CRITICAL RESOURCES LIMITED — Capital/Financing Update 2022

Feb 1, 2022

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02 February 2022

2,700 Ha of Claims Staked around Mavis Lake Project in Ontario, Canada

Critical Resources Limited (ASX: CRR ) (“Critical Resources” or the “Company” ), is pleased to advise that it has staked an additional 2,700 Ha of claims surrounding its 100% owned Mavis Lake project in Ontario, Canada.

Highlights

• Critical Resources claims 2,700 Ha around the Company’s newly acquired Mavis Lake project

• Newly claimed ground further validates the Company’s aggressive land acquisition strategy and demonstrates the Company’s intent and focus on lithium exploration in Canada

• Newly claimed ground increases the Company’s land holding at Mavis Lake to ~6,500 Ha

• Total land holding at Graphic Lake of ~1,600 Ha[1]

• Strong synergies between the Company’s Mavis Lake and Graphic Lake, lithium projects in Ontario, Canada

 Permitting for exploration at Mavis Lake underway

Critical Resources Managing Director Alex Biggs said: “Increasing our landholding around Mavis Lake is part of our strategy , allowing us to conduct additional exploration works, test any continuities in geology and importantly providing the ability to expand our exploration thesis in a highly prospective and emerging lithium region. We are excited to begin work at Mavis Lake. An aggressive work program has been planned towards meeting the milestone targets. We look forward to updating the market in due course”.

Staked Claims and Rationale

A total of 2,700 Ha of additional claims have been staked. The newly staked claims are positioned directly north of the existing Mavis Lake claim, expanding the landholding to approximately 6,500 Ha. Exploration activities such as surface mapping will be conducted to identify areas that require further detailed exploration. While exploration is limited across the newly staked claims, the Company believes that this approach will assist in understanding the prospectivity of the region.

1 Cautionary Statement: The final acquisition of the Graphic Lake project including the 700 Ha of claims staked (ASX Announcement 21 January 2022), are subject to Canadian Investment Review Board Approval (IRB). The Company will provide the market with an update in due course.

Critical Resources Ltd | Level 11, 40 The Esplanade, Perth, WA, 6000 | P: +61 9389 4499 | web:criticalresources.com.au Email: admin@criticalresources.com.au | ABN 12 145 184 667 | ASX:CRR

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Figure 1: Mavis Lake tenements

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Mavis Lake Project
New Claim Area
New Mavis Lake claims Original Claim Area
Existing Mavis Lake claims
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Mavis Lake Project Description

The Mavis Lake Lithium Project is located approximately 20 kilometres east of the town of Dryden, Ontario. The Project is in close vicinity to the Trans-Canada highway and railway, with major transportation arteries linking the project areas with 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 exploration and development province, with multiple projects located within the vicinity.

2,3Previous 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, presenting significant exploration potential.

Project location and prospect location are shown in Figure 2 and Figure 3 respectively.

2The reported intersections reported are down hole measurements and are not necessarily true width. Critical Resources Announcement

325 October 2021 – Canadian High Grade Lithium Asset Binding Terms Sheet Signed

Critical Resources Ltd | Level 11, 40 The Esplanade, Perth, WA, 6000 | P: +61 9389 4499 | web:criticalresources.com.au Email: admin@criticalresources.com.au | ABN 12 145 184 667 | ASX:CRR

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Figure 2: Mavis Lake project location

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Figure 3: Location of Mavis Lake prospects

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Critical Resources Ltd | Level 11, 40 The Esplanade, Perth, WA, 6000 | P: +61 9389 4499 | web:criticalresources.com.au Email: admin@criticalresources.com.au | ABN 12 145 184 667 | ASX:CRR

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

-End-

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.

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, newly acquired Lithium assets in Canada and Copper assets in Oman.

Critical Resources Ltd | Level 11, 40 The Esplanade, Perth, WA, 6000 | P: +61 9389 4499 | web:criticalresources.com.au Email: admin@criticalresources.com.au | ABN 12 145 184 667 | ASX:CRR

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Appendix 1 – Newly Acquired Mining Claims Around Mavis Lake

