Key Highlights
- Greenland authorities have granted Critical Metals Corp (CRML) permission to purchase an additional 50.5% of Tanbreez Mining Greenland, increasing total ownership to 92.5%
- European Lithium (EUR) maintains a 7.5% interest in Tanbreez while holding 37.5% of CRML
- The Tanbreez deposit features all eight critical heavy rare earth elements (HREEs) with year-round deep-water port access
- A $120M letter of intent from EXIM Bank supports CRML’s $30M drilling and development programme
- The company targets May 2026 for pilot plant commissioning
The Government of Greenland has granted Critical Metals Corp regulatory clearance to purchase the outstanding 50.5% interest in Tanbreez Mining Greenland. This transaction elevates CRML’s ownership position to 92.5%.
$CRML is up over 40% after saying Greenland approved its purchase of the remaining ~51% stake in Tanbreez lifting ownership to ~93%.
The approval removes a major overhang on the rare earth project with first ore targeted for late 2028 to early 2029. https://t.co/hAQAn3CROS pic.twitter.com/Mnk5Ox2gyL
— Shay Boloor (@StockSavvyShay) April 17, 2026
European Lithium (EUR), whose shares climbed 8.16% following the announcement, maintains a 7.5% interest in Tanbreez while preserving its 37.5% ownership stake in CRML.
Situated in southern Greenland, Tanbreez ranks among the world’s most significant rare earth deposits. The site hosts all eight critical heavy rare earth elements, including dysprosium and terbium, essential materials for military applications, renewable energy technologies, and sophisticated electronics.
The deposit benefits from a strategic geographical position that competing projects lack — uninterrupted deep-water fjord access to the North Atlantic, enabling efficient year-round maritime transport compared to other isolated rare earth sites.
Development Trajectory
The regulatory green light from Greenland authorities eliminates what CRML chairman Tony Sage described as the “most significant structural overhang” facing the asset. Functionally, this approval grants CRML operational authority and establishes a clear pathway toward commercial production.
Sage commented: “Tanbreez is no longer a future project — it is a project in development.”
The company achieved a metallurgical advancement in March 2026 that enhanced concentrate quality. Additionally, it completed the acquisition of 60° North Greenland, a strategic move aimed at reinforcing local operational capabilities.
CRML has strengthened its advisory board and initiated a $30M programme targeting drilling activities and infrastructure development. The company has obtained a $120M letter of intent from EXIM Bank to finance these initiatives.
Commissioning of pilot plant operations is scheduled for May 2026.
EUR’s Strategic Position
European Lithium’s minority stake allows participation in project upside without bearing primary development responsibilities. Its 7.5% Tanbreez interest combined with a 37.5% CRML holding enables EUR to benefit from project advancement while Critical Metals manages development execution.
EUR trades on the ASX with a year-to-date gain of 48.39% and average daily volume approaching 9 million units. Technical indicators currently signal a buy rating.
The revised ownership arrangement provides CRML and EUR with joint operational oversight of Tanbreez development moving forward.
CRML intends to progress Tanbreez through additional drilling, pilot facility operations, and refreshed economic studies in preparation for the May 2026 pilot plant startup.
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