Critical Metals Corp. (Nasdaq: CRML) has approved a $30 million strategic acceleration program aimed at fast-tracking development of the Tanbreez heavy rare earth element (HREE) project in Greenland, which the company describes as one of the world’s largest known rare earth deposits.
Critical Metals said the program is designed to de-risk and accelerate work across drilling, infrastructure planning, engineering design and metallurgy. The company is targeting first ore production in Q4 2028 or Q1 2029, with concentrate exports beginning by Q3 2029.
In outlining the rationale, the company pointed to rising global demand for rare earth elements tied to electrification, renewable energy buildout and advanced manufacturing, and positioned Tanbreez as a potential new source of heavy rare earth supply for Western markets.
Critical Metals highlighted several milestones it believes strengthen the project’s development pathway, including:
Exploration campaigns in 2024 and 2025 that delivered high-grade assays.
The opening of a new international airport approximately 12 km from the project, expected to improve logistics.
Ongoing offtake and refining discussions with partners in the United States (including REALLOYS and UCORE), as well as Europe and Saudi Arabia.
A $120 million Letter of Intent (LOI) with EXIM Bank to support development and financing initiatives.
For 2026, the company outlined a field program focused on resource growth and project de-risking, including drilling in the Hill Zone, expansion drilling in the Upper Fjord area, resource upgrades, geotechnical drilling for port and infrastructure planning, and bulk sampling to generate concentrate for pilot processing work.
Critical Metals also referenced its broader portfolio, including the Wolfsberg Lithium Project in Austria, which it described as fully permitted and strategically positioned for European markets.
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