Announcement PDF ASX Announcement 30 October 2026 | ASX: CRI CRITICA LIMITED Level 2, 16 Altona Street, West Perth, Western Australia ABN 51 119 678 385 T: +61 8 6279 9428 E: admin@critica.limited critica.limited Quarterly Activities Report Critica Limited (ASX: CRI) (Critica or the Company) is pleased to provide its Quarterly Activities Report for the period ending 30 September 2026. Highlights from the Quarter Mt Lindsay Scoping Study – A$1.0bn after-tax NPV₈, 55.6% IRR and 1.9-year payback • 1.0Mtpa underground development on an existing granted Mining Lease, with A$244.5m pre-production capital • ~10.9Mt Production Target, comprising approximately 92% Indicated and 8% Inferred Mineral Resources • Tungsten contributes approximately 75% of modelled life-of-mine revenue • Mt Lindsay Mineral Resource restated to JORC 2012: 19Mt @ 1.09% SnEq, containing approximately 49kt tin and 28kt WO₃ Jupiter Scoping Study – ~A$2.0bn after-tax NPV₈, 48.4% IRR and ~2.0-year payback (post quarter end) • 8.0Mtpa development with approximately A$556m pre-production capital • Updated Mineral Resource of 1.7Bt @ 1,700ppm TREO, including Jupiter’s first 160Mt Indicated Mineral Resource • ~107Mt Production Target, comprising approximately 97% Indicated and 3% Inferred Mineral Resources • Production Target represents only ~6% of Jupiter’s total Mineral Resource • Exposure to all four principal magnet rare earths – Nd, Pr, Dy and Tb – with yttrium also contained within and valued as part of the MREC basket Jupiter development activities during the quarter • Second high-grade MREC produced at approximately 58% TREO, replicating the ANSTO result • MREO sample produced at 98.2% TREO and high-grade iron concentrate at 64.1% Fe • Hydrometallurgical optimisation demonstrated approximately 30% lower sulphuric acid consumption • Resource definition drilling completed, with regional drilling at Juno returning 14m @ 3,053ppm TREO Corporate • Team strengthened with the appointment of Susan Park as Company Secretary; post quarter end, Hannah Badenach appointed Non-Executive Director (1 October 2026) and Robert Ierace appointed Chief Financial Officer (12 October 2026) • Cash and cash equivalents of A$3.3 million at 30 September 2026 2 Critica’s CEO Jacob Deysel commented: “The September quarter was an important period for Critica, with the completion of the Mt Lindsay Scoping Study providing a clear pathway forward. Mt Lindsay is a significant tungsten-tin project with an existing Mining Lease, at a time when secure Western tungsten supply is increasingly strategic. The Study delivered an after-tax NPV8 of approximately A$1.0 billion and provides the foundation to progress towards a Definitive Feasibility Study. At Jupiter, work during the quarter further demonstrated the potential of our beneficiation and processing pathway, which rejects a significant proportion of mass before higher-cost hydrometallurgical processing. Subsequent to quarter end, we released the updated 1.7 billion tonne Mineral Resource and completed the Jupiter Scoping Study, delivering an after-tax NPV8 of approximately A$2.0 billion while utilising only approximately 6% of the current Mineral Resource. We now have physical product samples to advance qualification and engagement with potential customers and strategic counterparties. We also strengthened the team with Susan Park joining as Company Secretary, Hannah Badenach as a Non-Executive Director and Robert Ierace as Chief Financial Officer. For me, the next phase is about execution. We have delivered the Scoping Studies and now the real work starts. Our priorities are to advance product qualification and offtake, strategic partnership, investment and government-supported funding discussions; progress Mt Lindsay towards a Definitive Feasibility Study and Jupiter towards a Pre-Feasibility Study; and continue to optimise both development pathways, including evaluating potential by-product opportunities.” Mt Lindsay Tungsten-Tin Project, Tasmania Mt Lindsay is one of the largest undeveloped tungsten-tin systems, located in north-west Tasmania. The Project is 100% owned by Critica, is held under a granted