Announcement PDF Mt Lindsay Tungsten-Tin Project September 2026 | ASX: CRI Scoping Study establishes a pathway towards development 1.0 Mtpa underground development concept | Tasmania, Australia 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 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 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. The information in this announcement 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, 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 estimates 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 that announcement. 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. critica.limited ASX: CRI September 2026 3 Scoping Study Cautionary Statement Authorised by the Board of Critica Limited Scoping Study cautionary statement The Scoping Study referred to in this Presentation has been undertaken to determine the potential viability of developing the Mt Lindsay Tungsten-Tin Project in north-west Tasmania. It 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 exploration, evaluation, engineering, metallurgical, environmental, permitting, approvals, funding, offtake and commercial work is required before Critica will be in a position to assess whether it is possible to estimate any Ore Reserves or assess whether Critica may be able to provide any assurance of an economic development case. The Company has concluded that it has a reasonable basis for disclosing the production target and forecast financial information, based on the material assumptions, modifying factors and technical information summarised in its ASX announcement dated 29 September 2026. However, there is no certainty that the assumptions will 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. Production target and Mineral Resources No Ore Reserve has been declared for the Mt Lindsay Project. The Scoping Study production target is based solely on part of the Main and No.2 deposits within the updated JORC 2012 Mineral Resource Estimate (refer ASX Announcement “Critica Updates Mt Lindsay Tin-Tungsten Mineral Resources to JORC 2012”, 14 September 2025. The production target comprises approximately 10.9 Mt of scheduled run-of-mine material, of which approximately 92% is classified as Indicated Mineral Resources and approximately 8% as Inferred Mineral Resources, after applying mining modifying factors. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Inferred Minerals Resources underpin approximately 8% of the production target and are predominately scheduled in later years of the mine plan, with only limited inferred material scheduled in earlier years. The Company has concluded that the Inferred component is not a determining factor in the viability of the development scenario and that the Scoping Study does not depend on Inferred Mineral Resources. Funding The Scoping Study estimates pre-production capital of approximately A$244.5 million, together with sustaining capital required over the operating life. Critica has not secured any of the funding required to develop the Project. The pre-production capital requirement is substantial relative to the Company’s current market capitalisation and existing financial resources, and the Company would need to obtain substantial additional external funding to develop the Project. There are risks that the Company will not be able to raise that amount of funding when needed, or at all. Any future funding may include one or a combination of debt, equity, strategic partner, offtake-linked, joint venture, partial sale or other commercial arrangements. If equity funding is required, existing shareholders may be diluted or their interests may otherwise be affected. Assumptions and accuracy The Scoping Study outcomes, production target and forecast financial information are based on the material assumptions and modifying factors set out in the Company’s ASX announcement dated 29 September 2026, including mine design, processing, metallurgical recoveries, capital and operating costs, commodity prices, exchange rates, approvals and funding. Capital and operating cost estimates carry an overall accuracy range of approximately -25% to +50%. Base Case processing recoveries of 75% tin, 85% WO₃ and 98% magnetite are modestly above recoveries demonstrated or estimated in individual historical testwork programs and have not all been demonstrated simultaneously in a single integrated locked-cycle test program. They remain subject to further metallurgical validation, variability testing and optimisation. Given the uncertainties involved, investors should not make investment decisions based solely on the results of the Scoping Study. critica.limited ASX: CRI September 2026 4 The Economics Speak for Themselves 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. critica.limited ASX: CRI September 2026 KEY SCOPING STUDY METRICS A$1.42bn Pre-tax NPV (8%) A$1.01bn 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 C R I T I C A A$244.5m 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% Mt Lindsay is one of the largest undeveloped tungsten–tin assets in a tier 1 jurisdiction 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. 