Critical Metals Corp. (NASDAQ:CRML) shares soared 16.7% on Wednesday after the company announced it had signed a Letter of Intent (LOI) for a rare earth offtake agreement with REalloys Inc., a U.S.-based processor preparing for a Nasdaq listing.
Under the proposed multi-year partnership, Critical Metals will provide up to 15% of annual rare earth concentrate output from its Tanbreez Project to REalloys. The deal builds on the company’s recent supply agreement with Ucore, which together account for 25% of Tanbreez’s committed production dedicated to U.S. customers.
“Tanbreez stands as one of the most strategically important rare earth assets globally, thanks to its scale and composition,” said Tony Sage, CEO and Executive Chairman of Critical Metals Corp.
REalloys, which is finalizing an S-4 merger to go public under the ticker BLBX, is one of the few fully integrated rare earth processors in the United States, with operations spanning from raw material extraction to finished magnet manufacturing.
“The Tanbreez project presents a remarkable opportunity for REalloys, given its rich, long-life deposits of heavy rare earth elements—vital to the defense industrial base of the United States and our allied nations,” said Lipi Mainheim, Chairman and CEO of REalloys.
Both companies are now moving toward definitive agreements, pending due diligence, commercial term finalization, and required approvals.
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