• First commercial-quality MREC produced at 58% TREO, validating conventional refinery-aligned product pathway
• Metallurgical recovery of ~80% TREO, with defined pathway to ~89% TREO in commercial circuit
• Commenced major resource upgrade drilling program at Jupiter and regional drilling at Juno and Aurora

Critica Limited (ASX: CRI) is pleased to provide its Quarterly Activities Report for the period ending 31 March 2026. The March 2026 quarter delivered two landmark milestones for Jupiter, Critica's flagship rare earths project. In February, the company produced its first commercial-quality Mixed Rare Earth Carbonate (MREC) at 58% TREO at ANSTO, confirming a conventional, refinery-aligned product pathway and positioning Jupiter at the upper end of development-stage clay-hosted rare earth projects. The MREC production also demonstrated a step-through recovery of approximately 80% TREO, with a defined pathway to ~89% TREO in a commercial operating circuit. Critica also commenced a major Air Core drilling programme at Jupiter, alongside regional drilling at Juno and Aurora under the Exploration Incentive Scheme, directly supporting the Scoping Study through resource upgrades and regional target testing. With the Scoping Study team in place and metallurgical optimisation advancing across multiple parallel workstreams, the company is systematically converting technical validation into a robust and defensible development pathway for Jupiter. Critica continues to evaluate processing pathways and optimisation opportunities across the broader flowsheet, ensuring Jupiter retains flexibility as it advances toward development.

Critica expects to advance key workstreams in the June 2026 quarter, including continuing and completing the resource upgrade drilling at Jupiter, progressing the SRK Consulting's updated Mineral Resource model, advancing further optimisation of the MREC and MREO product specifications, and progressing the Scoping Study.