GREENLAND - Critical Metals Corp. (NASDAQ:CRML) reported today progress on infrastructure development and field operations at its Tanbreez Rare Earth Project in Greenland, according to a press release statement. The company, which carries a market capitalization of $1.79 billion, has seen its stock surge 757% over the past year, though InvestingPro analysis suggests the stock is currently trading above its Fair Value.
The company said construction of footings for a pilot plant headquarters and infrastructure facilities is underway. Camp facilities near Qaqortoq International Airport are being developed, including a mess hall and offices to accommodate expanding site personnel.
Additional drill rigs have been assembled and are scheduled for field mobilization in the coming weeks to support drilling programs and resource development activities. The company hosted a technical meeting with NIRAS to plan geotechnical drilling surveys for engineering design and infrastructure placement.
Field crews have begun surveying and preparation work in the Upper Fjord and Hill Deposit areas to identify material for bulk sampling programs. These samples will provide feedstock for pilot plant testing and metallurgical evaluation.
The company stated that stage 1 completion of the pilot plant and head office warehouse is scheduled for August 2026.
"Our teams continue to execute on key milestones that support the accelerated development of the Tanbreez Project," said Tony Sage, Chairman of Critical Metals, in the statement.
Critical Metals Corp. describes itself as a mining development company focused on critical minerals. The company also owns the Wolfsberg Lithium Project in Austria.
The Tanbreez deposit is located in Southern Greenland with access to deep water fjords leading to the North Atlantic Ocean.
In other recent news, Critical Metals Corp. has made significant strides with its Tanbreez project. The company completed a $60 million PIPE financing and received approval for a 50.5% ownership transfer, increasing its stake to 92.5%. This progress has led Freedom Broker to raise its price target for Critical Metals shares from $15.00 to $17.00, maintaining a Buy rating. Additionally, Critical Metals announced a 15-year binding offtake agreement with REalloys Inc. for the purchase of 15% of Tanbreez’s annual rare earth concentrate production. This agreement includes priority rights for certain critical heavy rare earth elements and options for two additional five-year extensions.
Moreover, Critical Metals has entered into a binding agreement to acquire all outstanding shares and listed options of European Lithium Ltd. through two interdependent Australian schemes of arrangement. European Lithium shareholders will receive 0.035 Critical Metals shares for each share held. The acquisition is expected to conclude in the second half of 2026. Lastly, Critical Metals filed an amended report with the SEC to correct the independent auditors’ statements for Tanbreez’s financials, clarifying compliance with International Financial Reporting Standards.
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