# CRI: Mt Lindsay Study Delivers Strong Tungsten and Tin Economics Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cri-mt-lindsay-study-delivers-strong-tungsten-and-tin-economics--7bd0010a-b1a8-4379-86d5-de067bc6671a Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145147 Publisher: asx Original announcement: 2026-09-28T23:07:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T16:27:14.817Z Atlas analysis updated: 2026-09-29T16:27:14.817Z - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Strong economics with A$1.01bn after-tax NPV - Positive factor: High proportion of Indicated resources \(92% of production target\) - Positive factor: Strategic tungsten exposure contributing 75% of revenue - Positive factor: Established infrastructure and mining region - Negative factor: Scoping study level accuracy \(-25% to +50%\) - Negative factor: Requires substantial additional funding Facts used in scoring: 7 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: 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 Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Story-specific tag Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cri-mt-lindsay-study-delivers-strong-tungsten-and-tin-economics--7bd0010a-b1a8-4379-86d5-de067bc6671a#fact-resource-facts-0) mt lindsay · tin #### 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 factor: High grade SnEq Evidence · table > 12 Context: 12 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cri-mt-lindsay-study-delivers-strong-tungsten-and-tin-economics--7bd0010a-b1a8-4379-86d5-de067bc6671a#fact-resource-facts-1) mt lindsay · tungsten #### 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 factor: Significant tungsten component Evidence · table > 0.17 Context: 12 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cri-mt-lindsay-study-delivers-strong-tungsten-and-tin-economics--7bd0010a-b1a8-4379-86d5-de067bc6671a#fact-resource-facts-2) mt lindsay · iron\_ore #### 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 factor: High magnetite recovery Evidence · table > 13 Context: 12 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cri-mt-lindsay-study-delivers-strong-tungsten-and-tin-economics--7bd0010a-b1a8-4379-86d5-de067bc6671a#fact-resource-facts-3) mt lindsay · tin #### 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 factor: Contributes to total resource - Negative factor: Lower geological confidence Evidence · table > 2.3 Context: 2.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cri-mt-lindsay-study-delivers-strong-tungsten-and-tin-economics--7bd0010a-b1a8-4379-86d5-de067bc6671a#fact-resource-facts-4) mt lindsay · tungsten #### 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 factor: Lower geological confidence Evidence · table > 0.12 Context: 2.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cri-mt-lindsay-study-delivers-strong-tungsten-and-tin-economics--7bd0010a-b1a8-4379-86d5-de067bc6671a#fact-resource-facts-5) mt lindsay · tin #### 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 factor: Lower geological confidence Evidence · table > 4.4 Context: 4.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cri-mt-lindsay-study-delivers-strong-tungsten-and-tin-economics--7bd0010a-b1a8-4379-86d5-de067bc6671a#fact-resource-facts-6) mt lindsay · tungsten #### 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 factor: Lower geological confidence Evidence · table > 0.11 Context: 4.4 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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.