Key Highlights

  • Critical Minerals Group (ASX:CMG) traded at 6.2 cents during the 3 November 2026 session, down 8.82%.
  • The Lindfield Vanadium Project pre-feasibility study returned a pre-tax NPV of $821 million and a pre-tax IRR of 26.6% in its preferred case.
  • A Placement and share purchase plan to raise up to about $2.05 million was announced on 19 October 2026.
  • The S&P/ASX 200 eased about 0.12% to 8,846.20 in the same session.

Share price performance on 3 November 2026

Shares of Critical Minerals Group Limited (ASX:CMG) traded at 6.2 cents during the 3 November 2026 session, down 8.82%. Over the same session, the S&P/ASX 200 eased about 0.12%, or 10.30 points, to 8,846.20. The company is developing the Lindfield Vanadium Project near Julia Creek in north-western Queensland, an integrated open-cut vanadium mine.

Latest development: quarterly activities report

Critical Minerals Group released its quarterly activities report and Appendix 5B on 30 October 2026. The company said its pre-feasibility study, released on 20 July 2026, returned a pre-tax net present value of $821 million and a pre-tax internal rate of return of 26.6% for a 3 million tonne per year preferred case, and supported progression to a definitive feasibility study.

Drilling for the first definitive feasibility study field program began on 27 October 2026, with about 55 core holes for roughly 1,320 metres. It is the first drilling at Lindfield since 2023.

On 19 October 2026, the Queensland government approved the addition of previously excluded land to the company's exploration permit, bringing all mineralised material in the study's mine plan within the permit. Management said this resolved a risk rated high in the study.

Pat Kelly was appointed interim chief executive from 1 September 2026, following the resignation of Scott Winter as managing director. Gerhard Redelinghuys was appointed as a non-executive director.

Sector context

Vanadium is used mainly in steel and in large-scale battery storage, and project Economics depend heavily on pricing and offtake arrangements. Development projects in Queensland are assessed against state and federal approvals and the timing of permitting.

Risks

The pre-feasibility study is not a definitive study, and its assumptions may change as the definitive study progresses. The company's Leadership changed during the year. Funding for the definitive study, approvals and vanadium prices all remain uncertain.

What to watch next

Investors will be watching progress of the definitive feasibility study drilling, metallurgical and approvals work, and the appointment of a permanent chief executive.

The Final Word

Critical Minerals Group shares traded lower on 3 November 2026. The company's 30 October report highlighted a drilling program and permit change at Lindfield, alongside a leadership transition and a placement to fund the next stage.