CRITICAL RESOURCES LIMITED - Capital/Financing Update 2022

04 May 2022

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18.1m of Visual Spodumene Intersected at Untested Depths in Step Out Hole 5, at Mavis Lake

Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”), is pleased to advise that it has encountered visual spodumene in four of its first five holes including an 18.1-metre interval of ~20% spodumene-bearing pegmatite in step-out hole MF22-64 (Hole 5) at its 100% owned Mavis Lake Lithium Project in Ontario, Canada.

Highlights

Hole 5:

1, 2, 3 Spodumene hosted in pegmatite intercept of ~18.1m from 159.1m to 177.2m, in Hole 5. The white to grey pegmatite is estimated to contain approximately 20% of medium to large, cream coloured, spodumene crystals
Hole 5 confirms lithium mineralisation is open at depth and along strike within pegmatite 6, which will continue to be tested during the remainder of this drill program
Importantly, Hole 5 is a step-out hole testing new depths of the Pegmatite 6 lithium mineralisation

Hole 4:

1, 2, 3 Spodumene hosted in pegmatite intercept of ~5.3m from 65m to 70.3m, in Hole MF22-63 (Hole 4).
The white to grey pegmatite is estimated to contain approximately 10-15% of medium to large, cream coloured, spodumene crystals

Hole 2:

1, 2, 3 Spodumene hosted in pegmatite intercept of ~4.2m from 105.75 to 109.95, in MF22-61 (Hole 2).
The white to grey pegmatite is estimated to contain approximately 20% of medium to large, cream coloured, spodumene crystals

In Summary:

The first four out of five holes of the Mavis Lake drill program have intercepted visual spodumenebearing pegmatites
The Company remains committed to its goal of defining a JORC compliant Resource at Mavis Lake which if successful, represents a transformational opportunity for the company to position itself in the Lithium sector in Ontario, Canada

Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”), is pleased to advise that it has encountered its largest visual spodumene intersection in Hole 5 of its inaugural 5,000m drill program at its 100% owned, Mavis Lake Lithium Project in Ontario, Canada.

Spodumene hosted in pegmatite intercept of 18.1m from 159.1m to 177.2m, in Hole 5 of white to grey pegmatite is estimated to contain approximately 20% of medium to large, cream coloured, spodumene crystals and represents an at depth extension of the Pegmatite 6 ore body. Hole 5 is a step-out hole and tests down-dip mineralisation.

Cautionary Statement

1 In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.

2 The reported intersections are down hole measurements and are not necessarily true width

3 Descriptions of the mineral amounts seen and logged in the core are qualitative, visual estimates (they are listed in order of abundance of estimated combined percentages). Quantitative assays will be completed by Activation Labs in Dryden, Ontario.

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Critical Resources Managing Director Alex Biggs said: “Hole 5 represents the largest spodumene intersection we have seen so far during the 2022 drill program. An 18.1m intersection with a high mineral content of ~20% represents a significant milestone in what are still the early stages of our inaugural drill program. Furthermore, to intersect visual spodumene in four of the five initial holes is an excellent outcome. The story of Mavis Lake is beginning to unfold and we see this drill campaign as a potentially transformational catalyst for both the project and the Company”.

Figure 1: Close up images of large cream coloured spodumene crystals intercepted in Hole MF22-64 (Hole 5)

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Figure 2: Close up images of large cream coloured spodumene crystals including pink k-feldspar and green muscovite MF22-64 (Hole 5)

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Figure 3: Core logging area with a significant interval of spodumene-bearing pegmatite intersected in MF22-64 (Hole 5)

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Significant Intersection of Spodumene-Bearing Pegmatite in MF22-64 (Hole 5)

18.1 metres of visual spodumene-bearing pegmatite intersection from 159.1m to 177.2m depth. White to grey pegmatite is estimated to contain approximately 20% of medium to large, cream coloured, spodumene crystals. This hole confirms lithium mineralisation is open at depth and along strike within pegmatite 6 and will be tested during the remainder of this drill program. A cross-section of Hole 5 is shown in Figure 10.

