Scoping Study Commenced for Mavis Lake Lithium Project

Lithium development company, Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to announce the commencement of a Scoping Study (“Study”) for the Company’s 100% owned Mavis Lake Lithium project in Ontario, Canada.

Highlights

• Scoping Study commenced to define the project opportunity and potential pathway to production from Mavis Lake
  
• Leading resources and lithium specialist consultancy Wave International appointed to undertake the study in conjunction with Critical Resources
• Study expected to be released in the middle of CY2023
• Outcomes of the study to underpin future Mavis Lake Feasibility Studies and Preliminary Economic Assessment

Leading resources consultancy and lithium project specialist, Wave International (“Wave”), have been appointed to undertake the Study, which will seek to define the process and non-process infrastructure requirements for Mavis Lake, as well as the preliminary estimated capital and operating costs for the Project.

The study will address specific project development, delivery and operating considerations including (but not limited to) permitting and approvals, mine planning, beneficiation flowsheet, risk management, sustainability measures and product logistics. The Study will be managed by Wave in consultation with select subject matter experts and Critical Resources management team.

The outcomes of the Study will form the basis of future feasibility studies and preliminary economic assessment for Mavis Lake. Importantly, the Study will provide initial indications of the Project valuation matrix and optimisation and forward-work plan required to bring Mavis Lake into production.

Schedule

Critical Resources expects the Scoping Study to be finalised by the middle of CY2023 and is responsible for providing key input to Wave in order to meet this high-level schedule.

Project kick off will be conducted next week and a detailed schedule will be developed in short order.

The Company notes that the favourable completion of its initial metallurgical test work and the delimitation of a maiden Mineral Resource Estimate (which are both underway) are key inputs into the Scoping Study. With these studies underway, the Company is seeking to build on the projects momentum and commence the scoping study works in parallel.

The Company will provide updates on the scoping study and key inputs over the following months.

Critical Resources’ Managing Director Alex Cheeseman said:

“We are pleased to have initiated the scoping study into Mavis Lake and expect the study to highlight tangible commercial advantages for the Project given the access to existing logistics infrastructure, supply chains and support services. Mavis Lake is truly unique in this perspective.

The results of the scoping study will define the forward work plan for the next few years as we advance the project. Importantly we will start to confirm operating size/scale potential and a targeted production timeline. These are key requirements to allow us to engage with potential strategic partners and customers.

It is a fantastic time to be developing a lithium project in Canada!”

This announcement has been approved for release by the Board of Directors.

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