Critical Metals Corp. (CRML) announced that its Board of Directors has approved a $30 million acceleration program to de‑risk and fast‑track the Tanbreez heavy‑rare‑earth project in Greenland. The program allocates $12.5 million to exploration and production activities in 2026 and $15 million to infrastructure acquisitions in Greenland and Australia, with the goal of meeting the Greenland exploitation license deadlines and advancing the project to first ore production in the fourth quarter of 2028 or the first quarter of 2029 and concentrate exports by the third quarter of 2029.
The Tanbreez deposit has expanded from an initial 45 million tonnes to approximately 130 million tonnes, with 6,000 meters of drilling completed. The resource contains 27–28 % heavy rare earths and minimal radioactive byproducts. The total estimated project cost is $290 million, and the company has secured a $120 million Letter of Intent from the U.S. Export‑Import Bank to support development and financing. Off‑take agreements covering roughly 75 % of projected output have already been signed with partners in the United States, Europe, and Saudi Arabia.
The acceleration program addresses Critical Metals’ urgent liquidity needs and positions the company to capture the growing demand for heavy rare earths in electric‑vehicle motors and defense applications. Greenland’s location offers year‑round shipping access and geopolitical stability, making the project a strategic asset for Western supply chains that seek to reduce reliance on China.
"The board's approval of this $30m acceleration programme marks an important step forward in unlocking the enormous potential of the Tanbreez rare earth deposit," said CEO Tony Sage. "Over the past 18 months our team has systematically advanced the project through exploration success, strategic partnerships and infrastructure development." Sage added, "The extension of our exclusive Exploitation License from the Greenland government is a significant milestone, demonstrating strong local support for our project, which is expected to create numerous local jobs." He further noted, "The Tanbreez project offers immense potential for reducing western countries' reliance on China for critical materials needed to support the transition to clean energy and defense applications, thereby bolstering national security."
The announcement represents a significant step in Critical Metals’ strategy to move its flagship Tanbreez asset from exploration into development. By allocating $30 million to accelerate drilling, engineering design, and metallurgical work, the company demonstrates confidence in the project’s viability and its ability to meet regulatory deadlines. The combination of a high‑grade heavy‑rare‑earth resource, secured financing, and robust offtake agreements positions Critical Metals as a potential key Western supplier of heavy rare earths, with implications for long‑term growth and competitive advantage.
The acceleration program underscores Critical Metals’ commitment to building a resilient supply chain for critical minerals, aligning with global demand for clean‑energy and defense technologies. The move is expected to strengthen the company’s financial position and enhance its strategic standing in the rare‑earth market.
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