Rock - OD6 Metals Limited (ASX:OD6) - Listcorp.
Total 682 1,338
Tower Krakatoa Resources
Indicated 40 824
Pre-Scoping
ASX Announcement. Krakatoa Delivers maiden mineral resource at tower
rare earth deposit. 21 November 2022. 02600437.pdf
Inferred 60 852
Total 101 840
The peer comparison is illustrative only and not intended to imply economic viability or equivalence.
critica.limited
ASX:
CRI
July
2026
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