Quick Overview
- Critical Metals (CRML) shares surged 30% following Greenland’s approval to transfer a 50.5% interest in Tanbreez Mining, increasing total ownership to 92.5%.
- The Tanbreez site contains eight heavy rare earth elements critical for defense applications, renewable energy, and high-tech manufacturing.
- Texas Capital began coverage with a Buy recommendation and $20 price target, suggesting potential upside of 126%.
- The company has secured a $120M letter of intent from EXIM Bank and is executing a $30M acceleration initiative.
- Initial ore production is expected between late 2028 and early 2029, with concentrate shipments targeted for Q3 2029.
Shares of Critical Metals Corp. (CRML) rocketed 30% higher on Friday following the Government of Greenland’s approval of the transfer of the remaining 50.5% ownership stake in Tanbreez Mining Greenland A/S.
With this approval, Critical Metals now controls 92.5% of the Tanbreez project. European Lithium Ltd (EUR) maintains the remaining 7.5% interest and holds 37.5% ownership in Critical Metals.
Located in Southern Greenland, the Tanbreez project hosts eight critical heavy rare earth elements essential for defense infrastructure, clean energy technologies, and advanced manufacturing sectors.
The site benefits from a strategic logistical advantage: year-round direct shipping capability via deep water fjords providing access to the North Atlantic Ocean. Additionally, a new international airport situated just 12 km away is expected to enhance transport efficiency for workers and equipment.
Financial Framework and Development Timeline Established
Critical Metals has secured a $120 million letter of intent from EXIM Bank to fund project development and related financing needs. The company has also greenlit a $30 million acceleration program designed to expedite drilling activities, infrastructure development, engineering studies, and metallurgical testing.
Pilot plant operations are scheduled to commence in May. A bulk sample program involving 150 tonnes is planned for June.
The company expects to achieve first ore production sometime between late 2028 and early 2029. Concentrate shipments are slated to start in the third quarter of 2029.
This past March, independent analysis conducted at Fremantle Metallurgy demonstrated a 40% enhancement in refined concentrate grade, achieving 2.96% TREO. This result exceeded the historical performance benchmark established in 2016.
Critical Metals is actively negotiating with supply chain stakeholders across the United States, Europe, and Saudi Arabia. Each offtake partner is anticipated to receive at least 10 tonnes of premium-quality pre-production eudialyte concentrate.
Texas Capital Launches Coverage With $20 Price Target Indicating 126% Gain
Friday’s developments extended beyond Greenland’s approval. Texas Capital simultaneously launched coverage of CRML with a Buy rating and established a $20 price target.
The target represents potential upside of 126% from current trading levels — a projection that quickly captured market attention.
Texas Capital characterized the Tanbreez asset as a potentially critical component of the Western rare earth supply infrastructure. The firm highlighted “compelling long-term scalability, superior resource quality, and a strategic geographic position serving both US and European markets.”
With complete operational control now confirmed, Critical Metals possesses a more straightforward route to implementing its development schedule. Texas Capital’s coverage initiation provides institutional credibility to the investment thesis on the same day the ownership transfer received official approval.
