---
id: "8d6b281c-212c-4bf8-b293-a1680a5b9309"
title: "Engineering for the AI era"
report_type: "foundation"
published_date: "2026-09-02"
source: "Homodeus Research"
source_url: "https://homodeus.one"
report_url: "https://homodeus.one/research/report/critical-resources-crr-ax-engineering-for-the-ai-era-foundation-research"
lead_analyst: "Wei Sim"
lead_analyst_email: "wei.sim@homodeus.one"
access: "full"
requires_payment: false
issuer_paid: true
html_access: "free-registration"
html_registration_required: true
analysts: "Wei Sim, Thomas Doyle"
company: "Critical Resources Limited"
ticker: "CRR.AX"
exchange: "ASX"
gics_sector: "Materials"
country: "Australia"
country_of_listing: "Australia"
theme: "Materials"
currency: "AUD"
price_at_report: 0.006
publication_date: "2026-09-02"
price_date: "2026-09-01"
market_cap_m: 19.2
shares_on_issue: 3194085445
week_52_high: 0.01288
week_52_low: 0.0055
avg_daily_volume: 1989866
risk_reward_risk: 50
risk_reward_reward: 90
investment_style: "thematic, event"
commissioned_by: "Critical Resources Limited"
isin: "AU0000155335"
markdown_url: "https://homodeus.one/api/reports/critical-resources-crr-ax-engineering-for-the-ai-era-foundation-research.md"
bot_friendly: true
keywords: "Materials, battery technology, commercial real estate, lithium, data centres"
modified_date: "2026-10-10T12:46:42.325Z"
---

# Engineering for the AI era

## Stock Information

| Metric | Value |
| --- | --- |
| Ticker | CRR.AX (ASX) |
| Price at Report | AUD 0.006 (2026-09-01) |
| Market Cap | AUD 19.2M |
| Shares on Issue | 3,194,085,445 |
| 52-Week High | AUD 0.01288 |
| 52-Week Low | AUD 0.0055 |
| Avg Daily Volume | 1,989,866 |
| GICS Sector | Materials |
| Country of Listing | Australia |

**Critical Resources Limited (CRR.AX)** is a resources company with evolving technology, through investments in breakthrough battery chemistry and advanced thermal management.

## Key Highlights

**Critical Resources Limited (CRR.AX)** is moving downstream to focus on solid-state battery (SSB) & advanced thermal management technologies. In time, this will drive the rerating of CRR as a tech rather than resource company in our view. CRR's recent [CSIRO announcement](https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03126807-6A1340536&v=undefined) and our [Industry Expert deep dive](https://youtu.be/E2i5HlOVgbU) call with a Data Centre Liquid cooling expert reaffirm our conviction on this outlook.
- Investment in SSB: began in 2022 with Volt Carbon Technologies (TSXV:VCT). Since then, CRR has acquired intellectual property, formed leading US research partnerships and built an experienced technical team. The company is now progressing towards battery-cell testing.
- Advanced thermal management: In May 2026, CRR signed an exclusive worldwide commercial licence for IP related to thermal management of lithium-ion batteries and DC cooling infrastructure. Since then, CRR has made rapid progress, appointing a liquid cooling specialist as a technical advisor in July. The proprietary technology extends beyond water cooling by using a patented two-phase spray cooling technology.
- Industry tailwinds: Liquid DC cooling is forecast to grow at ~25% CAGR beyond 2030, outpacing the growth of the total DC cooling market (Fig ?), while the SSB industry is forecast to grow at 31% CAGR (Fig ?).
- Looking forward, potential catalysts include government grants, independent testing results for SSB or rack-scale cooling systems, and any milestones towards development of a genuine external partner, licence or commercial sale.
- ![](https://homodeus.one/api/draft-image/383774ca-6c2e-4aba-81f6-04da43415168)

# Advanced thermal management

CRR's investment into advanced thermal management is a recent development. To our knowledge the investment developed as part of their due diligence into SSB applications. It came to CRR's attention that beyond using them in batteries, [energy efficient cooling ](https://www.sciencedirect.com/science/article/pii/S1876610215028337)was creating a thermal bottleneck in DCs (Data Centres) which would only intensify as energy density continued to increase.

