Critica Confirms Repeatable 58% Rare Earth Grade From Two Independent Labs
Key Takeaways
- Critica's second MREC from Jupiter graded 57.9% TREO, virtually matching the first result of 57.8% TREO produced by ANSTO in February 2026 — with both results coming from entirely independent laboratories.
- The second MREC delivered improved MagREO content (15.0% vs 14.1%) and significantly higher HREO content (3.66% vs 2.41%), with dysprosium and terbium both approximately doubling between the two products.
- Total recovery across the testwork reached approximately 87%, including approximately 91% recovery through the MREC production stage itself.
- Jupiter's flowsheet has now demonstrated four sequential de-risking milestones: improved beneficiation recovery, higher concentrate grade with 95% mass rejection, a ~30% reduction in sulphuric acid consumption, and repeatable downstream product quality.
- Both the Jupiter and Mt Lindsay Scoping Studies are targeted for completion in Q3 2026, with the Jupiter metallurgical programme now providing the technical dataset required to underpin a credible study outcome.
Critica delivers second ~58% TREO MREC from Jupiter, confirming repeatable product quality
Critica Limited (ASX: CRI) has produced a second high-grade Mixed Rare Earth Carbonate (MREC) from its Jupiter Rare Earth Project, achieving approximately 58% Total Rare Earth Oxide (TREO) and closely replicating the grade of its first MREC produced earlier in 2026. Critically, the two results came from two entirely separate, independent metallurgical laboratories, confirming that Jupiter’s downstream product quality is repeatable, not a one-off outcome.
The first MREC, grading 57.8% TREO, was produced by the Australian Nuclear Science and Technology Organisation (ANSTO) and announced on 16 February 2026. The latest, grading 57.9% TREO, was produced by Australian Minmet Metallurgical Laboratories (AMML). Beyond matching on grade, the second MREC also delivered improved Magnet Rare Earth Oxide (MagREO) content (15.0% versus 14.1%) and higher Heavy Rare Earth Oxide (HREO) content (3.66% versus 2.41%). The testwork achieved approximately 87% total recovery, including approximately 91% recovery through the MREC production stage.
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MREC comparison: what the numbers show
| Component | MREC 1 (ANSTO) | MREC 2 (AMML) |
|---|---|---|
| TREO | 57.8% | 57.9% |
| MagREO | 14.1% | 15.0% |
| MagREO/TREO | 24.4% | 25.9% |
| HREO | 2.41% | 3.66% |
| Nd₂O₃ | 10.6% | 11.2% |
| Pr₆O₁₁ | 3.12% | 3.19% |
| Dy₂O₃ | 0.26% | 0.49% |
| Tb₄O₇ | 0.07% | 0.14% |
| Y₂O₃ | 1.25% | 1.83% |
The TREO grade is virtually unchanged between the two products, which is the repeatability story. But several individual components improved meaningfully in the second MREC:
- Dy₂O₃ (dysprosium) nearly doubled: 0.26% to 0.49%
- Tb₄O₇ (terbium) doubled: 0.07% to 0.14%
- Y₂O₃ (yttrium) increased: 1.25% to 1.83%
- Nd₂O₃ (neodymium) increased: 10.6% to 11.2%
Dysprosium and terbium are high-value heavy magnet rare earths, used in permanent magnets for electrification, advanced manufacturing, and artificial intelligence.
Jacob Deysel, CEO, Critica Limited
“Producing a second MREC at approximately 58% TREO is an important result, demonstrating repeatability in our ability to produce a high-grade rare earth carbonate from Jupiter. Importantly, the latest product also delivered increased Magnet Rare Earth and Heavy Rare Earth content, further strengthening the product quality…”
What is an MREC and why does it matter for rare earths investors?
A Mixed Rare Earth Carbonate (MREC) is an intermediate downstream product produced from rare earth ore. It is typically sold to refiners or used as feedstock for further separation into individual magnet-grade rare earth oxides. Think of it as the first commercially meaningful product a rare earths project can produce after mining and initial processing.
TREO (Total Rare Earth Oxide) is the primary grade metric for an MREC. A higher TREO percentage means a purer product with less impurity content, which directly affects commercial value and the cost of downstream refining. MagREO refers to the subset of rare earths, specifically neodymium (Nd), praseodymium (Pr), dysprosium (Dy), and terbium (Tb), that are used in permanent magnets critical to electrification and defence technologies.
For development-stage projects, repeatability across two independent laboratories is a significant technical milestone. A single strong result could be a laboratory artefact. Two consistent results from separate organisations indicate that the processing flowsheet is genuinely reproducible, which is a prerequisite for project bankability and attracting project finance.
Progressive de-risking across the Jupiter flowsheet
This MREC result does not sit in isolation. It is the latest in a sequential programme of metallurgical improvements that Critica has demonstrated across Jupiter’s full processing flowsheet. Each programme has been undertaken and reported on its own technical basis:
- Improved beneficiation recovery: Pilot optimisation delivered approximately 81% MagREO recovery, demonstrating improved recovery of the key magnet rare earths.
- Higher concentrate grade and mass rejection: Subsequent pilot plant optimisation produced an intermediate concentrate grading approximately 3% TREO, representing an approximately 14× upgrade from feed, while rejecting approximately 95% of the original feed mass.
- Reduced reagent consumption: Independent hydrometallurgical optimisation demonstrated sulphuric acid consumption of approximately 1.0 tonne per tonne of feed, representing an approximately 30% reduction from the previously reported reference range.
- Repeatable downstream product production: Critica has now produced two MRECs at approximately 58% TREO, alongside three previously reported Mixed Rare Earth Oxide (MREO) products, including the most recent at approximately 97% TREO.
The programme has also produced a Mixed Rare Earth Oxide at a 97% TREO rare earth oxide grade, representing a further downstream refining step beyond the MREC and demonstrating that Jupiter’s flowsheet can reach near-pure product quality.
The flowsheet itself uses a conventional, industry-standard acid bake process. That matters because established commercial precedent lowers technology risk and reduces the engineering unknowns that typically complicate project financing for novel processing routes.
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Scoping Study on track for Q3 2026
Jupiter and Mt Lindsay milestones in progress
Both Jupiter and Mt Lindsay Scoping Studies are targeted for completion in Q3 2026. The milestone progress across each project, as presented in the announcement, is summarised below.
For Jupiter, the following milestones are reported as completed: Resource Optimisation, Beneficiation Advancement, Commercial Grade MREC produced, and Commercial Grade MREO produced. The Updated Resource Estimate (with drilling completed) is also noted as complete. Milestones currently underway include Product for Qualification and the Scoping Study itself, targeted for Q3 2026.
For Mt Lindsay, the DRA appointment and the Project Review are reported as commenced or completed. The Resource Update and Rescoping Programme are underway. The Mt Lindsay Scoping Study is also targeted for Q3 2026.
The two parallel Scoping Studies represent the next material catalyst for Critica. The Jupiter metallurgical programme has now built a substantial technical dataset spanning beneficiation, concentrate grade, reagent consumption, and repeatable downstream product quality — precisely the foundation required to underpin a credible Scoping Study outcome.
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