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Stock Markets April 17, 2026 09:42 AM

Critical Metals Gains Control of Tanbreez; Stock Jumps 30% After Greenland Approval

Approval increases company stake to 92.5% as development timetable and financing progress advance

By Hana Yamamoto CRML
Critical Metals Gains Control of Tanbreez; Stock Jumps 30% After Greenland Approval
CRML

Critical Metals Corp. saw its shares climb 30% after Greenland's government approved the transfer of an additional 50.5% interest in Tanbreez Mining Greenland A/S, raising the miner's stake to 92.5%. The approval consolidates operational control of the Southern Greenland heavy rare earths project, which contains eight critical elements. The company has secured a $120 million letter of intent from EXIM Bank, approved a $30 million acceleration program, and outlined a development timetable that targets first ore production in late 2028 to early 2029 and concentrate exports in the third quarter of 2029.

Key Points

  • Critical Metals' ownership of the Tanbreez project rises to 92.5% following Greenland government approval; European Lithium retains a 7.5% interest and holds 37.5% of Critical Metals.
  • The Tanbreez deposit contains eight heavy rare earth elements relevant to defense, clean energy, and advanced technology; the site has year-round deep-water shipping access and proximity to a new international airport, supporting logistics.
  • Company has a $120 million letter of intent from EXIM Bank, a $30 million acceleration program, improved metallurgical test results (2.96% TREO), and a development timeline targeting first ore in late 2028 to early 2029 with concentrate exports in Q3 2029.

Key development and market reaction

Critical Metals Corp. saw its stock price increase by 30% on Friday after receiving formal approval from the Government of Greenland to transfer the remaining 50.5% interest in Tanbreez Mining Greenland A/S to the company. The transfer raises Critical Metals' total ownership of the Tanbreez project to 92.5%, consolidating its operational and strategic control of the site in Southern Greenland.

Project ownership and partner stakes

European Lithium Ltd retains a 7.5% interest in the Tanbreez project and holds a 37.5% equity stake in Critical Metals. With the newly approved transfer, Critical Metals becomes the dominant holder of the asset, positioning the company to steer development decisions for the project.

Asset description and logistics

The Tanbreez deposit hosts eight critical heavy rare earth elements that the company identifies as relevant to defense, clean energy, and advanced technology applications. The site benefits from year-round direct shipping access through deep water fjords to the North Atlantic Ocean, and a new international airport located 12 km from the Tanbreez site is expected to improve logistics for personnel, equipment, and supply chains.

Financing and development program

Critical Metals has secured a $120 million letter of intent from EXIM Bank to support development and financing of the project. The company has also approved a $30 million acceleration program intended to fast-track drilling, infrastructure, engineering, and metallurgical activities.

Schedule and pilot activities

The company is targeting first ore production in late 2028 to early 2029, with concentrate export planned for the third quarter of 2029. Pilot plant operations are scheduled to begin in May, followed by a 150-tonne bulk sample program planned for June.

Metallurgical results and commercial discussions

Independent testing conducted in March at Fremantle Metallurgy reported a 40% improvement in refined concentrate grade, achieving 2.96% TREO, a result that exceeded historical 2016 outcomes. Critical Metals is engaged in discussions with supply chain partners in the United States, Europe, and Saudi Arabia. Under current plans, offtake partners will each receive a minimum of 10 tonnes of high-grade pre-production eudialyte concentrate.

Summary of implications

  • Consolidation of ownership gives Critical Metals operational control of the Tanbreez project.
  • Secured LOI for $120 million and an approved $30 million acceleration program support near-term development activity.
  • Improved metallurgical test results and planned pilot programs advance the project toward targeted production in 2028-2029.

Note: Timelines, financing, and commercial agreements described above are those stated by the company.

Risks

  • Financing support is documented as a $120 million letter of intent from EXIM Bank; letters of intent do not guarantee final funding and financing terms may change - this primarily affects project finance and mining development sectors.
  • The company is targeting specific production and export dates (late 2028 to early 2029 and Q3 2029 respectively); those timetable targets are projections and may be subject to delays, impacting mining and supply chain schedules.
  • Offtake arrangements are currently in discussion and not finalized; the absence of completed offtake agreements could create uncertainty for commercialization and revenue realization, affecting metals trading and industrial end-users.

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