A 100% owned tungsten-tin project in northwest Tasmania, and one of Australia’s largest undeveloped tungsten resources
Mt Lindsay holds a JORC 2012 Mineral Resource of 19 Mt @ 1.09% SnEQ, containing approximately 49 kt of tin and 28 kt of WO₃ at a 0.4% SnEQ cut-off. Tungsten is a critical mineral essential to defence, aerospace and advanced manufacturing; tin is fundamental to electronics and semiconductors. Both sit at the centre of the push for secure Western supply chains.
19 Mt
@1.09% SNEQ
28 kt
contained WO₃
49 kt
contained tin
12 Mt
indicated resource
88,000 m
diamond drilling
Scoping Study Highlights
Critica’s Scoping Study for Mt Lindsay supports a technically and financially robust pathway to a lower-impact underground tin-tungsten operation, one of the largest projects of its kind in Australia.
A$1.01bn
after-tax NPV (8%)
55.6%
after-tax IRR
1.9 years
payback
A$244.5m
pre-production capital
4.1x
NPV : pre-production capital
Base Case, real, ungeared, after tax. Refer to ASX announcement dated 29 September 2026 for full details, material assumptions and the Cautionary Statement regarding forecast financial information and production targets.
Why Mt Lindsay?
- Meaningful tungsten exposure: Approximately 28 kt of contained WO₃, a critical mineral with no scalable substitute in defence, aerospace and advanced manufacturing, and with supply concentrated far outside Western markets.
- Lower-impact underground concept: A Scoping Study supports an underground development at Mt Lindsay, with the portal sited inside the existing HEC Quarry rather than a new pit, ore moved by conveyor rather than haul road, and tailings returned underground as paste backfill. The result is a materially smaller surface footprint than the Project’s original open-pit design, and a project shaped around today’s permitting and financing expectations.
- Scale and confidence: A current JORC 2012 Mineral Resource of 19 Mt @ 1.09% SnEQ, of which approximately 12 Mt is Indicated, underpinned by more than 88,000 metres of diamond drilling. The Main and No.2 systems remain open down plunge.
- Sustainability by design: Use of existing disturbed areas and infrastructure, renewable hydroelectric power options, and evaluation of underground backfill to reduce surface tailings storage.
- Infrastructure Advantage: Access to renewable hydropower and sealed roads, with regional rail infrastructure offering a potential future transport option, plus port access at Burnie.
- Tier-1 location and infrastructure: Northwest Tasmania, 20 km from the operating Renison Bell tin mine, with sealed road access, proximity to regional rail infrastructure, port access at Burnie and connection to the state’s renewable hydroelectric network. An existing Mining Licence is in place.
- Aligned to Western supply chains: Tin and tungsten markets have strengthened as governments shift from lowest-cost sourcing to secure, diversified supply. Mt Lindsay offers both metals from a single Australian asset, with iron ore and copper credits under evaluation.
Location and infrastructure
Mt Lindsay sits in northwest Tasmania, approximately 20 kilometres west of the operating Renison Bell tin mine, within one of Australia’s most established mining districts. The Meredith Granite suite that hosts the deposit is the same system that hosts Renison Bell, Mt Bischoff, Cleveland and King Island.
The project has access to existing sealed road, rail and power infrastructure, including Tasmania’s renewable hydroelectric network — a material advantage for the energy intensity of a modern underground mine and processing plant, and for the carbon intensity of the concentrates it would produce. That existing infrastructure materially reduces the capital intensity of the underground development concept assessed in the Scoping Study.
Mt Lindsay in northwest Tasmania, within an established mining region with access to existing road, rail and power infrastructure, including Tasmania’s hydroelectric power network.
The Underground Mining Concept
Mt Lindsay was previously assessed, in 2012, as an open-pit development. The Scoping Study evaluates a different mine: a 1.0 Mtpa underground operation accessed by a portal driven from within the existing HEC Quarry, avoiding the need for a new pit or a haul road. Ore is moved to surface by conveyor, and tailings are returned underground as paste backfill, reducing the volume of tailings stored at surface.
This lower-impact design reuses already-disturbed ground and existing infrastructure, and is intended to sit more comfortably within current permitting and community expectations for the district.
Proposed portal site is within the existing HEC Quarry
Existing HEC quarry area proposed for the portal reusing already-disturbed ground rather than a new open pit.
Illustrative twin-decline portal arrangement
Underground mining concept schematic
Conceptual underground mining layout: portal access, conveyor to surface and paste backfill return.
A tungsten-led critical minerals asset
Tungsten supply is among the most concentrated of any critical mineral, with more than 80% of production and downstream processing controlled outside Western supply chains. It has no scalable substitute in hard metals, defence systems, aerospace components and precision manufacturing.
Mt Lindsay’s approximately 28 kt of contained WO₃ sits within an extensively drilled skarn system that also carries tin, magnetite iron ore and copper credits, in a Tier-1 jurisdiction, alongside existing road, rail, port and renewable hydroelectric infrastructure.
Pilot-scale metallurgical test work has produced a tungsten concentrate exceeding 66% WO₃ at 83% overall recovery to APT, alongside a 45% Sn concentrate at 72% tin recovery and a 65% Fe iron ore concentrate at 98% recovery. Further bulk test work is in progress.
High-grade tungsten mineralisation at Mt Lindsay — scheelite fluorescing under ultraviolet light in drill core from ML340M, which intersected 147 m @ 1.0% Sn and 0.2% WO₃.
Mineral Resource
The Mt Lindsay Mineral Resource was restated in accordance with the JORC Code (2012) in September 2026 and comprises the Main and No.2, Livingstone and Reward deposits. Reported at a 0.4% SnEQ cut-off.
| Deposit | Classification | Mt | SnEQ % | Sn % | WO₃ % | Sn t | WO₃ t | Iron Ore t |
|---|---|---|---|---|---|---|---|---|
| Main & No.2 | Indicated | 12 | 1.22 | 0.24 | 0.17 | 28,000 | 20,000 | 1,500,000 |
| Main & No.2 | Inferred | 2.3 | 0.85 | 0.16 | 0.12 | 3,800 | 2,700 | 280,000 |
| Livingstone | Inferred | 4.4 | 0.88 | 0.29 | 0.11 | 13,000 | 4,700 | na |
| Reward | Indicated | 0.34 | 1.06 | 0.81 | 0.05 | 2,700 | 150 | na |
| Reward | Inferred | 0.23 | 1.07 | 0.78 | 0.05 | 1,800 | 120 | na |
| Project total | Indicated + Inferred | 19 | 1.09 | 0.26 | 0.15 | 49,000 | 28,000 | 1,800,000 |
Reported at a 0.4% SnEQ cut-off. SnEQ (%) = Sn% + (WO₃% × 5.556) + (DTR Mass Recovery × 0.002556) for Main and No.2; SnEQ (%) = Sn% + (WO₃% × 5.556) for Livingstone and Reward. Metal equivalents use a tin price of US$45,000/t, an APT price of US$2,500/mtu and a 65% iron ore price of US$115/t. Figures are rounded to two significant figures and may not sum. “na” — not estimated.
Refer to ASX announcement dated 14 September 2026 for full details and Competent Persons Statement.
