Successful Placement to raise $1.1 million
Released
Released
Announcement PDF
ASX Announcement
31 March 2025
Successful Placement to raise $1.1 million
Highlights
• Successful raising with firm commitments for $1,100,000 at issue price of $0.004 per share,
with 1-for-4 attaching options exercisable at $0.008 and a three-year expiry.
• Funds to be used to advance exploration activities, primarily following up target areas
identified by the recent geophysical survey conducted by Eureka Consulting and high
grade antimony (Sb) and gold (Au) sampling targets identified at the Mayview Homestead
prospect, with grades up to 52.3% Sb and 2.71 g/t Au, located some 2.7km southeast of
from Larvotto Resources’ Hillgrove Antimony-Gold operations in the New England area, NSW
• Non-Executive Chairman to participate in the placement with a $500,000 subscription,
subject to shareholder approval.
• The Company is actively reviewing multiple gold and silver opportunities globally with the
aim to expand its asset portfolio.
Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to
announce that it has received firm commitments for a $1.1 million capital raising (before costs)
through the issue of 275 million ordinary shares at an offer price of $0.004 per share (“New Shares”),
together with a 1-for-4 free attaching option exercisable at $0.008, with a three-year expiry (“New
Options”) (“the Placement”).
The Placement issue price of $0.004 represents a 20% discount to the last traded share price of
$0.005. Non-Executive Chairman Mr Bilal Ahmad has subscribed for $500,000 of the Placement,
subject to shareholder approval under ASX Listing Rule 10.11, which will be sought at the
upcoming annual general meeting of shareholders. All New Shares issued under the Placement
will rank equally with existing shares on issue.
The proceeds from the Placement will be used towards advancing exploration activities at the
Company’s existing projects, working capital, and evaluating potential complementary mineral
projects. There is no certainty that current activities will result in new acquisitions.
A recent reinterpretation of aeromagnetic data has highlighted structural complexities that
provide ideal conditions for antimony-gold mineralisation at the Company’s Halls Peak project.
These systems are thought to have been superimposed onto the existing Permian sedimentary
package, which hosts high-grade Zn-Pb-Cu-Ag-Au mineralisation, as evidenced by previously
discovered massive sulphide lodes. This analysis has expanded the exploration potential of the
Gibson Prospect area within the Halls Peak project by introducing a secondary mineralisation style
beyond the established base metal systems.
Critical Resources Limited
ABN 12 145 184 667
ASX:CRR
Level 45, 108 St Georges Terrace, Perth WA 6000
P. +61 (8) 9465 1024 W. criticalresources.com.au E. info@criticalresources.com.au
Recent sampling at the Mayview Homestead prospect returned high grade sampling results of up
to 52.3% Sb (Sample MVS17) and 2.71 g/t Au (Sample MVS11). The sampling program focused on
old workings and waste piles left by 19th-century miners. Additionally, historical data from the
Geological Survey of New South Wales highlights notable stibnite (Sb2S3) occurrences within fault
or shear zones at the Mayview Homestead prospect, with early assays recording up to 1.55% Sb
and 0.13 g/t Au. These findings together with its strategic location further enhance the prospectivity
of this prospect.
The Mayview Homestead prospect is strategically located within the Company’s expansive Halls
Peak Project, in the highly prospective New England Fold Belt of New South Wales. This region is
notable for hosting Larvotto Resources Ltd’s Hillgrove Antimony-Gold Project, reported as
Australia’s largest antimony-gold system. Situated approximately 2.7 km southeast of Hillgrove, the
Mayview Homestead prospect represents an exciting exploration opportunity.
The Placement will be conducted under the Company’s existing ASX Listing Rule 7.1 capacity. Sixty
Two Capital acted as Lead Manager to the Placement and will receive a fee of 6% of the gross
amount raised, together with 11 million unlisted options on the same terms as the New Options.
Indicative Timetable*
Trading halt and launch Placement
Thursday, 27 March 2025
Trading halt lifted and recommencement of trading
Monday, 31 March 2025
Issue of New Shares and Options to sophisticated investors
and Lead Manager Options
Wednesday, 23 April 2025
Shareholder approval for New Shares and New Options to
be issued to director at the Company’s Annual General
Meeting
Expected to be held on or around
28 May 2025
* These dates are indicative only and may change without notice.
