Highlights

• Critica Limited discovers largest and highest-grade clay-hosted MREO resource in Australia's Jupiter Project.
• Contains 640 million tonnes at 490 ppm MREO.
• Project strategically positioned with high-value magnet rare earths, crucial for EV, wind turbine, and defense industries:
  • Neodymium (Nd)
• • Praseodymium (Pr)
• • Dysprosium (Dy)
• • Terbium (Tb)
• Low uranium/thorium content and Western Australian location provide significant regulatory and infrastructure advantages for rare earth development.

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Critica Limited (ASX: CRI) (opens in a new tab) has confirmed that its Jupiter Project in Western Australia is now recognized as the nation’s largest and highest-grade clay-hosted MREO resource. Following a July 2025 review of heavy rare earth oxides (HREOs), the company has identified multiple high-grade zones rich in neodymium (Nd), praseodymium (Pr), dysprosium (Dy), and terbium (Tb)—the four magnet rare earths central to EV, wind turbine, defense, and high-performance electronics supply chains.

Key Findings

• Resource Size & Grade: At a 400 ppm MREO cut-off, Jupiter contains 640 Mt at 490 ppm MREO (~310,000 t in-situ MREOs) within a broader 1.8 Bt total resource.
• Value Concentration: MREOs account for the majority of project value at prevailing market prices; these four elements can contribute ~85%+ of basket value despite their small share of total TREOs.
• Processing Advantage: Laboratory beneficiation test work upgraded feed to 15,000 ppm TREO with ~95% mass rejection—potentially reducing chemical processing volumes and ESG impacts.
• Low U/Th Content: Early-stage results suggest uranium/thorium levels are low, aiding regulatory and ESG positioning.
• Location Advantage: Western Australia’s infrastructure and mining-friendly regulatory regime enhance project viability.

Strategic Context

The U.S. Department of Defense’s July 2025 NdPr floor price of US$110/kg (MP Materials deal) underscores the strategic value of Jupiter’s magnet REE focus. With global supply dominated by China—particularly for Dy/Tb—Jupiter’s scale and composition could make it a cornerstone in allied supply diversification strategies.

Next Steps

Critica plans to integrate these results into pilot-scale metallurgical test work, update the resource model, and pursue a scoping study targeting high-value MREO zones. Strategic offtake partner engagement is planned, focusing on secure, ESG-aligned supply.

Key Investor Questions

While the update is promising, several critical questions remain for retail investors:

1. Economic Viability: How will beneficiation performance translate from lab to scaled operations, and at what cost?
2. Offtake Commitments: Are discussions with magnet manufacturers or allied governments already advanced?
3. Capital Requirements: What will be the initial CAPEX to bring a MREC (Mixed Rare Earth Carbonate) product to market?
4. Market Sensitivity: How resilient is the project’s economics to NdPr price fluctuations, even with a DoD floor?
5. Permitting & ESG: Will low U/Th levels and early-stage beneficiation materially accelerate permitting timelines?

REEx will continue to track Critica’s technical, commercial, and strategic developments as the Jupiter Project moves toward potential pilot production—offering investors insight into one of Australia’s most significant clay-hosted MREO opportunities.

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