Critica Advances Rare Earths with Gallium By-Product Testwork Amid Development Funding Risks

Repeatable High-Grade Rare Earth Validation

Critica Limited (ASX – CRI) has taken a significant step forward in its development of the Jupiter Rare Earths Project in Western Australia, producing a second high-grade mixed rare earth oxide product grading 86% total rare earth oxides (TREO). This latest product, derived from a different domain within the resource, confirms the repeatability of metallurgical performance across the deposit and bolsters confidence in scaling up operations.

The Jupiter Project, noted as Australia's largest clay-hosted rare earth resource, continues to validate its beneficiation-first processing approach. This strategy involves physically upgrading ore to concentrate valuable minerals before applying hydrometallurgical techniques, which has proven effective in delivering high-grade products with strong magnet rare earth elements such as neodymium, praseodymium, dysprosium, and terbium, alongside yttrium.

Gallium By-Product Potential Emerges

In addition to rare earths, Critica's testwork has revealed promising gallium recovery potential, with approximately 63% of gallium oxide (Ga₂O₃) leaching into solution within the same beneficiation flowsheet. Given Jupiter's inferred resource contains around 70,000 tonnes of gallium oxide, this by-product opportunity could add significant value, particularly as gallium is critical to semiconductor and advanced manufacturing supply chains.

While gallium recovery remains at the testwork stage, the integration of this critical mineral into future economic studies highlights Critica's strategic positioning to supply multiple critical materials from a single, efficient processing circuit.

Pilot Plant and Hydrometallurgical Progress

Critica is advancing the commissioning of a 3,000 kg closed-circuit beneficiation pilot plant at GAVAQ in Hanoi, designed to treat representative ore continuously and generate decision-grade data. This pilot will validate bench-scale results, optimize reagent consumption, and produce bulk concentrate for downstream hydrometallurgical testwork.

Parallel hydrometallurgical programs at GAVAQ, ANSTO, and Minutech-AMML are refining leach conditions and impurity management to define product specifications suitable for downstream separation partners. These efforts underpin the upcoming Jupiter Scoping Study, aiming to translate technical success into a robust development pathway.

Funding and Strategic Partnerships Strengthen Position

Financially, Critica secured an oversubscribed two-tranche placement raising A$8 million, with the second tranche completed post-quarter following shareholder approval. This capital injection supports ongoing piloting, metallurgical programs, scoping study inputs, and offtake engagement activities. The company also received a $1 million R&D tax incentive refund, further bolstering its cash position to approximately $10 million.

Post-quarter, Critica appointed Sedgman to lead the Jupiter Scoping Study, supported by Snowden Optiro and SRK Consulting, signalling a move toward detailed project evaluation and potential development. Additionally, Critica has applied to become a Tier 1 partner of the Critical Metals for Critical Industries Cooperative Research Centre (CMCI CRC), aiming to enhance downstream process development capabilities.

Outlook and Development Pathway

With repeatable high-grade product validation and gallium by-product optionality established, Critica is well-positioned to advance Jupiter along a disciplined development pathway prioritizing efficiency, product quality, and sustainability. The project's low uranium and thorium levels, combined with integrated critical mineral recovery, align with responsible development and Western Australia's strategic supply chain goals.

Looking ahead, Critica plans to continue pilot plant commissioning and hydrometallurgical optimisation through the March 2026 quarter, focusing on recovery improvements, impurity control, and product qualification to support downstream partnerships and economic studies.