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Figure 4: A significant intercept of white to grey pegmatite hosts approximately 20% of medium to large, white grey, spodumene crystals intersected from 159.1 to 177.2 metres downhole in Hole MF22-64 (Hole 5)

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Lithium Mineralisation Continues in MF22-63 (Hole 4)

Hole 4 was designed to twin and test the validity of a drill hole from 1956 and encountered ~ 5.3 metres of visual spodumene-bearing pegmatite from 65 to 70.3 metres depth. White to grey pegmatite is estimated to contain approximately 10-15% of medium to large, cream coloured, spodumene crystals. Twinning historic holes are important to gain data that is JORC compliant for inclusion in future Resource modelling. A cross-section of Hole 4 is shown in Figure 10.

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Figure 5: Close up of white to grey pegmatite hosts approximately 10-15% of medium to large, white grey, spodumene crystals intersected from 65 to 70.3 metres downhole in Hole MF22-63 (Hole 4)

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Figure 6: White to grey pegmatite hosts approximately 10-15% of medium to large, white grey, spodumene crystals intersected from 65 to 70.3 metres downhole in Hole MF22-63 (Hole 4)

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Sericite Replacement of Spodumene Mineralisation in MF22-62 (Hole 3)

Hole 3 intersected multiple thin, <80cm wide, pegmatites which have evidence of sericite replacing spodumene mineralisation. Each pegmatite interval has been sampled and will be sent to the lab for further analysis. A crosssection of Hole 3 is located in Figure 10.

Lithium Mineralisation in MF22-61 (Hole 2)

Hole 2 was originally designed to validate a historic 1956 drill hole that had an intersection of spodumene-bearing pegmatite. 4.2 meters of visual spodumene-bearing pegmatite intersection from 105.75 to 109.95 metres depth. White to grey pegmatite estimated to contain approximately 20% of medium to large, cream coloured, spodumene crystals. A cross-section of Hole 2 is located in Figure 9.

Figure 7: Close up of white to grey pegmatite hosts approximately 20% of medium to large, white grey, spodumene crystals intersected from 105.75 to 109.95m downhole in Hole MF22-61 (Hole 2)

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Figure 8: White to grey pegmatite hosts approximately 20% of medium to large, white grey, spodumene crystals intersected from 105.75 to 109.95m downhole in Hole MF22-61 (Hole 2)

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Figure 9: Cross-section, looking west, of Pegmatite 6 (red shape) with previous drill hole traces (grey) and recently drilled holes of MF22-60 and MF22-61 (note: measurement in meters)

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Figure 10: Cross-section, looking west, of Pegmatite 6 (red shape) with previous drill hole traces (grey) and recently drilled holes of MF22-62, MF22-63 and MF22-64 (note: measurement in meters)

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Figure 11: Plan map of drilled collar locations
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Mavis Lake Project Description

The Mavis Lake Lithium Project is 19 kilometres east of the town of Dryden, Ontario. The Project is in close vicinity to the Trans-Canada highway and railway major transportation arteries linking larger cities such as Thunder Bay, Ontario, to the southeast and Winnipeg, Manitoba, to the west. The region boasts excellent infrastructure with hydro-power located a few kilometres to the south-west of the project. The region is a wellestablished lithium province with multiple projects located within the vicinity.

Previous drill programs have yielded high-grade Li2O intercepts including:

55.25m at 1.04% Li2O from 80.75m in drill hole MF18-53 and
26.30m at 1.70% Li2O from 111.9m inc. 7.70m at 2.97% Li2O from 130.5m in drill hole MF17‐491.

These results present significant exploration potential, a summary of previous results can be seen in ASX announcement dated 25 October 2021. A future work program has been determined and is outlined in detail in ASX announcement dated 13 Dec 2021.

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Figure 12: Sample of Mavis Lake intersections from 2017 and 2018 drilling campaign

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Figure 13: Mavis Lake project location

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Deposit Type and Exploration Thesis

Previous exploration campaigns at Mavis Lake have confirmed the presence of lithium-bearing pegmatites.

The pegmatite occurrences at Mavis Lake are found within the correct zonation for lithium enrichment from the Ghost Lake Batholith, a fertile granite intrusion. The zonation of pegmatite occurrences can be seen in Figure 14.

