Critica Limited CEO Jacob Deysel said: “Critica is now fully funded to advance the Jupiter Project through the staged work programs that will ultimately support a Scoping Study. We currently have multiple metallurgical testwork streams underway as we systematically validate and build on the positive initial results released to the market.”
Critica also says that after successful production of its first trial mixed rare earth product (MREP), its metallurgical analysis confirms that about 63% of gallium oxide reports to leach solution within the same beneficiation-first flowsheet it employs in its rare earths capture.
Notably, the 1.8 billion tonne Jupiter rare earths resource also averages about 39 parts per million gallium oxide for about 70,000 tonnes of gallium oxide which is also working its way towards the top of international critical minerals lists.
The discovery highlights the strategic scale of the company’s critical rare-earths and gallium endowment, further enhancing its multi-commodity potential.
The $8 million placement, priced at 2.6 cents per share – a 16.1% discount to the closing price of A$0.031 on 11 November 2025 – will see about 307 million shares plus a one-for-one free attaching options issued exercisable at 4.3 cents with a two year expiry.
Tranche 1 ($5.3 million) will settle on November 20, with Tranche 2 ($2.4 million, including $320,000 from directors) pending shareholder approval in January 2026.
Post-placement, Critica’s war chest will swell to about $11.7 million, blending existing cash, placement proceeds and a pending $1 million R&D rebate.
The funding infusion will supercharge Jupiter, with $2.25 million ear-marked for resource upgrades and exploration drilling across the broader Brothers tenure and $3 million for metallurgical pilot work to refine the simple flowsheet.
Another $1.5 million is allocated to the pivotal project scoping study, alongside $1.25 million for offtake talks and strategic reviews.
Remaining funds will cover working capital and offer costs.
The company also has its Mt Lindsay project which spans a 20km mineralised strike in the richly-endowed West Coast Range of northwest Tasmania, about 20km north of Zeehan.
The project is a massive, undeveloped tin-tungsten skarn deposit that is one of the world’s largest tin resources and will be subject to a review by Critica management.
It constitutes a strategic asset in the global push for supply chain diversification and lies in a world-class mining province that includes operations like Savage River (iron ore), Renison (tin) and Rosebery (zinc-copper-lead), offering robust infrastructure for low-cost development.
Critica’s review of the Mt Lindsay project will evaluate its potential as a major producer of the critical minerals tin and tungsten and it will look to increase the project’s economic viability.
The review will focus on confirming the project’s significant tin and tungsten reserves, testing new processing techniques for its tin-borates and confirming the value of the resource.
The review could advance Mt Lindsay’s offtake discussions and evaluate optimisations, partnerships or divestment that could further support Critica’s rare earths pivot at Jupiter, particularly in light of the company’s June 2024 sale of its Tasmanian Riley iron ore mine .
With tin prices surging at around US$36,000/t and tungsten’s recognised critical status, the review could unlock greater value in Critica’s dual-state portfolio, blending its WA’s rare earths focus with Tasmania’s tin legacy.
Strategically sited on one of Western Australia’s key transport and infrastructure corridors, Jupiter’s scale and relative simplicity position Critica as an exceptionally significant Western-aligned contender in the global rare earths scramble.
With Lion’s new investment in Critica lifting its stake to 2.4%, combined with ongoing testwork clearing the way on its mine-to-magnet roadmap, Critica is primed to deliver multi-commodity domestic supply resilience in a timely response to the geopolitical heat on critical minerals.
And it probably doesn’t hurt either that it is attracting well-funded institutions to its register as barrels towards a financial investment decision to go mining.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
