Announcement PDF ASX Announcement 22 August 2024 Exceptional Lithium Results up to 3.79% Li2O from Channel Program at Tot Pegmatite Highlights • High Grade Li2O Results: Northern Prospects mechanical stripping program returns exceptional channel assay results, including: - CH002: 7m at 1.21% Li2O - CH003: 6m at 1.57% Li2O with the highest grading sample yielding an impressive 3.79% Li2O over 1m (Sample ID: 341781). • CH006: 6m at 1.33% Li2O Continuous High-Grade Mineralisation: The Tot pegmatite is now exposed along a continuous 50-meter strike length with an estimated true width of 8m, demonstrating substantial high-grade spodumene mineralisation throughout • Summer field program results at Mavis Lake reinforcing the Company’s announced Exploration Target of 18 – 29Mt at 0.8 – 1.2% Li2O* (excludes current Mineral Resource Estimate of 8Mt@1.07% Li2O) • Targeted drill program planning progresses across the Mavis Lake Project Area • 8km of highly prospective anomalies and follow-up targets identified at Tot and Gullwing Prospects • The Company is well placed to benefit from the increased M&A and partnerships activity happening throughout the lithium sector Lithium exploration and project development company Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to announce outstanding assay results from its recently completed mechanical stripping program at the Company's 100%-owned Northern Prospects Tot pegmatite occurrence within the Mavis Lake Lithium Project in Ontario, Canada. The mechanical stripping program focused on exposing the Tot pegmatite to assess the continuity of its strike length, take structural measurements, and evaluate the extent of spodumene mineralisation. The program has successfully extended the known mineralised zone, revealing significant high-grade lithium mineralisation that will be incorporated directly into future resource models and exploration programs. The Tot prospect has been identified as a high priority for immediate follow-up exploration due to its high-grade and consistent mineralisation. Highlights of significant mineralisation are shown in Table 1 and Figure 1, with full exploration results provided in Appendix 1. * Refer Announcement 22 May 2024. 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. 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 Table 1: Highlights from Tot Channel Intercepts Hole ID From (m) To (m) Down Hole Interval (m) Li2O (%) True Width (m) CH002 3 10 7 1.21 7.0 CH003 1 7 6 1.57 6.0 including 3 6 3 2.80 3.0 CH004 2 5 3 1.16 3.0 CH006 2 8 6 1.33 6.0 Mechanical Stripping and Channel Sampling Program In July, the Company commenced mechanical stripping around the Tot Pegmatite. During this program, six channels were cut perpendicular to strike, for a total of 56 meters, and 56 samples were collected, with high-grade lithium oxide assay results of up to 3.79% Li2O over 1m, as shown in Tables 1 and 3. The exploration efforts successfully extended known footprint of the Tot Pegmatite to a strike length of approximately 50 meters, with an average width of 8 meters. Although the pegmatite’s strike is anticipated to continue further, its surface expression is covered by thick glacial lacustrine clay overburden, which has halted further exposure along strike by the excavator. The Tot Pegmatite's strike aligns with the previously reported ~1.25 km MMI survey Lithium anomaly and will be further investigated through drilling which is anticipated to commence imminently. Previously, the Tot Pegmatite was believed to have a shallow dip towards the east. However, upon further exposure, it is appearing to have a near-vertical dip at the surface. This data is crucial for the upcoming drill planning and program, as the new structural orientations will help more effectively guide the drilling strategy. Figure 1: Drone image of the Tot pegmatite, with sample locations & assay results up to 3.79% Li2O Page 2 of 13 Figure 2: Multiple photos of Tot pegmatite with locations shown in figure 1. (A) Coarse spodumene laths intersecting in an X like pattern. (B) Sharp near vertical contact of the pegmatite and the mafic volcanic host rock. (C) Metre-scale pink spodumene (kunzite) crystal. (D) Quartz-core zone hosting an abundance of spodumene mineralisation. Exploration Manager, Troy Gallik commented: "The assay results from the Tot pegmatite mechanical stripping program are extremely encouraging, highlighting the significant lithium potential of both the Tot Pegmatite and the broader, underexplored Northern Prospects region of the Mavis Lake Project Area. The confirmation of high-grade lithium mineralisation validates our exploration strategy and underscores the prospectivity of this asset. We look forward to commencing our upcoming drilling program, with a focus on expanding our resource base and unlocking additional value for our shareholders." The Northern Prospects comprises pegmatites that form an East-North-East trending cluster spanning approximately 2km wide and extending over an 8km strike. This highly prospective area encompasses various pegmatite dykes, including the Gullwing spodumene pegmatite swarm, Tot spodumene pegmatite, Coates beryl-molybdenite pegmatite, and a further 15 LCT pegmatite dykes. Page 3 of 13 The summer field program results, including the discovery of surface extensions and new outcrops (refer to ASX announcement 29 May 2024), together with the subsequent receipt of assay results from these areas (refer to ASX announcement 2 July 2024), and recent mechanical stripping and channel results from Tot pegmatite, underscores the exceptional potential of the Mavis Lake Project for continued Resource growth and, ultimately, the ability to deliver on the Company’s recently announced JORC compliant Exploration Target of 18 - 29Mt at 0.8- 1.2% Li2O*. This Target, aimed at achieving a significant Resource base in North-western Ontario, excludes the current 8.0Mt @ 1.07% Li2O Inferred Mineral Resource Estimate (MRE). Cautionary statement - The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. 