The recently conducted airborne survey (see ASX announcement 01 February 2022) demonstrated the potential continuity of geological trends between Pegmatite 6 and Pegmatite 18. This potential continuity represents new areas of interest for the company that will be investigated via surface mapping and sampling with the aim of identifying new drill targets.

Figure 14: Regional zonation of Mavis Lake Pegmatite group

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Sources: Demmeier and Mercier (2011), modified from Breaks and James (1991)

The Lithium Industry in Ontario

Canadian Government’s C$3.8 Billion Critical Minerals Strategy

Recently announced strategy by the Canadian government to boost domestic production of lithium, copper and other strategic minerals to help propel the country's efforts to become a key part of the global electric vehicle supply chain. The spending, announced during Canada's federal budget unveiling on 7 April 22, promises grants for mineral surveying, processing and recycling, as well as tax credits for development of new mines and subsidies for infrastructure.

Ontario’s First-Ever Critical Mineral Strategy

In March of 2022 the government of Ontario announced their first-ever critical minerals strategy. The strategy aims to secure Ontario’s position as a global leader of responsibly sourced critical minerals. To achieve this, collaboration is dependent between government, industry, Indigenous peoples, communities, and other stakeholders. Working together, this strategy will build a stronger, more resilient economy and revitalise local communities. The strategy is comprised of six pillars, or areas of government action, which will solidify Ontario’s position as a global leader of responsibly sourced critical minerals. The pillars are; Enhancing geoscience information and supporting critical

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minerals exploration, Growing Domestic processing and creating resilient supply chains, Improving Ontario’s regulatory framework, Investing in innovation, research, and development, Building economic development opportunities with Indigenous partners, and Growing labour supply and developing a skilled labour force.

Tesla Battery Gear Manufacturing Plant Opens

Tesla has recently announced the opening of a battery gear manufacturing plant in Markham, Ontario demonstrating the significant opportunity for Ontario to become one of the world’s leading lithium provinces. The facility will be the first branded Tesla Canada manufacturing facility in Canada. A significant amount of activity in the lithium exploration sector is currently occurring in Ontario. Due to the quality of lithium assets in the region, the fundamental drivers behind the lithium market and the intent of North American manufacturers to source lithium for battery manufacturing from localised supply-chains, it is an excellent time to be gaining a foothold in Ontario.

Thunder Bay Regional Lithium Refinery

Avalon Advanced Materials Inc (TSX:AVL) has recently announced the agreement of a binding letter of intent to develop a regional battery supply chain in Ontario and elsewhere. The first step of this development will be establishing a lithium refinery in Thunder Bay, Ontario, approximately 350km from the Mavis Lake Lithium Project. The plant aims for a production capacity of 20,000 tonnes per annum of lithium hydroxide and/or lithium carbonate. Sources of lithium concentrate will be initially from Avalon’s Separation Rapids Lithium Project while other projects begin production.

This announcement has been approved for release by the Board of Directors.

-End-

EXPLORATION WORK – COMPETENT PERSONS STATEMENT

The information in this ASX Announcement that relates to Exploration Results is based on information compiled by 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 Ltd. Troy 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”. Troy Gallik consents to the inclusion in this ASX Announcement of the matters based on his information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the

Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.

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Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

NO NEW INFORMATION

Except where explicitly stated, this announcement contains references to prior exploration results, all of which have been cross-referenced to previous market announcements made by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements.

ABOUT CRITICAL RESOURCES LIMITED

Critical Resources is a base metals and lithium exploration and development focused company headquartered in Perth, Western Australia and is listed on the Australian Securities Exchange (ASX:CRR). The Company has recently been undergoing a structured process of change at the Director and Executive level. These changes mark the commencement of a renewed focus by the Company on providing shareholder value through the exploration, development and advancement of the Company’s long held NSW assets, its newly acquired Lithium assets in Canada and also of its Copper assets in Oman.

