Critical Resources (ASX:CRR) elevates Granite Creek tungsten target following New Zealand fieldwork

Critical Resources has completed first-pass field programs across its Lammerlaw Gold Project and Croesus Gold-Tungsten Project in New Zealand, with early field observations at Granite Creek prompting the company to elevate tungsten as a priority within its near-term exploration program.

The company said field teams confirmed greisen alteration and outcropping quartz veins at multiple locations at Granite Creek, verifying historical reports within the Granite Creek catchment.

The work forms part of Critical’s 1,694km² New Zealand landholding, which provides exposure to gold and critical minerals across multiple permits.

Highlights

• First-pass fieldwork completed at Lammerlaw and Croesus
• Granite Creek tungsten target elevated following field verification
• Historical tungsten mineralisation returned grades of up to 42.6% WO₃
• Adjacent float samples returned 26.6% WO₃ and 19.9% WO₃
• Lammerlaw covers 410km²
• Croesus covers 183km²
• Lammerlaw assay results expected in mid-May 2026
• Croesus assay results expected in June 2026, subject to laboratory turnaround times

At Croesus, the company completed structural mapping, rock chip sampling, stream sampling and ground-truthing across both a structurally controlled gold-antimony lode system and a greisen-hosted tungsten system.

Historical hard rock workings at Croesus, Garden Gully, Taffy and Minerva produced more than 4,500oz of gold at grades of up to 17g/t Au.

Historical sampling also returned grades of up to 28.9g/t Au at Blackball Creek and combined grades of 10.4g/t Au and 7.4% Sb at Croesus Ridge, supporting the company’s ongoing review of a mineralised corridor extending for more than 5km along strike.

At Granite Creek, historical exploration identified 42.6% WO₃ from scheelite-rich quartz rubble, while granite boulders at Little Granite Creek returned grades of up to 26.6% WO₃, with greisenised granites containing thin quartz veinlets also returning up to 0.90% WO₃.

Critical noted these historical results were generated by previous operators and remain suitable for target generation and reconnaissance assessment.

The company also stated that the highest grades were derived from selective grab samples and transported float material and may not represent continuous bedrock mineralisation.

The company also highlighted broader market conditions for tungsten, noting China produces approximately 80% to 85% of global mine supply and that February 2026 export licensing restrictions have constrained concentrate availability in Western markets.

Critical said APT pricing has risen from approximately $335/MTU in January 2025 to between $2,900 and $3,200/MTU as at 24 April 2026.

Critical Resources Managing Director Tim Wither said Granite Creek stood out during the latest field campaign.

“The standout was Granite Creek. The team confirmed greisen alteration and outcropping quartz vein structures across multiple locations, including at the historical rock sampling sites that returned up to 42.6% WO₃, elevating Granite Creek as a priority.”

Following the completion of fieldwork, Critical said its near-term focus across New Zealand includes Lammerlaw assay results in mid-May, Croesus assay results in June, follow-up mapping at Granite Creek and planning for follow-up RC drilling at Cap Burn as exploration activity continues across its broader portfolio.

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