Fig ? illustrates the timeline of CRR's milestones in their development of advanced thermal management technologies.

| Timeline | Milestones |
| --- | --- |
| Feb-26 | Identified the ineffective use of energy in data centres (DCs) where ~40% of DC energy is consumed by cooling.* |
| Apr-26 | CRR took an evaluation licence from Nanyang Technological University (NTU) for IP related to thermal management of lithium-ion batteries and DC cooling infrastructure. |
| May-26 | CRR executed a binding exclusive worldwide commercial licence on the technology, covering four technology disclosures, including one granted US patent. |
| Jul-26 | Appointed Liquid Cooling Specialist as technical advisor |

## Why new cooling technology is important

Demand for cooling is not only being driven by the growth in data centres, but the power consumption within each data centre. Rack density is forecast to increase ~10× over the coming few years (Fig ?). The increased need for thermal dissipation is driving not only changes required in material science (see our report on [Zero Alpha HPA](https://homodeus.one/research/report/alpha-hpa-a4n-ax-zero-not-all-9s-are-created-equal-foundation-research)); it is also driving the need for more advanced cooling technologies.

### Air vs. Water vs. Spray cooling

CRR's two-phase cooling technology is superior because:
1. It does not require water;
2. It can operate at ambient temperatures (no chillers required, further saving energy) and
3. Heat removed per unit is superior to immersion technologies (Fig ?).

![](https://homodeus.one/api/draft-image/d0be5982-3c0c-4317-b706-9dbf899099a1)![](https://homodeus.one/api/draft-image/55eef7c4-5666-4a5c-ae32-944315d6adec)
###

Technical papers assessing the energy consumption of air vs. spray cooling when applied in data centres showed an energy saving of up to 26%.

|  | Air cooling (kW) | Spray Cooling (kW) | Energy reduction (%) |
| --- | --- | --- | --- |
| IT Load | 1,000.0 | 1,000.0 | - |
| Electrical Losses | 70.6 | 70.6 | - |
| Lighting, Other Elect. | 32.9 | 32.9 | - |
| Compressor based cooling unit | 258.7 | - | -100% |
| Cooling tower fan | 73.9 | 56.3 | -24% |
| Condenser water pump | - | 53.3 | n/a |
| Coolant Spray pump | - | 29.1 | n/a |
| Air management and other cooling accessories | 250.5 | - | -100% |
| Vapor condenser fan | - | 10.0 | n/a |
| Total | 1,686.6 | 1,252.2 | -26% |

## Schematic of Air vs. Spray Cooled Data Centres

In a conventional air-cooled data centre compressors and chillers are required to circulate water and air as well as cool it from higher temperatures to cooler temperatures, all of which require additional energy.
![](https://homodeus.one/api/draft-image/a009f5ce-ceec-479c-9fdd-c7442c187b5f)
CRR's spray-cooled data centres cool towards a higher ambient temperature than air-cooled data centres but still well within the recommended operating temperatures of chips. A dielectric fluid (electrically non-conductive) is sprayed directly onto the surface of the heat-generating component such as GPU and CPU units. The fluid evaporates on contact (two-phase), removing heat far more efficiently than any approach that keeps the coolant in liquid form. The vapour is captured in a sealed enclosure, condensed back to liquid using near-ambient-temperature fluid, and recirculated in a closed loop. The system operates with ambient-temperature fluid at approximately 30°C with no refrigeration or mechanical chiller required.
![](https://homodeus.one/api/draft-image/c75f1e8f-2a33-4816-9926-7247ad73073f)

## Pathway to Deployment

CRR has yet to provide a detailed timeline to deployment. The company aims to produce a modular prototype in Q4 2026, and has a four-stage plan in place to full deployment. The company's licence with NTU includes a performance milestone requiring first commercial sale of a licensed product within three years of completion of the planned Research Collaboration Agreement(s) with NTU. If the milestone is not met, NTUitive (the innovation and enterprise company of NTU) may elect to convert the exclusive licence to non-exclusive, or CRR may negotiate with NTUitive to maintain exclusivity for a mutually agreed annual fee.
![](https://homodeus.one/api/draft-image/23140bef-0dcd-4d7d-b3e2-c4b3637b1587)

## Key takeaways from industry expert discussion

Homodeus Research hosted an expert call with Industry Expert Data Centre Cooling Technical Advisor, Eric Martinez Gurrea, and Managing Director of Critical Resources (ASX:CRR), Tim Wither.
![](https://homodeus.one/api/draft-image/050bc796-358c-4890-8e71-6e262724ca5e)
### AI is creating a structural cooling problem
- AI and high-performance computing require increasingly dense processors, causing power consumption and heat generation to rise alongside computing performance.
- Almost all electricity consumed by a processor ultimately becomes heat, making cooling capacity a direct constraint on usable computing power.
- If chip temperatures rise too far, processors automatically throttle performance, reducing the productivity of expensive AI infrastructure.
- Continued reductions in transistor size and future increases in chip power are expected to push conventional cooling technologies towards their practical limits.
- Cooling is therefore shifting from a facilities consideration to a strategic factor affecting data-centre performance, capacity and economics.

