ontario, CANADA

Mavis Lake Lithium Project

The Mavis Lake Lithium Project is located approximately 14km east-northeast of the City of Dryden in Northwestern Ontario. The City of Dryden provide a logistics and support base for the exploration and development efforts at Mavis Lake, making for a low cost operation.

The Project has immediate road accessibility to Trans-Canada Highway 17 as well as a rail network that stretches across Canada and has links to the Northern United States, the established road and rail networks provide inbound and outbound logistics routes for major equipment, mining fleet and in due course, product logistics. Utilising the deep-water port and shipping lanes from the nearby port of Thunder Bay, product from the Mavis Lake Project will be able to reach any number of downstream customers and will likely be part of a supply chain that supports the North American and European Electric Vehicle industry.

Critical Resources completed over 19,500 meters of drilling in 2022 and delivered some of the highest lithium assay results reported by any ASX listed hard-rock lithium company. The Company defined JORC 2012 compliant, Maiden Mineral Resource Estimate (MRE) of 8Mt at 1.07% Li2O in May 2023 and continued exploration and drilling efforts to increase the resource size. During the 2023 calendar year, the Company completed 24,000 meters of drilling, and intercepted some of the thickest, high-grade sections seen within the Province of Ontario.

Beyond drilling proximal to the current Resource, exploration efforts also commenced on the Northern Prospects of Mavis Lake. With its large, prominent spodumene bearing outcrops, the Northern Prospects represent an excellent opportunity to rapidly build on the Mavis Lake resource base. The Company enters 2024 confident of continuing year-on year Resource growth.

Critical Resources has maintained a strategy of progressing project development works in parallel with resource growth, key work streams undertaken thus far have been centered on metallurgical test work, scoping study/preliminary economic assessment study inputs and permitting/baseline data collection.

100% Ownership

Critical Resources owns 100% of the Project.

Defined Resource

8Mt @ 1.07% Li2O provides an excellent base for growth.

Exceptional Location

Immediate access to supplies and support from Dryden and existing infrastructure provides and immediate path to market.

Property Size and Claims

The Mavis Lake Project area includes the primary claims area that was acquired by Critical Resources in January 2023 and new claims that were acquired in late 2023. Critical Resources holds 1,097 individual claims that form a single, contiguous block covering approximately 22,984 hectares of land, with a geological setting, highly prospective for lithium.

First Nations

The first nations are Wabigoon Lake Ojibway Nation, Eagle Lake First Nation, Naotkamegwanning (Whitefish) Nation, Lac Seul First Nation and Metis Nation of Ontario.

Local Resources and Infrastructure

Dryden is the second largest city in the Kenora District of Northwestern Ontario. The city has many amenities in place including Regional Hospital, primary, secondary and post-secondary schooling opportunities, multiple accommodation options, sport and recreational facilities and modern services readily available. More specialised exploration and mining skilled labor, and specialized exploration services and equipment are available from nearby larger cities such as Thunder Bay (Ontario) and Winnipeg (Manitoba), which are both approximately 3.5 hours drive form Dryden.

Dryden has a regional airport with connecting flights to major Canadian cities, including Thunder Bay and Winnipeg.

The City of Dryden is connected to high quality, clean hydro-power produced by Ontario Power Generation and delivered to the community through a robust distribution network managed by Hydro One Networks.

The major road and rail networks that pass through Dryden provide direct links to eastern and western Canada and south to the USA.