Mining Lease and sits within an established Tasmanian mining region. It is supported by more than 88,000 metres of diamond drilling across the Project area, and the Main and No.2 mineralised systems remain open at depth. Underground Design Update On 18 August 2026, Critica provided an update on the Scoping Study design approach, outlining a first- principles underground development concept that locates the portal within the existing Hydro-Electric Corporation (HEC) Quarry disturbance, integrates mine access, infrastructure and materials handling, and evaluates paste backfill to reduce permanent surface tailings storage. Critica is also evaluating the potential for by-products including copper, boron and fluorspar. 3 Figure 1 | Conceptual Mt Lindsay underground development and integrated surface infrastructure Figure 1: Conceptual Mt Lindsay underground development and integrated surface infrastructure layout showing the Main and No.2 deposits completely beneath the surface, underground access from the existing HEC quarry and the relationship to proposed surface infrastructure. Mineral Resource Restated to JORC 2012 On 14 September 2026, Critica restated the Mt Lindsay Mineral Resource in accordance with the JORC Code (2012). The Mineral Resource encompasses the Main and No.2, Livingstone and Reward deposits and totals 19 Mt at 1.09% SnEq, containing approximately 49 kt of tin and 28 kt of WO₃ at a 0.4% SnEq cut-off (Indicated and Inferred). Key features include: • Indicated Mineral Resources of approximately 12 Mt, containing approximately 31 kt of tin and 20 kt of WO₃ • More than 88,000 metres of diamond drilling completed across the Project • Main and No.2 mineralised systems remain open at depth The SnEq calculation uses a tin price of US$45,000/t, an APT price of US$2,500/mtu and a 65% iron ore price of US$115/t. Copper is not included in the SnEq (refer ASX announcement 14 September 2026). Scoping Study Outcomes On 29 September 2026, Critica announced the outcomes of the Mt Lindsay Scoping Study prepared by DRA Global. The Study evaluates an owner-operated 1.0 Mtpa underground mining and processing operation incorporating dual-decline access, longhole open stoping with paste fill, conveyor material handling and a tungsten-tin-magnetite processing flowsheet. The underground concept is a material departure from the historical open-pit approach and seeks to minimise additional surface disturbance. 4 The Base Case outcomes include: • After-tax NPV8 of approximately A$1.0 billion and after-tax IRR of approximately 56% • Pre-tax NPV8 of approximately A$1.4 billion and pre-tax IRR of approximately 65% • Estimated after-tax payback period of approximately 1.9 years from commencement of commercial production • Pre-production capital of approximately A$244.5 million • Modelled life-of-mine sales revenue of approximately A$5.2 billion, with tungsten contributing approximately 75% • A 13.5-year mining schedule, ramping up to a nominal steady-state processing rate of approximately 1.0 Mtpa Table 1: | Mt Lindsay Scoping Study Base Case key outputs (refer to ASX announcement 29 September 2026) Metric Unit Base Case Sales revenue A$m 5,204 Average annual EBITDA A$m 269 Pre-tax NPV₈ A$m 1,416 After-tax NPV₈ A$m 1,006 Pre-tax IRR % 64.9 After-tax IRR % 55.6 Payback period years 1.9 Pre-production capital A$m 245 Total life-of-mine capital (incl. sustaining and closure) A$m 442 Mining schedule years 13.5 Processing schedule years 11.6 Material processed Mt 10.9 NPV is calculated at an 8% discount rate. Average annual EBITDA is an arithmetic life-of-mine average and does not represent forecast EBITDA in any individual year. Payback is calculated on an after-tax, pre-finance basis from commencement of commercial production. Production Target and Key Assumptions The production target comprises approximately 10.9 Mt of scheduled run-of-mine material from part of the Main and No.2 deposits, of which approximately 92% is derived from Indicated Mineral Resources and approximately 8% from Inferred Mineral Resources. The Inferred Mineral Resources are predominantly scheduled in the later years of the mine plan. No