### Strong industry growth and investment
- ~US$1 trillion of data-centre investment during 2025 and projected around US$7 trillion over the following four years.
- Continued growth in AI training, inference, robotics and demand for faster model responses is expected to require substantially more data-centre capacity.
- Higher computing density creates demand for cooling technologies that allow operators to install more processing power without proportionally expanding their buildings.
- The large value and energy consumption of individual AI racks makes even modest improvements in cooling efficiency commercially meaningful.

### Transition from air to liquid cooling
- Air cooling remains dominant today, but it is increasingly inadequate for the heat density of advanced AI processors.
- The industry has already begun moving from air cooling towards direct-to-chip and immersion systems as rack power densities increase.
- Eric cited a forecast that liquid cooling could rise from approximately 15–20% of data centres today to around 70% by 2035.
- Hyperscalers are expected to lead adoption because AI and high-performance computing workloads create the highest heat densities and strongest economic incentives.
- Air cooling may remain suitable for lower-intensity storage, communications and enterprise workloads, while advanced computing increasingly moves to liquid systems.

### Why two-phase cooling is attractive
- Single-phase cooling absorbs heat by increasing a fluid’s temperature, whereas two-phase cooling also exploits the much greater heat absorption associated with evaporation.
- Direct-to-chip systems cool the principal CPUs and GPUs but generally leave other components dependent on air cooling.
- Immersion cooling captures almost all system heat in liquid but requires the computing equipment to be submerged and may involve hardware modifications.
- Two-phase spray cooling applies dielectric microdroplets directly to hot components, avoiding part of the thermal resistance associated with conventional cold plates.
- The underlying physics suggests that two-phase spray cooling could support heat loads beyond those manageable by current air and single-phase liquid architectures.

### Energy, water and infrastructure tailwinds
- The technology’s higher operating temperatures could allow heat to be rejected directly to ambient air without energy-intensive refrigeration chillers.
- Laboratory work cited in the discussion indicated an energy reduction of approximately 26%, largely attributed to removing the chiller.
- A closed-loop system connected to dry cooling towers could substantially reduce operational water consumption compared with evaporative cooling.
- Lower cooling energy would free constrained grid capacity for revenue-producing computing rather than supporting infrastructure.
- Greater heat-removal capability could increase computing density within existing data-centre footprints and reduce the need for additional buildings.
- Water-scarce jurisdictions such as Australia provide an especially strong policy and operational incentive for water-efficient cooling.

### Evidence supporting investment in two-phase technology
- The licensed technology was supported by a US patent, two peer-reviewed papers and four progressively developed laboratory prototypes.
- The test platform was developed in Singapore, providing evidence that the approach can operate in a hot and humid environment where conventional cooling is particularly challenging.
- Technical review of the patent and research reportedly found the engineering principles to be sound and sufficiently developed to justify industrial-scale testing.
- The technology addresses a problem recognised across chip manufacturers, hyperscalers, data-centre operators and policymakers rather than relying on the creation of a new market.
- Its potential advantages align with the industry’s principal pressures of rising rack density, electricity costs, grid constraints, water scarcity and processor reliability.
- The combination of strong market growth, an expected transition to liquid cooling and the physical advantages of phase-change heat transfer provides the central validation for investment in the field.

### Remaining qualification
- Current liquid-cooling technologies remain adequate for many present-generation applications, so the strongest case for two-phase spray cooling is based on future rather than immediate requirements.
- Laboratory performance must still be reproduced in a compact, reliable, safe and manufacturable rack-scale system.
- Widespread adoption will depend on independent certification, OEM compatibility, operating reliability and proof that efficiency gains justify the cost of changing data-centre architecture.

## Data Centre Cooling Industry Outlook

Based on the aggregation of multiple industry outlook sources, we estimate that the data-centre cooling market will grow at a CAGR of 21% from 2026 to 2033, with liquid cooling growing faster, at 25%. CRR's spray cooling technology has yet to be commercially validated, but given its superior PUE (Power Usage Effectiveness), lack of need for water (i.e. no WUE metric) and superior heat dissipation, the growth outlook once commercialised should be in excess of the liquid cooling DC market.
![](https://homodeus.one/api/draft-image/22d45a5c-3461-4d3c-a2c0-a1c7d61e97d6)