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Appendix 1: JORC Table 1 – MF22-61, MF22-62, MF-63 and MF22-64 Exploration Results

1.1 Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

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Criteria JORC-Code Explanation Commentary
Sampling Nature and quality of sampling (e.g., cut
techniques channels, random chips, or specific  Oriented NQ core was cut in half using a diamond saw,
specialised industry standard measurement with a half core sent for assay and half core retained.
tools appropriate to the minerals under  No other measurement tools other than directional
investigation, such as down hole gamma survey tools have been used in the holes at this stage.
sondes, or handheld XRF instruments, etc).
These examples should not be taken as
limiting the broad meaning of sampling.
Include reference to measures taken to
• Oriented core was placed V-rail and a consistent cut-line
ensure sample representivity and the
drawn along core to ensure cutting (halving) of
appropriate calibration of any measurement
representative samples
tools or systems used.
Aspects of the determination of • Core sample interval was based in logged mineralisation
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 • Determination of mineralisation has been based on
drilling was used to obtain 1 m samples from geological logging and photo analysis.
which 3 kg was pulverised to produce a 30 g
charge for fire assay’). In other cases more • Diamond Core drilling was used to obtain 3m length
explanation may be required, such as where samples from the barrel which are then marked in one
there is coarse gold that has inherent meter intervals based on the drillers core block
sampling problems. Unusual commodities or measurement.
mineralisation types (e.g., submarine • Assay samples will be selected based on geological
nodules) may warrant disclosure of detailed logging boundaries or on the nominal meter marks.
information. • Samples will be dispatched
to an accredited laboratory (ActLabs) in Dryden, Ontario,
Canada for sample preparation and shipment to analysis
Drilling Drill type (e.g., core, reverse circulation, • NQ2 diamond double tube coring by Cyr EF-50 rig was
techniques open-hole hammer, rotary air blast, auger, used throughout the hole.
Bangka, sonic, etc) and details (e.g., core
diameter, triple or standard tube, depth of • Core orientation was carried out by the drilling contractor.
diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by
what method, etc).
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Criteria JORC-Code Explanation Commentary
Drill sample Method of recording and assessing core and • Lithological logging, photography
recovery chip sample recoveries and results assessed.
• Core samples were measured with a standard tape within
the core trays. Length of core was then compared to the
interval drilled, and any core loss was attributed to individual
rock units based on the amount of fracturing, abrasion of core
contacts, and the conservative judgment of the core logger.
Results of core loss are discussed below.
Measures taken to maximise sample recovery
and ensure representative nature of the • Experienced driller contracted to carry out drilling.
samples. •In broken ground the driller produced NQ core from short
runs to maximise core recovery.
• Core was washed before placing in the core trays.
• Core was visually assessed by professional geologists before
cutting to ensure representative sampling.
Whether a relationship exists between
sample recovery and grade and whether
• See “Aspects of the determination of mineralisation that are
sample bias may have occurred due to
Material to the Public Report” above.
preferential loss/gain of fine/coarse material.
Logging Whether core and chip samples have been • Core samples were not geotechnically logged.
geologically and geotechnically logged to a
• Core samples have been geologically logged to support
level of detail to support appropriate Mineral
appropriate Mineral Resource estimation, mining studies and
Resource estimation, mining studies and
metallurgical studies.
metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or costean, • The core logging was qualitative in nature.
channel, etc) photography. • All core was photographed
The total length and percentage of the •100%
relevant intersections logged. •Total length of the MF22-61 was 141m
• 100% of the relevant intersections were logged.
•Total length of the MF22-62 was 65m
• 100% of the relevant intersections were logged.
•Total length of the MF22-63 was 101m
• 100% of the relevant intersections were logged.
•Total length of the MF22-64 was 185m
• 100% of the relevant intersections were logged.
Sub-sampling If core, whether cut or sawn and whether • No sampling completed at this stage
techniques and If non-core, whether riffled, tube sampled,
sample rotary split, etc and whether sampled wet or
preparation dry.
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.
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Criteria JORC-Code Explanation Commentary
Whether sample sizes are appropriate to the
grain size of the material being sampled.
Quality of The nature, quality and appropriateness of • No assays have been conducted for this drill program.
assay data and the assaying and laboratory procedures used Techniques will be updated when assays are completed.
laboratory and whether the technique is considered
tests partial or total.
For geophysical tools, spectrometers,
handheld XRF instruments, etc, the
parameters used in determining the analysis
including instrument make 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 intersections • No independent verification completed at this stage
sampling and by either independent or alternative company
assaying personnel.
• Holes MF22-62 and MF22-63 are twins of previous holes
The use of twinned holes.
Documentation of primary data, data entry • Core measured, photographed and logged by geologists.
procedures, data verification, data storage Digitally recorded plus back-up records.
(physical and electronic) protocols.
Discuss any adjustment to assay data. • No assay data received at this stage
Location of Accuracy and quality of surveys used to • Drill collars recorded with Garmin GPS that has an
data points locate drill holes (collar and down-hole accuracy in the order of ±3 metres for location. A registered
surveys), trenches, mine workings and other surveyor will be contracted to accurately survey all drill
locations used in Mineral Resource collars at completed of drill program.
estimation.
Specification of the grid system used.
Quality and adequacy of topographic • WGS 1984 UTM Zone 15N
control.
• No specific topography survey has been completed over the
project area
Data spacing Data spacing for reporting of Exploration • Not relevant to current drilling.
and Results.
distribution
Whether the data spacing and distribution is • Not relevant to current drilling.
sufficient to establish the degree of
geological and grade continuity appropriate
for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications
applied.
Whether sample compositing has been • No sample compositing has been applied.
applied.
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Criteria	JORC-Code Explanation	Commentary
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	• The orientation of the mineralisation is unknown. The drilling program is aimed at determining orientation of the mineralisation. • It is uncertain whether sampling bias has been introduced, or whether the thickness drilled is a true thickness.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Sample security	The measures taken to ensure sample security.	• Core samples will be stored the Dryden core yard before delivery to ActLabsGroups in Dryden, Ontario for analysis.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	• Not undertaken at this stage

