Critical Resources (ASX:CRR) strengthens strategic position as Mavis Lake advances toward North American lithium supply chain

Critical Resources (ASX:CRR) has reinforced the long term development outlook for the Mavis Lake Lithium Project through sustained exploration success, a significant expansion of its landholding and continued progress across technical and environmental workstreams.

The project now covers more than 400 km² following a 25% increase in tenure, creating one of the largest district scale lithium positions in northwestern Ontario and providing a strong foundation for growth as independent market forecasts point toward a lithium market recovery from 2026.

Alongside this expansion, the Company has completed more than 58,000 metres of drilling since 2022 and delivered a maiden JORC Inferred Resource of 8Mt at 1.07% Li₂O supported by an Exploration Target of 18 to 29Mt at 0.8 to 1.2% Li₂O, while metallurgical testwork has demonstrated near 100% spodumene recovery and a 30% uplift in lithium grade.

Environmental and baseline studies are advancing, and the Company is also evaluating patented solid state lithium ion battery technologies through an exclusive option agreement.

Against this backdrop, Managing Director Tim Wither discusses recent progress, strategic positioning and the Company’s near term milestones.

How does the recent 25% expansion of the landholding enhance the long term development potential at Mavis Lake?

“The 25% expansion of the Mavis Lake landholding to more than 400 km² is an important step in strengthening the long term development profile of the project because it provides control over a significantly larger portion of Ontario’s premier lithium corridor.”

The expansion allows Critical Resources to consolidate prospective geological trends that have already demonstrated strong lithium fertility through historical work and the extensive drilling undertaken since 2022.

It also secures tenure over more than 31 new LCT pegmatite occurrences identified in 2024 along with newly acquired claims that have not yet been drill tested, providing substantial scope for resource growth.

By acting counter cyclically, the Company has added high quality ground at minimal cost, which supports long term resource

expansion, streamlined permitting and scalable project planning aligned with the growth of the North American battery supply chain.

How do the recent drilling results support the potential for a larger Mineral Resource at Mavis Lake?

“Several intercepts reported in the announcement highlight the strength of the system, including 74.4m at 1.18% Li₂O with an internal interval of 32.9m at 1.81% Li₂O, along with additional wide zones such as 50.2m at 1.28% Li₂O and 41.3m at 1.25% Li₂O.”

These results demonstrate that the spodumene bearing pegmatites extend beyond the current 8Mt at 1.07% Li₂O Inferred Mineral Resource and show continuity along strike and at depth.

Further drilling at the Tot Pegmatite has confirmed an expansive spodumene system that sits entirely outside the existing resource, and large areas of the landholding remain untested.

This combination of new data provides a strong factual basis for growth, supporting the upcoming update to the Mineral Resource Estimate.

What is the significance of the metallurgical testwork demonstrating near 100% spodumene recovery?

“Achieving near 100% spodumene recovery and a 30% uplift in lithium grade during processing shows that the mineralisation is well suited to producing a high grade spodumene concentrate with minimal impurities.”

This metallurgical performance strengthens confidence in the processing flowsheet and supports the technical foundations needed for the Scoping Study and subsequent Definitive Feasibility Study.

It also complements the project’s broader advantages, such as access to clean hydroelectric power and strong transport infrastructure, which together enhance the project’s potential to supply high quality feedstock to downstream converters and battery manufacturers within the North American supply chain.

How does the solid state battery technology option align with the Company’s strategic objectives?

“The exclusive option with the South Dakota School of Mines and Technology aligns well with our broader strategy because it provides a structured pathway to evaluate solid state lithium ion battery technologies that are protected by five granted patents and one pending application.”

The option positions the Company to assess next generation battery technologies that aim to improve thermal stability, enhance safety, enable scalable lower cost processing and utilise a non sulphide electrolyte that is suited to cleaner production pathways.

This initiative does not alter the Company’s primary focus on project development but provides a disciplined and low cost opportunity to understand how Mavis Lake concentrate may integrate with advanced battery chemistries, strengthening its relevance within the evolving North American battery market.

What are the key milestones investors should expect as the project advances toward development?

The Company is progressing several defined milestones, including incorporating recent drilling and new pegmatite discoveries into an updated Mineral Resource Estimate, advancing environmental and baseline studies with one full year of monitoring completed and supporting streamlined permitting through continued community and First Nations engagement.

The team is also maintaining active discussions with utilities, service providers and potential offtake partners, benefiting from strong regional infrastructure and proximity to battery manufacturers in Canada and the United States.

Preparations for the 2026 exploration program are advancing, focusing on resource growth at the Main Zone, additional drilling at the Tot Pegmatite and systematic testing across the 8,000 hectares added along key structural corridors.

Technical work supporting the Scoping Study and future Definitive Feasibility Study is also progressing, including metallurgical drilling, bulk testwork and mineralogical assessments.

Positioning Mavis Lake for the next phase of development

Critical Resources continues to advance the Mavis Lake Lithium Project through a disciplined and technically supported development pathway, with its expanded landholding, strong drilling performance and high quality metallurgical outcomes providing a solid platform for long term growth.

The project benefits from favourable infrastructure, clean hydroelectric power, supportive regulatory frameworks and strengthening engagement with First Nations and the local community, ensuring responsible development remains central to its progression.

As independent forecasts point to a lithium market rebound from 2026, the Company remains focused on sustained resource growth, continued technical de-risking and the advancement of key studies that will position Mavis Lake as an emerging supplier to the North American lithium supply chain.

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