Quarterly Activities/Appendix 5B Cash Flow Report
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Released
Announcement PDF
ASX ANNOUNCEMENT
30 OCTOBER 2026
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
Quarterly Activities Report – September 2026
September 2026 Quarter Highlights
SURINAME – GOLD
- First-mover ASX-listed gold exploration in Suriname: During the Quarter, the Company secured exclusivity to acquire
a 90% interest in two granted gold exploitation (mining) rights in Suriname's Guiana Shield – the Gonini Gold Project
(~164 km²) and the Greenstars Gold Project (~35 km²) – a combined ~199 km² of granted gold tenure.
- Portfolio growth after the Quarter: exclusivity secured over a third gold project, Gadu Manda (~29 km², ~4 km from
Zijin's Rosebel open pits), taking the Suriname portfolio under exclusivity to ~228 km². Management is in-country
completing due diligence and reviewing further opportunities. The Company has also engaged Guiana Shield
structural geophysics specialists to fast-track structural targeting across several areas.
NEW ZEALAND – GOLD & CRITICAL MINERALS
- Lammerlaw – Stony Creek anomalies: Completed follow-up soil sampling along a ~5.4 km transect defining multiple
arsenic–antimony–tungsten anomalies over a ~3.2 km section, with a peak value of 238 ppm As (pXRF).
- Silver Peaks – three priority targets: a review of more than 1,250 historical soil and stream-sediment records defined
three gold–antimony targets for field verification.
CANADA – MAVIS LAKE LITHIUM PROJECT – ONTARIO
- Red Hat claims staked: two additional claim cells staked over the Red Hat gold target expanding the Mavis Lake land
holding. The additional claims are interpreted to contain historical drill hole RH11-03 (reported 1.2 m @ 9.174 g/t Au).
NEW SOUTH WALES - HALLS PEAK PROJECT
- Mayview land access progressing: negotiation of the land access agreement for a low-impact soil geochemistry and
mapping program is ongoing.
SOLID-STATE LITHIUM-ION BATTERY TECHNOLOGY
- Peer-reviewed validation of the DSD dry cathode process was published in the peer-reviewed publication
Electrochimica Acta – reporting ~154 mAh/g, ~85% capacity retained over 500 cycles at 1C and coulombic efficiency
above 99.5% (coin cell, liquid-electrolyte reference).
- Full-format pouch cell developed: a DSD LFP/LLZO pouch cell sustained more than 780 hours (65 cycles) of continuous
cycling at 0.2C, with ~145 mAh/g initial capacity and ~75% retention. Optimisation work is ongoing.
- CSIRO collaboration under a Kick-Start co-funded research project with Australia’s national science agency
commenced at Lab22, applying digital-twin modelling to optimise the DSD process and develop a scale-up pathway.
TWO-PHASE DATA CENTRE COOLING TECHNOLOGY
- Technical Adviser appointed: Data centre liquid cooling specialist engaged to support the development program,
with ongoing work to finalise proof-of-concept (POC) designs and testing program.
CORPORATE
- $1.6 million placement: Tranche 1 settled on 15 September 2026, raising $1,125,000 in cash (before costs); Tranche 2
($475,000 of director participation) is subject to shareholder approval. Cash and cash equivalents of A$1.58 million
(unaudited) at 30 September 2026.
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
Critical Resources Limited (‘Critical Resources’ or the ‘Company’, ASX:CRR) is pleased to report on its
activities for the quarter ending 30 September 2026 (‘the Quarter’). During the Quarter, the Company
secured exclusivity over its first gold projects in Suriname, advanced its exploration portfolio in New Zealand,
Canada and New South Wales, progressed its solid-state battery program to extended full-format pouch-
cell testing, and continued to finalise proof-of-concept (POC) designs for its first two-phase cooling
technology.
SURINAME – GOLD – GUIANA SHIELD
The September Quarter marked a defining step for Critical Resources, with the Company’s entry into the
Suriname gold sector. The Company secured exclusivity over two granted gold exploitation (mining) rights –
Gonini (~164 km²) and Greenstars (~35 km²) – and, after the Quarter, a third project at Gadu Manda (~29
km²), building a ~228 km² portfolio under exclusivity in a proven gold province that remains under-explored
by modern standards (refer to ASX:CRR announcements 23 September 2026, 28 September 2026 and 20
October 2026).
Management is currently in-country completing legal, title and technical due diligence with the vendors, in-
country counsel and advisers, meeting with key officials and local communities, and reviewing further
project opportunities across Suriname.
