Critical Metals Corp. (Nasdaq: CRML) has secured approval from the Government of Greenland to acquire the remaining 50.5% interest in Tanbreez Mining Greenland A/S, increasing its ownership of the Tanbreez rare earth project to 92.5% and cementing its position as controlling shareholder of one of the world’s largest undeveloped heavy rare earth deposits.
Following completion of the transfer, European Lithium Ltd will retain a 7.5% interest in Tanbreez while also holding a 37.5% stake in Critical Metals Corp. CRML and European Lithium will together maintain full strategic control of the project.
The Greenland Government’s approval marks a major ownership milestone and removes one of the final structural hurdles for Tanbreez’s development. With near‑total ownership now secured, CRML gains full operational and strategic authority over the asset, located in southern Greenland and endowed with all eight critical heavy rare earth elements required for defence, clean energy and advanced technology applications. The project benefits from year‑round deep‑water access to the North Atlantic via fjords, providing a logistical advantage over many competing deposits.
Tony Sage, chairman of Critical Metals Corp., commented, “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.”
He added that the company is advancing multiple workstreams in parallel, supported by improved metallurgical results, pilot‑plant preparation and active engagement with potential offtake partners. “Tanbreez is no longer a future project – it is a project in development,” he said.
The ownership approval builds on a series of recent milestones at Tanbreez, including a ~40% improvement in refined concentrate grade confirmed in March 2026 testwork, the acquisition of a majority interest in 60° North Greenland ApS to strengthen in‑country operational capacity, and the launch of a $30M acceleration programme covering drilling, infrastructure, metallurgy and engineering. Pilot‑plant operations are scheduled to begin in May 2026, with a 150‑tonne bulk sample programme planned for June.
Critical Metals has also secured a US$120M letter of intent from EXIM Bank and continues to progress offtake discussions with partners in the United States, Europe and Saudi Arabia. Each partner is expected to receive a minimum of 10 tonnes of pre‑production eudialyte concentrate as part of early development work.
With the ownership structure now settled, CRML said its full focus will be on accelerating Tanbreez toward production, targeting first ore in late 2028 to early 2029 and initial concentrate exports in the second half of 2029.
To learn more about this, please visit https://www.criticalmetalscorp.com/
For more articles like this, please visit https://www.theassay.com/
