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Lithium development company, Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to advise of further excellent drilling results at the Company’s 100%- owned Mavis Lake Lithium Project in Ontario, Canada. A summary of key exploration results can be seen below, with full exploration results in Appendix 1.
Highlights
- Drilling program continues to deliver excellent results with intercepts at both the Main Zone and South Zone at Mavis Lake
- Significant intercepts include:
- Drill hole MF23-191 with 27.45m of spodumene mineralisation from 222.35m downhole
- Drill hole MF23-192 with 11.75m of spodumene mineralisation from 181.95m downhole
- Drill hole SZ23-012 with 6.05m of spodumene mineralisation from 227.5m downhole
- Drill hole SZ23-021 with 5.60m of spodumene mineralisation from 34.5m downhole
- All results to be incorporated into Mavis Lake’s JORC 2012 compliant Maiden Mineral Resource Estimate
Step out Drilling Success
The Company’s strategy to test new outcrops, adjacent to the Main Zone, as well as concurrently testing extensions of the Main Zone (laterally and at depth) builds upon recent success. Intercepts in the South Zone surround outcrops which have not previously been drill tested.
Mapped pegmatites 8, 10, 11, 12, and 20 have now all been drill tested and found to contain spodumene mineralisation. The Company’s drilling program will continue to test and assess these and other mapped pegmatites, in order to develop a greater understanding of the sub-surface structures and associated mineralisation. These early-stage drilling targets are already showing great potential. Key intercepts from the South Zone can be seen in Table 11.
The testing of the down-dip extension of the Main Zone continues to intercept thick spodumene- bearing pegmatites. The Main Zone remains open at depth. Key Intercepts from the Main Zone can be seen in Table 21.
All results will be incorporated into the Maiden Mineral Resource Estimate currently being prepared. Delivery of assay data, currently backlogged at the laboratory, will dictate the timeline to complete the mineral resource estimate.
Figure 1 – Drill Hole MF23-191 with 27.45 meters of spodumene-bearing pegmatite from 222.35m downhole, with further intercepts from 252.65m downhole 1
Table 1 – Key intercepts and visual assessments from South Zone drilling1
Table 2 – Key intercepts and visual assessments from Main Zone drilling1
Future Work
In addition to an ongoing drilling program at Mavis Lake, technical and environmental studies are underway to support a pending Scoping Study for the Mavis Lake Project.
The Company is awaiting assays from samples collected from more than 47 individual drill holes and will update the market as details are made available.
Critical Resources Managing Director Alex Cheeseman said:
“Our exploration strategy at Mavis Lake continues to deliver excellent results, which will directly feed into the maiden mineral resource estimate. Our drilling campaign and concurrent studies are laying a solid foundation for the next development phase of this highly prospective project.
With each set of assay results, our understanding of the asset grows and so too does our confidence in the project, we are pushing hard to receive all outstanding assays so we can complete our maiden mineral resource estimate as quickly as possible.”
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This article includes content from Critical Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
CRR:AU
Critical Resources
Overview
Critical Resources (ASX:CRR) is an Australia-based critical minerals company, focused on unlocking value from high-quality assets to meet the growing and unprecedented global demand for clean energy solutions. As an explorer and developer of critical minerals projects, the company is entrenched in the global movement of electrification and a decarbonised future.
As the world’s transition to net-zero emissions gathers pace, Critical Resources’ Mavis Lake Lithium Project in Canada is being developed in lockstep with North America’s rapidly expanding electric vehicle market and broader green economy ambitions.
More than 300 million electric vehicles (EVs) are predicted to be on the road by 2040 and the global green technology/sustainability market is expected to reach US$74.64 billion by 2030, growing at a CAGR of almost 22 per cent in the decade to 2030.
Critical Resources is focused on the commercial development of quality assets in top tier mining jurisdictions, aimed at delivering shareholder value by providing the essential minerals for the world’s fundamental shift towards a clean energy future. The immediate priority is exploration and development of the company’s lithium hard-rock holdings in Canada, specifically the highly prospective Mavis Lake Lithium Project in Ontario.
As the company transitions from lithium explorer to lithium project developer, a dual development strategy is being adopted. The Company will continue its resource growth and expanding on the maiden Mineral Resource Estimate via continued drilling in 2023 and 2024. In parallel, the Company is accelerating its technical and environmental studies that will underpin the pathway to production.
The company’s approach in Canada has been to target ground with the potential for high-grade lithium mineralisation and in close proximity to:
- Established transport and energy
infrastructure and workforce required for future construction, mining and
production phases; and
- Potential end-use partners such as emerging battery manufacturers based in Canada and the United States.
An experienced management team leads Critical Resources, equipped with the corporate, technical and commercial expertise and vision to unlock value and fully realise the potential of priority assets, for the long-term benefit of shareholders.
