Overview of Critical Resources Limited's corporate update and management changes

Critical Resources Limited (ASX: $CRR) has announced an operational review aimed at reducing costs and minimizing corporate overheads in response to challenging market conditions in the lithium sector. Managing Director Alex Cheeseman has tendered his resignation, effective from 14 June 2024. The Company will prioritize ongoing expenditure on exploration and resource growth, while the Board of Directors will assume day-to-day management functions until a suitable candidate is found.

Executive Commentary on Management Changes and Future Strategy

On behalf of the Board and shareholders, I would like to sincerely thank Alex for his leadership, energy and drive over the last two-and-a-half years. We wish him every success in his future endeavors. The Company will continue to move forward and develop the Mavis Lake lithium project with multiple workstreams underway as well as reviewing other value adding opportunities that this challenging market has presented us with.

Summary of Operational Review and Future Outlook

Critical Resources Limited is responding to challenging market conditions in the lithium sector by undertaking an operational review to reduce costs and prioritize exploration expenditure. The resignation of Managing Director Alex Cheeseman will lead to a three-man Board of Directors, with day-to-day management functions temporarily assumed by the board. The Company's focus remains on developing the Mavis Lake lithium project and exploring additional value-adding opportunities in the current market environment. Critical Resources Limited emphasizes its commitment to progressing a dual-track strategy at Mavis Lake, targeting resource growth alongside permitting and project development workstreams. The Company's forward-looking statements highlight the inherent uncertainty of projections and emphasize the disclaimer of any obligation to update or revise forward-looking statements based on new information or future events.