December 2022 Quarterly Activities Report And 5B Cashflow

Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to report on its activities for the quarter ended 31 December 2022 (“the Quarter”). The focus of the Quarter was the advancement of the Company’s flagship asset, the Mavis Lake Lithium Project as well as corporate activities to support a “flow-through” capital raise.

Highlights

• Focused efforts on drilling, land acquisition and funding activities in support of project development of the Company’s flagship Mavis Lake Lithium Project
  
• More than 7,300 drill meters completed during the Quarter. Exceptional results delivered during the period including multiple assays over 3% Li2O, key intercepts included:
  
  Drill Hole MF22-121 with 20.8m @1.92% Li2O from 45.25m downhole Drill Hole MF22-95 with 9.65m @ 1.15% Li2O from 131.6m downhole
  Drill Hole MF22-180 with over 35m of spodumene-bearing pegmatite from 197m downhole (assays pending)
  Drill Hole MF22-177 with over 30m of spodumene-bearing pegmatite from 175m downhole (assays pending)
  
• Mavis Lake’s known lithium mineralised Main Zone strike length extended by 550 meters, now confirmed at 1,300 meters and remains open
• Appointment of external consultants to commence initial metallurgical test work and flow sheet development for concentrate production, and the preparation of a Maiden, JORC 2012 compliant Mineral Resource Estimate for Mavis Lake
• Strategic acquisition of the highly prospective Gullwing-Tot Lakes property to form an enlarged, contiguous project area of approximately 30km long and 9.5km wide, with a total area of 22,984 hectares
• Successful completion of an AUD$6.7m capital raising, utilising “flow-through shares” provisions under Canadian tax law, to fund the Company’s aggressive Mavis Lake 2023 drilling campaign.

Operational Activities

Mavis Lake Lithium Project (100%) – Ontario, Canada

The Company pushed ahead with project development on multiple fronts. Ongoing positive drill results and significant expansion of the project area, along with resource definition work and metallurgical test work, were among key operational activities for the Quarter.

During the period, Critical Resources completed a further 7,327 drilling meters of diamond core drilling at Mavis Lake. The drill meters came from 31 individual drill holes. Intercepts of spodumene- bearing pegmatite (through both initial visual assessment and independent assay results) confirm high-grade mineralisation and significantly extended the current known strike length of the project's main zone.

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