Key Highlights

  • Critica shares were up 10.53% at $0.021 during the 10 November 2026 trading session.
  • Testwork achieved gallium extraction of up to 91.9% and scandium extraction of up to 84.7% into solution.
  • The Jupiter Scoping Study base case, with an after-tax NPV of about A$2.0 billion, attributes no value to gallium or scandium.

Critica Limited (ASX:CRI) shares were trading higher during the 10 November 2026 session, up 10.53% at $0.021 at midday AEDT. The S&P/ASX 200 was also higher in the same session, up 1.13% at 9,131.90 around 12:30 pm AEDT. Critica is developing its 100%-owned Jupiter Rare Earth Elements Project in Western Australia. The company’s most recent announcement, released on 9 November 2026, reported progress in assessing the potential recovery of gallium and scandium as by-products of the project, which it said may add value not currently included in its scoping study.

About the company

Critica is an ASX-listed company whose main asset is the 100%-owned Jupiter Rare Earth Elements Project in Western Australia. The project's Scoping Study reports an after-tax NPV8 of approximately A$2.0 billion, and the company is now assessing gallium and scandium as potential by-products, which the study does not value.

Metallurgical testwork announced on 9 November 2026

Testwork using Jupiter’s hydrometallurgical process achieved gallium extraction of up to 91.9% and scandium extraction of up to 84.7%, with both metals reporting to the pregnant leach solution alongside rare earth elements. Gallium extraction was materially improved from about 63% previously reported. The company stressed that these figures measure the proportion transferred into solution, not final product recovery.

Jupiter’s Mineral Resource includes about 6,400 tonnes of gallium oxide and 7,200 tonnes of scandium oxide within its 160 million tonne Indicated Resource, and about 60,000 and 54,000 tonnes within the 1.5 billion tonne Inferred Resource. The company said these figures are approximate and calculated from rounded tonnages and grades.

Next stages of testwork

Downstream resin adsorption testwork is underway to assess selectivity and the potential recovery of separate gallium and scandium products. The company noted that references to by-product value are aspirational and do not imply economic viability, and that it does not yet have reasonable grounds to believe those statements can be achieved.

Sector Context

Gallium and scandium are critical minerals used in semiconductors, advanced electronics, energy and defence applications. Supply is concentrated in a small number of producing countries, which has led to interest in additional sources outside those regions.

Risks to Consider

  • The extraction results are not final product recoveries, and Downstream testwork is still needed to establish recovery and selectivity.
  • No value is attributed to gallium or scandium in the scoping study, and any future value depends on further technical and economic work.
  • The company’s statements on by-product potential are aspirational and do not confirm economic viability.

What to Watch Ahead

  • Resin adsorption and downstream recovery testwork results for gallium and scandium.
  • Any updated scoping or economic study that includes gallium and scandium value.
  • Progress on the rare earth development pathway for Jupiter.

Final Word

Critica’s update focuses on the potential extraction of gallium and scandium alongside the Jupiter rare earth project. The downstream testwork results will show whether these metals can be recovered as separate products.