Ore Reserve has been declared. The Base Case assumes a tin price of US$45,000/t, a tungsten APT price of US$2,500/mtu, a magnetite concentrate price of US$115/dmt, an AUD:USD exchange rate of 0.65, a corporate tax rate of 30% and a discount rate of 8%. The tungsten and tin price assumptions are approximately 17% and 18% below the referenced benchmarks of US$3,000/mtu (Asian Metal, 1 September 2026) and US$54,725/t (LME cash settlement, 1 September 2026) respectively. Capital and operating cost estimates carry an overall 5 accuracy range of approximately -25% to +50%. A 20% reduction in commodity prices reduces after- tax NPV8 to approximately A$614 million. Scoping Study Cautionary Statement and Funding The Scoping Study is a preliminary technical and economic study based on low-level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage. Further evaluation work and appropriate studies are required before Critica will be in a position to estimate any Ore Reserves or to assess whether it may be able to provide any assurance of an economic development case. 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. Critica has not secured any of the funding required to develop the Project, which the Scoping Study estimates will include pre-production capital of approximately A$245 million. There is a risk that the Company will not be able to raise that amount of funding when needed, or at all, and any equity funding may dilute existing shareholders. Investors should not make investment decisions based solely on the results of the Scoping Study. Refer to the ASX announcement of 29 September 2026 for the material assumptions, modifying factors and risks. Next Steps Critica’s next phase of work focuses on the key workstreams required to advance Mt Lindsay towards a Definitive Feasibility Study (DFS): • Resource confidence: improved metallurgical characterisation to refine resource classification • Mine design: further optimisation of the underground mine plan and schedule • Metallurgy: validation and optimisation of recoveries and product specifications, with bulk and pilot metallurgical testwork in progress • Engineering and infrastructure: further definition of key project infrastructure and logistics • Environmental and approvals: advancement of environmental studies and permitting requirements • Commercial and funding: advancement of funding strategy, offtake opportunities and potential strategic partnerships The development timeline in the Scoping Study is indicative only and is subject to further studies, approvals, funding and a future Board decision to proceed. Livingstone Project, Tasmania The Livingstone deposit forms part of the Mt Lindsay Mineral Resource and is held under Exploration Licence 21/2005, following the expiry of Mining Lease 3M/2012 (refer Quarterly Activities Report for the period ending 30 June 2026). The restated JORC 2012 Mineral Resource includes an Inferred Mineral Resource of 4.4 Mt at 0.88% SnEq at Livingstone. 6 Jupiter Rare Earths Project, Western Australia Project Overview Jupiter is Australia’s largest clay-hosted rare earth resource, comprising 1.8 billion tonnes at approximately 1,700 ppm TREO at a 1,000 ppm cut-off, including 640 million tonnes at approximately 490 ppm high-value magnet rare earth oxide (MagREO) at a 400 ppm cut-off. The deposit is located within the Mt Magnet and Yalgoo mining district in Western Australia, less than 10 kilometres from the bitumen highway connecting Mt Magnet and Geraldton, providing ready access to the Port of Geraldton, the mid-west gas pipeline and transmission infrastructure within 40 kilometres of site. Subsequent to the end of the quarter, the Company announced Jupiter’s first Indicated Mineral Resource as part of an updated Mineral Resource Estimate of 1.7 billion tonnes at approximately 1,700 ppm TREO at a 1,000 ppm TREO cut-off, including 160 million tonnes at approximately 1,700 ppm TREO in the Indicated category. Refer to “First Indicated Mineral Resource Estimate” later in this report for further details. During the September 2026 quarter, Jupiter advanced across four workstreams: hydrometallurgical optimisation, which