Critical Metals Corp. (CRML) secured 92.5% ownership of the Tanbreez rare‑earth project after the Greenland government approved the transfer of the remaining 50.5% stake on April 17 2026. European Lithium Ltd. retains a 7.5% interest, leaving CRML with a controlling position that removes the last major ownership hurdle.
Tanbreez is one of the world’s largest known deposits of heavy rare earth elements (HREEs), estimated at 4.7 billion tonnes with an average grade of 0.40 % rare‑earth oxides. The deposit’s high concentration of HREEs—critical for advanced technology, defense, and clean‑energy applications—makes it a strategic asset for Western supply chains that have long sought alternatives to China.
The Greenland approval de‑risks the project by granting CRML full operational control and eliminating the regulatory overhang that had previously limited financing and offtake negotiations. "This is a game‑changing moment for Critical Metals Corp. and for Western rare earth supply security. Securing 92.5% ownership of Tanbreez — with the full support and approval of the Greenlandic Government — removes the most significant structural overhang on the project and provides the clarity to advance Tanbreez to production with confidence," said Tony Sage, Chairman of CRML.
CRML has secured a $120 million letter of intent from the U.S. Export‑Import Bank (EXIM Bank) to support project development, and a $30 million acceleration program has been approved to fast‑track drilling, infrastructure, engineering, and metallurgy. Independent testing has confirmed a 40 % improvement in refined concentrate grade, achieving 2.96 % total rare‑earth oxide (TREO). Production of ore is targeted for late 2028 to early 2029, with concentrate exports planned for the third quarter of 2029.
The company remains pre‑revenue and unprofitable, with capital expenditures required to bring Tanbreez to production. The Greenland approval is a key milestone that positions CRML to secure additional financing, solidify offtake agreements, and accelerate the project toward commercial output. CRML also owns the Wolfsberg Lithium Project in Austria, which is fully permitted and represents a complementary asset in the company’s critical‑minerals portfolio.
Investors responded positively to the announcement, reflecting confidence in the de‑risking of the Tanbreez project and the strategic importance of securing a high‑grade HREE supply for Western markets.
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