Critica Limited · ASX:CRI
Critica — Investor Presentation (October 2026)
44 slides from Critica's investor presentation, Oct 21, 2026
Slide 1: One Critical Minerals Platform
or personal use only One Critical Minerals Platform Two Scoping Studies delivered Two strategic Australian projects Tungsten | Tin | Rare Earths + Yttrium | Gallium Jacob Deysel | CEO Critica Investor Webinar | 21 October 2026 ASX: CRI
Slide 2: Disclaimer
Disclaimer Authorised by the Board of Critica Limited This Presentation (Presentation) has been prepared by Critica Limited (CRI or the Company) and is COMPETENT PERSONS STATEMENTS authorised by the Board of CRI. The information contained in this Presentation is a professional opinion The informatio
Slide 3: Disclaimer (continued)
Disclaimer (continued) Authorised by the Board of Critica Limited BASIS OF PREPARATION: JUPITER PROJECT relevant to the assessment, development and study of mineral projects of this type and scale, including The Jupiter Scoping Study is a preliminary technical and economic study that is not sufficie
Slide 4: The Critica Investment Case
INVESTMENT CASE The Critica Investment Case Two 100%-owned Australian projects | ~A$3.0bn combined after-tax NPV₈ or personal use only MT LINDSAY JUPITER SCOPING STUDY SCOPING STUDY DELIVERED DELIVERED TUNGSTEN + TIN RARE EARTHS + Y + Ga A$1.0bn2 55.6% A$245m A$2.0bn1 48.4% A$556m Pre-production Pre
Slide 5: Why Critica Matters Now
INVESTMENT CASE Why Critica Matters Now Critical mineral supply is concentrated. Demand is strategic. New Western supply is required. or personal use only THE SUPPLY PROBLEM DEMAND + DIVERSIFICATION CRITICA'S RESPONSE China dominates processing and Strategic demand is broadening Two Australian proje
Slide 6: Policy and Prices Are Re-Rating Critical Minerals
INVESTMENT CASE Policy and Prices Are Re-Rating Critical Minerals Government intervention is accelerating as strategic supply constraints support stronger commodity pricing or personal use only POLICY IS MOVING FROM WORDS TO ACTION COMMODITY MARKETS ARE RESPONDING Governments are increasingly acting
Slide 7: One Platform, Two Strategic Australian Projects
INVESTMENT CASE One Platform, Two Strategic Australian Projects Two complementary Australian projects. One critical minerals platform or personal use only ONE PLATFORM • TWO PROJECTS • COMPLEMENTARY VALUE DRIVERS • MULTIPLE CATALYSTS WHAT EACH PROJECT CONTRIBUTES MT LINDSAY FIRST TO DEVELOP Tungsten
Slide 8: Mt Lindsay Project
or personal use only SECTION 01 Mt Lindsay Project “One of Australia’s largest undeveloped tungsten & tin resources” Tungsten | Tin | North-west Tasmania critica.limited | ASX: CRI | October 2026 8
Slide 9: The Economics Speak for Themselves
MT LINDSAY PROJECT The Economics Speak for Themselves Mt Lindsay is one of the largest undeveloped tungsten–tin assets in a Tier 1 jurisdiction or personal use only KEY SCOPING STUDY METRICS A$2.67bn A$1.4bn A$1.0bn 55.6% A$245m Pre-tax LOM free cash flow Pre-tax NPV (8%) After-tax NPV (8%) After-ta
Slide 10: Concentrated Supply Is Driving a Structural Repricing
MT LINDSAY PROJECT Concentrated Supply Is Driving a Structural Repricing Scoping Study economics underpinned by Base Case prices below September 2026 benchmarks or personal use only TUNGSTEN APT TIN SCOPING STUDY BASE CASE SEPTEMBER BENCHMARK SCOPING STUDY BASE CASE SEPTEMBER BENCHMARK US$2,500/mtu
Slide 11: Strong Foundations for Development
MT LINDSAY PROJECT Strong Foundations for Development Key foundations already in place to advance Mt Lindsay towards a DFS or personal use only 100% 88,000m Hydro 120km Ownership and granted Mining Diamond drilling completed Predominantly renewable By road to Port of Burnie Lease Tasmanian grid ~ 12
