Critica Ltd Rare Earth Products Achieve 86% TREO at Jupiter

Critica Delivers Second High-Grade Rare Earth Product, Strengthening Jupiter's Commercial Pathway

Critica Limited (ASX: CRI) has achieved another significant milestone with its second Mixed Rare Earth Product (MREP) from the Jupiter Project, delivering 86% Total Rare Earth Oxide (TREO) content alongside strong concentrations of critical magnet rare earths and yttrium. This latest result validates the repeatability and scalability of Critica Ltd rare earth products across different metallurgical domains within Australia's largest clay-hosted rare earth resource.

The second MREP demonstrates remarkable upgrade factors, with yttrium increasing more than 30,000% from in-situ grades to final product. Furthermore, the four critical magnet rare earths (Nd, Pr, Dy, Tb) show upgrades exceeding 40,000-60,000%. These results reinforce Jupiter's potential as a Western-aligned rare earths operation in a market dominated by Chinese supply chains.

Exceptional Upgrade Performance Across Critical Elements

The second MREP has delivered outstanding results across all high-value rare earth elements, with 24.7% Magnet Rare Earth Oxides and 2.4% Yttrium. The consistency between both MREPs produced from different domains within Jupiter demonstrates the robustness of Critica's metallurgical approach.

Key upgrade factors from resource to average MREP performance:

The second MREP achieved 86% TREO content, compared to 84% TREO in the first product, demonstrating consistent high-grade outcomes. Notably, the second product showed higher concentrations of neodymium (184,775 ppm) and dysprosium (7,102 ppm), key components for permanent magnet applications.

CEO Jacob Deysel commented: "Producing a second high-grade MREO at 86% TREO from a different domain within Jupiter is a major validation step for Critica. We are seeing exactly what a scalable project should demonstrate, consistent, repeatable upgrade of the four high-value Magnet Rare Earths and Yttrium from the global resource, through beneficiation, and into final product."

Understanding Mixed Rare Earth Products (MREPs)

For investors new to rare earth processing, a Mixed Rare Earth Product represents a concentrated intermediate product containing multiple rare earth elements in oxide or carbonate form. Unlike separated individual rare earth elements, MREPs provide a cost-effective pathway to market whilst maintaining high value due to their concentrated nature.

Why MREPs Matter:

• Lower processing costs compared to full separation
• Faster path to revenue for emerging rare earth developers
• High-value intermediate product suitable for downstream processing
• Reduced technical risk compared to complex separation facilities

Critica Ltd rare earth products leverage a conventional acid-bake flowsheet that has been proven across multiple scales, from initial 50kg laboratory samples to the current 400kg bulk samples. In addition, this approach provides a clear pathway to commercial production.

The Acid-Bake Process Explained

The acid-bake flowsheet involves mixing rare earth bearing materials with sulfuric acid and heating the mixture to specific temperatures. This process breaks down the clay minerals and makes the rare earth elements available for extraction. The method has been used commercially for decades and requires less complex equipment compared to alternative processing routes.

This approach provides several advantages:

• Proven technology with established operational parameters
• Conventional equipment readily available from suppliers
• Lower capital costs compared to advanced separation methods
• Scalable processing suitable for large-scale operations

Strategic Market Positioning in Critical Supply Chains

The elements concentrated in Critica's MREPs sit at the centre of global supply chain security concerns, with China maintaining dominant control across multiple critical materials. Chinese Market Dominance:

• Yttrium: >90% controlled by China, critical for phosphors and high-temperature alloys
• Magnet REEs (Nd, Pr, Dy, Tb): >90% Chinese control, essential for EV motors and wind turbines
• Gallium: >98% Chinese supply, with export licensing controls implemented since 2024

This concentration of supply has prompted Western governments to prioritise rare earth supply chain diversification through initiatives like the Australia-U.S. Critical Minerals Framework. Jupiter's location in Western Australia, combined with its strong upgrade characteristics for these strategic elements, positions Critica favourably within these policy frameworks.

However, the project's very low uranium and thorium content further enhances its commercial appeal, reducing regulatory complexity compared to many rare earth deposits globally.

Supply Chain Security Implications

Recent geopolitical developments have highlighted the vulnerability of Western economies to supply chain disruptions. China's implementation of export licensing controls on gallium processing technologies demonstrates how quickly critical material access can be restricted.

Western governments have responded by:

• Establishing strategic reserves for critical materials
• Funding domestic processing capabilities through government programmes
• Creating bilateral agreements for secure supply partnerships
• Investing in alternative supply sources outside Chinese control

Jupiter's development timeline aligns with these initiatives, potentially positioning Critica Ltd rare earth products as a cornerstone of Western supply chain resilience.