An Appendix 3B for the proposed issue of securities will follow this announcement.
This announcement has been approved for release by the Board of Directors.
-endsFor further information please contact;
E: info@criticalresources.com.au
P: +61 (8) 9465 1024
Page 2 of 3
ABOUT CRITICAL RESOURCES LIMITED Critical Resources is focused on the exploration, development and delivery of the
critical metals required for a decarbonized future. The Company’s Mavis Lake Lithium Project in Ontario, Canada,
where it has completed over 45,000m of drilling and defined a maiden Inferred Mineral Resource of 8Mt grading 1.07%
Li2O. Recent exploration success has demonstrated substantial potential to expand this resource and make new
discoveries in the surrounding area.
The Company’s Hall Peak Base Metals Project is located 87km south-east of Armidale New South Wales, Australia, a
reginal hub in New South Wales. The Company has defined a maiden Inferred Mineral Resource of 884,000t grading
3.7% zinc, 1.5% lead, 0.4% Copper, 30ppm Silver and 0.1ppm Gold has been estimated following numerous drilling
campaigns. Modelling has shown that mineralisation is still open along strike to the east/north-east and west/southwest, providing immediate potential to increase the MRE with follow-up drilling.
COMPLIANCE STATEMENT This announcement contains information on the Halls Peak Project extracted from ASX market
announcements dated 22 November 2021, 30 June 2023, 28 August 2024, 12 September 2024 and 3 October 2024, 8
November 2024, 19 November 2024 4 December 2024, 16 December 2024, 12 February 2025 and 20 March 2025
reported in accordance with the 2012 JORC Code and available for viewing at www.criticalresources.com.au. The
Company confirms that it is not aware of any new information or data that materially affects the information included
in any original ASX market announcement.
This information in this ASX Announcement that relates to the Halls Peak Mineral Resource Estimate is extracted from
ASX market announcement dated 30 June 2023 and reported in accordance with the 2012 JORC Code and available
for viewing at criticalresources.com.au. The Company confirms that it is not aware of any new information or data that
materially affects the information included in any original announcement and that all material assumptions and
technical parameters underpinning the estimates in the original market announcement continue to apply and have
not materially changed.
Halls Peak Project
Zn Cut-Off
Tonnage
JORC
Zn (%)
Pb (%)
Cu (%)
Ag ppm
Au pm
SG (calc)
grade (%)
(Mt)
Classification
Inferred
2.0
0.84
3.7
1.5
0.44
30
0.1
2.80
Total*
Inferred
0.84
3.7
1.5
0.44
30
0.1
*Reported at a cut-off grade of 2% Zn for an open pit mining scenario. Estimation for the model is from the generation of a rotated
block model, with blocks dipping 55>330o. Classification is according to JORC Code Mineral Resource categories. Refer to ASX
announcement 30 June 2024.
This document contains information relating to the Mineral Resource estimate for the Mavis Lake Lithium Project is
extracted from the Company’s ASX announcement dated 5 May 2023 and reported in accordance with the 2012
JORC Code and available for viewing at criticalresources.com.au. The Company confirms that it is not aware of any
new information or data that materially affects the information included in the original announcement and that all
material assumptions and technical parameters underpinning the Mineral Resource estimate continue to apply and
have not materially changed.
JORC Classification
Inferred
Total*
Li2O Cut-Off grade (%)
0.3
Inferred
Tonnage (Mt)
8.0
8.0
Li2O (%)
1.07
1.07
*Reported at a cut-off grade of 0.30% Li2O for an open pit mining scenario. Estimation for the model is by inverse distance weighting.
Classification is according to JORC Code Mineral Resource categories. Refer to ASX announcement 5 May 2023, 8.0 Mt at 1.07% Li2O
Maiden Mineral Resource at Mavis Lake.
FORWARD LOOKING STATEMENTS This announcement may contain certain forward-looking statements and projections.
Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon.
Forward looking statements/projections are inherently uncertain and may therefore differ materially from results
ultimately achieved. Critical Resources Limited does not make any representations and provides no warranties
concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking
statements/projects based on new information, future events or otherwise except to the extent required by applicable
laws. While the information contained in this report has been prepared in good faith, neither Critical Resources Limited
or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied,
as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in
this announcement.
Page 3 of 3
Share your feedback
Discover