Highlights

• Critica Limited achieves significant grade uplift from 1,310-2,240 ppm to 1.2-2.0% TREO concentrates with approximately 95-97% mass rejection.
• Preliminary results support a beneficiation-first flowsheet, potentially reducing leach plant size and reagent costs.
• Strategic progress in rare earth processing outside China, with a closed-circuit pilot phase aimed at defining product chemistry and market qualifications.

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What’s new: Critica Limited reported preliminary open-circuit bulk flotation results from GAVAQ (Vietnam): 6–10× TREO grade uplift—from 1,310–2,240 ppm TREO head grades to 1.2–2.0% TREO concentrates—alongside ~95–97% mass rejection across several ore composites. Intermediate concentrates assayed up to ~4,500 ppm magnet REOs and ~171 ppm Sc₂O₃. A closed-circuit pilot is now being assembled at GAVAQ to generate feed for hydromet testwork and MREP (mixed rare-earth products) specification.

Why it Matters

These results support a beneficiation-first flowsheet (reject waste early, shrink leach plant, lower reagents) and advance Critica’s integrated pathway: beneficiation at GAVAQ with parallel hydromet programs at GAVAQ, ANSTO and Minutech to define product chemistry, target MREP/MREC qualifications, and engage offtake counterparties. (The pilot plan and rationale were outlined in the company’s Sept. 1 update.).

REEx View (objective)

The combination of high mass rejection and material grade uplift de-risks materials handling and points to potentially lower OPEX per kg REO. Caveat: these are open-circuit numbers. To underwrite value, investors need locked-cycle (closed-circuit) recoveries, element deportment (NdPr share; Dy/Tb distribution), impurity/radionuclide management (Al/Fe/Th/U), reagent/energy intensity, and final MREP specs acceptable to magnet/alloy customers—plus clarity on hydromet route and offtake timelines. Company messaging suggests these are the key deliverables from the pilot phase.

Unanswered—but critical:

• Net NdPr recovery into concentrate and MREP; Dy/Tb balance
• Impurity removal and Th/U compliance vs. customer specs
• Unit-cost targets vs. Chinese ionic-clay benchmarks; power/reagent sensitivity
• Qualification/offtake status and path to scoping/FID

Stock lens (fundamental & technical)

CRI remains an early-stage micro-cap (recent A$59–62m market cap; price ~A$0.022–0.023) with thin liquidity—near-term catalysts: pilot commissioning, locked-cycle data, and first hydromet batches. Technically, watch whether price/volume can sustain above A$0.024–0.025 on closed-circuit news; fundamentally, cash runway and pilot-to-demo funding remain pivotal.

U.S. Supply-Chain Angle

Progress outside China is strategically positive, but American resilience still hinges on midstream separation, alloying, and magnet capacity onshore or with treaty allies. Critica’s beneficiation and hydromet steps diversify upstream/midstream exposure; the mine-to-magnet rebuild will need complementary separation and magnet lines in trusted jurisdictions.

Bottom Line

Directionally credible and consistent with a beneficiation-led plan—now the market will want recoveries, specs, and costs from the closed-circuit pilot before assigning scale or valuation uplift.

Source: Critica Limited ASX announcements; MarketScreener, “Consistent Bulk Sample Results Strengthen Jupiter Pathway,” Sept. 2025 (staff).

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