WHY SURINAME
Suriname offers a rare combination for a junior explorer: a proven gold jurisdiction with established mining
law, large producing mines, and a greenstone belt that has seen only a fraction of the modern exploration
of its geological equivalent in West Africa.
- A proven gold producer. Zijin Mining’s (SSE:601899) Rosebel mine (in production since 2004) has
reportedly produced 5.65 Moz of gold to 2021 and was acquired by Zijin from IAMGOLD for US$360 million
in 2023. Newmont's Merian mine (in production since 2016) commenced with 5.1 Moz of gold reserves.
Gold accounted for ~79% of Suriname's exports (~US$2.0 billion) in 20249.
- The Birimian of South America – under-explored. The Guiana Shield and West Africa's Birimian greenstone
terranes are interpreted to have been a single geological province before the opening of the Atlantic.
The Birimian hosts an estimated 500+ Moz of discovered gold; the Guiana Shield around 100 Moz, after
materially less systematic modern exploration.
- Major capital is moving into Suriname. Gold Fields Limited (JSE: GFI) completed a C$77 million investment
in Founders Metals (TSXV:FDR) in September 2026, taking its holding to ~19.9%, and La Mancha holds
19.9% of both Miata Metals (TSXV:MMET) and Greenheart Gold (TSXV:GHRT)– all Canadian-listed
explorers working the same Suriname greenstone belt.1,2,3,13
- Limited ASX exposure. Australian investors have had very little direct listed exposure to Suriname gold. To
the Company's knowledge, Critical Resources is the first ASX-listed Australian company in many decades
to hold exclusivity over rights to explore granted gold tenure in Suriname.
- Recent discoveries by other companies have been on ground first worked by small-scale miners.
Founders Metals has reported 28.0 m @ 14.27 g/t Au at Upper Antino, and Miata Metals has reported 30
m @ 4.06 g/t Au and 63 m @ 1.44 g/t Au at Sela Creek – both on ground first worked by small-scale miners.
These results are from other companies' projects, reported under NI 43-101 and not in accordance with
JORC, and are not indicative of mineralisation at the Company's projects.1,2
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
- Established mining title framework. Mineral rights are granted by the Geology and Mining Department
(GMD) under the Mining Decree 1986 in a three-tier hierarchy of reconnaissance, exploration and
exploitation rights. Exploitation rights carry the exclusive right to explore, mine, process and sell, for terms
of up to 25 years. The vendors hold Gonini and Greenstars as granted exploitation rights, not applications;
the Company's interest remains subject to due diligence and conditions precedent.6,9
Figure 1 – Location of the Gadu Manda, Greenstars and Gonini Gold Projects and other gold deposits within the Suriname
greenstone belt. Resource and reserve figures shown for third-party deposits are drawn from their owners’ public
disclosures, have not been verified by the Company and are not necessarily reported in accordance with the JORC
Code.
GONINI GOLD PROJECT (EXCLUSIVITY – 90% PROPOSED)
Gonini is the Company's foundation asset in Suriname: two granted exploitation rights covering ~164 km² in
the historic Sara Creek district, where gold was discovered in 1876 and Suriname's first gold rush began. The
Project lies within the Marowijne greenstone belt, approximately 66 km from Newmont's Merian mine and 88
km from Zijin's Rosebel mine, and is interpreted to straddle the Paramaka greenstone–granitoid contact, a
setting associated with orogenic gold mineralisation elsewhere in the region.
Generations of small-scale miners have worked alluvial, saprolite and weathered-bedrock gold at Sara
Creek, yet there is no record of modern systematic exploration on the Gonini rights to test their hard-rock
potential. Existing workings expose saprolite and weathered bedrock, giving the Company immediate
starting points for mapping, sampling and target generation. The Vendor, N.V. Gonini Mining Company, an
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
arm's length private Surinamese company, has held rights in the district since 2012 (refer announcement 23
September 2026).
GREENSTARS GOLD PROJECT (EXCLUSIVITY – 90% PROPOSED)
Greenstars adds a second, complementary position in the greenstone belt that hosts Zijin's Rosebel mine
and its Saramacca satellite operation. The Project is a single granted right of exploitation for gold covering
~35 km² in the Para District, west of the Saramacca River and approximately 35 km west of Rosebel. Small-
scale artisanal miners are actively working alluvial gold on the Project. The Vendor, Greenstars Resources
N.V., reports sampling, trenching and shallow drilling between 2018 and 2020 and has identified two areas it
considers prospective; this work has not been verified by the Company and no Exploration Results are
reported (refer announcement 28 September 2026).
