Critical Metals NASDAQ: CRML outlined recent progress at its Tanbreez rare earths project in Greenland and discussed its efforts to build an end-to-end supply chain aimed at Western and NATO markets during a presentation at Virtual Investor Conferences’ Precious Metals and Critical Mineral Conference. The update was delivered by Tom McNamara, the company’s Director of Corporate Development and IR.
Recent milestones and ownership consolidation
McNamara said the company has reached several “major milestones” over the past six months, including pilot plant work and third-party audits supporting the view that eudialyte “is actually able to be processed commercially.” He also pointed to what he described as improving lab results, saying tests indicate Tanbreez is “getting bigger” and improving in quality.
McNamara highlighted a recent ownership update, stating the company has secured “92.5% of Tanbreez ownership” and has a bid outstanding for European Lithium, which he described as a “sibling company,” with the strategic aim of consolidating the remaining interest. He said completing that transaction would bring ownership to 100% of Tanbreez, which he characterized as “very important” for the company.
2026 field program, pilot plant plans, and spending outlook
Looking ahead to upcoming work in Greenland, McNamara said Critical Metals expects to deploy “up to 5 rigs drilling” when conditions allow and plans to construct a core shack and a core laboratory. He also said the company hopes to have its pilot plant on site as soon as possible in order to begin pre-construction activity.
McNamara emphasized the goal of moving from laboratory-scale work to larger sample deliveries, stating that later this year the company expects to provide “several tons” of material to offtake partners to demonstrate a “full mine to magnet supply line.”
On capital needs, McNamara said Critical Metals expects to spend about $30 million this year and that the company has “ample cash” on its balance sheet. He added that if the European Lithium transaction is successful, it would add cash, and he said the company remains in discussions with institutions globally regarding potential financing.
Romanian joint venture focused on NATO supply
McNamara also discussed a Romanian joint venture announced late last year, calling it strategically significant. He said “half of phase 1 of Tanbreez will be dedicated” to the venture and described it as a 50-50 arrangement in which Critical Metals will be “carried for 100% of the CapEx.”
He said Romania’s existing nuclear infrastructure is relevant to rare earth processing and described the planned output as “the highest grade magnets, military grade magnets and coatings.” McNamara said the venture is intended to supply NATO countries, noting Romania’s status as an EU and NATO member, and added that Critical Metals would have “50% of that on the end of the process.”
Metallurgy, purity targets, and Tanbreez project characteristics
McNamara said the company’s metallurgical work has improved its understanding of the “core” of the deposit and described the potential mining life as “50 years” based on what he considers the core area. He also said grades have been improving and highlighted rising purity levels “to almost 4 nines,” which he quantified as 99.9995%, tying that level to aerospace, military, and potential robotics applications.
Discussing Tanbreez’s location and infrastructure, McNamara said the project sits in a fjord that can handle “Panamax-sized ships” and described shipping lanes as favorable. He referenced a preliminary economic assessment (PEA), calling it a “very simplistic look” and said the company is working on a feasibility study it hopes to publish by the end of the year.
He also described operational features he believes could improve economics and environmental impact, including “virtually no stripping ratio,” proximity to port facilities, and plans to use hydropower “or as much hydro as we can,” along with magnetic separation in concentrating. McNamara said the company expects the operation to be highly environmentally friendly.
Gallium observations and Austrian lithium project update
McNamara said the company has been finding increasing amounts of gallium, describing it as a material China has “completely banned from export.”
He also briefly reviewed a lithium project in Austria, described as a joint venture with European Lithium. McNamara said the project is backed by an offtake contract with BMW and characterized it as a potential “first fully mine to battery operation in Europe.” He said the material is expected to be processed or tolled in Saudi Arabia and described the arrangement as significant for both the company and Saudi Arabia, adding that company relationships with the Saudi government date back several years.
In the Q&A portion, McNamara said a Saudi joint venture remains in finalization and would likely come after the Romanian plant. He said it would be a smaller version of the Romanian facility using the company’s technology and suggested construction could begin in “two years from now, maybe 18 months.” He also said interest from multiple parties in Greenland infrastructure—particularly port and hydro linkups—could help with financing and capital costs, noting the port could be “multipurpose.”
McNamara added that the company’s near-term priorities over the next 12 to 18 months include progressing the Greenland capital program—core lab, core shack, pilot plant—and delivering bulk samples to offtake partners. He also said the pilot plant’s key purpose is enabling delivery of Tanbreez material to offtake partners, and while timing has been affected by colder-than-expected conditions, he described the pilot plant as a “fungible, movable asset” and said the sample-delivery timeline is not changing.
About Critical Metals NASDAQ: CRML
Critical Metals Corp. engages in the mining, exploration, and development of lithium metals. It owns Wolfsberg Project and Tanbreez Project. The company was founded on October 24, 2022 and is headquartered in British Virgin Islands.
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