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Registered Mining Claim Numbers Ownership Details Percentage Held
703383 Canada Critical Resources Corp.(10005244) 100%
703384 Canada Critical Resources Corp.(10005244) 100%
703385 Canada Critical Resources Corp.(10005244) 100%
703386 Canada Critical Resources Corp.(10005244) 100%
703387 Canada Critical Resources Corp.(10005244) 100%
703388 Canada Critical Resources Corp.(10005244) 100%
703389 Canada Critical Resources Corp.(10005244) 100%
703390 Canada Critical Resources Corp.(10005244) 100%
703391 Canada Critical Resources Corp.(10005244) 100%
703392 Canada Critical Resources Corp.(10005244) 100%
703393 Canada Critical Resources Corp.(10005244) 100%
703394 Canada Critical Resources Corp.(10005244) 100%
703395 Canada Critical Resources Corp.(10005244) 100%
703396 Canada Critical Resources Corp.(10005244) 100%
703397 Canada Critical Resources Corp.(10005244) 100%
703398 Canada Critical Resources Corp.(10005244) 100%
703399 Canada Critical Resources Corp.(10005244) 100%
703400 Canada Critical Resources Corp.(10005244) 100%
703401 Canada Critical Resources Corp.(10005244) 100%
703402 Canada Critical Resources Corp.(10005244) 100%
703403 Canada Critical Resources Corp.(10005244) 100%
703404 Canada Critical Resources Corp.(10005244) 100%
703405 Canada Critical Resources Corp.(10005244) 100%
703406 Canada Critical Resources Corp.(10005244) 100%
703407 Canada Critical Resources Corp.(10005244) 100%
703408 Canada Critical Resources Corp.(10005244) 100%
703409 Canada Critical Resources Corp.(10005244) 100%
703410 Canada Critical Resources Corp.(10005244) 100%
703411 Canada Critical Resources Corp.(10005244) 100%
703412 Canada Critical Resources Corp.(10005244) 100%
703413 Canada Critical Resources Corp.(10005244) 100%
703414 Canada Critical Resources Corp.(10005244) 100%
703415 Canada Critical Resources Corp.(10005244) 100%
703416 Canada Critical Resources Corp.(10005244) 100%
703417 Canada Critical Resources Corp.(10005244) 100%
703418 Canada Critical Resources Corp.(10005244) 100%
703419 Canada Critical Resources Corp.(10005244) 100%
703420 Canada Critical Resources Corp.(10005244) 100%
703421 Canada Critical Resources Corp.(10005244) 100%
703422 Canada Critical Resources Corp.(10005244) 100%
703423 Canada Critical Resources Corp.(10005244) 100%
703424 Canada Critical Resources Corp.(10005244) 100%
703425 Canada Critical Resources Corp.(10005244) 100%
703426 Canada Critical Resources Corp.(10005244) 100%
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Critical Resources Ltd | Level 11, 40 The Esplanade, Perth, WA, 6000 | P: +61 9389 4499 | web:criticalresources.com.au Email: admin@criticalresources.com.au | ABN 12 145 184 667 | ASX:CRR

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703427 Canada Critical Resources Corp.(10005244) 100%
703428 Canada Critical Resources Corp.(10005244) 100%
703429 Canada Critical Resources Corp.(10005244) 100%
703430 Canada Critical Resources Corp.(10005244) 100%
703431 Canada Critical Resources Corp.(10005244) 100%
703432 Canada Critical Resources Corp.(10005244) 100%
703433 Canada Critical Resources Corp.(10005244) 100%
703434 Canada Critical Resources Corp.(10005244) 100%
703435 Canada Critical Resources Corp.(10005244) 100%
703436 Canada Critical Resources Corp.(10005244) 100%
703437 Canada Critical Resources Corp.(10005244) 100%
703438 Canada Critical Resources Corp.(10005244) 100%
703439 Canada Critical Resources Corp.(10005244) 100%
703440 Canada Critical Resources Corp.(10005244) 100%
703441 Canada Critical Resources Corp.(10005244) 100%
703442 Canada Critical Resources Corp.(10005244) 100%
703443 Canada Critical Resources Corp.(10005244) 100%
703444 Canada Critical Resources Corp.(10005244) 100%
703445 Canada Critical Resources Corp.(10005244) 100%
703446 Canada Critical Resources Corp.(10005244) 100%
703447 Canada Critical Resources Corp.(10005244) 100%
703448 Canada Critical Resources Corp.(10005244) 100%
703449 Canada Critical Resources Corp.(10005244) 100%
703450 Canada Critical Resources Corp.(10005244) 100%
703451 Canada Critical Resources Corp.(10005244) 100%
703452 Canada Critical Resources Corp.(10005244) 100%
703453 Canada Critical Resources Corp.(10005244) 100%
703454 Canada Critical Resources Corp.(10005244) 100%
703455 Canada Critical Resources Corp.(10005244) 100%
703456 Canada Critical Resources Corp.(10005244) 100%
703457 Canada Critical Resources Corp.(10005244) 100%
703458 Canada Critical Resources Corp.(10005244) 100%
703459 Canada Critical Resources Corp.(10005244) 100%
703460 Canada Critical Resources Corp.(10005244) 100%
703461 Canada Critical Resources Corp.(10005244) 100%
703462 Canada Critical Resources Corp.(10005244) 100%
703463 Canada Critical Resources Corp.(10005244) 100%
703464 Canada Critical Resources Corp.(10005244) 100%
703465 Canada Critical Resources Corp.(10005244) 100%
703466 Canada Critical Resources Corp.(10005244) 100%
703467 Canada Critical Resources Corp.(10005244) 100%
703468 Canada Critical Resources Corp.(10005244) 100%
703469 Canada Critical Resources Corp.(10005244) 100%
703470 Canada Critical Resources Corp.(10005244) 100%
703471 Canada Critical Resources Corp.(10005244) 100%
703472 Canada Critical Resources Corp.(10005244) 100%
703473 Canada Critical Resources Corp.(10005244) 100%
703474 Canada Critical Resources Corp.(10005244) 100%
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Critical Resources Ltd | Level 11, 40 The Esplanade, Perth, WA, 6000 | P: +61 9389 4499 | web:criticalresources.com.au Email: admin@criticalresources.com.au | ABN 12 145 184 667 | ASX:CRR