# Solid-State Batteries (SSB)

CRR made its first strategic investment into SSB technology in 2022, acquiring a minority stake in Canadian-listed **Volt Carbon Technologies (TSXV:VCT)**. The company's first direct investment in SSB technology was in November 2025, when CRR secured the core IP evaluation platform for five granted US patents and one pending application. CRR holds a 12-month exclusive worldwide evaluation option over the five granted US patents and two provisional patent applications from South Dakota Mines, with an option to extend for a further six months. The Company is taking steps to license.
The next challenge for CRR is the trialling of the electrolyte material, once the dry room at SDM is completed (September/October). As an interim step, CRR is working on thin-film, which it will integrate with the DSD cathode material.
![](https://homodeus.one/api/draft-image/f2c7f7e5-e32a-4bcf-83b8-08820950404b)
Since March 2026, the company has made rapid progress in establishing milestones (Fig ?), validating the science, with next steps being to integrate the full cell and obtain third-party performance confirmation in a commercial-formatted cell.
![](https://homodeus.one/api/draft-image/5653ee95-66e6-44b1-8242-e95e8359fc45)
CRR has three key components of its battery technology in our view:

| Component | Role |
| --- | --- |
| ASE | Sulphur-free amorphous electrolyte for room-temperature operation; reported at 3.2 mS/cm |
| DSD | Dry, room-temperature process for co-depositing cathode, electrolyte and conductor |
| HTE | Electrolyte for approximately 50–100°C operation |

## ASE (Amorphous Solid-State Electrolyte)

ASE is the solid layer that transports lithium ions between the cathode and anode while blocking electrons and keeping the electrodes physically separated. “Amorphous” means its atoms form a disordered, glass-like structure rather than a regular crystal lattice.
![](https://homodeus.one/api/draft-image/1256a069-fc34-4343-95f3-b792e95e4d57)
**What makes it interesting:**
- High room-temperature conductivity: 3.2 mS/cm at 25°C. That is strong for a solid electrolyte and comfortably above the roughly 1 mS/cm level commonly targeted for practical solid-state operation.
- Low activation energy: 0.27 eV, meaning lithium-ion movement should be relatively insensitive to temperature.
- Sulphur-free: it avoids the hydrogen-sulphide gas risk associated with sulphide electrolytes.
- Interface engineering: the fluorine-generated LiF passivation layer is designed to limit harmful reactions at the anode interface.
- Full-cell result: an NMC811/Li–In laboratory cell delivered approximately 200 mAh/g at 0.1C—an encouraging cathode-level capacity, though measured slowly.
- Potential DSD integration: CRR ultimately wants to combine it with its dry DSD process, potentially providing a pathway to manufacturability of the cathode and electrolyte SSB cell. The layering of the cathode and electrolyte will be separate processes.

## DSD (Dry Supersonic Deposition)

DSD is like precision sandblasting for batteries: dry ceramic particles are accelerated to supersonic speed in an inert-gas, vacuum-based system and fired onto aluminium foil. Their impact energy deforms and mechanically bonds the particles into a dense electrode layer.

**What makes it interesting:**
- Solvent- and binder-free: conventional electrodes are generally mixed as a slurry, coated, dried and processed. DSD deposits active material directly onto the current collector, potentially removing solvent handling, drying ovens and polymer binder.
- Single-pass integration: CRR has a patent-pending process to deposit cathode, electrolyte and conductor in a single step. This could improve the difficult solid-to-solid contact between the three, which has been a major failure point in solid-state batteries.
- Independent technical validation: a peer-reviewed study reported specific capacity (how much electrical charge the cathode stores per gram of active LFP material) of 154 mAh/g at 0.1C, which is close to LFP’s theoretical capacity, and demonstrated a binder-free electrode that remained functional at higher discharge rates.
- Potential manufacturing advantage: fewer process stages could mean a smaller factory footprint, lower energy consumption and more freedom to coat unusual shapes.
- Complementary technology: CRR is developing DSD alongside its amorphous solid electrolyte, or ASE. If the two can be integrated successfully, CRR could offer both an electrolyte chemistry and a manufacturing process—not merely one component.
- CSIRO collaboration creates a credible scale-up pathway: A 12-month, A$100,000 co-funded project will use CSIRO’s Lab22 digital-twin capability to identify defect mechanisms and optimise DSD operating parameters, generating independently developed engineering data to support process repeatability, commercial scale-up and future licensing.

## HTE (High-Temperature Solid-State Electrolyte)

HTE is the solid material inside a lithium battery that transports lithium ions between the electrodes while blocking electrons. It is not a complete battery. CRR’s HTE is a lithium-halide antiperovskite glass-ceramic developed at the South Dakota School of Mines & Technology (SDM) with NASA-supported research. Unlike conventional liquid electrolytes, its ion transport improves as temperature rises.

