Critical Resources : Drill Program Commences at Mavis Lake Lithium Project

21 April 2022

Drill Program Commences at Mavis Lake Lithium Project

Critical Resources Limited (ASX:CRR) ("Critical Resources" or the "Company"), advises that its inaugural drill program has commenced at its 100% owned Mavis Lake Lithium Project in Ontario, Canada.

Highlights

•  Cyr Drilling International commences the inaugural drill campaign at the Mavis Lake Lithium Project

•  Program to comprise 49 holes, for a total of 5,000m

•  1, 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

•  Previous exploration results demonstrate excellent potential for resource definition and expansion, with additional drill programs being planned

•  Further exploration plans underway to fast-track the potential for JORC Resource delineation

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

The Company is pleased to announce the start of its innaugral drilling campaign at its 100% owned Mavis Lake Lithium Project in Ontario, Canada. Cyr Drilling International ("Cyr") have mobilised on site and commenced set up on hole MF22-60, the first of 49 planned holes at the Project.

Critical Resources Managing Director Alex Biggs said: "We are pleased to have commenced our maiden drilling campaign at our Mavis Lake Lithium Project. Cyr Drilling provide a strong track record in safety, a high level of expertise and employment of best practice principles. We welcome Cyr Drilling as our drilling partners and look forward to a safe and successful drill campaign.

Historical drilling at Mavis Lake has returned multiple high-grade lithium intersects downhole and we anticipate further high-grade instersections from this campaign. The Company has accelerated its drilling and exploration strategy at Mavis Lake with a view to defining a JORC compliant Resource in the future. Further planning is underway for the next stage of exploration at Mavis Lake with multiple targets to explore across the Project."

1The reported intersections are down hole measurements and are not necessarily true width 2 ASX Announcement 25 October 2021

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

Exploration Strategy

The planned drilling program at Mavis Lake is set to comprise 49 holes for a total of 5,000m. Drill locations are shown in Figure 1.

Drilling on the property has occurred intermittently since 1956. Work will be focused on the southern pegmatite outcrop (Pegmatite 6) with the remainder taking place on the northern outcrops (Pegmatite 17 and 18). The proposed drilling of validation holes, infill holes and extensional holes will allow the Company to progress toward its goal of delineating a JORC compliant Mineral Resource.

The first three holes of the drill program, MF22-60, MF22-61, and MF22-62 aim to confirm drilling from the1950's which intersected mineralisation within Pegmatite 6. These holes aim to confirm mineralisation, quality of survey data, structures and lithologies intersected, all of which are essential to integrate into any potential future JORC compliant Resource estimate.

Drill holes MF22-63, MF22-64 and MF22-65 will test lithium grade continuity of Pegmatite 6 as observed from the 2018 drilling as shown in Figure 5. Collar locations are shown in Figure 2.

Planned drill holes MF22-60 and MF22-61 are shown in Figure 3, including historical surveyed drill holes and planned drill holes MF22-63, MF22-64 and MF22-65 are shown in Figure 4.

Figure 1: Mavis Lake drill locations

Pegmatite 18

Pegmatite 17

Pegmatite 6

Figure 2: Plan map of first drill collar locations

Figure 3: Cross-section, looking west, of Pegmatite 6 (red shape) with previous drill hole traces (purple) and planned hole traces (black) of MF22-60 and MF22-61

Scale in metres

Figure 4: Cross-section, looking west, of Pegmatite 6 (red shape) with previous drill hole traces (purple) and planned hole traces (black) of MF22-62 to MF22-65

Scale in metres

Mavis Lake Project Description

The Mavis Lake Lithium Project is 19 kilometres east of the town of Dryden, Ontario. The Project is in close vicinity to the Trans-Canada highway and railway major transportation arteries linking larger cities such as Thunder Bay, Ontario, to the southeast and Winnipeg, Manitoba, to the west. The region boasts excellent infrastructure with hydro-power located a few kilometres to the south-west of the project. The region is a well-established lithium province with multiple projects located within the vicinity.

Previous drill programs have yielded high-grade Li2O intercepts including:

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

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

These results present significant exploration potential, a summary of previous results can be seen in ASX announcement dated 25 October 2021. A future work program has been determined and is outlined in detail in ASX announcement dated 13 Dec 2021.