Critical Resources : Inaugural 5,000m Drilling Program Completed at Mavis Lake

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7 July 2022

Inaugural 5,000m Drilling Program Completed at Mavis Lake

Critical Resources Limited (ASX:CRR) ("Critical Resources" or the "Company"), is pleased to advise that another five step-out holes have intersected intervals of spodumene-bearing pegmatite. This marks the completion of the inaugural 5,000m Drilling Program at the Company's 100% owned Mavis Lake Lithium Project ('the Project") in Ontario, Canada. At completion, 35 of a total 37 holes drilled had intersected spodumene-bearing pegmatites within the Pegmatite 6 zone.

Highlights1,2,3

Hole 37

• 14.75m of ~16% fine to large spodumene laths from 152.25 to 167m within pegmatite Hole 36
• 9.65m of ~23% fine to large spodumene laths from 131.6 to 141.25m within pegmatite Hole 33
• 2.75m of ~5% fine to large spodumene laths from 16.45 to 19.2m within pegmatite Hole 34
• 3.5m of ~5% fine to large spodumene laths from 64.5 to 68m within pegmatite Hole 35
• 5.8m of <5% fine to large spodumene laths from 115.8 to 121.6m within pegmatite
• Inaugural 5,000m drill program completed
• 35 out of 37 drill holes intersected spodumene-bearing pegmatite mineralisation
• Approvals have now been received which allows the Company to double its drilling campaign, for an additional 5,000m (10,000m in total)

Figure 1: Significant white-grey medium to large spodumene laths within MF22-95 (Hole 36)

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: [phone] | web:criticalresources.com.au

Email: [e-mail] | [e-mail] | ABN 12 145 184 667 | ASX:CRR

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Critical Resources Managing Director Alex Biggs said: "Having 35 out of 37 holes intersecting spodumene bearing mineralisation is a fantastic result and proves the significance of the Mavis Lake Pegmatite field. Importantly the Company has now received the necessary approvals to extend drilling by an additional 5,000m. The Company remains focussed on its goal of defining a JORC resource at Mavis Lake, and looks forward to providing an update with regard to Phase 2 drilling at the Project, including assay results as soon as possible".

Hole MF22-96 (Hole 37)

Significant spodumene-bearing pegmatite intersected at depth

MF22-96 intersected thick spodumene-bearing pegmatite located at depth. These thicker intervals continue to be intersected at depth and will continue to be tested with more drilling during the infill program. Spodumene laths range from fine to large and are typically white-grey.

Figure 2: White pegmatite hosts approximately 16% of fine to large, white-grey, spodumene laths intersected from

152.25 to 167m depth in Hole MF22-96 (Hole 37). Close-ups illustrate presence of significant spodumene

Hole MF22-95 (Hole 36)

Intersection of a thick interval of visually high amount of spodumene-bearing pegmatite MF22-95 intersected spodumene-bearing pegmatite with significant internal sub-metre to metre scale zonations. Spodumene laths range from fine to large and are typically white-grey. This thick interval was intersected at depth and will continue to be tested in further drilling.

Critical Resources Ltd | Level 11, 40 The Esplanade Perth, WA, 6000 | P: [phone] | web:criticalresources.com.au

Email: [e-mail] | [e-mail] | ABN 12 145 184 667 | ASX:CRR

For personal use only

Figure 3: White pegmatite hosts approximately 23% of fine to large, white-grey, spodumene laths intersected from

131.6 to 141.25m depth in Hole MF22-95 (Hole 36). Close-ups illustrate presence of significant spodumene

Hole MF22-92 (Hole 33), MF22-93 Hole 34), and MF22-94 (Hole 35) Infill drilling continues the continuity of spodumene-bearing pegmatites

The three step out holes were designed to perform infill drilling for the purposes of a resource model. These holes all likely intersected the pinch area of the pegmatites boudinage structure. These pinch out areas are typically more susceptible to sericite alteration of the spodumene minerals. Only up to 5% visual spodumene laths were intersected within the zones and hosted significant sericite. The presences of spodumene within these holes continue to prove Pegmatite 6's continuity and mineralisation as drilling continues to the west.

Critical Resources Ltd | Level 11, 40 The Esplanade Perth, WA, 6000 | P: [phone] | web:criticalresources.com.au

Email: [e-mail] | [e-mail] | ABN 12 145 184 667 | ASX:CRR

For personal use only

Figure 4: White pegmatite hosts approximately 5% of fine to large, white-grey, spodumene crystals intersected from 16.45 to 19.2m depth in Hole MF22-92 (Hole 33). Close-ups illustrate presence of significant spodumene

Figure 5: White pegmatite hosts approximately 5% of fine to large, white-grey, spodumene crystals intersected from 64.5 to 68m depth in Hole MF22-93 (Hole 34). Close-ups illustrate presence of significant spodumene

Critical Resources Ltd | Level 11, 40 The Esplanade Perth, WA, 6000 | P: [phone] | web:criticalresources.com.au

Email: [e-mail] | [e-mail] | ABN 12 145 184 667 | ASX:CRR

Figure 6: White pegmatite hosts approximately <5% of fine to large, white-grey, spodumene crystals intersected from 115.8 to 121.6m depth in Hole MF22-94 (Hole 35). Close-ups illustrate presence of significant spodumene

For personal use only

Critical Resources Ltd | Level 11, 40 The Esplanade Perth, WA, 6000 | P: [phone] | web:criticalresources.com.au

Email: [e-mail] | [e-mail] | ABN 12 145 184 667 | ASX:CRR