**What makes it interesting:**
- Heat becomes an advantage: Ordinary lithium-ion batteries degrade faster and become less safe as temperature rises. HTE’s resistance falls and lithium-ion movement improves with heat, potentially reducing cooling and containment requirements in data centres, defence, mining and industrial systems.
- Solid and non-flammable: Removing the organic liquid electrolyte materially reduces a major fire and thermal-runaway pathway.
- Sulphur-free: High-performing sulphide electrolytes can release toxic H₂S when exposed to moisture and require tightly controlled manufacturing. HTE is a halide rather than a sulphide, eliminating the H₂S failure mode—although it may still require moisture-controlled processing.
- Designed for lithium metal: Its solid antiperovskite structure is intended to improve lithium-metal compatibility, suppress dendrites and support higher-energy-density architectures.

| Date | Key milestone and significance |
| --- | --- |
| Mar-22 | Initial downstream exposure: CRR invested C$1 million in Volt Carbon Technologies, obtaining an initial 5.2% interest and exposure to its Solid UltraBattery solid-state research and Ontario prototyping facility. This was a strategic investment rather than CRR-directed development work. |
| Nov-25 | Secured the core IP evaluation platform: CRR obtained a 12-month exclusive worldwide option to evaluate five granted US patents and one pending application from South Dakota School of Mines & Technology. The portfolio covers high-temperature non-sulphide electrolytes, scalable microwave synthesis, cathode/interface engineering and conductive-polymer composites. This was an evaluation option, not ownership or a commercial licence. |
| Jan-26 | Development funding secured: CRR raised A$1.75 million, with part of the proceeds allocated to commencing the South Dakota Mines solid-state battery evaluation program. |
| Feb-26 | Joined the CEPS research network: Acceptance as an industry member of the US NSF-supported Centre for Solid-State Electric Power Storage gave CRR access to specialist researchers, multiple universities, advanced analytical facilities and US federal laboratory infrastructure. |
| Feb-26 | Formal laboratory program commenced: CRR launched two six-month workstreams at South Dakota Mines - Amorphous Solid-State Electrolyte (ASE) development and Dry Supersonic Deposition (DSD) manufacturing - for a combined US$100,000. Two provisional US patent applications were also filed covering the projects. |
| Feb-26 | Technical leadership strengthened: Battery scientist and CEPS Director Dr Alevtina Smirnova was appointed Technical Advisor, providing continuity between the original university inventions, laboratory program and prototype pathway. |
| Mar-26 | Dry cathode process validated: DSD successfully produced mechanically robust, electrochemically active LFP cathodes without solvents or polymer binders. XRD showed the LFP structure survived deposition, SEM confirmed strong bonding to aluminium, and processing settings allowed performance to be tuned between energy- and power-focused applications. |
| Mar-26 | ASE electrolyte laboratory validation: The sulphur-free ASE recorded room-temperature ionic conductivity of 3.2 mS/cm, activation energy of 0.27 eV and stable lithium-interface operation for over 1,200 hours at 0.1 mA/cm2. It also demonstrated short-duration operation in a laboratory all-solid-state cell using an NMC811 cathode and Li-In anode. |
| May-26 | Performance benchmark established: CRR compared the ASE results with peer-reviewed literature. Its 3.2 mS/cm conductivity exceeded the cited LLZO and NASICON oxide benchmarks by about 10x and 4.5x respectively, while its 0.27 eV activation energy was competitive with sulphide-class electrolytes without sulphur-related processing and toxic-gas risks. This was a literature benchmark, not a new independent test. |
| Jun-26 | Integrated composite produced in one dry step: CRR co-deposited LFP cathode material, an LLZO reference solid electrolyte and a carbon-nanotube conductive network into a dense, approximately 15-micron composite layer in one room-temperature pass without solvents, binders, drying ovens or furnaces. CRR's proprietary ASE had not yet been incorporated. |
| Jun-26 | Advanced into full-format pouch cells: The DSD composite cathode was assembled into full-format pouch cells and initial formation cycling at 0.05C behaved as expected. The cells used a conventional liquid electrolyte to isolate and test the DSD cathode; ASE integration remained the next step toward a genuinely all-solid-state pouch cell. |
| Jul-26 | Independent peer-reviewed validation of DSD: Research published in Electrochimica Acta confirmed the solvent- and binder-free cathode process. A heat-treated, unoptimised DSD cathode produced approximately 154 mAh/g at 0.1C, retained approximately 85% capacity after 500 cycles at 1C and maintained coulombic efficiency above 99.5%. These results used coin cells with a liquid-electrolyte reference. |
| Jul-26 | Latest reported program position: CRR summarised six results achieved in five months - dry cathode validation, 1,200-hour ASE stability, electrolyte benchmarking, the single-step composite layer, pouch-cell construction and DSD peer review. Pouch-cell electrochemical testing is nearing completion — due to the C-rate cycling protocol, testing takes some time. |

## Solid-State Battery Industry Outlook

Based on the aggregation of multiple industry outlook sources, we estimate that the solid-state battery industry revenue will grow at 31% CAGR from 2026–2032, and capacity (GWh) will grow at a 29% CAGR.
![](https://homodeus.one/api/draft-image/e788d777-1474-43df-a9c6-fbd61ae2262c)

