Can Critica Overcome Challenges to Deliver Australia’s Next Rare Earths Giant?

Jupiter Project, A Rare Earths Giant Emerges

Critica Limited has reinforced its position as a key player in Australia's critical minerals sector with its June 2025 quarterly report, spotlighting the Jupiter Rare Earths Project. This flagship asset, part of the broader Brothers Clay-Hosted Rare Earths Project in Western Australia, boasts a maiden resource estimate of 1.8 billion tonnes at 1,700 ppm Total Rare Earth Oxides (TREO), including a high-grade core of 500 million tonnes at 2,200 ppm TREO. This makes Jupiter the largest and highest-grade clay-hosted rare earth resource in the country.

Strategically located near established infrastructure and rare earth processing hubs such as Lynas and Iluka, Jupiter offers a compelling development opportunity. The deposit’s clean metallurgy, characterised by exceptionally low uranium and thorium levels, reduces environmental and regulatory hurdles, enhancing its appeal to sensitive downstream markets in Japan, Korea, Europe, and the United States.

Breakthrough Metallurgical Testwork

Critica’s recent metallurgical testwork marks a major milestone. The beneficiation process achieved a remarkable 95% mass reduction, concentrating rare earth elements into a smaller, higher-grade stream containing 15,000 ppm TREO, including 3,990 ppm magnet rare earth oxides (MREO) and 1,400 ppm heavy rare earth oxides (HREO). This significant concentration not only promises lower downstream processing volumes but also suggests potential cost savings and a reduced environmental footprint.

Moreover, the beneficiation process yielded a potential premium iron ore by-product grading 67% iron, which could provide an additional revenue stream. Ongoing testwork aims to refine these processes further and prepare material for leach testing and rare earth carbonate production, critical steps towards commercialisation.

Expanding Exploration and Strategic Partnerships

Beyond Jupiter, Critica has secured all necessary approvals to commence drilling at key satellite prospects Aurora and Juno within the Brothers Project. These targets have already demonstrated promising rare earth grades, including heavy rare earth elements vital for advanced technologies. The upcoming aircore drilling campaign will be partially funded by a 50% Exploration Incentive Scheme grant from the Western Australian government, underscoring public support for the project’s strategic importance.

On the corporate front, Critica appointed Jacob Deysel as Chief Executive Officer, bringing over 25 years of global mining leadership experience. His appointment signals a new phase of growth and operational focus. Additionally, Critica entered a farm-in agreement with Ausgold Limited for the Kulin Gold Project, allowing Ausgold to earn up to a 70% interest, enabling Critica to concentrate resources on its core rare earths development.

Financial Position and Outlook

Critica ended the quarter with a cash balance of A$4.15 million, bolstered by a A$1.05 million refund under the Australian Government’s R&D Tax Incentive Program. The company’s disciplined expenditure on exploration and corporate activities positions it well to advance Jupiter’s project definition and unlock further district-scale growth.

With rare earths demand intensifying globally due to their critical role in clean energy and advanced technologies, Critica’s Jupiter Project is poised to become a significant Australian source of magnet rare earths. The combination of scale, grade, clean metallurgy, and strategic location provides a strong foundation for sustainable development.