reduced sulphuric acid consumption; production of a second high-grade MREC and of representative MREO and iron by-product samples; delivery of resource definition drilling results to SRK Consulting for the updated Mineral Resource Estimate; and finalisation of the Scoping Study led by Sedgman. Regional drilling at Juno returned high-grade intersections across a large area, and drilling at Aurora has been completed. Hydrometallurgical Optimisation On 4 August 2026, Critica reported the results of parallel hydrometallurgical optimisation programmes at ANSTO, GAVAQ and AMML, which demonstrated sulphuric acid consumption of approximately 1.0 tonne of acid per tonne of feed in the acid bake process. This represents a reduction of approximately 30% from the reference basis of approximately 1.4 to 1.6 tonnes of acid per tonne of feed (refer ASX announcement 16 February 2026). Sulphuric acid is an important reagent input to Jupiter’s proposed hydrometallurgical flowsheet. Key outcomes reported during the quarter include: • Sulphuric acid consumption of approximately 1.0 tonne per tonne of feed achieved across the optimised range, down from a reference basis of approximately 1.4 to 1.6 tonnes per tonne of feed • Results independently confirmed by ANSTO, GAVAQ and AMML • Further hydrometallurgical optimisation and validation testwork remains ongoing The result extends the optimisation programme previously reported for beneficiation, which delivered approximately 81% Magnet REO (MagREO) recovery (14 April 2026) and an intermediate concentrate grading approximately 3% TREO, an approximate 14× upgrade, at approximately 95% mass rejection (27 May 2026). Each programme has been undertaken and reported on its own technical basis. 7 Commercial-Grade Rare Earth Products Critica has now produced two high-grade Mixed Rare Earth Carbonates (MREC) grading approximately 58% TREO, together with multiple high-purity Mixed Rare Earth Oxides (MREO). On 17 September 2026, Critica reported a second MREC, produced by AMML, grading approximately 58% TREO (57.9%). The result closely replicates the MREC grading 57.8% TREO produced by ANSTO and announced on 16 February 2026, and demonstrates repeatable production of a high-grade carbonate product across separate metallurgical laboratories. The AMML MREC delivered higher MagREO and heavy rare earth oxide (HREO) content than the ANSTO MREC, with MagREO representing approximately 26% of TREO. The latest testwork achieved approximately 87% total recovery, including approximately 91% recovery through the MREC production stage. The hydrometallurgical and beneficiation programmes have been undertaken separately and should be considered on their respective technical bases. 8 MREC Product Comparison The AMML MREC increased MagREO content to 15.0%, compared with 14.1% in the ANSTO MREC, and HREO content to 3.66%, compared with 2.41%, including higher concentrations of dysprosium and terbium. Key product characteristics are summarised in Table 2 below. Table 2: | MREC product comparison, ANSTO and AMML (refer to ASX announcements 16 February 2026 and 17 September 2026) Component MREC 1 (ANSTO) MREC 2 (AMML) TREO 57.8% 57.9% MagREO (Nd, Pr, Dy, Tb) 14.1% 15.0% MagREO/TREO 24.4% 25.9% HREO 2.41% 3.66% Nd₂O₃ 10.6% 11.2% Pr₆O₁₁ 3.12% 3.19% Dy₂O₃ 0.26% 0.49% Tb₄O₇ 0.07% 0.14% Y₂O₃ 1.25% 1.83% MREO and Iron By-Product Samples On 23 September 2026, Critica announced the production of representative samples of high-purity MREO and a potential iron by-product to support commercial engagement with potential offtake partners. The latest MREO sample grades 98.2% TREO, of which MagREO comprises 27.9% of the product (28.4% of TREO), together with 3.07% yttrium oxide (Y₂O₃). A high-grade magnetite concentrate sample grading 64.1% Fe was also produced from the Jupiter beneficiation process. The potential contribution of the iron products to the development case is being assessed as part of the Scoping Study. Production of a further MREC sample for product evaluation is in progress. Product and Market Positioning Critica is engaged in discussions with potential offtake and strategic counterparties, and