Critical Resources (ASX:CRR) expands Croesus Permit application as New Zealand tungsten program progresses

Critical Resources has lodged an Extension of Land application with New Zealand Petroleum and Minerals to expand its Croesus Prospecting Permit 61277 in New Zealand’s Reefton Goldfields region.

The proposed extension covers the western continuation of the Barrytown Granite, the host intrusion associated with greisen hosted tungsten mineralisation at Granite Creek, and aligns the permit boundary with the full mapped extent of the intrusion.

The application follows completion of the company’s first pass field program, which confirmed greisen alteration and outcropping quartz vein structures at multiple locations within the Granite Creek catchment.

Highlights

• Extension of Land application lodged over approximately 270 hectares, or 2.7km², west of the existing Croesus permit boundary.
• Historical sampling at Granite Creek returned up to 42.6% WO3 from scheelite rich quartz rubble.
• Historical granite boulder sampling at Little Granite Creek returned up to 26.6% WO3.
• Greisenised granites with thin quartz veinlets previously returned up to 0.90% WO3.
• APT prices increased from approximately $335/MTU in January 2025 to between $2,900 and $3,200/MTU as at 24 April 2026.

The Croesus Project is located on the southwestern flank of the Reefton Goldfield, which the company states has produced more than 2Moz of historical gold.

According to the announcement, the project hosts two mineral systems, including a structurally controlled gold antimony lode system in the Greenland Group metasediments and a greisen hosted tungsten system associated with the Barrytown Granite.

The company stated that historical exploration completed by Mineral Resources NZ Ltd, AMOCO Minerals NZ Ltd, CanAlaska Ventures Ltd and Lime and Marble Ltd identified tungsten mineralisation across Granite Creek and Little Granite Creek.

Critical Resources noted that the historical grades were derived from selective grab samples of vein rubble and transported float boulders, are not representative of average or continuous bedrock mineralisation, and that no new exploration results were reported in this announcement.

Critical Resources Managing Director Tim Wither said the permit expansion was designed to capture the full mapped extent of the intrusion associated with the tungsten system.

“The tungsten mineralisation documented at Granite Creek is highly encouraging, including the historic 42.6% WO₃ result. Extending the permit to capture the full mapped extent of the intrusion gives us a coherent footprint over the system we’re targeting.”

The company stated that China produces approximately 80% to 85% of global mine supply. It also noted that February 2026 export licensing restrictions have constrained APT and concentrate availability in Western markets.

Critical Resources also noted growing consumption from defence, semiconductor and energy applications, supported by Western government stockpiling.

Near term activity across the New Zealand portfolio includes progress of the Croesus Extension of Land application through the NZP&M review process, assay results from the first pass Croesus field program expected in early June 2026, follow up fieldwork at Granite and Little Granite Creek, assay results from Lammerlaw expected in mid May 2026 and planning for a follow up RC drill program at Cap Burn.

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