Critical Metals Corp (Nasdaq:CRML) announced a major step forward in its strategy to secure critical mineral supply chains, amending its agreement with Rimbal Pty Ltd to acquire a 92.5% controlling interest in the Tanbreez Rare Earth Project in Greenland.
The revised deal replaces a previously undefined $116M share-based valuation with a fixed issuance of 14.5M ordinary shares, priced at $8.00 per share, streamlining the transaction and providing greater clarity for investors. Importantly, Rimbal has waived the prior $10M investment condition, allowing Critical Metals to move swiftly once Greenland government approval is secured.
European Lithium Ltd will retain its 7.5% minority interest, maintaining a strategic foothold in the project.
The Tanbreez deposit, founded by geologist Gregory Barnes, hosts an estimated 4.7B mt of mineralized material, rich in heavy rare earth elements and gallium—key inputs for clean energy, advanced electronics, and defence applications. Barnes will remain engaged as a technical advisor and shareholder, ensuring continuity and leveraging decades of geological expertise.
Tony Sage, CEO and Executive Chairman of Critical Metals Corp. commented, “This milestone agreement enables us to focus on bringing this world-class asset into production. Greg’s continued involvement strengthens our technical foundation as we advance toward commercialization.”
Barnes added, “Tanbreez is a game-changer for Western rare earth supply. I’m confident in the team’s ability to execute and remain committed to the project’s long-term success.”
The acquisition reinforces Critical Metals Corp’s position as a key player in the global energy transition, complementing its existing portfolio, including the Wolfsberg Lithium Project in Austria.
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