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703475 Canada Critical Resources Corp.(10005244) 100%
703476 Canada Critical Resources Corp.(10005244) 100%
703477 Canada Critical Resources Corp.(10005244) 100%
703478 Canada Critical Resources Corp.(10005244) 100%
703479 Canada Critical Resources Corp.(10005244) 100%
703480 Canada Critical Resources Corp.(10005244) 100%
703481 Canada Critical Resources Corp.(10005244) 100%
703482 Canada Critical Resources Corp.(10005244) 100%
703483 Canada Critical Resources Corp.(10005244) 100%
703484 Canada Critical Resources Corp.(10005244) 100%
703485 Canada Critical Resources Corp.(10005244) 100%
703486 Canada Critical Resources Corp.(10005244) 100%
703487 Canada Critical Resources Corp.(10005244) 100%
703488 Canada Critical Resources Corp.(10005244) 100%
703489 Canada Critical Resources Corp.(10005244) 100%
703490 Canada Critical Resources Corp.(10005244) 100%
703491 Canada Critical Resources Corp.(10005244) 100%
703492 Canada Critical Resources Corp.(10005244) 100%
703493 Canada Critical Resources Corp.(10005244) 100%
703494 Canada Critical Resources Corp.(10005244) 100%
703495 Canada Critical Resources Corp.(10005244) 100%
703496 Canada Critical Resources Corp.(10005244) 100%
703497 Canada Critical Resources Corp.(10005244) 100%
703498 Canada Critical Resources Corp.(10005244) 100%
703499 Canada Critical Resources Corp.(10005244) 100%
703500 Canada Critical Resources Corp.(10005244) 100%
703501 Canada Critical Resources Corp.(10005244) 100%
703502 Canada Critical Resources Corp.(10005244) 100%
703503 Canada Critical Resources Corp.(10005244) 100%
703504 Canada Critical Resources Corp.(10005244) 100%
703505 Canada Critical Resources Corp.(10005244) 100%
703506 Canada Critical Resources Corp.(10005244) 100%
703507 Canada Critical Resources Corp.(10005244) 100%
703508 Canada Critical Resources Corp.(10005244) 100%
703509 Canada Critical Resources Corp.(10005244) 100%
703510 Canada Critical Resources Corp.(10005244) 100%
703511 Canada Critical Resources Corp.(10005244) 100%
703512 Canada Critical Resources Corp.(10005244) 100%
703513 Canada Critical Resources Corp.(10005244) 100%
703514 Canada Critical Resources Corp.(10005244) 100%
703515 Canada Critical Resources Corp.(10005244) 100%
703516 Canada Critical Resources Corp.(10005244) 100%
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Critical Resources Ltd | Level 11, 40 The Esplanade, Perth, WA, 6000 | P: +61 9389 4499 | web:criticalresources.com.au Email: admin@criticalresources.com.au | ABN 12 145 184 667 | ASX:CRR