SUBSEQUENT EVENTS – BUILDING MOMENTUM
- Guiana Shield structural specialists engaged (5 October 2026): GexplOre, whose team has worked on
around 20 gold projects across the Guiana Shield, including structural work at G Mining Ventures' Oko
West (Guyana) and Founders Metals' Antino (Suriname), was engaged to complete a two-stage
structural interpretation – a detailed study of two priority areas at Gonini and a regional review of more
than 6,000 km² of the surrounding greenstone belt. Stage 1 results are expected by mid-November 2026.
- Third project – Gadu Manda (20 October 2026): exclusivity secured to acquire a 90% interest in the Gadu
Manda Gold Project, a granted exploration permit covering ~29 km² in the Brokopondo District, with its
eastern boundary ~4 km from Rosebel's western open pits. Small-scale miners have worked the northern
part of the permit, exposing quartz veining.
Figure 2 – Aerial view of small-scale workings in primary material on the Gadu Manda Project - October 2026.
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
- Management in-country (12 October 2026): management visited the Gonini, Greenstars and Gadu
Manda projects, progressing due diligence and preparation of binding agreements with both Suriname
vendors, and began assembling a field crew for first-pass geochemistry sampling at Gadu Manda.
STRATEGY AND NEXT STEPS
The Company's objective is to build a strategic portfolio of gold projects in Suriname, organised around
district-scale positions in proven greenstone corridors. Near-term priorities include:
- Complete due diligence and binding agreements on Gonini, Greenstars and Gadu Manda, and satisfy
the conditions precedent.
- Structural targeting: integrate GexplOre's structural interpretations to focus field programs across the
Suriname projects on the shear zones, fold hinges and granitoid–greenstone contacts that control
orogenic gold in the region.
- First field programs: site verification and sampling of existing artisanal workings, stream-sediment and
ridge sampling, then first-pass auger geochemistry into saprolite to generate and rank hard-rock gold
targets.
- Grow the land position: continue to assess further opportunities across Suriname to expand the portfolio,
subject to completion of the current acquisitions.
Cautionary statement – The Gonini, Greenstars and Gadu Manda projects are greenfield exploration
projects. No Exploration Results, Exploration Targets, Mineral Resources or Ore Reserves are reported.
References to nearby mines, to peer companies and to exploration results reported by other parties are
drawn from public disclosures, have not been verified by the Company, are provided for regional context
only and are not indicative of mineralisation on the Company's projects. Completion of each acquisition is
subject to conditions precedent, including due diligence, regulatory approvals and binding agreements,
and there is no certainty that any acquisition will complete.
NEW ZEALAND – GOLD & CRITICAL MINERALS
Critical Resources holds a 1,694 km² exploration portfolio across the Otago and Reefton regions of New
Zealand's South Island, covering six permits in prospective orogenic gold, antimony and tungsten belts.
During the Quarter, the Company completed follow-up soil geochemistry at Lammerlaw, defined three
priority targets at Silver Peaks from historical data, and continued planning a follow-up drilling program at
Cap Burn.
CAP BURN GOLD PROJECT
Planning continued during the Quarter for a follow-up drilling program at the Cap Burn Gold Project (EP
60300, 100%), building on the inaugural RC program reported on 25 March 2026, which intersected 7 m @
0.37 g/t Au from 65 m, including 1 m @ 1.29 g/t Au (CBRC017), and 16 m @ 0.22 g/t Au from 46 m (CBRC021).
The program is being designed to test the untested down-plunge extension beneath the Cap Burn Fault,
together with expanded soil geochemistry and structural mapping along the ~10 km corridor. Drilling remains
in planning and is being scheduled in conjunction with the landowner.
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
LAMMERLAW GOLD PROJECT
Follow-up soil geochemistry was completed at the Stony Creek target on the western side of the Lammerlaw
Gold Project (refer to ASX:CRR announcement 11 August 2026). A total of 143 soil samples were collected
along a ~5.4 km north–south transect, identifying multiple arsenic–antimony–tungsten (As–Sb–W) anomalies
concentrated within a ~3.2 km section of the target.
- Strong arsenic response: sample A1583 returned 238 ppm As and 25 ppm Sb (pXRF), approximately 14
times the program median of 17 ppm As.
- Supporting pathfinders: results include up to 31 ppm Sb and 36 ppm W, in an area with historic antimony
workings and known tungsten anomalism.