Slide 12: An Established Resource Underpins Development
MT LINDSAY PROJECT An Established Resource Underpins Development The Main and No. 2 deposits represent 75% of Mt Lindsay’s total Mineral Resource or personal use only PLAN VIEW OF THE MAIN AND NO.2 MINERALISED SYSTEMS 14.3 Mt ~32 kt Main and No. 2 Contained tin Mineral Resource ~23 kt ~92% Contained
Slide 13: A Defined Underground Mining Concept
MT LINDSAY PROJECT A Defined Underground Mining Concept A 1.0 Mtpa underground operation leveraging existing infrastructure or personal use only 1.0 Mtpa 13.5 years 11.6 years 10.9 Mt Proposed mining rate Mining schedule Processing life Material processed Defined underground access Proposed decline
Slide 14: A$244.5m to Production | Strong Capital Efficiency
MT LINDSAY PROJECT A$244.5m to Production | Strong Capital Efficiency After-tax NPV of 4.1 times pre-production capital or personal use only A$244.5m A$197.3m A$441.8m 4.1x Pre-production capital Sustaining capital + closure Total LOM capital After-tax NPV / pre-prod capital PRE-PRODUCTION CAPITAL T
Slide 15: From Scoping Study to First Production
MT LINDSAY PROJECT From Scoping Study to First Production Indicative development pathway targeting first production end-2029 or personal use only 2026 2027 2028 2029 H1 H2 H1 H2 H1 H2 H1 H2 Scoping Study Definitive Feasibility Study (18 months) Construction, Commissioning and Ramp-up Environmental A
Slide 16: Jupiter Project
or personal use only SECTION 02 Jupiter Project “Australia’s largest clay-hosted rare earth deposit” Rare Earths | Yttrium | Gallium | Western Australia critica.limited | ASX: CRI | October 2026 16
Slide 17: The Economics Speak for Themselves
JUPITER PROJECT The Economics Speak for Themselves Compelling economics from one of the world’s largest clay-hosted rare earth resources KEY SCOPING STUDY METRICS or personal use only KEY FINANCIAL ASSUMPTIONS (BASE CASE) A$2.7bn A$2.0bn 48.4% A$556m Assumption Base Case Gross MREC basket price US$5
Slide 18: Long-Term Pricing Underpins the Base Case
JUPITER PROJECT Long-Term Pricing Underpins the Base Case Independent Argus forecasts | Product-specific basket | 75% payability | Sensitivity disclosed or personal use only I NDEPENDENT L ONG -T ER M PR I C E DEC K JUPI T ER 'S PR ODUC T DEFI NES T HE BA SK ET C OM M ER C I A L PA Y A BI L I T Y AR
Slide 19: Strong Foundations for Development
JUPITER PROJECT Strong Foundations for Development Infrastructure-rich | Tier-1 jurisdiction | Established land-use setting | Growing rare earths district or personal use only <10km ~270km ~50km 100% To sealed Geraldton–Mount Magnet To Geraldton and established port To existing transmission infrastr
Slide 20: A Large Resource Underpins a Selective Development Case
JUPITER PROJECT A Large Resource Underpins a Selective Development Case 1.7 Bt Mineral Resource → 1.0 Bt above 1,500 ppm TREO → 107.3 Mt Scoping Study Production Target or personal use only FROM RESOURCE SCALE TO INITIAL DEVELOPMENT CASE J U P I T E R M I N E R A L R E S OU R CE : P L A N V I E W 14
Slide 21: A Defined Open-Pit Mining Concept
JUPITER PROJECT A Defined Open-Pit Mining Concept Shallow, staged open-pit development | 8.0 Mtpa nominal processing rate | 97% Indicated plant feed or personal use only 8.0 Mtpa 14.3 years 14 years 1.4 : 1 Nominal processing rate Mining schedule Processing life LOM strip ratio 1 P IT D ES IGN O P T
Slide 22: A$556m to Production | Strong Capital Efficiency
JUPITER PROJECT A$556m to Production | Strong Capital Efficiency Defined Scoping Study capital basis with an after-tax NPV of 3.6 times pre-production investment or personal use only A$556m A$20.8m A$606.2m 3.6x Pre-production capital Sustaining capital Total LOM capital incl A$30m closure After-tax
