Critica (ASX:CRI) has bolstered its cash position after receiving a mining bond of $585,000.
The bond was released in accordance with the company completing a share purchase and sale agreement for privately held Venture Iron in June 2024.
The funds will support Critica to continue to advance its Jupiter Rare Earths Project, which forms part of the broader Brothers Clay-Hosted Rare Earths Project in Western Australia.
“We are beginning 2025 on a high note with the return of this $585,000 bond bolstering our already-strong cash position,” Managing Director Philippa Leggat says.
“We are leading into an incredibly exciting period for the Brothers Project and Critica, with the expected completion and release of a maiden mineral resource estimate for our high-grade Jupiter discovery in the coming weeks.
“Jupiter is the first of six clay-hosted rare earth element discoveries that our team has made at the Brothers Project. It has rapidly advanced to the verge of a maiden MRE status, with around 40km of drilling completed in just 18 months.”
Leggat adds that in parallel, the company expects to have initial results from multiple metallurgical testwork streams on Jupiter soon.
“Both of these milestones set us up for a busy year ahead, systematically advancing further exploration and technical evaluation of the huge potential opportunity that Jupiter and the broader Brothers Project present,” she says.
Critica is focused on discovering and developing critical mineral deposits to feed global demand for the minerals vital to modern technology and the green energy transition.
Write to Aaliyah Rogan at Mining.com.au
Images: Critica