# Board of Directors

| Name | Title | Tenure (years) | Bio |
| --- | --- | --- | --- |
| Mr Bilal Ahmad | Non-Executive Chairman | 1.5 | Accomplished investor with a 15-year track record of strategic investments in ASX-listed companies and private ventures across the resources, technology and life sciences sectors. Holds a Bachelor of Medicine and a Bachelor of Surgery. Also a director of Altair Minerals Ltd (ASX: ALR) and Dalaroo Metals Ltd (ASX: DAL). |
| Mr Timothy Wither | Managing Director & CEO | 1.3 | Seasoned mining executive with over 20 years' experience in the global resource sector, having held senior leadership and strategic roles across Australia, India, Africa and South America. Previously Managing Director of Maximus Resources Ltd (ASX: MXR). Holds an MBA and postgraduate qualifications in Law, Bachelor of Science in Mine Engineering and Surveying and a Graduate Diploma of Mining. |
| Mr Joshua Gordon | Non-Executive Director | 1.4 | Experienced corporate finance professional who has raised capital for many small and emerging resource and energy companies on the ASX, with deep experience across the equity capital markets transaction lifecycle. Holds a Bachelor of Commerce (Finance) from Monash University and a Master of Management (Accounting) from the University of Melbourne. |
| Mr John Markovic | Non-Executive Director | 4.0 | Successful private property developer and investor with over 30 years' experience. Managing Director of a number of private companies, including JGM Property Investments Pty Ltd, holding substantial industrial and commercial property portfolios in New South Wales. Active early-stage investor and advisor in entrepreneurial technology and property start-ups. |
| Mr Alfred Chong | Non-Executive Director | 0.2 | Technology commercialisation executive with more than four decades of experience in business development and technology growth across international markets. Founder and Managing Director/CEO of ASX-listed Nanoveu Limited (ASX: NVU). Previously Asia Pacific CEO of Atex Media Command, CEO of THISS Technologies, CEO of 121View and CMO of 3D International. Holds a Bachelor of Science in Computer Science and an MBA from the University of San Francisco. |