Slide 23: From Scoping Study to First Production
JUPITER PROJECT From Scoping Study to First Production Indicative development pathway targeting first production in H1 2032 or personal use only 2026 2027 2028 2029 2030 2031 2032 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Commissioning & Ramp up Scoping Study PFS (~18 months) DFS (~18 months) Constr
Slide 24: Critica Limited
or personal use only SECTION 03 Critica Limited “One critical minerals platform. Two strategic Australian projects. Multiple pathways to value.” Tungsten | Tin | Rare Earths | Yttrium | Gallium critica.limited | ASX: CRI | October 2026 24
Slide 25: Corporate Snapshot
CORPORATE Corporate Snapshot Australian critical minerals portfolio | Mt Lindsay and Jupiter or personal use only COMPANY AT A GLANCE FINANCIAL SNAPSHOT ASX ticker CRI 3.03bn A$0.023 A$69.7m Listed since 2006 Shares on issue Last price¹ Market cap¹ Portfolio Mt Lindsay tungsten–tin | Tasmania Jupite
Slide 26: A Team That Can Deliver
CORPORATE A Team That Can Deliver Deep mining, exploration, metallurgy and capital markets experience MANAGEMENT or personal use only Jacob Deysel | CEO Nearly 30 years in global mining and critical minerals • Goldfields · Rio Tinto · Kenmare · UEC Discovery to development, Robert Ierace | CFO backe
Slide 27: Why Own Critica Now?
CORPORATE Why Own Critica Now? One Australian critical minerals company with two major development opportunities JUPITER or personal use only RARE EARTHS + Y + Ga A$2.0bn 3.6x A$556m After-tax NPV₈ NPV / pre- Pre-production capital production capital Scoping Study delivered → advancing feasibility,
Slide 28: Contact
or personal use only Contact ASX: CRI Address: Level 2, 16 Altona Street, West Perth WA 6005 Website: critica.limited CRITICA CEO INVESTOR RELATIONS Jacob Deysel Dannika Warburton Phone: +61 8 6279 9428 Investability Email: info@critica.limited investors@investability.com.au FOLLOW US LinkedIn: link
Slide 29: Cautionary Statement: Mt Lindsay
Cautionary Statement: Mt Lindsay Authorised by the Board of Critica Limited SCOPING STUDY CAUTIONARY STATEMENT FUNDING or personal use only The Scoping Study referred to in this Presentation has been undertaken to determine the potential The Scoping Study estimates pre-production capital of approxim
Slide 30: Cautionary Statement: Jupiter
Cautionary Statement: Jupiter Authorised by the Board of Critica Limited SCOPING STUDY CAUTIONARY STATEMENT FUNDING The Scoping Study referred to in this Presentation has been undertaken to determine the potential The Scoping Study outcomes, production target and forecast financial information are b
Slide 31: Appendix
or personal use only SUPPORTING INFORMATION Appendix Technical, market and supporting detail critica.limited | ASX: CRI | October 2026 31
Slide 32: Why the West Needs Mt Lindsay Tungsten and Tin
APPENDIX | MT LINDSAY Why the West Needs Mt Lindsay Tungsten and Tin Concentrated supply | Slow supply response | Critical demand | Few substitutes or personal use only TUNGSTEN TUNGSTEN TIN TUNGSTEN: INDUSTRIAL NECESSITY 53% OF TIN DEMAND: SOLDER Carbide tooling supports advanced Tin solder underpi
Slide 33: Underground Access from an Existing Quarry
APPENDIX | MT LINDSAY Underground Access from an Existing Quarry The portal sits inside historical HEC Quarry disturbance, ~600m from the plant site or personal use only EXISTING HEC QUARRY AREA PROPOSED FOR THE PORTAL ILLUSTRATIVE TWIN-DECLINE PORTAL ARRANGEMENT A fundamentally different developmen
Slide 34: Processing Flowsheet