- Targeting narrowed: coincident As–Sb–W responses occur at several separate locations, including ten
samples at or above 30 ppm As.
Previously reported rock-chip sampling at Devils Creek, ~13 km east of Stony Creek within the same permit,
returned up to 5.42 g/t Au (refer to ASX:CRR announcement 26 May 2026). No drilling has been completed
on the permit. Infill soil sampling, structural mapping, rock-chip sampling and laboratory assays are planned
to define which anomalies warrant drill testing.
Cautionary statement – Portable XRF (pXRF) readings cited in this report are qualitative spot measurements
and should not be considered equivalent to laboratory assay results. pXRF values are subject to variability
due to sample heterogeneity, surface effects and instrument limitations. They are intended only as an
indication of elemental presence and relative abundance and are not representative of bulk grade or
mineralisation. As gold is not analysed by pXRF, no grades for gold have been calculated.
SILVER PEAKS GOLD–ANTIMONY PROJECT
A desktop review of more than 1,250 historical soil and stream-sediment records, together with two historical
antimony occurrences, defined three priority targets within the 497.69 km² Silver Peaks Prospecting Permit
(PP 61275), in which the Company holds a 90% interest through its wholly owned subsidiary Goldfire Resources
Limited (refer to ASX:CRR announcement 3 September 2026):
- Lamb Hill–Three O'Clock: a six-sample gold–arsenic stream anomaly and two historical antimony
occurrences within the interpreted continuation of a northwest-trending mineralised structural system.
- Stone Burn South: historical BLEG stream-sediment results of 45.2 and 39.3 ppb Au, supported by later
pXRF soil results of up to 68 ppm As and 17 ppm Sb.
- Northern Soil Anomaly: multiple historical gold–arsenic soil-composite results, including 16.0 ppb Au with
34 ppm As.
Stone Burn South and the Northern Soil Anomaly sit immediately south of OceanaGold's Macraes gold camp.
A focused field program is intended to assess the three targets; any advance to geophysics or drilling would
depend on the results of that work and on the relevant permits and approvals.
Cautionary statement – The historical results reported in this announcement were generated by previous
explorers and have been reviewed by the Company in accordance with the JORC Code 2012 on the basis
described in Appendix 1 of the Company’s 3 September 2026 announcement and considered reliable for
the stated context. Critical Resources has not resampled the historical sites or repeated the original analyses
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
and nothing has come to the attention of the Company that causes it to question the accuracy or reliability
of the exploration results. The results are used to define areas for field follow-up and do not establish bedrock
grade, width or mineralised continuity. These results have not been reported in accordance with the JORC
Code 2012. A Competent Person has not done sufficient work to disclose the exploration results in
accordance with the JORC Code 2012 and it is possible that following further evaluation and/or exploration
work that the confidence in the prior reported exploration results may be reduced when reported under the
JORC Code 2012. Refer to ASX:CRR announcement 3 September 2026
CROESUS GOLD-TUNGSTEN PROJECT
Following the high-grade tungsten channel sampling at Granite Creek (up to 16.63% WO₃, refer to ASX:CRR
announcement 23 June 2026) and the lodgement of an Extension of Land application (refer to ASX:CRR
announcement 14 May 2026), no material activities were undertaken during the Quarter.
MAVIS LAKE – LITHIUM – ONTARIO, CANADA
NORTHERN CORRIDOR GEOCHEMISTRY
Whole-rock lithogeochemical results from the 2026 field program across the Corona Pegmatite Field and
adjacent Northern Prospects were received during the Quarter (refer to ASX:CRR announcement 17 July
2026). The 10-day program collected 106 rock samples from 14 pegmatite bodies (six newly identified), with
74 structural measurements and mapping of 161 outcrops, approximately 4 km north of the existing 8.0 Mt
@ 1.07% Li₂O Mineral Resource.
Granitic-hosted pegmatites within the Northern Prospects returned K/Rb ratios as low as 17.4, with
enrichment in rubidium (up to 5,510 ppm), caesium (up to 221 ppm), tantalum (up to 53 ppm) and beryllium,
consistent with highly evolved lithium-caesium-tantalum (LCT) pegmatite systems. The strongest fractionation
signatures occur within the northern claim package acquired in August 2025, while pegmatites in the
Corona field show only slight to moderate fractionation. The results will be integrated with the geological,
structural and geophysical datasets to prioritise follow-up across the Gullwing, Tot, Little Wing, Coates, Drope
and Corona target areas.
