A newly published scoping study on ASX-listed Critica's Mt Lindsay tin/tungsten project in Tasmania finds the proposed one-million-tonne-a-year underground mining and processing development has an after-tax net present value of about A$1.01-billion, an internal rate of return of 56% and payback period of about 1.9 years - at base case prices.

The project has an estimated pre-production capital requirement of A$244-million, compared with life-of-mine (LoM) sales revenue potential of A$5.2-billion, over a 13.5-year lifetime.

The scoping study outlines an underground development pathway for Mt Lindsay with significant exposure to tin and tungsten, which are commodities with important applications across electronics, advanced manufacturing, defence and aerospace.

The study, as prepared by consultancy DRA Global, contemplates an owner-operated underground mining and processing operation incorporating dual-decline access, longhole open stoping with paste fill, conveyor materials handling, a tin/tungsten/magnetite processing flowsheet and supporting infrastructure.

Critica explains the underground concept represents a material departure from the historical openpit development approach and seeks to minimise additional surface disturbance through project design.

Notably, Mt Lindsday gives Critica substantial exposure to tungsten which can contribute about 75% of the modelled base case LoM revenue - at a time when secure Western supply of tungsten is becoming more strategically important.

The current scoping study economics exclude copper and other potential byproducts, which means there is further project upside subject to metallurgical and commercial evaluations.

"Our focus now is on systematically advancing the technical, metallurgical, approvals, funding and commercial work required to progress Mt Lindsay toward a definitive feasibility study," says Critica CEO Jacob Deysel.

He adds that the Jupiter rare earths project's scoping study is also due to be published shortly.