APPENDIX | MT LINDSAY Processing Flowsheet A conventional flowsheet producing three concentrates: tin, tungsten and magnetite or personal use only THREE SALEABLE CONCENTRATE STREAMS TUNGSTEN 19.3kt Scheelite concentrate (WO₃) Recovery 85% TIN 31.6kt Tin concentrate (Sn) Recovery 75% MAGNETITE 2.14Mt
Slide 35: Strong Project Economics Across Key Sensitivities
APPENDIX | MT LINDSAY Strong Project Economics Across Key Sensitivities A$1.0bn Base Case NPV with prudent pricing and focused risk management or personal use only AFTER-TAX NPV₈ SENSITIVITY | ±20% CHANGE BASE A$1,006m COMMODITY PRICES Commodity price 614 1399 A$614m–A$1,399m Base Case prices are be
Slide 36: Why the West Needs Jupiter
APPENDIX | JUPITER Why the West Needs Jupiter Structural demand growth + concentrated supply = a growing requirement for new projects or personal use only 1 DEMAND IS ACCELERATING 2 SUPPLY MUST DIVERSIFY 3 J UPI T E R I S PO S I T I O N E D Nd • Pr • Dy • Tb ~400kt → ~735kt 25% 66% → 48% 160 Mt Four
Slide 37: A Practical Mine Plan and Site Layout
APPENDIX | JUPITER A Practical Mine Plan and Site Layout Indicated Mineral Resources underpin the early schedule within a compact, integrated open-pit development concept or personal use only S CHED U L ED P L AN T FEED IN TEGRATED S ITE L AYO U T COMPACT SITE CONCEPT Pit, plant and major mine infra
Slide 38: Beneficiation First Changes the Development Equation
APPENDIX | JUPITER Beneficiation First Changes the Development Equation Early mass rejection reduces the volume requiring downstream chemical processing or personal use only P RO P O S ED BEN EFICIATIO N + HYD RO M ETAL L U RGIC AL FL O W S HEET HIGH - GRAD E M REC P RO D U CT MIXED RARE EARTH CARBO
Slide 39: Strong Project Economics Across Key Sensitivities
APPENDIX | JUPITER Strong Project Economics Across Key Sensitivities A$2.0bn Base Case after-tax NPV₈ | ±20% sensitivity to key assumptions or personal use only BASE A$1,985m COMMODITY PRICE A$1.12bn – A$2.85bn Largest NPV sensitivity. Base Case pricing uses the long-term Argus rare earth price fore
Slide 40: Physical Product in Hand | Advancing Offtake
APPENDIX | JUPITER Physical Product in Hand | Advancing Offtake Representative Jupiter products provide a tangible platform for offtake and strategic engagement or personal use only MREC SAMPLE PRODUCED H I G H - P U R I TY R A R E E A R T H P R O D U CT P O T E N T I AL I R O N B Y - P R O D U C T
Slide 41: Jupiter Mineral Resource Estimate (October 2026)
APPENDIX | JUPITER Jupiter Mineral Resource Estimate (October 2026) Cut-off Million TREO MagREO Pr6O11 Nd2O3 Tb4O7 Dy2O3 Y2O3 Sc2O3 Ga2O3 Fe or personal use only TREO Tonnes ppm ppm ppm ppm ppm ppm ppm ppm ppm % Indicated Resources 400 220 1,400 350 71 260 3 15 75 40 39 9.7 800 180 1,600 400 80 290
Slide 42: Jupiter: Scale and Geology
APPENDIX | JUPITER Jupiter: Scale and Geology 1.7Bt Mineral Resource, now including a first 160Mt Indicated Resource or personal use only Scale & Definition: Over 30,000m drilled Updated MRE by SRK: 160Mt Indicated and 1.5Bt Inferred at 1,700ppm TREO Mineralisation: Near surface, homogeneous across
Slide 43: Jupiter Peer Comparison: Source Data
APPENDIX | JUPITER Jupiter Peer Comparison: Source Data or personal use only Project Company Resource Mt TREO (ppm) Stage Source Inferred 40 2,100 ASX Announcement. Barkly Rare Earths Completes Successful IPO. 30 Barkly Barkly Rare Earths Pre-Scoping Total 40 2,100 January 2026. ASX:BAK - Barkly Rar
Slide 44: Glossary
APPENDIX Glossary Key Terms and Definitions or personal use only TREO/MagREO Total Rare Earth Oxides / Magnet Rare Earth Oxides. MagREO comprises the magnet 1 rare earth oxides Pr₆O₁₁, Nd₂O₃, Tb₄O₇ and Dy₂O₃. MagREO is referred to as “MREO” in the 12 October 2026 Jupiter Mineral Resource announcemen