TLDR
- Critical Metals (CRML) jumped 30% after Greenland approved the transfer of a 50.5% stake in Tanbreez Mining, lifting its total ownership to 92.5%.
- The Tanbreez project holds eight heavy rare earth elements used in defense, clean energy, and advanced tech.
- Texas Capital initiated coverage with a Buy rating and a $20 price target, implying 126% upside.
- Critical Metals has a $120M EXIM Bank letter of intent and a $30M acceleration program underway.
- First ore production is targeted for late 2028 to early 2029, with concentrate exports planned for Q3 2029.
Critical Metals Corp. (CRML) saw its stock jump 30% on Friday after the Government of Greenland approved the transfer of a remaining 50.5% interest in Tanbreez Mining Greenland A/S to the company.
The approval brings Critical Metals’ total ownership in the Tanbreez project to 92.5%. European Lithium Ltd (EUR) retains the remaining 7.5% stake and holds 37.5% of Critical Metals itself.
The Tanbreez project sits in Southern Greenland and contains eight critical heavy rare earth elements. These materials feed into defense systems, clean energy production, and advanced technology manufacturing.
One practical advantage the site has going for it: year-round direct shipping access through deep water fjords to the North Atlantic Ocean. A new international airport located 12 km from the site is also expected to improve logistics for personnel and equipment.
Financing and Development Plans in Place
Critical Metals has locked in a $120 million letter of intent from EXIM Bank to support project development and financing. The company has also approved a $30 million acceleration program to fast-track drilling, infrastructure, engineering, and metallurgical work.
Pilot plant operations are set to begin in May. A 150-tonne bulk sample program is planned for June.
The company is targeting first ore production in late 2028 to early 2029. Concentrate exports are scheduled to begin in Q3 2029.
In March, independent testing at Fremantle Metallurgy confirmed a 40% improvement in refined concentrate grade, reaching 2.96% TREO. That result beat the historical benchmark set in 2016.
Critical Metals is currently in discussions with supply chain partners in the United States, Europe, and Saudi Arabia. Offtake partners are each expected to receive a minimum of 10 tonnes of high-grade pre-production eudialyte concentrate.
Texas Capital Starts Coverage With 126% Upside Target
The day’s news didn’t stop with Greenland. Texas Capital also initiated coverage of CRML on Friday with a Buy rating and a $20 price target.
That target implies 126% upside from current levels — a number that got attention fast.
Texas Capital described the Tanbreez asset as a potential key piece of the Western rare earth supply chain. The firm cited “compelling long-term scale, strong resource quality, and a strategic location serving both the US and European markets.”
With full operational control now secured, Critical Metals holds a cleaner path to executing its development timeline. Texas Capital’s initiation adds institutional weight to the story on the same day the ownership transfer was confirmed.
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