Critical Elements Provides an Update on Its 10,000-Meter Summer Drill Program at Rose West

Critical Elements Lithium Corporation (CRE) announced an operational update regarding its 10,000-meter Summer 2026 drill program at the 100% owned Rose West Discovery in Quebec. Drilling activities have been temporarily suspended and the camp evacuated due to a proximal forest fire, with resumption pending safety clearance from authorities.

As of the update, 11 holes have been drilled for 2,073 meters in the NE corner of the Main Target Area. Initial geological observations confirm the lateral continuity of Pegmatite 3 and Pegmatite 5, while Pegmatite 2 appears cut-off or merged into Pegmatite 3 towards the north. New stacked zones, identified as Pegmatites 6 and 7, were found at depth and will be targeted for follow-up. All listed holes show "P.R." (Pending Results) for Li2O and Ta2O5 assays.

The known mineralized footprint has expanded from 450 m x 370 m in Winter 2024 to 1,250 m x 800 m as of June 2026. Management emphasized health and safety as the priority and confirmed the deployment of two drill rigs on a 100 m grid approach.

Critical Elements Lithium Corporation (CRE) issued a routine operational update on June 9, 2026, aligning with its previously announced Summer 2026 program. The company reported a short-term delay in operations caused by a forest fire, though this suspension does not alter the geological thesis, project economics, or long-term development timeline.

No new assay data or grade/tonnage updates were provided in the release. The market cannot price in any material change until results are finalized. The company also noted that the footprint expansion to 1,250 m x 800 m was already highlighted in prior Winter 2026 updates from April-May 2026, serving as incremental confirmation rather than a paradigm shift.

Overall, the news is neutral to slightly negative in the immediate term due to the work stoppage, but carries no material financial or valuation impact at this stage.

Critical Elements Lithium Corporation (CRE) is a pre-revenue junior explorer focused on the Rose Lithium-Tantalum Project in Eeyou Istchee, Quebec. The company’s flagship asset is the Rose West Discovery, a near-surface, subhorizontal spodumene pegmatite system currently in the exploration and development stage.

A feasibility study completed in August 2023 outlines a 17-year mine life with a throughput of 1.61 million tonnes per annum. The study projects strong economics, including an after-tax NPV8% of US$2.2 billion and an internal rate of return (IRR) of 65.7%.

Regarding permitting, the company received federal environmental approval in 2021, which was amended in 2025. It also obtained a Quebec Certificate of Authorization in 2022, amended in 2024. The company’s strategic goal is to advance the project to a final investment decision, contingent on securing construction financing and final permitting.