Critica Secures $8M to Fast-Track Jupiter Rare Earths Project
Critica Limited has raised A$8 million in an oversubscribed placement to accelerate development of its Jupiter rare earths project, positioning itself as a key supplier of critical minerals for emerging technologies.
- Oversubscribed A$8 million placement to fund Jupiter project advancement
- Strong institutional and sophisticated investor support including board participation
- Funds to finance scoping study, drilling, metallurgical testwork, and offtake engagement
- Placement shares issued at a 16% discount with free attaching options
- Critica progressing mine-to-magnet strategy targeting EV and renewable markets
Capital Raise to Accelerate Rare Earths Development
Critica Limited (ASX, CRI) has successfully secured approximately A$8 million through an oversubscribed placement, underscoring strong investor confidence in its flagship Jupiter rare earths project in Western Australia. This capital injection, combined with existing cash reserves and an anticipated A$1 million R&D rebate, will fund critical next steps including a scoping study, drilling programs, metallurgical testing, and offtake discussions.
Backing from Institutional and Board Investors
The placement attracted robust support from both existing and new institutional and sophisticated investors, including Lion Selection Group, NorthStar Impact Fund, and WGS. Notably, Critica’s board directors have also committed to participate, signaling strong internal confidence in the project’s potential. The shares were issued at A$0.026 each, representing a 16.1% discount to the recent closing price, accompanied by free attaching options exercisable at A$0.043.
Advancing a Mine-to-Magnet Strategy
Critica’s CEO Jacob Deysel emphasized that the company is now fully funded to progress through staged work programs aimed at de-risking and validating the Jupiter project’s development pathway. Recent metallurgical testwork has produced a Mixed Rare Earth Product with promising grade uplift and by-product potential, reinforcing the company’s beneficiation-first approach. This strategy aligns with growing demand for critical minerals in electric vehicles, renewable energy, and defense sectors.
Next Steps and Market Positioning
The funds will enable Critica to advance its scoping study and associated technical programs, including piloting and resource drilling, while also supporting strategic initiatives such as offtake negotiations and exploration of additional opportunities like Mt Lindsay. The company aims to establish itself as a reliable supplier of magnet-rare earth elements to Western markets, leveraging Jupiter’s status as Australia’s largest clay-hosted rare earth resource.
Shareholder Approval and Future Updates
While the initial tranche of shares has been issued under existing placement capacity, the second tranche and director participation are subject to shareholder approval expected in January 2026. Critica plans to keep the market informed as further metallurgical results and project milestones materialize in the coming months.
Bottom Line?
With funding secured and technical progress underway, Critica is poised to unlock Jupiter’s value amid rising demand for critical minerals.
Questions in the middle?
- Will shareholder approval for the second tranche and director participation be secured smoothly?
- How will upcoming metallurgical test results impact the project’s development timeline and economics?
- What progress will Critica make in securing offtake agreements with Western-aligned partners?
