Critica Limited has moved a significant step forward in the development of its flagship Jupiter Project. Recent metallurgical testwork conducted by the Centre for Science and Technology of Mineral Resources and Environment in Vietnam has confirmed the project's ability to upgrade clay‐hosted mineralisation through a two-stage flowsheet. By combining wet low intensity magnetic separation and froth flotation, the procedure produced a concentrate with 15,000 ppm total rare earth oxides, including 3,990 ppm of magnet rare earth oxides and 1,400 ppm of heavy rare earth oxides. Notably, the process achieved a 95% mass reduction, dramatically lowering the volume requiring further chemical processing and promising significant cost savings and reduced environmental impact. This development reinforces the strategic potential of the Jupiter Project, Australia’s largest identified clay‐hosted rare earth resource, with an inferred resource of 1.8 billion tonnes at 1,700 ppm TREO and a high-grade core identified at 2,200 ppm TREO. The testwork, while unoptimised with an early recovery rate of 45%, sets a solid technical baseline for further process enhancement. The results also point to the possibility of generating a valuable by-product from the beneficiation stream, with an iron-rich fraction grading 67% Fe. Combined with its strategic location near established processing hubs and infrastructure, these factors bolster the project’s prospects as a key supplier in the magnet rare earth supply chain. Critica Limited’s CEO Jacob Deysel highlighted that these promising results not only validate the technical viability of the low-cost beneficiation route but also mark a move from exploration to near-term development. The substantial mass reduction significantly diminishes the processing load, suggesting lower operating expenses and improved environmental, social, and governance outcomes. With plans underway to refine resource models and focus on heavy rare earth oxide-rich zones, next-stage results are expected shortly. Market sentiment appears mixed. On the bullish side, the breakthrough metallurgical results and enhanced project economics support a positive outlook for the company's progression towards commercial production. The ability to achieve high upgrade rates with reduced material handling and potential by-product credits may further boost confidence among investors. On the bearish side, some caution remains regarding the early-stage nature of the recovery process, the need for further optimisation to improve recovery rates, and inherent uncertainties in scaling up the beneficiation process. Overall, the technical achievements signal strong promise, though market watchers should remain alert to ongoing developments in process optimisation and commercial readiness.