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. Future Work Critical Resources is poised to launch a diamond drilling program across the Mavis Lake Project area. This initiative is expected to significantly enhance both exploration and resource expansion efforts. The program will strategically target the Tot and Gullwing pegmatites within the Northern Prospects, as well as extend the Main Zone to drive immediate resource growth. These efforts are central to our 2024 drilling campaign, aimed at fully realizing the mineral potential of this highly promising project area. References 1. 2. 3. 4. 5. 6. Refer to ASX announcement 18 March 2024 1.25km Li Trend at Tot Confirms District-Scale at Mavis Lake Refer to ASX announcement 17 April 2024 8km of Highly Prospective Anomalies Identified at Gullwing Tot Refer to ASX announcement 22 May 2024 Mavis Lake Exploration Target highlights scale potential Refer to ASX announcement 29 May 2024 Major New LCT Pegmatite System Discovered at Mavis Lake East Refer to ASX announcement 2 July 2024 Exceptional Assay results of up to 5.12% Li2O at Mavis Lake Refer to ASX announcement 24 July 2024 Mechanical Stripping Program Commences at Tot Prospect This announcement has been approved for release by the Board of Directors. -ends- For further information please contact E: info@criticalresources.com.au P: +61 (8) 9465 1024 ABOUT CRITICAL RESOURCES LIMITED Critical Resources is focused on the exploration, development and delivery of the critical metals required for a decarbonized future, underpinned by a portfolio of lithium projects in Ontario, Canada which are ideally positioned to participate in the rapidly growing North American battery materials supply chain. The Company’s principal focus is on its flagship 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. Critical is progressing a dual-track strategy at Mavis Lake of targeting resource growth in parallel with multiple permitting and project development workstreams. COMPETENT PERSONS COMPLIANCE STATEMENTS The information in this ASX Announcement that relates to Exploration Results is based on information compiled by Mr. Troy Gallik (P. Geo), a Competent Person who is a Member of the Association of Professional Geoscientists of Ontario. Troy Gallik is a full-time employee of Critical Resources. Mr. Gallik has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Gallik consents to the inclusion in this Announcement of the matters based on his information in the form and context in which it appears. Page 4 of 13 This document contains information on the Mavis Lake Lithium Project, Canada extracted from ASX market announcements dated 20 December 2022, 29 December 2022, 18 May 2023 ,17 July 2023, 2 November 2023 and 18 March 2024, 17 April 2024, 22 May 2024, 29 May 2024, 2 July 2024 and 24 July 2024 reported in accordance with the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ("2012 JORC Code") and available for viewing at https://www.criticalresources.com.au/ or https://www.asx.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 ASX market announcements. 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. 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 5 of 13 Appendix 1: Results from Tot Pegmatite Channel Sampling Program Table 2: Channel Locations Hole ID Easting Northing Az Dip End Depth CH001 538929 5530872 58 0 12 CH002 538927 5530876 49 0 12 CH003 538919 5530885 49 0 11 CH004 538915 5530890 55 0 5 CH005 538914 5530897 49 0 7 CH006 538935 5530863 58 0 9 Table 3: Assay Table Channel ID Sample ID From To Li2O (%) Channel ID Sample ID From To Li2O (%) CH001 341751 0 1 0.280 CH003 341782 4 5 3.445 CH001 341752 1 2 0.693 CH003 341783 5 6 1.167 CH001 341753 2 3 0.029 CH003 341784 6 7 0.243 CH001 341754 3 4 0.014 CH003 341785 7 8 0.015 CH001 341755 4 5 0.021 CH003 341786 8 9 0.015 CH001 341756 5 6 0.017 CH003 341787 9 10 0.021 CH001 341757 6 7 0.019 CH003 341788 10 11 0.523 CH001 341758 7 8 0.784 CH004 341789 0 1 0.334 CH001 341759 8 9 1.038 CH004 341791 1 2 0.200 CH001 341761 9 10 0.019 CH004 341792 2 3 1.548 CH001 341762 10 11 0.024 CH004 341793 3 4 1.135 CH001 341763 11 12 0.579 CH004 341794 4 5 0.797 CH002 341764 0 1 0.413 CH005 341795 0 1 0.301 CH002 341765 1 2 0.693 CH005 341796 1 2 0.020 CH002 341766 2 3 0.023 CH005 341797 2 3 0.005 CH002 341767 3 4 1.068 CH005 341798 3 4 0.005 CH002 341768 4 5 0.810 CH005 341799 4 5 0.004 CH002 341769 5 6 1.744 CH005 341801 5 6 0.010 CH002 341771 6 7 0.967 CH005 341802 6 7 0.252 CH002 341772 7 8 2.067 CH006 341803 0 1 0.441 CH002 341773 8 9 1.064 CH006 341804 1 2 0.239 CH002 341774 9 10 0.807 CH006 341805 2 3 1.427 CH002 341775 10 11 0.023 CH006 341806 3 4 1.264 CH002 341776 11 12 0.273 CH006 341808 5 6 2.054 CH003 341777 0 1 0.407 