2 Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC-Code Explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	 The Mavis Lake Lithium Project consists of 189 unpatented Single Cell Mining Claims and six separate surface leases which secure the surface rights of the land required for the Project footprint.  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 security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	• Previous exploration has been conduced by a number of parties including Lun-Echo Gold Mines Limited (1956), Selco 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).

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Criteria JORC-Code Explanation Commentary
Geology Deposit type, geological setting and • The Fairservice and Mavis Lake Prospects host zoned pegmatites
style of mineralisation. that are prospective for lithium and tantalum
Drill hole A summary of all information material
Information to the understanding of the exploration To
results including a tabulation of the Hole ID Easting Northing RL Azimuth Dip Depth
following information for all Material MF22-61 524160 5518046 440 187.6 -65 140
drill holes:
easting and northing of the drill hole MF22-62 524202 5517957 438 187.6 -45.2 65
collar MF22-63 524229 5517974 435 187.4 -70.1 101
elevation or RL (Reduced Level – MF22-64 524253 5518033 440 319.9 -80.2 185
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
• Not relevant
explain why this is the case.
Data In reporting Exploration Results, • Uncut
aggregation weighting averaging techniques,
methods maximum and/or minimum grade
truncations (e.g., cutting of high
grades) and cut-off grades are usually
Material and should be stated.
Where aggregate intercepts • All aggregate intercepts detailed on tables are weighted averages.
incorporate short lengths of high grade
results and longer lengths of 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.
• None used
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Criteria JORC-Code Explanation Commentary
Relationship These relationships are particularly • True width not currently known. All lengths are down-hole lengths
between important in the reporting of and not true width.
mineralisation Exploration Results.
widths and
intercept
If the geometry of the mineralisation
lengths • The precise geometry is not currently known but is being tested by
with respect to the drill hole angle is
the planned drilling, with diamond drill hole azimuths designed to
known, its nature should be reported.
drill normal to the interpreted mineralised structure.
If it is not known and only the down
hole lengths are reported, there should
• Down-hole length reported, true width not known.
be a clear statement to this effect (e.g.,
‘down hole length, true width not
known’).
Diagrams Appropriate maps and sections (with • The drilling is aimed at clarifying the structure of the
scales) and tabulations of intercepts mineralisation.
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 Where comprehensive reporting of all • Representative reporting of all relevant grades is provided in tables
reporting Exploration Results is not practicable, to avoid misleading reporting of Exploration Results.
representative reporting of both low
and high grades and/or widths should
be practiced to avoid misleading
reporting of Exploration Results.
Other Other exploration data, if meaningful • Overview of exploration data leading to selection of drill targets
substantive and material, should be reported provided.
exploration including (but not limited to):
• There were no deleterious elements identified.
data 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
substances.
Further work The nature and scale of planned further • Drill program of 49 holes for a total of 5,000m to confirm, infill and
work (e.g., tests for lateral extensions extend previous drilling conducted by various parties.
or depth extensions or large-scale step-
out drilling).
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AI assistant

