This article is a sponsored feature from Mining.com.au partner Critica. It is not financial advice. Talk to a registered financial expert before making investment decisions.
The developer behind Australia’s largest clay-hosted magnet rare earth resource is confident of bringing critical minerals to market as early as late 2030, in a move which will break China’s global stranglehold on the components used in modern technology.
The announcement by Critica (ASX:CRI) follows its successful production of 58% TREO commercial-quality Mixed Rare Earth Carbonate (MREC) from its Jupiter Project — a significant milestone demonstrating the ability to deliver a saleable downstream product.
Critica CEO Jacob Deysel tells Mining.com.au that the company’s Jupiter Rare Earth Project, approximately 250km east of Geraldton, is crucial for securing supply chain resilience beyond the Chinese monopoly.
“Rare earths are still poorly understood by the broader market. They’re absolutely critical, yet you don’t physically see them in the technology you use every day — they sit behind it. They are the quiet enablers of modern life”, Deysel says.
“There’s no substitute for rare earths and the supply chain is extremely vulnerable in the sense that China controls 90% of rare earths processing and 98% of gallium processing, and the same for other critical minerals.
“The issue is structural dependence on China. History has shown that this position can be weaponised, and current export restrictions are a clear reminder of that risk.”
The many uses of rare earth minerals
Jupiter hosts a global resource of 1.8 billion tonnes, confirming its position as Australia’s largest clay-hosted rare earth system.
Importantly, when applying a 400ppm magnet rare earth oxide (MREO) cut-off, the February 2025 resource defines 640 million tonnes at 490ppm MREO — representing approximately 310,000 tonnes of contained didymium (NdPr), dysprosium (Dy), and terbium (Tb).
This magnet-focused reporting highlights the scale and concentration of the highest-value rare earth components within the broader system. Approximately 24% of Jupiter’s TREO comprises magnet rare earth oxides (NdPr, Dy, and Tb), the highest-value components within the rare earth basket.
These four components — the most coveted of the 17 rare earth elements (REE) — are commanding global attention and demand for their ability to help power electric vehicles, wind turbines, robotics, advanced medical equipment, and defence systems.
On an everyday user level, some REEs are used in smartphones, flat panel displays, educational toys, and hard disk drives.
Operating a 21st century economy on a 20th century supply chain
Deysel describes rare earth minerals as “the economy of the future”, with close to $16 trillion in economic growth at risk by 2030 through artificial intelligence (AI) alone due to a lack of access to these minerals outside of China.
“Behind every data centre sits significant volumes of rare earth material. Every search we run — whether it’s Google or AI — relies on substantial hardware infrastructure. This is not a software story… there’s a minerals story sitting underneath it”, Deysel says.
“We are beyond relying purely on trust when one country controls the majority of supply. The West has recognised that the alternative supply chain simply doesn’t exist — and it now needs to be built.
“We are trying to run a 21st century economy on a 20th century supply chain. Demand in this space is surging and the supply deficit is structural. China can’t continue to produce more and flood the market, that ship has sailed.”
The problem with a minerals monopoly
Deysel gives the example of roadblocks in major car production chains because of a lack of access to critical minerals.
“At the end of the day, if you have one economy, one country that has a grip on all of this technology, they are so much more advanced”, he says.
“If you think about a defence system, countries need to be on par to control balance in the world. That’s where these minerals are extremely important.
“I get really concerned about that. It’s the country that controls these critical minerals that really controls advanced economies.”
In September 2024, Critica rebranded from its previous name Venture Minerals (ASX:VMS) to “reflect the company’s focus on discovering and developing critical mineral deposits to feed global demand”.
Strategic and ambitious timelines
Deysel, who assumed the role of Critica CEO in July last year, spent his first three months in the role repositioning the company from explorer to developer.
In previous interviews with Mining.com.au, he has outlined key company timelines including the scoping study in H1 2026, followed by pre-feasibility and definitive feasibility study stages, with targeted production in late 2030 (subject to study outcomes and approvals).
Now, he has revealed the company could bring the minerals to market within 4.5 years, which is an ambitious claim given most mines from establishment to supply chain take “10 years or more”.
“Obviously, we don’t have that time available. To me, it’s going to come down to projects that have the right scale, such as Jupiter, which is strategic and globally relevant and possesses simplicity”, Deysel says.
“You can’t have speed if you don’t have that simplicity in design. Jupiter is absolutely enormous. This really blows away our competitors in terms of size and grade.
“The way we have advanced Jupiter has been very structured to de-risk the project, understanding the geology and making that link between geology and metallurgy.”
Deysel says Critica has demonstrated approximately 80% recovery in the current test work circuit, with a pathway to approximately 89% recovery in a commercial configuration.
“Importantly, we have also previously produced 84% and 86% TREO products, demonstrating repeatable high-grade outcomes”, he says.
“We will probably start construction in 2029 and that’s a year, year and a half, before you get into production. Probably late 2030 if everything lines up, that’s probably an ambitious but doable timeline.”
Location, location
Critica has a major advantage, according to Deysel, due to the geography of the Jupiter Project.
“We are in a tier one mining location in Western Australia. Australia has already positioned itself as a critical ally to the supply of these critical minerals. We are in such an infrastructure-rich area of WA”, Deysel says.
“We are within 250km of the Port of Geraldton. Many competitors need to establish new infrastructure — we don’t. We have sealed roads, grid power, and gas already in place. That significantly reduces capital intensity and execution risk.
“The scoping study is going to differentiate why Jupiter is in a class of its own.”
Australian Government support
Deysel credits the Australian Government for its work in the sector, positioning domestic developers such as Critica to be in the box seat in the global race to supply rare earth minerals.
The WA-based CEO was in Toronto in early March for the Prospectors & Developers Association of Canada (PDAC) convention to meet with North American investors.
“The next step now is to sit in front of investors and offtakers and get a seat at the table, and I think the scoping study is almost our gate pass to get that seat at the table”, he says.
“Next month is very key for us. Australia has been out in the US talking about how Australia is a key ally here and a project like Jupiter is really an anchor point for that.
“Critica is in an ideal position to support that strategy. Jupiter is such an important project in the future of securing sovereignty, security, supply chain resilience, and really doing something meaningful.”
Gallium optionality
In addition to magnet rare earths, Jupiter also contains significant gallium potential, with approximately 70,000 tonnes of contained gallium within the 1.8Bt global resource and test work demonstrating approximately 63% leach recovery — presenting potential strategic upside in a market where China controls approximately 98% of supply.
Funding and project progression
Deysel says Critica is currently well funded with approximately $10 million in cash, following a recent placement and R&D refund, supporting the advancement of study and pilot programs.
“With pilot-scale beneficiation nearing completion at GAVAQ and parallel downstream programs underway at ANSTO and Minutech-AMML, Critica is advancing Jupiter from technical validation into structured development execution”, he says.
“The scoping study is now underway, led by Sedgman (process and study management), Snowden Optiro (mining and scheduling) and SRK Consulting (resource optimisation), with delivery targeted in H1 CY2026.
“Having demonstrated commercial-quality MREC production and repeatable high-grade product outcomes, Jupiter is transitioning from proof of concept to a defined development pathway.”
Write to Christine Retschlag at Mining.com.au