the Jupiter MREO product samples are available to support product evaluation and commercial engagement. Final product specifications remain subject to ongoing product qualification and commercial discussions. There is no certainty that these discussions will lead to a binding offtake or partnership agreement. Metallurgical Optimisation, Ongoing Workstreams Further hydrometallurgical optimisation and validation testwork is ongoing, with programmes advancing at ANSTO, GAVAQ and AMML. Sedgman provides integrated process engineering and development support across the optimisation streams. Preliminary metallurgical testwork on selected Juno samples is also planned (refer Regional Growth Opportunities below). 9 Gallium and Co-Product Opportunities 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 (refer ASX announcement 17 November 2025). The iron concentrate samples produced during the quarter provide additional product optionality from the Jupiter flowsheet. Figure 2 | Resource Model, showing Ga₂O₃ grade distribution across the resource model Figure 2: Note this figure is based on the February 2025 maiden Mineral Resource Estimate and associated resource block model. Jupiter’s Mineral Resource was subsequently updated on 12 October 2026. Refer to the “First Indicated Mineral Resource Estimate” section of this report for details of the updated Mineral Resource. Resource Update On 13 July 2026, Critica reported results from the Jupiter Resource Definition Drilling Programme, comprising 145 air core holes for 7,274 metres on a nominal 125 metre by 125 metre spacing across a prioritised area of approximately 3 km² of shallow, clay-hosted mineralisation, within the approximately 40 km² Jupiter Inferred Mineral Resource footprint. The programme was designed to support the conversion of priority areas from Inferred to Indicated classification. Selected significant intersections include: • JPAC273: 23 m at 3,603 ppm TREO from 20 m, including 12 m at 5,350 ppm TREO from 24 m • JPAC277: 30 m at 2,995 ppm TREO from 20 m, including 16 m at 3,811 ppm TREO from 20 m • JPAC393: 56 m at 2,642 ppm TREO from 16 m, including 20 m at 3,465 ppm TREO from 36 m • JPAC397: 73 m at 2,400 ppm TREO from 16 m, including 32 m at 3,551 ppm TREO from 24 m • JPAC401: 62 m at 2,138 ppm TREO from 20 m, including 24 m at 2,930 ppm TREO from 62 m 10 The resource definition area coincides with the pilot plant sample area used in Critica’s beneficiation and hydrometallurgical testwork. The results have been delivered to SRK Consulting for the updated Mineral Resource Estimate. First Indicated Mineral Resource Estimate Subsequent to the end of the quarter, the Company announced its first Indicated Mineral Resource for Jupiter. Infill drilling across approximately 10% of the Jupiter Resource area has established an Indicated Mineral Resource representing approximately 10% of the total Resource tonnage. The independent Mineral Resource Estimate by SRK Consulting delineates 160 million tonnes at 1,700 ppm TREO in the Indicated category at a 1,000 ppm TREO lower cut-off. Million Tonnes TREO ppm MREO ppm Pr6O11 ppm Nd2O3 ppm Tb4O7 ppm Dy2O3 ppm Y2O3 ppm Sc2O3 ppm Ga2O3 ppm Indicated Mineral Resource 160 1,700 420 84 310 4 18 89 45 40 Inferred Mineral Resource 1,500 1,700 380 82 280 3 14 72 36 40 Notes: Mineral Resources are reported at a 1,000 ppm TREO lower cut-off grade. Tonnages and grades are rounded and totals may not sum precisely due to rounding. TREO means Total Rare Earth Oxides. MREO means Magnet Rare Earth Oxides, comprising Pr₆O₁₁, Nd₂O₃, Tb₄O₇ and Dy₂O₃. No Ore Reserve has been declared. Scoping Study Outcomes Subsequent to the end of the quarter, the Company announced the outcomes of the Scoping Study for its 100%-owned Jupiter Rare Earth Elements Project (“Jupiter” or the “Project”) in Western Australia. The Scoping Study was prepared by Sedgman Pty Ltd, with Snowden Optiro providing the mine design and scheduling work and SRK Consulting responsible for the Mineral Resource Estimate underpinning the Study. The Scoping Study outlines a potential large-scale rare earths development pathway based on conventional open-pit