Critical Resources Ltd (ASX:CRR, FRA:9S70) plans to launch a loyalty options offer for eligible shareholders, giving them one option for every 10 shares held on the record date at an issue price of $0.001 per option.
Each option will be exercisable at $0.008 and expire on April 23, 2028, giving the company a possible future funding source if the options are taken up.
The offer is expected to be open to eligible shareholders in Australia and New Zealand, with other jurisdictions still to be confirmed.
Critical Resources also plans to seek ASX quotation for the new loyalty options as well as existing unquoted options issued on the same terms under the code CRRAC.
Managing director Tim Wither said the offer was intended to recognise ongoing shareholder support, align investors with the company’s long-term growth plans and provide future funding flexibility.
“We are appreciative of the continued support shown by our shareholders. The proposed Loyalty Option Offer is intended to acknowledge that support and align shareholders with the company’s long-term growth strategy, while also providing potential future funding flexibility.”
Timetable sets out May launch and closing dates
Under the proposed timetable, the prospectus is due to be lodged with ASIC and the ASX on May 4, 2026.
Shares will trade ex-entitlement from May 7, with May 8 set as the record date for determining which shareholders are eligible to participate. The prospectus is scheduled to be dispatched on May 13.
The last day for the company to extend the closing date is May 19, while the offer is set to close on May 22. Deferred settlement trading is expected to begin on May 25.
Critical Resources is scheduled to announce the results of the issue on May 29, with the issue date and lodgement of the quotation application also planned for that day. Holding statements are expected to be dispatched on 1 June 2026.
The company said the timetable is indicative and may change. The full terms of the offer will be outlined in a separate prospectus to be released on the ASX platform.
High historical tungsten grades
Exercising options could come at a good time for shareholders, after Critical Resources reported high historical tungsten grades of up to 42.6% WO₃ from its Croesus Project in New Zealand as it starts field exploration across newly secured permits in the Otago and Reefton regions.
The top result came from historical sampling at Croesus, where scheelite-rich quartz rubble returned up to 42.6% WO₃, or 337,642ppm tungsten. Other float samples returned 26.6% and 19.9% WO₃, adding support to the view that the project may host a high-grade tungsten system.
The company said the mineralisation appears to be linked to a greisen-hosted tungsten system associated with granitic intrusions, a setting known for high-grade tungsten deposits around the world.
Greisenised granites in the area have also returned values of up to 0.9% WO₃, which may point to a bedrock source for the high-grade material found at surface.
Despite the historical results, the Croesus area has seen only limited modern exploration. Critical Resources said its first phase of work will focus on mapping the extent of greisen alteration, confirming tungsten sources and carrying out systematic geochemical sampling along granite margins and structural corridors.