Validated Development Pathway Building Confidence

In the announcement, Critica outlined how it has now demonstrated metallurgical consistency across seven distinct validation stages:

1. 50kg laboratory testwork (January 2025)
2. 400kg bulk sample beneficiation (May 2025)
3. Intermediate concentrate processing at GAVAQ, ANSTO, and Minutech
4. First high-grade MREP at 84% TREO (October 2025)
5. Second high-grade MREP at 86% TREO (current results)
6. By-product potential validation from the same flowsheet
7. 3,000kg closed-circuit pilot plant commissioning (ongoing)

This systematic scale-up approach significantly de-risks the technical pathway whilst building confidence in Jupiter's commercial viability. The repeatability across different metallurgical domains within the resource demonstrates robust behaviour that supports future mining and processing operations.

Upcoming Catalysts:

• 3,000kg pilot plant operation (Q4 2025 – H1 2026)
• Extraction optimisation for magnet REEs and yttrium (ongoing)
• Product specification finalisation (ongoing)
• Scoping Study integration (H1 2026)
• Strategic partnership advancement (ongoing)

Technical De-Risking Process

Each validation stage has addressed specific technical and commercial questions:

Laboratory Scale (50kg): Confirmed basic metallurgical response and upgrade potential

Bulk Sample (400kg): Validated beneficiation performance and concentrate quality

Intermediate Processing: Demonstrated extraction efficiency and product purity

First MREP: Established baseline product specifications and recovery rates

Second MREP: Confirmed repeatability across different resource domains

Pilot Plant: Will validate closed-circuit operations and optimise recovery parameters

Investment Implications for Jupiter's Scale and Quality

According to the announcement, Jupiter represents Australia's largest and highest-grade clay-hosted rare earth resource, with 2.05 billion tonnes at 735ppm TREO in the Measured, Indicated and Inferred categories. The project's scale, combined with demonstrated metallurgical performance, positions it as a potential cornerstone asset in Western rare earth supply chains.

Key Investment Differentiators:

The strong yttrium upgrade (>30,000%) reported in the announcement is particularly noteworthy given China's overwhelming market control and recent export restrictions on rare earth processing technologies. This positions Jupiter to potentially serve both magnet rare earth and strategic heavy rare earth market segments.

Economic Development Potential

The scale and grade of Jupiter's resource could support substantial economic development in Western Australia. Large-scale rare earth operations typically:

• Create direct employment of 200-500 workers during operations
• Generate indirect employment through service providers and suppliers
• Contribute significant royalties to state and federal governments
• Support regional infrastructure development and maintenance
• Attract downstream processing investments

The combination of resource scale and processing simplicity could make Jupiter an attractive anchor project for broader rare earth industry development in the region.

Why Should Investors Monitor Critica's Progress?

Critica has systematically validated Jupiter's technical pathway whilst building toward commercial-scale operations in one of the world's most sought-after commodity sectors. The combination of resource scale, consistent metallurgical performance, strategic element concentration, and Western jurisdiction positioning creates compelling investment attributes.

Near-term value drivers include:

• Pilot plant operational results providing commercial-scale validation
• Scoping Study completion establishing project economics
• Strategic partnership development with potential offtake partners
• By-product optimisation from gallium and other valuable elements

The rare earth market continues to experience strong demand growth driven by renewable energy, electric vehicles, and advanced manufacturing applications, whilst supply remains concentrated in geopolitically sensitive regions. Jupiter's development pathway offers investors exposure to this critical materials theme through a Western-aligned asset with demonstrated technical capabilities.

Key Investment Thesis: Critica Limited has positioned itself as Australia's next rare earth developer, with Jupiter's exceptional scale, proven metallurgical performance, and strategic element concentration providing multiple pathways to value creation. With ongoing pilot plant commissioning and scoping study advancement, investors should monitor upcoming catalysts that could establish Jupiter as a cornerstone Western rare earth operation.

The announcement confirms that Critica Ltd rare earth products have now achieved consistent high-grade outcomes across different resource domains, validating the scalability of the company's beneficiation-first approach. This technical consistency, combined with Jupiter's strategic positioning in Western Australia and its focus on supply-chain-critical elements, creates a compelling investment proposition in the rapidly evolving rare earth sector.

Glossary of Key Terms:

• TREO: Total Rare Earth Oxides – measure of total rare earth content
• MREP: Mixed Rare Earth Product – concentrated intermediate containing multiple rare earths
• MagREO: Magnet Rare Earth Oxides (Nd, Pr, Tb, Dy) – critical for permanent magnets
• Beneficiation: Physical upgrading process to concentrate valuable minerals
• Closed Circuit: Recycled processing mode maximising recovery and efficiency

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