Critical Metals (NASDAQ: CRML) has approved a $30 million program to accelerate the development of its Tanbreez heavy rare earth project in Greenland, one of the largest known rare earth deposits globally. The investment aims to enhance drilling, infrastructure, engineering design, and metallurgical work necessary for production.
The company’s shares rose 4.6% to $9.35 following the announcement. Critical Metals plans to begin first ore production in late 2028 or early 2029, with concentrate exports projected to start by the third quarter of 2029. Currently, the company has secured offtake agreements covering about 75% of the expected rare earth concentrates from the project.
CEO Tony Sage noted that this funding marks an important step toward realizing the deposit’s potential, amid growing demands for secure supply chains in critical minerals as the U.S. aims to reduce reliance on China.