# Tearsheet

| Critical Resources Limited (ASX:CRR) | Market Price: | A$0.006 |
| --- | --- | --- |
| Income statement | Unit | 1H24 | 2H24 | 1H25 | 2H25 | Income statement | Unit | FY22 | FY23 | FY24 | FY25 |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Continuing Operations |  |  |  |  |  | Continuing Operations |  |  |  |  |  |
| Interest income | A$m | 0.05 | 0.02 | 0.02 | 0.00 | Interest income | A$m | 0.05 | 0.04 | 0.07 | 0.02 |
| Other income | A$m | 0.18 | 1.29 | - | 0.00 | Other income | A$m | 0.79 | 2.80 | 1.47 | 0.00 |
| Administrative expenses | A$m | -0.32 | -0.32 | -0.26 | -0.42 | Administrative expenses | A$m | -0.99 | -0.97 | -0.63 | -0.68 |
| Consulting and staff costs | A$m | -0.81 | -0.48 | -0.41 | -0.50 | Consulting and staff costs | A$m | -1.46 | -1.66 | -1.28 | -0.91 |
| Exploration expensed | A$m | -0.12 | -0.11 | -0.07 | -0.29 | Exploration expensed | A$m | - | - | -0.23 | -0.36 |
| Impairment of assets | A$m | - | - | - | - | Impairment of assets | A$m | - | -3.48 | - | - |
| Depreciation | A$m | -0.06 | -0.05 | -0.03 | -0.03 | Depreciation | A$m | -0.00 | -0.07 | -0.11 | -0.07 |
| Foreign Exchange Gain/(Loss) | A$m | 0.01 | -0.07 | 0.01 | 0.12 | Foreign Exchange Gain/(Loss) | A$m | - | - | -0.06 | 0.13 |
| Share-based payments | A$m | 0.16 | -0.02 | -0.02 | -0.13 | Share-based payments | A$m | -0.67 | -0.33 | 0.13 | -0.16 |
| Finance costs | A$m | -0.02 | 0.00 | -0.01 | -0.01 | Finance costs | A$m | -0.01 | -0.02 | -0.02 | -0.01 |
| Loss for the half | A$m | -0.92 | 0.26 | -0.77 | -1.26 | Loss for the year | A$m | -2.29 | -3.71 | -0.66 | -2.03 |
| Net loss for the half after tax | A$m | -0.92 | 0.26 | -0.77 | -1.26 | Net loss for the year after tax | A$m | -2.29 | -3.71 | -0.66 | -2.03 |
| Excl. SBC, dep'n & unrealised fx |  |  |  |  |  | Excl. SBC, dep'n & unrealised fx |  |  |  |  |  |
| Operating profit before tax | A$m | -1.03 | 0.40 | -0.73 | -1.22 | Operating profit before tax | A$m | -1.62 | -3.30 | -0.63 | -1.94 |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Quarterly Cash Flow Results | Unit | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Cash flow statement | Unit | FY22 | FY23 | FY24 | FY25 |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Operating activities |  |  |  |  |  | Operating cash flows | A$m | -2.3 | -2.2 | -2.1 | -1.8 |
| Exploration & evaluation | A$m | -0.146 | -0.105 | -0.077 | -0.015 | Investing cash flows | A$m | -12.1 | -10.6 | -4.2 | -2.9 |
| Staff costs | A$m | -0.128 | -0.132 | -0.166 | -0.123 | Financing cash flows | A$m | 18.2 | 9.8 | 3.6 | 2.9 |
| Administration and corporate costs | A$m | -0.147 | -0.263 | -0.383 | -0.272 | Free Cash Flows | A$m | 3.8 | -3.1 | -2.7 | -1.8 |
| Interest received | A$m | 0.003 | 0.001 | 0.003 | 0.003 |  |  |  |  |  |  |
| Net cash from operating activities | A$m | -0.418 | -0.499 | -0.623 | -0.407 | Balance Sheet | Unit | FY22 | FY23 | FY24 | FY25 |
|  |  |  |  |  |  |  |  |  |  |  |  |
| Investing activities |  |  |  |  |  | Cash and cash equivalents | A$m | 8.6 | 5.5 | 2.8 | 1.0 |
| Exploration & evaluation | A$m | -0.910 | -0.664 | -0.437 | -0.388 | Trade and other receivables | A$m | 0.2 | 0.2 | 0.6 | 0.1 |
| Investments | A$m | - | - | - | 0.058 | Other assets | A$m | 0.8 | 0.1 | 0.1 | 0.2 |
| Net cash from investing activities | A$m | -0.910 | -0.664 | -0.437 | -0.330 | Plant and equipment | A$m | 0.0 | 0.0 | 0.0 | 0.0 |
|  |  |  |  |  |  | Exploration and evaluation assets | A$m | 19.6 | 27.7 | 33.6 | 34.4 |
| Financing activities |  |  |  |  |  | Right-of-use assets | A$m | 0.1 | 0.3 | 0.1 | 0.0 |
| From issue of equity securities | A$m | 1.215 | 0.693 | 1.750 | 0.319 | Financial assets | A$m | 0.8 | 0.8 | 0.4 | 0.3 |
| Transaction costs | A$m | - | -0.140 | -0.003 | - | Total assets | A$m | 30.1 | 34.7 | 37.6 | 36.0 |
| Repayment of borrowings | A$m | -0.019 | -0.019 | -0.013 | - | Trade and other payables | A$m | 1.7 | 2.3 | 4.4 | 2.1 |
| Repayment of lease liability | A$m | -0.005 | -0.022 | -0.011 | -0.015 | Lease Liabilities | A$m | 0.1 | 0.3 | 0.1 | 0.0 |
| Net cash from financing activities | A$m | 1.191 | 0.512 | 1.723 | 0.304 | Provisions | A$m | 1.6 | 1.5 | 1.6 | 1.6 |
| Effect of exchange rates on cash held | A$m | -0.008 | -0.066 | 0.023 | 0.010 | Deferred tax liabilities | A$m | - | 2.2 | 3.7 | 3.7 |
| Net change in cash held | A$m | -0.145 | -0.717 | 0.686 | -0.423 | Other current liabilities | A$m | 2.2 | 1.5 | 0.0 | 0.0 |
| Cash and cash equivalents at EOQ | A$m | 1.673 | 0.956 | 1.642 | 1.219 | Total liabilities | A$m | 5.6 | 7.9 | 9.9 | 7.4 |
|  |  |  |  |  |  | Net assets | A$m | 24.5 | 26.8 | 27.7 | 28.6 |
| Market information |  |  |  |  |  | Issued capital | A$m | 70.6 | 78.5 | 82.1 | 85.2 |
|  |  |  |  |  |  | Reserves | A$m | 0.9 | 1.2 | 1.0 | 0.8 |
| Market cap | A$m | 13.4 |  |  |  | Accumulated losses | A$m | -47.5 | -52.0 | -54.3 | -56.3 |
| Enterprise value | A$m | 12.2 |  |  |  | Non-controlling interest | A$m | 0.6 | -0.9 | -1.1 | -1.1 |
|  |  |  |  |  |  | Total equity | A$m | 24.5 | 26.8 | 27.7 | 28.6 |

**Investment Style:** Thematic · Event

---

## Disclosures

### Personal disclosures

The analyst(s) received assistance from the subject company or companies in preparing this research report. The company provided communication to senior management and information on the company and its industry. As part of due diligence, the analyst(s) have independently and critically reviewed the communications and information provided by the company to form the opinions expressed in this report. The analyst(s) have taken care to maintain honest and fair objectivity in writing this report and making any recommendation. The analyst(s) responsible for preparing this report receive compensation from Homodeus One Pty Ltd. No part of the fee, compensation, or employee remuneration paid has, or will, directly or indirectly impact the content provided in this report.