Company Highlights
- Critical Resources is an exploration and development company, focused on lithium and critical minerals, with primary assets in Ontario Canada.
- The company has a suite of lithium projects in Ontario, Canada, with access to an experienced local workforce and essential transport and energy infrastructure and direct access to the growing North American electric vehicle industry.
- The Company’s key focus is advancing its Flagship Mavis Lake Lithium Project.
- The Company completed a strategic acquisition of the Gullwing-Tot Lakes property from Power Metals (TSXV:PWM) in December 2022, significantly expanding the exploration area and growth potential of Mavis Lake (Mavis Lake and Gullwing/Tot claims for one single contiguous project area).
- Following the completion of a highly successful 19,500-meter drilling program in 2022, a further 20,000-meter drill campaign commenced in 2023 to define further mineralization ahead of the release of Mavis Lake’s maiden mineral resource estimate
- Technical scoping/feasibility studies commenced late last year, mapping the pathway for development, construction and into production
- A highly capable, proven and motivated management team with diverse experience in natural resources, technical project delivery, and commercial and corporate finance.
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High-grade Lithium Portfolio, in a Tier 1 Location, Aligned with the World’s Green Energy Transition
Green Technology Metals: Delivering the Next Lithium Hub in North America
Green Technology Metals (ASX:GT1) is progressing Ontario’s first integrated lithium business, anchored by its Seymour, Root, and Junior projects, with plans to supply a proposed lithium hydroxide facility in Thunder Bay.
GT1 is leveraging Canadian policy support for critical minerals, with Ontario’s Building More Mines Act and federal programs. The company has secured conditional approval for C$5.5M from the Critical Minerals Innovation Fund (CMIF) for Seymour infrastructure, a C$100M financing LOI from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including C$5M tied to Root. These mechanisms help de-risk financing and advance development.
GT1’s three-phase strategy starts with Seymour production using a DMS concentrator, followed by construction of the Thunder Bay lithium hydroxide facility with EcoPro Innovation, and finally, development of Root as a larger, long-life mining hub feeding Thunder Bay.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
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Green Technology Metals
Investor Insight
Green Technology Metals aims to build Ontario’s first integrated lithium business, developing two mining hubs and a downstream conversion facility to supply North America’s fast-growing EV and battery industry. The company’s approach is straightforward: bring Seymour into production, secure the downstream footprint at Thunder Bay with EcoPro, and then layer in Root as a long-life second feed. The plan is underpinned by offtake agreements, government funding and a management team with direct experience building lithium mines.
Overview
Green Technology Metals (ASX:GT1) is building Ontario, Canada’s first integrated lithium business, anchored by three upstream assets and a planned downstream conversion facility. The portfolio consists of the flagship Seymour project, the large-scale Root lithium project, and the Junior exploration project, which together provide a clear pipeline of feed into a proposed lithium hydroxide facility in Thunder Bay, Ontario.
The company is actively leveraging Canadian policy support for critical minerals development and supporting a growing number of EV and battery manufacturers in Ontario. The province’s Building More Mines Act, alongside several federal programs, is creating a supportive funding environment for new projects. GT1 has already received conditional approval for C$5.5 million from the Critical Minerals Innovation Fund (CMIF) to support road and infrastructure upgrades at Seymour. In addition, the company has received a letter of intent for a C$100-million project financing support from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including a C$5-million submission tied to the Root project. These mechanisms substantially de-risk the financing path and provide tangible momentum toward development.
The strategy is being executed in three phases. First, Seymour will be brought into production with a concentrator based on a dense media separation flowsheet, taking advantage of coarse spodumene mineralogy and proven metallurgical performance. Second, GT1 will construct the Thunder Bay lithium conversion facility in partnership with EcoPro Innovation, replicating proven hydrometallurgical technology to produce battery-grade lithium hydroxide. Finally, Root will be developed as the company’s second, larger mining hub, designed to provide long-life scale and additional feed into the Thunder Bay facility.
Pilot processing of 600 kg of Seymour concentrate produced exceptional overall recoveries averaging >94 percent.
Strategic partnerships reinforce this integrated model. LG Energy Solution has secured a binding offtake for a portion of Seymour’s concentrate production and has invested directly into GT1, providing early validation of the project’s place in the EV supply chain. EcoPro Innovation, as the company’s technical partner on the Thunder Bay facility, has already piloted Seymour concentrate into high-purity lithium hydroxide.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
Key Projects
Seymour Lithium Project
The Seymour lithium project, near Armstrong, Ontario, contains a total resource of 10.3 million tonnes (Mt) @ 1.03 percent lithium oxide, including 6.1 Mt indicated @ 1.25 percent lithium oxide. Mineralization is hosted in the North and South Aubry pegmatites, which remain open along strike and at depth. An optimized preliminary economic assessment (PEA) demonstrated strong project economics based on a DMS-only concentrator producing 130 ktpa. Key numbers include a C1 cash cost of US$680/t, an after-tax NPV of US$251 million, an IRR of 33 percent, and a three-and-a-half-year payback.