RED HAT CLAIMS STAKED
The Company's wholly owned subsidiary, Canada Critical Resources Corp, staked two additional claim cells
(1054602 and 1054603, ~40 ha) over the Red Hat gold target within the Mavis Lake Project (refer to ASX:CRR
announcement 19 August 2026). The claims are interpreted to contain historical diamond drill hole RH11-03,
reported in historical records to have intersected 9.174 g/t Au over 1.2 m from 133.8 m. Red Hat forms part
of an underexplored ~14 km east–west polymetallic trend hosted by felsic to intermediate volcanic rocks.
No purchase consideration or royalty is payable for the staking.
Cautionary Statement: The RH11-03 drill hole and Red Hat channel sample exploration results have not been
reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to
disclose the exploration results in accordance with the JORC Code 2012 and it is possible that following
further evaluation and/or exploration work that the confidence in the prior reported exploration results may
be reduced when reported under the JORC Code 2012. Nothing has come to the attention of the Company
that causes it to question the accuracy or reliability of the exploration results; however, the Company has
not independently validated the exploration results and therefore is not to be regarded as reporting,
adopting or endorsing those results (refer announcement 19 August 2026).
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
Figure 3 – Mavis Lake Project map showing regional exploration targets, including the Red Hat area.
PERMITTING, ADVISORY AND GOVERNMENT ENGAGEMENT
SLR Consulting delivered the project-wide Permitting Road Map for the Mavis Lake Lithium Project during the
Quarter, aligning federal and provincial approval requirements with the Project's development milestones.
The Company's expenditure obligations at Mavis Lake are met through to 2028, allowing the Project to be
advanced on a capital-light basis while lithium markets recover.
Since acquiring the Project in 2022, the Company has completed more than 58,000 metres of drilling,
delivering a maiden 8 Mt @ 1.07% Li₂O JORC Inferred Mineral Resource (May 2023) and an 18–29 Mt @ 0.8–
1.2% Li₂O JORC Exploration Target (May 2024).
Cautionary statement – The potential quantity and grade of the Exploration Target is conceptual in nature.
There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further
exploration will result in the estimation of a Mineral Resource. Please refer to the Exploration Target
Cautionary Statement (Appendix A) and ASX:CRR announcement dated 22 May 2024 for further
information.
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
NEW SOUTH WALES – HALLS PEAK GOLD, ANTIMONY AND BASE METALS PROJECTS
MAYVIEW ANTIMONY PROSPECT
The Mayview Homestead Antimony Prospect is situated adjacent to Larvotto Resources Limited's Hillgrove
Antimony-Gold Project. Field mapping previously completed by the Company identified high-grade
antimony-gold mineralisation in historic dumps of shallow underground workings, with rock assays including
52.3% Sb (MVS17), 38.3% Sb (MVS8) and 15.35% Sb and 2.71 g/t Au (MVS11) (refer to ASX:CRR announcement
16 December 2024).
During the Quarter, agreements for land access to support a low-impact soil geochemistry and geological
mapping program were substantially prepared for execution. Separately, the Company has issued a formal
access notice under section 142 of the Mining Act 1992 (NSW) to the landowners of the adjoining Eastview
property within EL 9428. Field work will commence once access is in place.
Figure 4 – Mayview Antimony Prospect with surface rock samples.
SOLID-STATE LITHIUM-ION BATTERY EVALUATION PROGRAM
During the Quarter, the Company's solid-state lithium-ion battery program at the South Dakota School of
Mines & Technology (SDM), within the US National Science Foundation (NSF)-supported Centre for Solid-State
Electric Power Storage (CEPS), received independent peer-reviewed validation of the Dry Supersonic
Deposition (DSD) process, completed extended full-format pouch-cell testing, and added CSIRO as a
research collaborator. The Company's strategy is to commercialise the technology through licensing rather
than by manufacturing cells itself.
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
PEER-REVIEWED VALIDATION OF THE DSD PROCESS
On 2 July 2026, the Company reported that peer-reviewed research validating the DSD cathode process
had been published in Electrochimica Acta (Rodmyre et al., Vol. 574, 2026, article 149386). The first
unoptimised DSD trials, in coin-cell format on a liquid-electrolyte reference, delivered:
- Near-theoretical capacity: approximately 154 mAh/g, close to the theoretical capacity of LFP.
- Durability: approximately 85% capacity retained over 500 cycles at 1C (~1,250 hours), with coulombic
efficiency above 99.5%.
- Dry manufacturing: the cathode is built in a single dry step directly onto the current collector, with no
toxic solvents, polymer binders or drying ovens.
