Canadian Critical Minerals Updates Its Permit Application to Restart the Bull River Mine and Mill

Rhea-AI Summary

Canadian Critical Minerals (CCMI) has updated its permit application strategy for restarting the Bull River Mine (BRM) project near Cranbrook, BC. The company is now combining two phases into a single application to simultaneously restart underground mining and milling operations. CCMI has engaged Moose Mountain Technical Services for underground mine planning (expected completion: August 2025) and ALS Metallurgical Services for humidity cell testing on tailings.

The company has been selling preconcentrated copper, gold, and silver material to New Afton under an Ore Purchase Agreement, having shipped approximately 7,900 tonnes with an additional 2,100 tonnes expected by August 2025. The remaining 170,000 tonnes of mineralized fines will provide initial mill feed for about eight months post-restart. The BRM project features over $100 million of usable infrastructure and 22,000 metres of accessible underground workings.

Positive

• Revenue from Ore Purchase Agreement has improved financial position without shareholder dilution
• Existing infrastructure worth over $100 million, including grid power and all-weather roads
• 22,000 metres of readily accessible underground workings
• 170,000 tonnes of mineralized material available for initial mill feed
• Project is one of the most advanced non-producing mining projects in British Columbia

Negative

• Permit application process delayed until Q1 2026
• Additional engineering studies and testing required before final permit submission

Calgary, Alberta--(Newsfile Corp. - May 23, 2025) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") is pleased to provide an update on its application to restart the Bull River Mine ("BRM") project near Cranbrook, BC.

Further to discussion with the Major Mines Permitting Office of the Ministry of Mining and Critical Minerals of British Columbia ("MMCM"), the Company has decided to modify its current application to restart the BRM project by combining project phases into one application. If approved, this will allow the Company to restart underground mining and milling operations at the same time. To-date the Company has advanced its application to restart the BRM project in a phased approach in order to reduce the costs associated with completion of all detailed engineering studies in support of the application.

The Company is currently working with consultants to complete its application to restart the BRM mine and mill. Moose Mountain Technical Services has been engaged to provide a detailed underground mine plan with estimated completion by early August 2025. ALS Metallurgical Services has been engaged to conduct humidity cell testing on tailings that are planned to be produced from milling operations. This is follow-up work from a previous humidity cell testing program already completed. Humidity cell testing in a laboratory environment simulates the expected metal leaching from a tailings storage facility over time. Previously, the Company completed a detailed design of its proposed filtered tailings facility using Stantec Engineering. Once all engineering reports are complete, the Company plans to incorporate them into a Final Permit Application and make its submission to MMCM in Q1 2026.

Originally, under phase one of the restart, the Company sought permission to restart the past-producing BRM project by processing a large 180,000 tonne surface stockpile of mineralized material through its existing 700 tonne per day conventional mill and deposit tailings on surface in a dry stack or filtered tailings facility. Under phase two, the Company plans to seek permission to restart underground mining, continue to use the 700 tonne per day mill and begin sending filtered tailings back to the underground as cemented backfill.

In April 2024, the Company began selling preconcentrated copper, gold and silver mineralized material that has been upgraded through an ore sorter to New Afton under an Ore Purchase Agreement ("OPA"). To-date the Company has crushed and screened the entire surface stockpile and trucked approximately 7,900 tonnes of pre-concentrated mineralized material to New Afton. The Company expects to send an additional 2,100 tonnes of mineralized material to New Afton by the end of August 2025. The remaining 170,000 tonnes of mineralized fines and rejects from the crushing, screening and sorting of the surface stockpile will remain at the BRM and will provide an initial feed to the BRM mill for approximately eight months following restart of operations.

Revenues from the OPA have allowed the Company to significantly reduce payables, offset the costs of care and maintenance and pay for the additional costs associated with the permit applications without incurring additional dilution to shareholders. With the Company's improved financial position, all remaining engineering studies can be completed in a more sequential and expedited manner. The BRM project has over $100 million of usable infrastructure and is already connected to grid power and all-weather roads. The BRM is being maintained in a dewatered condition with over 22,000 metres of underground workings readily accessible from surface to a depth of 350 metres.

Ian Berzins, President and CEO of CCMI commented, "Revenues generated from the sale of a portion of our stockpiled mineralized material have improved the Company's ability to advance the permitting process in a more expedited manner. The provincial government has stated the importance of bringing on new projects in the critical minerals space. The past-producing BRM project is one of the most advanced mining projects in British Columbia currently not in production. Combining both phases under one application should result in better use of resources by First Nations and regulators in the consultation, engagement and review process."

About Canadian Critical Minerals Inc.

CCMI is a mining company primarily focused on copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (150 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI also owns a 10% interest in XXIX Metal Corp. which holds a 100% interest in the Thierry copper project near Pickle Lake, Ontario and a 100% interest in the Opemiska copper project near Chapais-Chibougamau, Quebec.

Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@canadiancriticalmineralsinc.com
Website: www.canadiancriticalmineralsinc.com

Caution Regarding Forward-Looking Information

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/253333

FAQ

When will Canadian Critical Minerals (RIINF) submit its final permit application for Bull River Mine?

The company plans to submit its Final Permit Application to the Ministry of Mining and Critical Minerals of British Columbia in Q1 2026, after completing all required engineering reports.

How much mineralized material has RIINF shipped to New Afton under the Ore Purchase Agreement?

The company has shipped approximately 7,900 tonnes of pre-concentrated mineralized material to New Afton, with an additional 2,100 tonnes expected by August 2025.

What is the processing capacity of Bull River Mine's existing mill?

The Bull River Mine has an existing conventional mill with a capacity of 700 tonnes per day.

How much infrastructure value does the Bull River Mine project have?

The Bull River Mine project has over $100 million of usable infrastructure, including grid power connection and all-weather roads.

How much initial mill feed material does RIINF have available at Bull River Mine?

The company has 170,000 tonnes of mineralized fines and rejects that will provide approximately eight months of initial feed for the mill after operations restart.