CH006 341809 6 7 0.842 CH003 341778 1 2 0.754 CH006 341811 7 8 1.759 CH003 341779 2 3 0.019 CH006 341812 8 9 0.822 CH003 341781 3 4 3.789 Page 6 of 13 Section 1: Sampling Techniques and Data (Criteria in this section apply to all succeeding sections) Criteria JORC-Code Explanation Sampling Nature and quality of sampling • or specific specialised industry • appropriate to the minerals under • gamma sondes, or handheld XRF • techniques (e.g., cut channels, random chips, standard measurement tools investigation, such as down hole Commentary 56 samples were collected from 2 channels were cut using a diamond saw. • The total length of channel samples was 56m. Samples varied in length 1m. The channel samples were approximately 4 cm wide and up to 10cm deep. Samples varied in weight from 1.45kg up to 7.4kg. instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Assay samples are selected based on geological logging boundaries or on the nominal metre marks. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement • Samples were dispatched to an accredited laboratory (ActLabs) in Dryden, Ontario, Canada for sample preparation and shipment to analysis. tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information. Drilling techniques Drill type (e.g., core, reverse • No drilling was undertaken. circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether Page 7 of 13 Criteria JORC-Code Explanation Commentary Drill sample Method of recording and • No drilling was undertaken. recovery assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Channel samples were not geotechnically logged. • Channel samples have been geologically logged to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • The sample descriptions was qualitative in nature. • All channel was photographed Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. Sub-sampling If core, whether cut or sawn and sample taken. techniques and preparation whether quarter, half or all core If non-core, whether riffled, tube sampled, rotary split, etc and • The channel samples were collected from outcropping pegmatite. The samples were prepared (crushed and pulverised) in the ActLabs in Dryden, Ontario and analysis was conduct by ActLabs in Ancaster, Ontario whether sampled wet or dry. Page 8 of 13 Criteria JORC-Code Explanation Commentary For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. Quality of assay The nature, quality and • Assays methods appropriate for style of mineralisation will be laboratory tests and laboratory procedures used UT-7 (Li up to 5%) QOP Sodium Peroxide (Sodium Peroxide Fusion considered partial or total. • Either standards or blanks are inserted every 10th sample interval data and appropriateness of the assaying used: and whether the technique is ICPOES + ICPMS. as a part of a QAQC process. Standard and blank results from For geophysical tools, spectrometers, handheld XRF recent drilling are within acceptable margins of error. instruments, etc, the parameters • Activation Laboratory performs internal QA/QC measures. including instrument make and confirmed to be acceptable. used in determining the analysis Results are released once all internal QA/QC is verified and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias) and precision have been established. Verification of The verification of significant assaying independent or alternative sampling and intersections by either company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data Page 9 of 13 Criteria JORC-Code Explanation Commentary verification, data storage (physical • No independent verification completed at this stage. and electronic) protocols. Discuss any adjustment to assay data. • The data regarding sampling location and sample information is stored in tabular format and is appended to this report. • Assays results have been reported as %Li2O, and there was no adjustment to assay data.. • Samples were measured, photographed and logged by geologists. Digitally recorded plus back-up records. • All assay results are provided. • No adjustments to the assay data. • No assay cut off grades are applied. Location of data Accuracy and quality of surveys points used to locate drill holes (collar • Samples recorded with Garmin GPS that has an accuracy in the order of ±3 metres for location. A registered surveyor will be and down-hole surveys), trenches, contracted to accurately survey all drill collars at completed of mine workings and other locations drill program. used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. Data spacing and distribution Data spacing for reporting of Exploration Results. Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for • WGS 1984 UTM Zone 15N. • No specific topography survey has been completed over the project area. • Channels were taken appropriately to be utilized for future resource models as its shows representation of a continuous sample along the start and end of mineralisation. • Channels were taken ~10m from another to avoid biases from sample collectors the Mineral Resource and Ore •Core sample intervals were based in logged mineralisation and and classifications applied. many weighted average- composting of assay data. Reserve estimation procedure(s) no sample composting applied. Reporting of final results includes Whether sample compositing has been applied. Orientation of Whether the orientation of to geological sampling of possible structures data in relation structure sampling achieves unbiased and the extent to which this is • Orientation of mineralisation is known or thought to be known, channels are planned to intersect at an appropriate angle relative to true width of the mineralisation. Intercepts with known, considering the deposit type. Page 10 of 13 Criteria JORC-Code Explanation Commentary If the relationship between the mineralisation released are given as apparent widths, not true orientation of key mineralised • It is uncertain whether sampling bias has been introduced, or drilling orientation and the structures is considered to have introduced a sampling bias, this widths unless true widths are stated whether the thickness drilled is a true thickness. should be assessed and reported if material. Sample security The measures taken to ensure sample security. • Channel samples were stored at the Dryden core yard and core shack under lock and key before delivery to ActLabsGroups in Dryden, Ontario for analysis. Audits or reviews The results of any audits or reviews • Not undertaken at this stage. of sampling techniques and data. Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section) Criteria JORC-Code Explanation Commentary Mineral Type, reference name/number, The Mavis Lake Lithium Project consists of 1097 unpatented land tenure Single Cell Mining Claims and six separate surface leases which agreements or material issues with secure the surface rights of the land required for the Project third parties such as joint ventures, footprint. tenement and status location and ownership including partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at All claims and leases are active and in good standing. The leases have a term of 21 years and are not set to expire until 2032, at which time they can be renewed for an additional 21 years if required. the time of reporting along with any known impediments to obtaining a licence to operate in the area. Exploration done Acknowledgment and appraisal of • Previous exploration has been conducted by a number of parties including Lun-Echo Gold Mines Limited (1956), Selco by other parties exploration by other parties. Mining Corporation (1979-1980), Tantalum Mining Corporation of Canada Limited (1981-1982), Emerald Field Resources (2002), International Lithium Corp (2006-2021) and Pioneer Resources Limited/Essential Metals Limited (2018-2021). Geology Deposit type, geological setting • The Fairservice and Mavis Lake Prospects host zoned pegmatites and style of mineralisation. that are prospective for lithium and tantalum Drill hole A summary of all information • No drilling was undertaken. Information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: Easting and northing of the drill hole collar Page 11 of 13 Criteria JORC-Code Explanation Commentary Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar Dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data In reporting Exploration Results, methods maximum and/or minimum grade aggregation weighting averaging techniques, • Uncut. truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated. • All aggregate intercepts detailed on tables are weighted averages. Where aggregate intercepts incorporate short lengths of high- grade results and longer lengths of • None used. low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. Relationship These relationships are particularly • True width is calculated from logging geologists structural mineralisation Exploration Results. between widths and intercept lengths important in the reporting of If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. measurements from upper and lower contacts of pegmatite dyke and the host rock. Resource shapes and geometries may aid in determine true widths as the pegmatites chaotic contacts can be miss leading. True widths are provided unless otherwise stated. • The precise geometry is not currently known but is being tested by the planned drilling, with diamond drill hole azimuths designed If it is not known and only the down to drill normal to the interpreted mineralised structure. hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole length, true • Apparent length reported, true width has not yet been interpreted. width not known’). Page 12 of 13 Criteria JORC-Code Explanation Commentary Diagrams Appropriate maps and sections • Refer to images in the main document. (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Balanced reporting Where comprehensive reporting of • Representative reporting of all relevant grades is provided in all Exploration Results is not practicable, representative tables to avoid misleading reporting of Exploration Results. reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Other substantive Other exploration data, if meaningful and material, should exploration data be reported including (but not • Overview of exploration data leading to selection of drill targets provided. limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating Further work The nature and scale of planned • Further work planned at Mavis Lake Lithium Project includes extensions or depth extensions or known and unknown mineralisation, field mapping, geochemistry, further work (e.g., tests for lateral exploration and resource growth drilling to confirm, and extend large-scale step-out drilling). geophysics and prospecting works. Page 13 of 13