5 Why the West needs Mt Lindsay Tungsten and Tin critica.limited ASX: CRI September 2026 Tungsten: carbide tooling and advanced manufacturing Tin: solder for electronics and data centres C R I T I C A 53% OF TIN DEMAND: SOLDER Tin solder underpins electronics, AI infrastructure and data centres. TUNGSTEN: INDUSTRIAL NECESSITY Carbide tooling supports advanced manufacturing; defence adds strategic demand. NON-CHINESE SUPPLY TAKES TIME New mines and refining require investment, permits and years to deliver. 16kt EX-CHINA SUPPLY GAP Forecast primary tungsten gap in 2030, even if announced projects deliver.* 36% OF TIN SUPPLY EXPOSED Estimated share of 2025 tin concentrate supply facing jurisdictional risk. 79% MINING / 85% REFINING China’s estimated share of tungsten mine output and APT refining capacity. *S&P Global Energy, Tungsten Market Report (Aug 2026); Project Blue/USGS. Tin supply: International Tin Association (2026). Figures are third-party market estimates. TUNGSTEN TIN TUNGSTEN TIN Concentrated supply | Slow supply response | Critical industrial demand | Few practical substitutes 6 critica.limited ASX: CRI September 2026 Concentrated Supply Is Driving a Structural Repricing 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. Asian Metal European APT benchmark, 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 Base Case prices below September 2026 benchmarks, reflecting enduring supply constraints C R I T I C A 7 A Credible Development Pathway critica.limited ASX: CRI September 2026 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 Key foundations already in place to advance Mt Lindsay towards a DFS ~ 120km C R I T I C A 8 An Established Resource Underpins Development critica.limited ASX: CRI September 2026 C R I T I C A 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 The Main and No. 2 deposits represent 75% of Mt Lindsay’s total Mineral Resource 9 A Defined Underground Mining Concept *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. critica.limited ASX: CRI September 2026 C R I T I C A 1.0 Mtpa Proposed mining rate 13.5 years Mining schedule 11.6 years Processing life 10.9 Mt Material processed A 1.0 Mtpa low-impact underground operation leveraging existing infrastructure 10 Underground Access from an Existing Quarry ILLUSTRATIVE TWIN-DECLINE PORTAL ARRANGEMENT EXISTING HEC QUARRY AREA PROPOSED FOR THE PORTAL Final portal location and configuration remain subject to further engineering, environmental assessment and regulatory approvals. critica.limited ASX: CRI September 2026 C R I T I C A A fundamentally different development concept designed to reduce surface disturbance and integrate mine, infrastructure and processing from the outset. The portal sits inside historical HEC Quarry disturbance, ~600m from the plant site Processing Flowsheet C R I T I C A Simplified from the Study's proposed processing flowsheet. The final process configuration, recovery assumptions and concentrate specifications remain subject to further metallurgical validation and engineering. Base Case processing recoveries have not all been demonstrated simultaneously in a single integrated locked-cycle test program. 11 critica.limited ASX: CRI September 2026 19.3kt Scheelite concentrate (WO₃) Recovery 85% TUNGSTEN 31.6kt Tin concentrate (Sn) Recovery 75% TIN 2.14Mt Magnetite concentrate (Fe) Recovery 98% MAGNETITE Three saleable concentrate streams A conventional flowsheet producing three concentrates: tin, tungsten and magnetite A$244.5m to Production | 4.1x Capital Value C R I T I C A 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. 12 critica.limited ASX: CRI 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 Defined capital requirements with an after-tax NPV of 4.1 times pre-production investment 13 Sensitivities show the independent effect of ±20% changes in each variable, with all other assumptions held constant. Base Case after-tax NPV₈: A$1,006m. Proposed mitigation activities are forward-looking and do not eliminate risk. Scoping Study accuracy approximately −25% to +50%; refer ASX announcement 29 September 2026. No Ore Reserve has been declared. critica.limited ASX: CRI September 2026 C R I T I C A Strong Project Economics Across Key Sensitivities AFTER-TAX NPV₈ SENSITIVITY | ±20% CHANGE 600 800 1000 1200 1400 BASE A$1,006m Commodity price 614 1399 Ore grade 625 1388 Operating costs 855 1157 Mining costs 905 1107 Upfront capex 975 1037 Processing costs 976 1036 Waste tonnes 988 1025 Sustaining capex 989 1023 After-tax NPV₈ (A$m) COMMODITY PRICES A$614m–A$1,399m Base Case prices are below September 2026 benchmarks; supply concentration supports the Company’s long-term pricing view. ORE GRADE A$625m–A$1,388m More than 88km of drilling completed. Further resource definition and mine-plan optimisation are planned to improve grade confidence. OPERATING & MINING COSTS Secondary NPV drivers Further engineering, contractor pricing and mine-design work will refine Scoping Study cost estimates. Commodity prices and ore grade have the greatest impact on NPV; further