mining, beneficiation and downstream hydrometallurgical processing to produce a mixed rare earth carbonate (“MREC”). The Study is based on an 8.0 Mtpa processing design basis and evaluates the development of Jupiter’s near-surface rare earth mineralisation, with the Production Target overwhelmingly underpinned by Indicated Mineral Resources. Jupiter contains all four principal magnet rare earths: neodymium, praseodymium, dysprosium and terbium. The Base Case attributes no value to iron, gallium or scandium, which remain subject to further evaluation. The Base Case demonstrates strong modelled economic outcomes including: • Pre-tax NPV8 of approximately A$2.7 billion and a pre-tax IRR of approximately 56.0% • After-tax NPV8 of approximately A$2.0 billion and an after-tax IRR of approximately 48.4% • Estimated after-tax payback period of approximately 2.0 years from commencement of commercial production • Modelled life-of-mine sales revenue of approximately A$12.3 billion 11 The Study demonstrated an estimated pre-production capital of approximately A$556 million to support the proposed mining, beneficiation and hydrometallurgical processing operation. Table 4: | Jupiter Scoping Study Base Case key outputs (refer to ASX announcement 20 October 2026) Metric Unit Base Case Sales revenue A$m 12,271 Average annual EBITDA A$m 446 Pre-tax NPV₈ A$m 2,672 After-tax NPV₈ A$m 1,985 Pre-tax IRR % 56.0 After-tax IRR % 48.4 Payback period years 2.0 Pre-production capital A$m 556 Total life-of-mine capital (incl. sustaining and closure) A$m 606 Mining schedule years 14.3 Processing schedule years 14.0 Material processed Mt 107.3 NPV is calculated at an 8% discount rate. Average annual EBITDA is an arithmetic life-of-mine average and does not represent forecast EBITDA in any individual year. Payback is calculated on an after-tax, pre-finance basis from commencement of commercial production. Production Target and Key Assumptions The Production Target comprises approximately 107 Mt of scheduled plant feed at an average grade of approximately 1,900 ppm TREO, based on a 1,500 ppm TREO plant-feed cut-off and following pit optimisation, conceptual mine design and scheduling. The Production Target is derived predominantly from Indicated Mineral Resources, comprising approximately 104 Mt (97%) of Indicated Mineral Resources and approximately 4 Mt (3%) of Inferred Mineral Resources. The Production Target therefore represents only a small proportion of the broader Jupiter Mineral Resource available at the 1,500 ppm TREO lower cut-off. No Ore Reserve has been declared for Jupiter. The Scoping Study’s rare earth pricing assumptions are based on Argus Rare Earths Analysis Data, May 2026, using its Europe/US rare earth oxide price forecasts to 2040, expressed in real 2026 US dollars. Argus price forecasts have been applied to all rare earth oxides included in the Base Case MREC basket valuation, with the prices for the four principal magnet rare earth oxides (neodymium, praseodymium, dysprosium and terbium) and yttrium presented in Table 5. Applying these price forecasts to the expected MREC composition produces a Base Case gross MREC basket value of approximately US$52.80/kg, before application of the assumed 75% payability. The Base Case assumes 75% payability against the gross contained rare earth oxide basket value of the MREC. Actual realised payability will depend on final product composition and specification, customer qualification, applicable refining and commercial terms, and prevailing market conditions. 12 Table 5| Magnet Rare Earth Oxide Price Assumptions Rare earth oxide Unit Base Case Neodymium (Nd₂O₃) US$/kg REO 146.56 Praseodymium (Pr₆O₁₁) US$/kg REO 151.43 Dysprosium (Dy₂O₃) US$/kg REO 978.77 Terbium (Tb₄O₇) US$/kg REO 3,550.41 Yttrium (Y₂O₃) US$/kg REO 793.31 Scoping Study Cautionary Statement and Funding The Scoping Study is a preliminary technical and economic study based on low-level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage. Further evaluation work and appropriate studies are required before Critica will be in a position to estimate any Ore Reserves or to assess whether it may be able to provide any assurance of an economic development case. 