The project benefits from existing road and rail access, low strip ratios, and simple metallurgy with coarse spodumene that responds well to dense medium separation (DMS). Mining leases were granted in August 2025, the environmental assessment submission has been lodged, and the closure plan is nearing completion.
An offtake agreement with LG Energy Solution secures sales for 25 percent of initial concentrate production. Seymour also includes a maiden rubidium resource (8.3 Mt @ 0.27 percent rubidium oxide, with a 3.4 Mt high-grade core at 0.40 percent), which can be recovered from mica streams already separated in the flow sheet, creating potential for a by-product circuit.
Thunder Bay Lithium Conversion Facility
GT1 and EcoPro Innovation are developing a lithium hydroxide monohydrate facility in Thunder Bay. The selected site is fully serviced with rail access, 44 kV power, municipal water and gas, and port facilities. The plant will replicate EcoPro’s operating hydromet trains, with two parallel ~13 ktpa back-end lines designed to scale with Seymour and Root concentrate supply.
Pilot-scale processing of 600 kg of Seymour concentrate at EcoPro’s Pohang facility achieved battery-grade lithium hydroxide, meeting downstream specifications with >94 percent overall recovery. This demonstration significantly de-risks the conversion step and supports ongoing financing discussions with Invest Ontario, SIF and EDC. The project is being advanced through PFS-level engineering, with permitting and JV structuring underway.
Root Lithium Project
Located in Northwestern Ontario, Root is GT1’s scale project, hosting 14.6 Mt @ 1.21 percent lithium oxide (10.0 Mt Indicated @ 1.32 percent). The April 2025 optimized PEA outlined a combined open-pit and underground mining scenario producing ~213 ktpa. The project carries a C1 cost of ~US$677/t, an after-tax NPV of US$668 million, an IRR of 53.5 percent, and a three-year payback.
Root enjoys outstanding infrastructure advantages: road and rail access, proximity to port, and most critically, grid hydro power delivered by the Watay transmission line, reducing both operating costs and upfront capex for power infrastructure. Drilling has confirmed stacked pegmatite bodies that remain open along strike and down dip, leaving scope for significant resource expansion. A bulk sample has been completed, with further testwork and pilot runs at EcoPro planned. Permitting is in its early stages, with a PFS targeted for 2026 and potential construction by late 2027.
Junior Lithium Project
The Junior project is located near Seymour and contains three drill-ready targets. Its proximity to the planned Seymour concentrator makes it a strategic satellite project, with the potential to extend Seymour’s mine life and provide incremental feed. Drilling is expected to test these targets in upcoming campaigns, potentially increasing the overall feed available for the Seymour hub.
Management Team
John Young – Non-executive Chairman
John Young co-founded Pilbara Minerals and played a key role in transforming it into a multi-billion-dollar lithium producer. His background as a geologist spans more than three decades, with significant contributions across discovery, development and financing of lithium and gold projects. At GT1, Young provides strategic oversight and proven operational expertise to scale a lithium developer into a fully integrated producer.
Cameron Henry – Managing Director
Cameron Henry was appointed managing director in June 2024, stepping up from his earlier role as executive director. A founder and substantial shareholder of GT1, Henry has over 20 years’ experience in minerals processing and project delivery. Prior to GT1, he built Primero Group into a respected global leader in lithium infrastructure EPC, successfully executing major projects in Australia and globally. His role is to drive Seymour into production and to lead the execution of the Thunder Bay downstream strategy.
Patrick Murphy – Non-executive Director
Patrick Murphy brings nearly two decades of experience in resource sector investment and deal-making. He has held senior positions at Macquarie and AMCI Group, with expertise in capital deployment, project financing and strategic partnerships. His presence on GT1’s board ensures strong connectivity to the financial community and a disciplined approach to structuring project funding.
Robin Longley – Non-executive Director
With more than 30 years of experience in exploration and project evaluation, Robin Longley is a seasoned geologist who has led successful exploration and development programs across lithium, gold and other critical minerals in Australia, Canada and Africa. His practical technical knowledge and management experience strengthen GT1’s ability to evaluate and expand its Ontario portfolio.
Han Seung Cho – Non-executive Director
Representing EcoPro Innovation, Han Seung Cho serves as a direct link between GT1 and its strategic partner on the Thunder Bay conversion facility. As general manager of EcoPro’s strategic business team, he brings decades of experience in lithium procurement, downstream offtake structuring, and project development for LHM plants. His position ensures that GT1’s downstream ambitions remain closely aligned with end-user requirements in the battery sector.
