Critica Ltd. has released the results from a scoping study for its Mt Lindsay tin-tungsten project in Tasmania, revealing strong financial and technical outcomes to advance the project.
The study outlines a fundamental departure from historical open-pit concepts. The proposed one million tonnes per annum (Mtpa) owner-operated underground development utilises dual-decline access, longhole open stoping with paste fill, and conveyor material handling to significantly reduce additional surface disturbance and tailings storage requirements.
The study’s base case delivers a pre-tax net present value (NPV) of approximately AU$1.42 billion, a pre-tax internal rate of return (IRR) of 65 per cent, and an after-tax NPV of AU$1.01 billion with an IRR of 56 per cent.
Pre-production capital expenditure is estimated at an efficient AU$244.5 million, supporting an after-tax payback period of just 1.9 years.
Over a modelled 13.5-year life of mine, the project is forecast to generate approximately AU$5.20 billion in sales revenue from processing 10.9 million tonnes of ore. In addition, 92 per cent of the production target is derived from higher-confidence Indicated Mineral Resources.
Tungsten serves as the principal revenue driver, contributing roughly 75 per cent of life-of-mine revenue. This provides Critica with exposure to a critical mineral facing tight global supply, amidst tightening trade controls and surging Western demand for defence and advanced manufacturing applications.
“By moving from the historical open-pit concept to an underground development pathway, we have outlined a project with a smaller surface footprint and strong Scoping Study-level modelled economics,” said Critica CEO Jacob Deysel.
Deysel noted the project benefits from its location on a granted mining lease within an established mining precinct, complete with road access, proximity to hydro-electric power infrastructure, and direct export links via the Port of Burnie. Further financial upside remains in potential copper by-products, which were excluded from the baseline study.
Critica will now focus on progressing metallurgical, engineering, and environmental studies to advance Mt Lindsay toward a definitive feasibility study.