CRITICAL RESOURCES LIMITED Capital/Financing Update 2022

64708_rns_2022-05-03_d12d27db-2069-417f-b440-026cafa3897f.pdf

18.1m of Visual Spodumene Intersected at Untested Depths in Step Out Hole 5, at Mavis Lake

Highlights

Hole 5:

Hole 4:

Hole 2:

In Summary:

Figure 3: Core logging area with a significant interval of spodumene-bearing pegmatite intersected in MF22-64 (Hole 5)

Significant Intersection of Spodumene-Bearing Pegmatite in MF22-64 (Hole 5)

Lithium Mineralisation Continues in MF22-63 (Hole 4)

Sericite Replacement of Spodumene Mineralisation in MF22-62 (Hole 3)

Lithium Mineralisation in MF22-61 (Hole 2)

Mavis Lake Project Description

Deposit Type and Exploration Thesis

The Lithium Industry in Ontario

Canadian Government’s C$3.8 Billion Critical Minerals Strategy

Ontario’s First-Ever Critical Mineral Strategy

Tesla Battery Gear Manufacturing Plant Opens

Thunder Bay Regional Lithium Refinery

This announcement has been approved for release by the Board of Directors.

EXPLORATION WORK – COMPETENT PERSONS STATEMENT

FORWARD LOOKING STATEMENTS

NO NEW INFORMATION

ABOUT CRITICAL RESOURCES LIMITED

Appendix 1: JORC Table 1 – MF22-61, MF22-62, MF-63 and MF22-64 Exploration Results

1.1 Section 1: Sampling Techniques and Data

2 Section 2: Reporting of Exploration Results

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CRITICAL RESOURCES LIMITED — Capital/Financing Update 2022

64708_rns_2022-05-03_d12d27db-2069-417f-b440-026cafa3897f.pdf

18.1m of Visual Spodumene Intersected at Untested Depths in Step Out Hole 5, at Mavis Lake

Highlights

Hole 5:

Hole 4:

Hole 2:

In Summary:

Figure 3: Core logging area with a significant interval of spodumene-bearing pegmatite intersected in MF22-64 (Hole 5)

Significant Intersection of Spodumene-Bearing Pegmatite in MF22-64 (Hole 5)

Lithium Mineralisation Continues in MF22-63 (Hole 4)

Sericite Replacement of Spodumene Mineralisation in MF22-62 (Hole 3)

Lithium Mineralisation in MF22-61 (Hole 2)

Mavis Lake Project Description

Deposit Type and Exploration Thesis

The Lithium Industry in Ontario

Canadian Government’s C$3.8 Billion Critical Minerals Strategy

Ontario’s First-Ever Critical Mineral Strategy

Tesla Battery Gear Manufacturing Plant Opens

Thunder Bay Regional Lithium Refinery

This announcement has been approved for release by the Board of Directors.

EXPLORATION WORK – COMPETENT PERSONS STATEMENT

FORWARD LOOKING STATEMENTS

NO NEW INFORMATION

ABOUT CRITICAL RESOURCES LIMITED

Appendix 1: JORC Table 1 – MF22-61, MF22-62, MF-63 and MF22-64 Exploration Results

1.1 Section 1: Sampling Techniques and Data

2 Section 2: Reporting of Exploration Results

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CRITICAL RESOURCES LIMITED Capital/Financing Update 2022