FULL-FORMAT POUCH CELL SUSTAINS A MONTH OF CYCLING
On 10 September 2026, the Company reported completion of extended retention testing of a single hand-
assembled, full-format laboratory pouch cell built with the DSD LFP/LLZO cathode matrix and a liquid
reference electrolyte:
- Extended cycling: more than 780 hours of continuous cycling at 0.2C, an industry-standard rate for
retention testing.
- Cathode chemistry active throughout: initial specific capacity of ~145 mAh/g and ~75% retention after
65 cycles, with the characteristic LFP voltage plateau present in every cycle and coulombic efficiency
near 100% for most of the test.
- Optimisation focus defined: the results indicate that full-format cycle life is a cell-engineering matter
rather than a material limitation, defining where optimisation effort now focuses.
CSIRO COLLABORATION
During the Quarter, the Company initiated a collaborative research project with CSIRO, co-funded through
CSIRO's Kick-Start program. The project is being undertaken at Lab22, CSIRO's advanced additive and
robotic manufacturing facility in Clayton, Victoria, applying digital modelling to optimise the DSD process
and develop a scale-up pathway. The Company intends to use the outcomes to scope a subsequent, larger
program of work with CSIRO.
For clarity, all cell results to date use a liquid reference electrolyte, and the Company's proprietary
Amorphous Solid-State Electrolyte (ASE) has not yet been integrated into a complete cell. Integrating the
ASE with the DSD process is the next stage toward an all-solid-state cell. This is laboratory-scale work, not
commercial manufacturing.
TWO-PHASE DATA CENTRE COOLING TECHNOLOGY
The Company holds an exclusive worldwide licence from NTUitive Pte Ltd, the innovation and enterprise
company of Nanyang Technological University, Singapore (NTU), over a two-phase spray cooling
technology portfolio for data centre electronics and lithium-ion batteries (refer to ASX:CRR announcement
21 May 2026). The technology sprays a non-conductive (dielectric) fluid directly onto heat-generating chips,
where it boils to remove heat before being condensed and recirculated in a sealed loop. It is designed to
operate with near-ambient (~30°C) coolant, without refrigeration chillers or evaporative cooling towers.
Critical Resources Limited – www.criticalresources.com.au
Level 45, 108 St George's Tce, Perth WA 6000
P: +61 (8) 9465 1024 E. info@criticalresources.com.au
ASX:CRR
TECHNICAL ADVISER APPOINTED
On 20 July 2026, the Company appointed Mr Eric Martinez Gurrea as Technical Adviser. Mr Martinez Gurrea
is a High-Powered Computing (HPC) and data-centre liquid cooling specialist with more than 14 years of
mechanical and thermal engineering experience, including direct-to-chip and immersion cooling across
hyperscale data centre environments and product ownership of immersion cooling at Submer Technologies.
During the Quarter, work continued with Capgemini Engineering and NTU on the proof-of-concept (POC)
design and budget.
The cooling program is a laboratory-based, stage-gated research and evaluation activity. The Company
has no revenue from, and no binding commercial agreement for, the technology. Mineral exploration
remains the Company's main undertaking.
OTHER PROJECTS
VERMILION BAY PROJECT (100%) – ONTARIO, CANADA
The Company conducted limited operational activities during the reporting period.
GRAPHIC LAKE LITHIUM PROJECT (100%) – ONTARIO, CANADA
The Company conducted limited operational activities during the reporting period.
SOHAR BLOCK 5 PROJECT – SULTANATE OF OMAN
The Company indirectly retains a majority shareholding and associated asset interests in Al Fairuz Mining LLC
(AFM) and Al Thuraya Mining LLC (ATM). Discussions with in-country management regarding the future
strategy and development options for the projects remain ongoing.
CORPORATE
During the September 2026 Quarter, the Company continued to allocate capital across its North American,
Australian, New Zealand and Suriname project portfolios and its technology programs. There were no
substantive mining production or development activities undertaken during the period. The Company held
cash and cash equivalents of A$1.58 million (unaudited) at 30 September 2026.
CAPITAL RAISING
On 31 August 2026, the Company announced a placement to raise $1,600,000 (before costs) through the
issue of 320,000,000 shares at $0.005 per share, with one free attaching listed option (exercisable at $0.008,
expiring 23 April 2028) for every two shares subscribed. 62 Capital Pty Ltd acted as Lead Manager.
- Tranche 1: settled on 15 September 2026, raising $1,221,000 (before costs, including management fees)
through the issue of 244,200,000 shares and 146,100,000 lis
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