In a significant move that shifts its flagship Jupiter rare earths project from a prospect to a tangible commercial proposition, Critica Limited has produced its first high-purity mixed rare earth oxide (MREO) sample to kick off potential offtake discussions.
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The company says the product grades a handy 98.2 per cent total rare earth oxides (TREO) and will now be put in front of strategic partners alongside its high-grade iron by-product to advance commercial discussions.
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The milestone is an important step in de-risking the massive clay-hosted project in Western Australia, demonstrating a viable processing pathway for a saleable product ahead of pivotal economic studies, which are currently underway.
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The company says its latest MREO sample contains a substantial 28.4 per cent concentration of high-value magnet rare earth oxides.
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These include the key elements neodymium, praseodymium, dysprosium and terbium, all key in growing markets for the manufacture of high-strength permanent magnets used in EVs and wind turbines.
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‘We have now reached the point where that work is translating into physical products that can support the next phase of commercial engagement.
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In addition, Critica has also produced a high-grade iron concentrate by-product that grades an impressive 64.1 per cent iron, providing a potential secondary revenue stream from the Jupiter flowsheet.
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The production of physical samples resulted from a year-long metallurgical optimisation program that delivered a string of technical wins.
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Critica says it has achieved an 81 per cent recovery of magnet rare earths through beneficiation and a 14-fold increase in concentrate grade to roughly three per cent TREO, alongside an impressive 95 per cent mass rejection, which materially reduces the amount of ore requiring expensive downstream processing.
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Notably, the company has also managed to slash its estimated sulphuric acid consumption by almost 30 per cent, a potentially substantial cost saving in the hydrometallurgical circuit.
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Critica Limited chief executive officer Jacob Deysel said: “The production of representative MREO and potential iron by-product samples is an exciting milestone for Jupiter.
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We have spent the past year systematically improving and validating the flowsheet, and we have now reached the point where that work is translating into physical products that can support the next phase of commercial engagement.
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For a rare earths project of Jupiter’s scale, metallurgy and product evaluation are where dreams are either made or broken.
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By producing a high-grade rare earths product using a conventional processing route, Critica has cleared one of the sector’s biggest technical hurdles and taken a significant step towards unlocking the project’s value.
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The company is also currently producing a mixed rare earth carbonate (MREC) sample to broaden the suite of products available for evaluation by potential customers.
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Jupiter is touted as Australia’s largest clay-hosted rare earths resource, offering major leverage to magnet rare earths, gallium and yttrium just as electrification, robotics and artificial intelligence infrastructure ramp up demand for these critical inputs.
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Paired with its Mt Lindsay tin-tungsten project in Tasmania, Critica appears to have its hands full building out a multi-commodity critical minerals platform spanning five commodities.
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The company says it remains well-funded to advance its dual strategy, having raised capital and sold its legacy Riley iron ore mine to end the last quarter with a healthy $5.3 million in cash.
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The company says scoping studies for both the Jupiter and Mt Lindsay projects remain on track for delivery within a month, which should provide the market with its first look at the potential economics of two significant critical minerals projects.
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With physical product samples now in hand, Critica has moved beyond talking about what Jupiter might become and started demonstrating what it can produce.
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The next test comes with the upcoming scoping study, which should reveal whether Australia’s largest clay-hosted rare earths resource can also stack up as one of its most valuable.
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Is your ASX-listed company doing something interesting?
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The Aporia
