Critical Resources (ASX:CRR) is an Australia-based critical minerals company, focused on unlocking value from high-quality assets to meet the growing and unprecedented global demand for clean energy solutions. As an explorer and developer of critical minerals projects, the company is entrenched in the global movement of electrification and a decarbonised future.
As the world’s transition to net-zero emissions gathers pace, Critical Resources’ Mavis Lake Lithium Project in Canada is being developed in lockstep with North America’s rapidly expanding electric vehicle market and broader green economy ambitions.
More than 300 million electric vehicles (EVs) are predicted to be on the road by 2040 and the global green technology/sustainability market is expected to reach US$74.64 billion by 2030, growing at a CAGR of almost 22 per cent in the decade to 2030.
Governments are rolling out comprehensive policies committed to transitioning to a future powered by clean technology – aligned with the United Nations’ target of net-zero emissions by 2050. Canada, the United States and Australia have updated their critical minerals lists to secure the raw materials necessary to support this environmental objective, along with dedicated programs and financial incentives to foster these sectors and support the establishment of more localized and robust supply chains. Despite all this investment, demand for lithium feedstock is still forecast to outstrip supply in coming years.
Critical Resources is focused on the commercial development of quality assets in top tier mining jurisdictions, aimed at delivering shareholder value by providing the essential minerals for the world’s fundamental shift towards a clean energy future. The immediate priority is exploration and development of the company’s lithium hard-rock holdings in Canada, specifically the highly prospective Mavis Lake Lithium Project in Ontario.
Other projects include potential large-scale zinc, lead, silver and copper projects in Australia and Oman.
The company’s approach in Canada has targeted ground with the potential for high-grade lithium mineralisation and proximity to:
- Established transport and energy infrastructure and workforce required for future construction, mining and production phases; and
- Potential end-use partners such as emerging battery manufacturers based in Canada and the United States.
An experienced management team leads Critical Resources, equipped with the corporate, technical and commercial expertise and vision to unlock value and fully realise the potential of priority assets, for the long-term benefit of shareholders.
- Critical Resources is an exploration and development company focused on lithium and critical minerals projects, with assets in Canada, Oman and Australia.
- The company has a province-scale lithium portfolio in Ontario, Canada, with access to an experienced local workforce and essential transport and energy infrastructure and direct access to the growing North American electric vehicle industry.
- Following completion of a highly successful 19,500-meter drilling program in 2022, a further 20,000-meter drill campaign is underway in 2023 to define further mineralisation ahead of the release of Mavis Lake’s maiden mineral resource estimate
- Technical scoping/feasibility studies commenced late last year, mapping the pathway to production
- A highly capable, proven and motivated management team with diverse experience in natural resources, technical project delivery, commercial and corporate finance.
Ontario Lithium Portfolio
Located near the township of Dryden, the Mavis Lake Lithium Project (the company’s flagship asset) has excellent access to national-level road and rail infrastructure, hydro-power and support services.
In 2022, Critical Resources’ initial 19,800-meter drill program at Mavis Lake delivered world-class assay results with grades regularly exceeding 2.0 percent lithium oxide and multiple intercepts grading over 4.0 percent lithium oxide within the Mavis Lake Main Zone. During the same period, definition drilling was able to extend the mineralisation zone’s strike length substantially and late-year intercepts revealed a potential new area of mineralisation beneath the main zone.
The company commenced metallurgical test work late in 2022 with the results due in early 2023 to underpin a future scoping study. Given the project location and proximity to existing logistics routes, power supply and maintenance/logistics support from the township of Dryden, the company expects the scoping study to highlight excellent capital expenditure and operational expenditure savers relative to more isolated projects.
The company has significantly expanded the Mavis Lake footprint through the strategic 100 percent acquisition of the nearby Gullwing-Tot Lakes property from TSX-V listed Power Metals Corp (TX_V:PWM), providing a contiguous project area of almost 23,000 hectares.
In 2023, Critical Resources is conducting a fully funded 20,000-meter drill campaign, focusing on continuing to define a maiden JORC 2012 Mineral Resource Estimate, additional exploration efforts will also be conducted around the recently acquired Gullwing-ToT Lakes pegmatites.
Critical Resources will continue its exploration and resource growth orientated field works in parallel with advancing its technical and environmental studies, advancing the project forward on a development pathway.
Halls Peak Base Metal Project
In New South Wales, Australia, the company’s Halls Peak Base Metal Project is targeting significant zinc, lead, silver and copper mineralisation in the region. Drilling results from 2022 identified some of the highest zinc grades recorded in the area.
The company’s exploration drilling has identified the potential for a large-scale SEDEX-style base metal deposit. Additionally, recent geophysics exploration has been crucial in identifying drill targets.
Sohar Copper Project
Located in the Sultanate of Oman, a mining-friendly jurisdiction, the company’s assets cover over 1,000 square kilometers with copper, gold and silver mineralisation. Block 5 has a JORC-compliant resource estimate of 0.8 million tonnes at 3.4 percent copper. Critical Resources is currently identifying targets for further exploration programs.
Robert Martin – Non-executive Chairman
Robert Martin is an accomplished company director with over 25 years of experience across a broad range of sectors, including mining and mining services, manufacturing, and capital markets. Martin has profound insight into corporate strategy, capital orientation, management integration and business structures and efficiencies.
Recently, Martin owned and operated a large and highly successful mining services business, with offices in multiple jurisdictions globally, which was acquired by a prominent Perth business after year-on-year growth and profitability.
He currently runs a family office in Western Australia, with a focus on investing and supporting emerging private and public businesses, as well as holding positions of non-executive chairman at Equinox Resources Ltd (ASX:EQN), Non-Executive Chairman at Battery Age Minerals (ASX:BM8), Parkd Ltd (ASX:PKD) and TSX-V listed Volt Carbon Technologies (TSX-V:VCT).
Alex Cheeseman – Managing Director
Alex Cheeseman is an accomplished company director and executive leader, with over 20 years of experience across a range of industries in project and operational roles. Cheeseman’s primary focus over the last 10 years has been on the resources sector, specifically in project development, commercial optimisation and marketing.
Cheeseman has extensive lithium experience, having previously held management roles in the project delivery, ramp-up and marketing for the Altura Lithium Project, (formerly Altura Mining, an ASX-listed, Western Australia-based producer). He has provided strategic advisory services to a number of ASX-listed (pre and post IPO) and privately owned lithium companies involved in raw material extraction (hard-rock, brine and sediment-based deposits) and downstream processing. More recently, he led the recapitalisation, re-listing and project development for ASX-listed lithium explorer Morella Corporation, playing a key role in securing the company’s lithium brine and hard-rock project portfolio.
Cheeseman is currently a non-executive director of the privately owned, UK-based, Green Lithium Refining Limited.
John Markovic – Non-executive Director
John Markovic is a successful private property developer and investor with over 30 years of experience. Markovic is currently the managing director for a number of private companies, including JGM Property Investments Pty Ltd, who have ownership of substantial industrial and commercial property portfolios in New South Wales.
Throughout his career, Markovic has been involved in numerous entrepreneurial technology and property start-ups as an early-stage investor and advisor.
Milan Bogunovic – Chief Financial Officer
Milan Bogunovic is a qualified chartered accountant with over 10 years of experience holding senior positions in audit and assurance. Bogunovic provides expert audit advice to a number of ASX-listed companies across the exploration and mining sectors.
He is a skilled corporate professional with experience in acquisition transactions and capital raisings and financial expertise across multiple global jurisdictions.
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