CRI: Mt Lindsay Study Delivers Strong Tungsten and Tin Economics
Original announcement by asx on
- Company
- Critica Limited
- Ticker
- CRI
- Exchange
- ASX
- Region
- Tasmania
- Primary commodity
- Tin
- Secondary commodities
- Tungsten, Iron ore
- Document categories
- Resource update
- Extracted
- 2026-09-29 16:27:15 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Critica Limited has released a Scoping Study for the Mt Lindsay Tin-Tungsten Project in Tasmania, outlining a 1.0 Mtpa underground mining operation. The study reports strong economics with an after-tax NPV of A$1.01 billion and an IRR of 55.6%, driven largely by tungsten revenue.
Reasoning: The Scoping Study for Mt Lindsay demonstrates robust economics and a high-confidence resource base (predominantly Indicated) for an underground tin-tungsten operation.
Positive factors
- Strong economics with A$1.01bn after-tax NPV
- High proportion of Indicated resources (92% of production target)
- Strategic tungsten exposure contributing 75% of revenue
- Established infrastructure and mining region
Negative factors
- Scoping study level accuracy (-25% to +50%)
- Requires substantial additional funding
Facts used in scoring: 7
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The Scoping Study establishes the first formal economic evaluation for the underground development of Mt Lindsay.
Evidence · text
“The Scoping Study outlines an underground development pathway”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Dr. Stuart Owen, a Member of the Australian Institute of Geoscientists, is named as the Competent Person.
Evidence · text
“Dr. Stuart Owen who is a Member of the Australian Institute of Geoscientists”
JorC Compliantpositive · Story-specific tag
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The Mineral Resource estimate is prepared in accordance with the JORC 2012 Code.
Evidence · text
“updated JORC 2012 Mineral Resource Estimate”
Extracted facts
Stored fact records: 7. Some facts used in scoring do not have a stored record.
Resource Estimates (7)
indicatedmt lindsay · tinTonnes: 12000000View all detailsHide details
Identity
- Project
- mt lindsay
- Commodity
- tin
- Region
- australia_tas
- Reported Region
- Tasmania
- Ticker
- CRI
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Dr. Stuart Owen
- Resource group id
- resource:7dc65b3afa8dfbc16fe4
- Deposit or zone
- Main & No.2
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 12000000
- Cutoff Grade
- 0.4
- Cutoff Unit
- % SnEq
Prior Estimate
- Resource Date
- 2026-09-14
Metal Equivalent
- Metal Eq. Grade
- 1.22
- Metal Eq. Unit
- % SnEq
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Indicated resource with strong SnEq grade.
Positive factors
- High grade SnEq
Evidence · table
“12”
Context: 12
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedmt lindsay · tungstenTonnes: 12000000Grade: 0.17Grade Unit: %View all detailsHide details
Identity
- Project
- mt lindsay
- Commodity
- tungsten
- Region
- australia_tas
- Reported Region
- Tasmania
- Ticker
- CRI
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Dr. Stuart Owen
- Resource group id
- resource:7dc65b3afa8dfbc16fe4
- Deposit or zone
- Main & No.2
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 12000000
- Grade
- 0.17
- Grade Unit
- %
- Cutoff Grade
- 0.4
- Cutoff Unit
- % SnEq
Prior Estimate
- Resource Date
- 2026-09-14
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Part of the indicated resource for the main deposit.
Positive factors
- Significant tungsten component
Evidence · table
“0.17”
Context: 12
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedmt lindsay · iron_oreTonnes: 12000000Grade: 13Grade Unit: %View all detailsHide details
Identity
- Project
- mt lindsay
- Commodity
- iron_ore
- Region
- australia_tas
- Reported Region
- Tasmania
- Ticker
- CRI
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Dr. Stuart Owen
- Resource group id
- resource:7dc65b3afa8dfbc16fe4
- Deposit or zone
- Main & No.2
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- indicated
- Tonnes
- 12000000
- Grade
- 13
- Grade Unit
- %
- Cutoff Grade
- 0.4
- Cutoff Unit
- % SnEq
Prior Estimate
- Resource Date
- 2026-09-14
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Indicated magnetite component.
Positive factors
- High magnetite recovery
Evidence · table
“13”
Context: 12
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredmt lindsay · tinTonnes: 2300000View all detailsHide details
Identity
- Project
- mt lindsay
- Commodity
- tin
- Region
- australia_tas
- Reported Region
- Tasmania
- Ticker
- CRI
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Dr. Stuart Owen
- Resource group id
- resource:945a5ac01e2754d955e0
- Deposit or zone
- Main & No.2
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2300000
- Cutoff Grade
- 0.4
- Cutoff Unit
- % SnEq
Prior Estimate
- Resource Date
- 2026-09-14
Metal Equivalent
- Metal Eq. Grade
- 0.85
- Metal Eq. Unit
- % SnEq
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Inferred resource component.
Positive factors
- Contributes to total resource
Negative factors
- Lower geological confidence
Evidence · table
“2.3”
Context: 2.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredmt lindsay · tungstenTonnes: 2300000Grade: 0.12Grade Unit: %View all detailsHide details
Identity
- Project
- mt lindsay
- Commodity
- tungsten
- Region
- australia_tas
- Reported Region
- Tasmania
- Ticker
- CRI
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Dr. Stuart Owen
- Resource group id
- resource:945a5ac01e2754d955e0
- Deposit or zone
- Main & No.2
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 2300000
- Grade
- 0.12
- Grade Unit
- %
- Cutoff Grade
- 0.4
- Cutoff Unit
- % SnEq
Prior Estimate
- Resource Date
- 2026-09-14
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Inferred resource component.
Negative factors
- Lower geological confidence
Evidence · table
“0.12”
Context: 2.3
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredmt lindsay · tinTonnes: 4400000View all detailsHide details
Identity
- Project
- mt lindsay
- Commodity
- tin
- Region
- australia_tas
- Reported Region
- Tasmania
- Ticker
- CRI
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Dr. Stuart Owen
- Resource group id
- resource:ac553a858dd296dfecde
- Deposit or zone
- Livingstone
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 4400000
- Cutoff Grade
- 0.4
- Cutoff Unit
- % SnEq
Prior Estimate
- Resource Date
- 2026-09-14
Metal Equivalent
- Metal Eq. Grade
- 0.29
- Metal Eq. Unit
- % SnEq
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Inferred resource component.
Negative factors
- Lower geological confidence
Evidence · table
“4.4”
Context: 4.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredmt lindsay · tungstenTonnes: 4400000Grade: 0.11Grade Unit: %View all detailsHide details
Identity
- Project
- mt lindsay
- Commodity
- tungsten
- Region
- australia_tas
- Reported Region
- Tasmania
- Ticker
- CRI
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Dr. Stuart Owen
- Resource group id
- resource:ac553a858dd296dfecde
- Deposit or zone
- Livingstone
- Mining method
- combined
- Ownership percent
- 100 %
Resource Data
- Category
- inferred
- Tonnes
- 4400000
- Grade
- 0.11
- Grade Unit
- %
- Cutoff Grade
- 0.4
- Cutoff Unit
- % SnEq
Prior Estimate
- Resource Date
- 2026-09-14
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Inferred resource component.
Negative factors
- Lower geological confidence
Evidence · table
“0.11”
Context: 4.4
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.