Critical Resources : Visual Spodumene in First Hole at Mavis Lake Lithium Project

Visual Spodumene in First Hole of Mavis Lake Confirms Highly

Prospective Drill Targets

Critical Resources Limited (ASX:CRR) ("Critical Resources" or the "Company"), is pleased to advise that it has encountered spodumene, a common lithium-bearing pyroxene, in its first hole, MF22-60 ("Hole 1") of its inaugural 5,000m drill program at its 100% owned Mavis Lake Lithium Project in Ontario, Canada.

Highlights

•  1, 2 Spodumene intercepted throughout a pegmatite intercept of 7.63m in Hole 1 of inaugural 5,000m, 49-hole program

•  3 The 7.63m of white to grey pegmatite mineralisation is estimated to contain approximately 25% of medium to large, white-grey, spodumene crystals

•  Hole 1 completed at a depth of 47m, next hole MF22-61 (Hole 2) to test down-dip potential to planned downhole depth of 141m

•  First holes to target Pegmatite 6 area of Mavis Lake project with a view to form basis for a JORC compliant Resource estimate

•  2 Previous drill programs have yielded high-grade Li2O intercepts including

  • o 55.25m at 1.04% Li2O from 80.75m in drill hole MF18-53 and

  • o 26.30m at 1.70% Li2O from 111.9m inc. 7.70m at 2.97% Li2O from 130.5m in drill hole MF17‐491

•  Mavis Lake represents a transformational opportunity for the company to position itself in the Lithium sector in Ontario, Canada

Figure 1: Close up images of large cream coloured spodumene crystals intercepted in Hole MF22-60 (Hole 1)

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.

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

Critical Resources Managing Director Alex Biggs said: "To encounter visual mineralisation in our first drill hole at Mavis Lake is extremely exciting. The Company has moved quickly and efficiently in the acquisition and exploration strategy for Mavis Lake and it's great to see results so early in our campaign. We feel that Mavis Lake has the potential to be a transformational asset for the Company and we are committed in our goal of defining a JORC compliant Resource".

Lithium Mineralization in MF22-60 (Hole 1)

MF22-60 was designed to validate historic drilling from 1979 which intersected mineralisation. The intersection in Hole 1 of 7.63m demonstrates significant spodumene-bearing pegmatite mineralisation and is shown in Figure 2,

Figure 3 and Figure 4. 3 The white to grey pegmatite mineralisation is estimated to contain approximately 25% of medium to large, white-grey, spodumene crystals intersected from 11.57m to 19.20m.

MF22-61 (Hole 2) has commenced drilling and will test the down-dip continuity of lithium mineralisation within the Pegmatite 6 zone. Further drilling will aim to further develop the resource potential of Mavis Lake. Drill plan and cross sections can be found in Figure 5 and Figure 6 respectively.

Figure 2: Close-up of spodumene crystals intersected from 11.57m to 19.20m downhole in Hole MF22-60 (Hole 1)

Figure 3: White to grey pegmatite hosts approximately 25% of medium to large, white-grey, spodumene crystals intersected from 11.57m to 19.20m downhole in Hole MF22-60 (Hole 1)

Figure 4: Close-up of spodumene crystals intersected from 11.57m to 19.20m downhole in Hole MF22-60 (Hole 1)

Figure 5: Plan map of first collar locations. Currently drilling on MF22-061

Figure 6: Cross-section, looking west, of Pegmatite 6 (red shape) with previous drill hole traces (black) and planned hole traces

(purple) of MF22-60 and MF22-61 (note: measurement in meters)

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