Critica Unveils Record 67m Rare Earths Drill Hit and 830% Upgrade at Jupiter

Exploration Breakthroughs at Jupiter

Critica Limited has delivered a compelling quarterly update for December 2024, underscoring its rapid advancement of the Jupiter Project, part of the broader Brothers Clay-Hosted Rare Earths Project in Western Australia. The company’s drilling program continues to yield outstanding results, including a record intersection of 67 metres grading 3,074 ppm Total Rare Earth Oxides (TREO), which notably ended in mineralisation, suggesting potential for even greater depth.

With 262 holes completed in the infill drilling program, Critica has established consistent, large zones of mineralisation exceeding 2,000 ppm TREO. The high-grade zones typically span 20 to 30 metres within broader 80-metre mineralised intervals, demonstrating excellent continuity and scale. Importantly, thorium and uranium levels remain very low throughout the system, a positive factor for future processing and environmental considerations.

Maiden Mineral Resource Estimate on the Horizon

Critica has engaged SRK Consulting, a leading geological consultancy, to prepare an independent maiden Mineral Resource Estimate (MRE) for Jupiter. The MRE is on track for completion and release by mid-February 2025, marking a critical milestone in transitioning the project from exploration to resource definition. This estimate will provide investors and stakeholders with a clearer picture of the project’s scale and economic potential.

Metallurgical Testwork Exceeds Expectations

Parallel to exploration, metallurgical testwork has delivered promising early results. A composite sample of Jupiter mineralisation, initially grading 1,430 ppm TREO, was upgraded to a concentrate grading 13,310 ppm TREO through a simple flotation process at room temperature. This represents an effective upgrade factor of over 9.3 times (approximately 830%), accompanied by a 94.5% reduction in mass, which bodes well for processing efficiency and cost control.

REE recoveries to the beneficiated concentrate exceeded 50% at this early stage, with multiple testwork streams ongoing. These results suggest a robust pathway to producing a high-grade rare earth concentrate, enhancing the project's commercial viability.

Expanding Regional Potential with Satellite Discoveries

Critica’s regional exploration drilling has identified three new large-scale satellite rare earth discoveries, adding to two previously announced prospects. These satellite zones, located up to 40 kilometres east of Jupiter, have returned high-grade intersections, including up to 4 metres at 5,331 ppm TREO. The presence of significant magnet rare earth oxides such as Dysprosium and Terbium further enhances the strategic value of these discoveries.

The cumulative evidence points to the Brothers Project hosting a provincial-scale rare earth mineralised system, positioning Critica as a notable player in the Western Australian rare earths sector.

Corporate and Financial Position

As of 31 December 2024, Critica reported a healthy cash balance of A$5.8 million and zero debt, providing a solid financial foundation to support ongoing exploration and development activities. The company also completed a sale facility for unmarketable parcels, returning proceeds to shareholders, and received a mining bond refund of approximately A$0.6 million from Mineral Resources Tasmania.

Managing Director Philippa Leggat highlighted the company’s disciplined approach, emphasizing the importance of building a robust geological and metallurgical dataset to underpin future development and de-risk the project.