Jupiter Scoping Study Defines Pathway to Development

• Updated Mineral Resource of 1.7 Bt at 1,700 ppm TREO, including 160 Mt Indicated Mineral Resource
• Base Case economics show pre-tax NPV of A$2.7 billion and IRR of 56.0%
• Production Target of 107 Mt based on 97% Indicated Mineral Resources
• Pre-production capital estimated at approximately A$556 million
• Jupiter represents only 6% of the total Mineral Resource, leaving 94% for future evaluation

Critica Limited (ASX: CRI) has announced the outcomes of the Scoping Study for its 100%-owned Jupiter Rare Earth Elements Project in Western Australia. The study, based on an updated JORC 2012 compliant Mineral Resource Estimate, outlines a potential large-scale development pathway for conventional open-pit mining and processing. The project is expected to produce a mixed rare earth carbonate, with a production target of 107 Mt based on a 1,500 ppm TREO plant-feed cut-off. The base case economics demonstrate strong outcomes, including a pre-tax NPV of approximately A$2.7 billion and an IRR of 56.0%. The project is expected to require approximately A$556 million in pre-production capital. Jupiter contains all four principal magnet rare earths and represents a significant opportunity within Critica's broader Brothers Project.

Pre-tax NPV of A$2.7 billion, IRR of 56.0%, pre-production capital of A$556 million

The Jupiter Scoping Study provides a clear technical foundation for the next phase of development. The project offers substantial potential for future resource conversion, mine-life extension, and expansion. Further evaluation work is required before Critica can estimate any Ore Reserves or assess the economic viability of the project.