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. Critica has not secured any of the funding required to develop the Project, which the Scoping Study estimates will include pre-production capital of approximately A$556 million. There is a risk that the Company will not be able to raise that amount of funding when needed, or at all, and any equity funding may dilute existing shareholders. Investors should not make investment decisions based solely on the results of the Scoping Study. Refer to the ASX announcement of 20 October 2026 for the material assumptions, modifying factors and risks. Brothers Project Exploration and Field Work During the quarter, Critica reported results from the Jupiter resource definition drilling programme (145 holes for 7,274 metres) and from 30 air core holes for 1,249 metres at Juno and completed drilling at Aurora. The broader Brothers Project area continues to demonstrate potential for additional resource growth. Further exploration drilling is planned to evaluate resource growth potential within the broader Juno intrusion, and the Juno target is characterised by MagREO proportions broadly consistent with Jupiter. Regional Growth Opportunities Drilling at Juno and Aurora continues to highlight the broader growth potential of the district-scale Brothers Project. 13 Juno On 27 July 2026, Critica reported results from 30 air core holes for 1,249 metres at the Juno prospect, located approximately 50 kilometres south-east of the Jupiter deposit. The programme returned multiple shallow, high-grade rare earth intersections and confirmed mineralisation over an area of approximately 45 km². Selected intersections include: • BRAC383: 14 m at 3,053 ppm TREO from 44 m • BRAC392: 20 m at 2,155 ppm TREO from 40 m • BRAC399: 24 m at 2,147 ppm TREO from 24 m • BRAC393: 16 m at 2,117 ppm TREO from 20 m • BRAC397: 17 m at 1,825 ppm TREO from 24 m Preliminary TIMA mineralogical analysis indicates that Juno hosts the same REE phosphate minerals as Jupiter, and MagREO proportions generally range between 20% and 25% of TREO. The programme was co-funded by the WA Government Exploration Incentive Scheme (EIS), which co-funded 50% of approved drilling costs. Aurora Drilling at Aurora, a regional prospect north-west of Jupiter, has been completed. Assay results were pending at the time of the 27 July 2026 announcement and will be reported following receipt, validation and interpretation of the final dataset. Sustainability Profile Jupiter Critica continued to advance sustainability-related workstreams during the quarter through hydrometallurgical optimisation, which reduced sulphuric acid consumption by approximately 30%, and through Scoping Study inputs. The beneficiation-first development pathway supports a more compact and efficient processing footprint with potential for lower reagent, energy and water intensity. Jupiter’s clay-hosted mineralisation continues to exhibit consistently low in-situ uranium and thorium, favourable for permitting and logistics. The potential to recover multiple critical minerals – including rare earths and gallium – through an integrated flowsheet is being evaluated, with initial gallium testwork achieving approximately 63% extraction into solution. This potential for broader resource utilisation supports alignment with Western critical-materials supply chain objectives. Mt Lindsay Mt Lindsay’s proposed underground development provides a relatively compact surface footprint, with the Scoping Study based on a 1.0 Mtpa underground mining operation and processing infrastructure located within the existing granted Mining Lease. The underground mining approach limits surface disturbance relative to a large-scale open-pit development and allows the project to utilise established access and infrastructure in Tasmania’s long-standing west coast mining region. 14 The proposed processing flowsheet is designed to recover tungsten and tin concentrates, together with a magnetite concentrate, supporting improved utilisation of the mined material. Mt Lindsay also benefits from its location in Tasmania, wher