The Government of Greenland has approved the transfer of the remaining 50.5% stake in Tanbreez Mining Greenland A/S to Critical Metals Corp. (NASDAQ:CRML), lifting the company’s total ownership to 92.5%, according to a company statement.
European Lithium Ltd will retain a 7.5% interest in the project and continues to hold a 37.5% stake in Critical Metals Corp. The Tanbreez asset, located in southern Greenland, is known for its heavy rare earth element resources.
Chairman Tony Sage said the approval “removes the most significant structural overhang on the project and provides the clarity to advance Tanbreez to production with confidence.”
The company also highlighted recent progress, including metallurgical test results showing a total rare earth oxide concentrate grade of 2.96%, which it described as a 40% improvement compared to earlier outcomes. The testing work was carried out at Fremantle Metallurgy.
Critical Metals Corp has launched a $30 million program aimed at accelerating drilling, infrastructure development, engineering, and metallurgical activities. It is targeting initial ore production between late 2028 and early 2029, with exports of concentrate expected to begin in the third quarter of 2029.
The company has also secured a $120 million letter of intent from the Export-Import Bank and is in discussions with potential offtake partners across the United States, Europe, and Saudi Arabia. Pilot plant operations are scheduled to commence in May 2026.
Additionally, a new international airport located roughly 12 kilometers from the Tanbreez site is expected to improve logistical access. The project also benefits from year-round shipping capabilities via deep-water fjords connected to the North Atlantic Ocean.