### Company disclosures

The companies and securities mentioned in this report include:

*Critical Resources Limited (ASX:CRR) | Price: A$0.006

*Price as at 2 September 2026 (*not covered)*

### Additional disclosures

This report has been prepared and issued by Homodeus One, in consideration of a fee payable by Critical Resources Limited

### Other disclosures, disclaimers and certificates

**Methodology & Disclosures**

Homodeus One Pty Ltd (ABN 83 696 272 116), is a Corporate Authorised Representative (No. 1320577) of Sharewise Compliance and Administration Pty Ltd (AFSL 280420). This research is issued in Australia through Homodeus Research, which is the research division of Homodeus One Pty Ltd. The research and any access to it is general advice only and does not take into account your personal circumstances, needs, or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation, and needs. If our advice relates to the acquisition, or possible acquisition, of a financial product you should read any relevant Product Disclosure Statement or like instrument.

Homodeus One Pty Ltd and Sharewise Compliance and Administration Pty Ltd have established and implemented a conflicts policy, which may be revised and updated from time to time, pursuant to regulatory requirements; which sets out how we must seek to identify and manage all material conflicts of interest. Persons involved with the preparation of research have regular interaction with companies they cover. Additionally, Homodeus One Pty Ltd and Sharewise Compliance and Administration Pty Ltd does and seeks to do business with companies covered by research.

There are robust information barriers in place to protect the independence of research's product. However, recipients of research should be aware of this potential conflict of interest.

Homodeus One Pty Ltd, its officers and employees and Sharewise Compliance and Administration Pty Ltd, its officers and employees may have conflicting roles in the financial products referred to in this research and, as such, may effect transactions which are not consistent with the recommendations (if any) in this research. Homodeus One Pty Ltd and Sharewise Compliance and Administration Pty Ltd may receive fees, brokerage or commissions for acting in those capacities and the reader should assume that this is the case. Employees or officers of either Homodeus One Pty Ltd or Sharewise Compliance and Administration Pty Ltd may provide oral or written opinions to its clients which are contrary to the opinions expressed in this research.

**Accuracy of content:** All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable; however, we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently certified. Opinions contained in this report represent those of Homodeus Research at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, and estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of their subject matter to be materially different from current expectations.

**Exclusion of liability:** To the fullest extent allowed by law, neither Homodeus One Pty Ltd or Sharewise Compliance and Administration Pty Ltd shall be liable for any direct, indirect, or consequential losses, loss of profits, damages, costs, or expenses incurred or suffered by you arising out of or in connection with the access to, use of, or reliance on any information contained in this report. No guarantees or warranties regarding accuracy, completeness, or fitness for purpose are provided by Homodeus Research, and under no circumstances will any officers, representatives, associates, or agents of Homodeus One Pty Ltd or Sharewise Compliance and Administration Pty Ltd be liable for any loss or damage, whether direct, incidental, or consequential, caused by reliance on or use of the content.

### General Advice Warning

Homodeus Research may not be construed as personal advice or recommendation. Homodeus Research encourages investors to seek independent financial advice regarding the suitability of investments for their individual circumstances and recommends that investments be independently evaluated. Investments involve risks and the value of any investment or income may go down as well as up. Investors may not get back the full amount invested. Past performance is not indicative of future performance. Estimates of future performance are based on assumptions that may not be realised. The information contained within Homodeus Research is published solely for information purposes and is not a solicitation or offer to buy or sell any financial instrument or participate in any trading or investment strategy. Analysis contained within Homodeus Research publications is based upon publicly available information and may include numerous assumptions. Investors should be aware that different assumptions can and do result in materially different results.

Homodeus Research is distributed only as may be permitted by law. It is not intended for distribution or use by any person or entity located in a jurisdiction where distribution, publication, availability, or use would be prohibited.

### Access & Use

Any access to or use of Homodeus Research is subject to the terms and conditions of Homodeus Research. Copyright of the information contained within Homodeus Research (including trademarks and service marks) are the property of their respective owners. Homodeus Research, video interviews, and other materials, or any portion thereof, may not be reprinted, reproduced, sold, or redistributed without the prior written consent of Homodeus One Pty Ltd.

*Analysts: Wei Sim, Thomas Doyle — Published 2026-09-02*