Critical Metals Corp (NASDAQ:CRML) has launched a 2,000-meter diamond drilling program at its Tanbreez project in Greenland, home to one of the world’s largest rare earth deposits by resource size.
The company stated this phase is a key step toward advancing the mine toward commercial production, which is anticipated to start next year. The drilling will focus on substantially expanding the current mineral resource estimate — the evaluated quantity and quality of minerals with economic extraction potential.
CEO Tony Sage commented, “Launching our 2025 drilling campaign at Tanbreez is an important investment and step in our efforts to bring this game-changing rare earth asset into production as soon as possible to meet the growing demand in the United States and the West more broadly for rare earth material.”
Field teams are actively conducting site surveys and collecting data vital for completing the bankable feasibility study. This detailed analysis will provide financial institutions with the insights needed to support investment decisions. The company is on schedule to submit regulatory reports required by Greenland authorities by the end of this year.
Critical Metals was formed through the merger of Australia’s European Lithium and U.S.-based Sizzle Acquisition. In 2024, it secured a controlling stake in the Tanbreez mine through a binding agreement, aiming to supply critical materials for electrification and next-generation technologies.
Despite the promising outlook, Critical Metals shares have dropped over 54% this year. The stock tumbled in February after the company announced a discounted private placement of 4.5 million shares to raise $22.5 million via PIPE financing.
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