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31 May 2022

Continued Spodumene Intersections at Mavis Lake Lithium Project

Critical Resources Limited (ASX:CRR) ("Critical Resources" or the "Company"), is pleased to advise that another six step-out holes have intersected significant spodumene-bearing pegmatite. 20 of 21 holes have intersected spodumene-bearing pegmatites within the Pegmatite 6 zone at the Company's 100% owned Mavis Lake Lithium Project ("the Project") in Ontario, Canada. Over 2,500 metres has now been drilled of the Company's inaugural 5,000m drill program, at the Project.

Highlights

  • 20 out of 21 holes of the current drilling program have now intersected spodumene-bearing pegmatite mineralisation, with a further 28 drill holes (~2,500m) of the program to run

Hole 21:

  • 9.8 metres of ~14% silver-white, fine to medium spodumene laths hosted from 146.75 to 156.55 metres of pegmatite1, 2, 3

Hole 16:

  • 8.45 metres of ~17% silver-white, fine to medium spodumene laths hosted from 30.5 to 38.95 metres of pegmatite1, 2, 3

Hole 19:

  • 4.55 metres of ~10% white-grey, fine to large spodumene laths hosted from 114.1 to 118.65 metres of pegmatite1, 2, 3

Hole 20:

  • 4.45 metres of ~11% white-grey, fine to large spodumene laths hosted from 122.45 to 127 metres of pegmatite 1, 2, 3

Hole 17:

  • 2.95 metres of <5% white-grey, fine to large spodumene laths hosted from 87.25 to 90.2 metres of pegmatite1, 2, 3

Hole 18:

  • 2.9 metres of ~13% white-grey, fine to large spodumene laths hosted from 53.45 to 55.35 metres of pegmatite 1, 2, 3
  • 20 out of 21 drill holes have intersected spodumene-bearing pegmatite mineralisation
  • Samples and core from completed drill holes have been sent for analysis and are expected in due course
  • Exploration works on 28 new targets have been identified, including 11 high priority targets (ASX Announcement 12 May 2022). Work has commenced to extend drilling to a ~10,000m program.

1In 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.

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

3Descriptions 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.

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

Figure 1: Cross-section, looking west, of Pegmatite 6 (pink shape) with previous drill hole traces (grey) and recently drilled holes

of MF22-74,MF22-75,MF22-76,MF22-78 (note: measurement in metres)

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Figure 2: Cross-section, looking west, of Pegmatite 6 (pink shape) with previous drill hole traces (grey) and recently drilled holes

of MF22-77,MF22-79 and MF22-80 (note: measurement in metres)

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

Figure 3: A close-up image of MF22-80 (Hole 21) showing large silvery-white coloured spodumene crystals

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The Company is pleased to advise of its continued success at its inaugural 5,000m drill program at its 100% owned Mavis Lake Lithium Project in Ontario, Canada. Results include 9.8m at a visual spodumene estimate of ~14% in Hole 21 and a shallow intersection of significant spodumene-bearing pegmatite of 8.45m at a visual spodumene estimate of ~17% in Hole 16. 20 of the first 21 holes have intersected spodumene-bearing pegmatite.

Critical Resources Managing Director Alex Biggs said: "To intersect spodumene in 20 of our first 21 holes at Mavis Lake is extremely satisfying. We are seeing new areas of mineralisation being identified both along strike, at depth and in shallow intersections. The Company is focused on developing a JORC compliant Resource for Mavis Lake which requires both infill and extensional drilling. The results we are seeing are crucial in achieving this goal and demonstrating continuity of mineralisation at the Project. This is a very exciting time for the company and we look forward to further expansion of mineralisation along strike and at depth".

Hole MF22-80 (Hole 21)

9.8 metres of ~14% of spodumene-bearing pegmatite intersected at depth

MF-22-80 was designed to test the lithium mineralisation continuity at depth and to provide evidence of the Pegmatite 6 structure. This hole provided both a significant width and amount of spodumene mineralisation. It demonstrates that the spodumene mineralisation is consistent and homogenous throughout the intersection.

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

Figure 4: White pegmatite hosts approximately 14% of fine to medium, silver-white, spodumene crystals intersected from 146.75 to 156.55 metres depth in Hole MF22-80 (Hole 21). Close-ups illustrate significant spodumene mineralisation.

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Hole MF22-75 (Hole 16)

8.45m intersection of ~17% near surface spodumene-bearing pegmatite

MF-22-75 was designed to test the lithium mineralisation continuity of Pegmatite 6 for the purposes of the infill drill program in developing a JORC compliant resource. This hole illustrates that significant lithium mineralisation continues to near surface. Spodumene crystal are typically silvery-white, fine to medium, subhedral-euhedral laths.

Figure 5: White to silvery pegmatite hosts approximately 17% of fine to medium, silver-white, spodumene crystals intersected

from 30.5 to 38.95 metres depth in Hole MF22-75 (Hole 16). Close ups illustrate significant spodumene mineralisation.

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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Hole MF22-78 (Hole 19)

Localized high-grade intervals throughout mineralized pegmatite intersection

MF22-78 intersected 4.55 metres of ~10% spodumene-bearing pegmatite along Pegmatite 6. Select spodumene intervals are locally up to 70% in cm scale this is typical to see strongly localized spodumene zonation with the wider pegmatite intervals.

Figure 6: White pegmatite hosts approximately 10% of fine to medium-white-grey, spodumene crystals intersected from 114.1

to 118.65 metres depth in Hole MF22-78 (Hole 19). Close-ups illustrate significant spodumene mineralisation.

Hole MF22-79 (Hole 20)

Pegmatite widths become more familiar as the infill drill program continues

MF22-79 intersected 4.45 metres of ~11% spodumene-bearing pegmatite. The structural body of Pegmatite 6 is becoming more apparent as the infill program progresses. Oriented structural measurements demonstrate the pegmatites potential pinching and swelling behaviour at various depths. MF22-79 shows an increase in width possibly indicating that widths are increasing at depth.

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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Critical Resources Ltd. published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 00:19:02 UTC.