$X2M JUST ADDED ANOTHER 10MW AI DATA CENTRE PROJECT
X2M has signed an agreement for a 10MW AI-enabled data centre site in regional Queensland.
The numbers are getting serious:
$250M estimated project cost
10MW capacity
Existing 2.5MW grid connection
Development approval already secured
Additional 7.5MW planned via behind-the-meter generation
20MW now under agreement across two projects
More than $500M aggregate estimated project cost
200MW+ prospective pipeline still in play
X2M has also secured binding exclusivity over the site and power capacity for 60 days, with binding long-form agreements targeted within 90 days.
The story is shifting from pipeline building to pipeline conversion.
If X2M keeps converting its 200MW+ pipeline, the scale of this data centre business could change very quickly.
$X2M #X2M #AI #DataCentres #ASX
$CRI at 2.3c is starting to look seriously mispriced on paper.
Critica’s latest investor presentation now puts the story in one line:
Two 100%-owned Australian projects.
Two Scoping Studies delivered.
~A$3.0 BILLION combined after-tax NPV8.
Yet at the 20 October close, $CRI was valued at just A$69.7M.
JUPITER
A$2.0B after-tax NPV
48.4% after-tax IRR
~2 year payback
A$556M pre-production capex
1.7Bt rare earth Resource
Initial mine plan uses only ~6% of the Resource.
MT LINDSAY
A$1.0B after-tax NPV
55.6% after-tax IRR
~1.9 year payback
A$245M pre-production capex
Targeting first production by end-2029.
Rare earths. Yttrium. Gallium. Tungsten. Tin.
One company. Two development pathways. Multiple potential catalysts.
The question for the market now isn’t whether $CRI has scale.
It’s whether a ~A$70M company can successfully convert those Scoping Study numbers into funded projects.
That’s where the re-rate could come from.
Using the latest $CRI presentation and a 2.3c starting price, I’d frame the long-term upside as a scenario range rather than a single target.
CRI has about 3.03bn shares on issue, so at 2.3c the market cap is roughly A$70m. Against that, the two Scoping Studies show roughly A$3.0bn combined after-tax NPV8: about A$1.0bn for Mt Lindsay and A$2.0bn for Jupiter.
My rough long-term scenarios would be:
Base case: 7–12c - Mt Lindsay and Jupiter continue through feasibility, resource confidence improves, and CRI secures credible offtake/strategic partners. At 10c, CRI would be worth about A$303m on today’s share count.
Bull case: 15–25c - one project becomes substantially de-risked and financed while the second retains meaningful development value. At 20c, today’s share count implies about A$606m market cap.
Very bullish case: 30c+ -both projects advance successfully, strategic funding limits dilution, project economics broadly survive feasibility, and critical-mineral pricing remains supportive. At 30c, the current share count implies about A$909m.
The easiest valuation shortcut is to compare market cap with the approximately A$3bn combined Scoping Study NPV. If CRI eventually traded at 10% of combined NPV, that is around 9.9c per share on today’s share count. At 20%, it is around 19.8c; at 30%, around 29.7c.
But dilution is the biggest reason not to treat those as literal targets. Mt Lindsay requires roughly A$245m pre-production capital and Jupiter roughly A$556m, so CRI will need substantial debt, strategic investment, offtake funding, equity, or some combination.
So from 2.3c, my personal valuation framework would put 7–12c as a reasonable long-term base-case zone, with 15–25c becoming realistic if financing and feasibility materially de-risk the projects. 30c+ is possible, but it requires a lot to go right.
Not financial advice. Always DYOR.
#ASX #CRI #RareEarths #CriticalMinerals #Tungsten #Tin
$CRI at 2.3c and the Jupiter Scoping Study numbers are hard to ignore.
A$2.0 BILLION after-tax NPV
48.4% after-tax IRR
~2 year after-tax payback
A$12.3B modelled LOM revenue
A$446M average annual EBITDA
A$556M pre-production capex
8Mtpa operation
~14 year processing life
But this could be the most important number:
The current Production Target uses only ~6% of Jupiter’s total 1.7Bt Resource.
That leaves ~94% outside the current mine plan for potential future conversion, expansion or mine-life extension.
And the Base Case gives ZERO value to iron, gallium or scandium.
Jupiter also contains all four key magnet rare earths — Nd, Pr, Dy and Tb — representing ~23% of TREO.
At 2.3c, $CRI now has a Scoping Study putting serious numbers behind Jupiter.
The next phase is PFS, further metallurgy, resource conversion, offtake discussions, strategic partnerships and funding.
This story is no longer just about the size of the resource.
Now there are economics attached to it.
Not financial advice. Always DYOR.
#ASX #CRI #RareEarths #CriticalMinerals