technical work will focus on the key project assumptions. A$1.0bn Base Case NPV with prudent pricing and focused risk management From Scoping Study to First Production 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 • Enables commencement of construction 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. A defined development pathway targeting first production by end-2029 C R I T I C A 14 critica.limited ASX: CRI September 2026 15 A Team That Can Deliver critica.limited ASX: CRI September 2026 C R I T I C A Deep mining, exploration, metallurgy and capital markets experience MANAGEMENT Jacob Deysel | CEO Nearly 30 years in global mining and critical minerals • Goldfields · Rio Tinto · Kenmare · UEC Dr. Stuart Owen | Exploration Manager 25+ years global exploration experience • Led Paulsens gold and Jupiter REE discovery Dr. Natalee Bonnici | Senior Exploration Geologist 15+ years in geology and geometallurgy • Triumph VHMS discovery; resource delivery Dr. Thi Thu Hien Dinh | Chief Metallurgist 23+ years in rare earths and battery metals • Led REE, lithium and nickel processing teams BOARD Tim Lindley | Non-Executive Chairman 30+ years in global investment banking • Equity raising, project finance and M&A Nick Cernotta | Non-Executive Director 40+ years global mining engineering and leadership • Fortescue · Barrick · Macmahon Discovery to development, backed by capital markets expertise MINING & DEVELOPMENT Global operating and project development experience DISCOVERY & METALLURGY Jupiter REE discovery and specialist processing expertise CAPITAL & GOVERNANCE Project finance, equity markets and disciplined execution 1. As previously announced, Jamie Byrde will be departing Critica. The appointment of an incoming CFO will be confirmed in due course. 2. Management and Board experience as presented in Critica’s September 2026 investor materials. 20+ years in ASX-listed companies • Strong focus on capital discipline, governance and funding Jamie Byrde | CFO & Executive Director1 16 Corporate Snapshot critica.limited ASX: CRI September 2026 C R I T I C A September 2026 Australian critical minerals portfolio | Mt Lindsay and Jupiter COMPANY AT A GLANCE ASX ticker CRI Listed since 2006 Portfolio Mt Lindsay tungsten–tin | Tasmania Jupiter rare earths | Western Australia Jurisdiction 100% owned Australian portfolio FINANCIAL SNAPSHOT 3.03bn Shares on issue A$0.024 Last price¹ A$72.7m Market cap¹ A$5.3m Cash² Nil Debt A$67.4m Enterprise value¹ SHAREHOLDER BREAKDOWN SHARE PRICE PERFORMANCE ¹ Share price, market capitalisation and enterprise value: 28 September 2026. ² Cash: 30 June 2026. Source: Critica corporate snapshot supplied for redesign. Financial figures are historical, not current market quotes. 22.41% Top 20 Shareholders 17 critica.limited ASX: CRI September 2026 C R I T I C A The Scoping Study Is the Catalyst A$1.01bn After-tax NPV₈ 4.1x NPV / pre-production capital A$244.5m Pre-production capital 01 Feasibility & resource Advance the DFS Refine engineering, mine design, metallurgy and resource confidence ahead of a potential investment decision. 02 Offtake & strategic partners Progress commercial engagement Use the study outcomes to advance tungsten and tin customer discussions and product qualification. 03 Funding & approvals Build development readiness Progress environmental assessment, permitting and funding discussions alongside the DFS. 04 Clear development pathway Target first production end-2029 Indicative mid-2028 FID, followed by construction, commissioning and ramp-up, subject to key conditions. The Scoping Study marks the start of the next development phase—not the end of the investment case. Indicative pathway only. Economics are Scoping Study estimates and subject to uncertainty. Development timing depends on further studies, approvals, financing, commercial outcomes and a future Board decision. Refer to the Mt Lindsay Scoping Study ASX announcement dated 29 September 2026. Compelling economics provide the platform to advance feasibility, offtake and project funding 18 Why Own Critica Now? critica.limited ASX: CRI September 2026 C R I T I C A A$244.5m MT LINDSAY | SCOPING STUDY DELIVERED A$1.01bn After-tax NPV₈ 4.1x NPV / pre-production capital Pre-production capital NOW Mt Lindsay: Unlocking the next phase Advance the DFS and resource confidence Progress tungsten and tin offtake discussions Build strategic partnerships, funding and approvals NEXT Jupiter: The next study catalyst Forthcoming Scoping Study Potential to demonstrate further portfolio value Adds another development opportunity to the platform ONE CRITICAL MINERALS PLATFORM • TWO MAJOR PROJECTS • MULTIPLE POTENTIAL CATALYSTS Scoping Study estimates are preliminary and subject to uncertainty. Mt Lindsay development remains subject to further studies, approvals, financing and a future Board decision. Jupiter Scoping Study outcomes and timing remain subject to completion and announcement. Mt Lindsay establishes the economic foundation. Jupiter offers the next major catalyst A$244.5m 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 C R I T I C A