The rising importance of critical minerals seen as crucial in the world’s green energy transition has prompted ASX-listed explorer Venture Minerals to change its name to Critica Limited (ASX: CRI) as it pushes ahead with its promising Jupiter rare earths deposit in Western Australia’s Mid West region.
The company, which listed 18 years ago in 2006, says the name change decision was made to better reflect the focus on its flagship Jupiter operation within its wider Brothers project near the WA town of Mount Magnet. Just a fortnight ago, management confirmed it had completed the acquisition of Jupiter, mopping up the remaining 30 per cent of the project by issuing private vendor Merchant Venture with $1.5 million worth of its shares.
Merchant will also retain a 1 per cent net smelter royalty in the project.
The company now known as Critica recently tapped several cornerstone investors to raise valuable capital, with the NorthStar Impact Fund stumping up $2.5 million and Lion Selection Group chipping in $1 million in funding as part of a total capital raise of more than $6 million.
Management says the raise has boosted its war chest to more than $12 million, which will bankroll an 18-month strategy. It includes plans to upgrade the Jupiter resource, with an eye to establishing a maiden resource estimate by the end of the year.
Critica is dedicated to discovering and developing critical mineral deposits to feed global demand for the minerals that are vital to modern life. Our new name, Critica Limited, reflects the Company’s focus and we thank shareholders for approving this relevant future for the company.
Critica Managing Director Philippa Leggat
Leggat added that the company was now armed with the funding that would allow it to boost its standing as a “value proposition” through further drilling and metallurgical testwork at Jupiter.
The Jupiter deposit has recorded several stunning drill intersections including a recent 57m at 3430 parts per million total rare earth oxides (TREO), with a solid 23 per cent, or 802ppm, comprising the valuable magnet rare earth oxides (MREO). All four magnet rare earths were encountered, with neodymium-praseodymium (NdPr) making up more than 22 per cent of TREO.
Management believes it has the potential to become Australia’s biggest clay-hosted rare earths project.
Venture has had a diverse background under previous management, exploring for a vast range of minerals through a multitude of projects in either WA or Tasmania.
In WA’s south-west corner, the company holds the Kulin gold and platinum group elements (PGE)-nickel-copper project, the Thor copper-lead-zinc prospect and the nearby Odin nickel-copper target.
In the State’s Mid West, it has its Golden Grove North project where Premier Lithium has entered into a farm-in agreement and can earn up to a 70 per cent interest by spending $4.5 million in exploration costs.
Critica still holds its two Tasmanian projects – the huge Mt Lindsay tin-tungsten deposit that contains one of the world’s biggest undeveloped tin resources and the Livingstone direct shipping ore (DSO) iron-ore hematite project that sits just 3.5km from Mt Lindsay. However, in June, management revealed it was appointing an advisor to run a sale process for those remaining Tasmanian assets.
The company has made no bones about the fact that it has a steely focus on transforming Jupiter into a blockbuster clay-hosted deposit and it is now well-funded to seriously push the project in that direction.
Venture’s name change to Critica was approved by the company’s shareholders late last month and it will now trade on the ASX under the ticker, “CRI”.
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