Critical Metals Corp Advances Development of the Tanbreez Rare Earth Mine

Rhea-AI Summary

Critical Metals Corp (Nasdaq: CRML) has provided an update on its Tanbreez Greenland Rare Earth Mine project. The company has been granted an extension for its Exploitation License from the Greenland government, with new deadlines set for submitting exploitation and closure plans, providing financial security, and commencing mineral exploitation.

Additionally, Critical Metals Corp has completed its diamond drilling program at the Tanbreez Project. Rare earth material samples extracted during the drilling have been sent to ALS laboratory in Ireland for analysis, with results expected over the next several months.

CEO Tony Sage emphasized the company's close collaboration with Greenland officials and the local community, highlighting the project's potential for creating local jobs. The Tanbreez Project is described as one of the world's largest rare earth assets, positioned to produce strategic materials essential for electrification and next-generation technologies in Europe and Western countries.

Positive

• Extension of exclusive Exploitation License granted by Greenland government
• Successful completion of diamond drilling program on schedule
• Potential for creating numerous local jobs in Greenland
• Tanbreez Project described as one of the world's largest rare earth assets

Negative

• Extended timeline for project development with new deadlines set for 2025-2028
• Financial security and company guarantee required by June 30th, 2026

Insights

Mining Industry Analyst

The extension of Critical Metals Corp's Exploitation License for the Tanbreez Project in Greenland is a significant development. This demonstrates governmental support and reduces regulatory uncertainty, a important factor for mining projects. The new timeline, with exploitation plans due by 2025 and mineral exploitation to commence by 2028, provides a clear roadmap for investors. The completion of the diamond drilling program is also noteworthy, as it moves the project closer to resource definition and potential production. However, investors should note that the company is still in the development phase, with several years before potential revenue generation. The Tanbreez Project's focus on rare earth elements aligns with growing global demand for these materials, essential for green technologies. This positions Critical Metals Corp favorably in the critical minerals market, but success will depend on efficient execution and market conditions over the coming years.

Environmental Policy Expert

The advancement of the Tanbreez Rare Earth Mine project raises important environmental considerations. Rare earth mining can have significant ecological impacts, including potential soil and water contamination. The Greenland government's extension of the Exploitation License suggests confidence in Critical Metals Corp's environmental management plans. However, investors should closely monitor the development of the exploitation and closure plans due by 2025, as these will be important in assessing the project's long-term sustainability and potential liabilities. The requirement for financial security by 2026 is a positive sign, indicating that funds will be set aside for environmental protection and site restoration. As the project progresses, Critical Metals Corp will need to demonstrate robust environmental safeguards to maintain its social license to operate in Greenland's sensitive Arctic ecosystem.

Granted extension for exclusive Exploitation License from Greenland government

Completes diamond drilling program; rare earth material samples sent for testing        

NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Critical Metals Corp (Nasdaq: CRML) (“Critical Metals Corp”), a leading mining development company focused on critical metals and minerals and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today provided a project update for the Tanbreez Greenland Rare Earth Mine (the “Tanbreez Project”), one of the world’s largest rare earth assets located in Southern Greenland. The Tanbreez Project has been granted an extension for its Exploitation License from the Greenland Cabinet of Ministers and the Company completed its recently announced diamond drilling program.

“The Critical Metals Corp team continues to work closely with Greenland officials and the local community as we advance our plans for this foundational rare earth asset,” said Tony Sage, CEO and Chairman of Critical Metals Corp. “The extension of our exclusive Exploitation License from the Greenland government is a significant milestone, demonstrating strong local support for our project, which is expected to create numerous local jobs. We also successfully completed our diamond drilling program on schedule, ahead of the winter months, and eagerly anticipate the insights from the upcoming sample analysis.”

Exploitation License Extension

The Greenland Government has granted an extension to certain deadlines under the Exploitation license of the Tanbreez Project (License No. 2020-54) 2028. Under the new amendment, Tanbreez Mining Greenland A/S is required to submit its exploitation and closure plans by the end of 2025, provide financial security and a company guarantee by June 30th, 2026, and commence the exploitation of minerals by the end of 2028.

Diamond Drilling Program

With the drilling program concluded, all rare earth material extracted has been safely secured in storage. A portion of the rare earth material extracted has been sent to be analyzed by ALS laboratory in Ireland. Critical Metals Corp expects to receive the test results over the next several months.

***The Tanbreez Project under the Northern Lights***

***Drill core from the Tanbreez Project***

***Eudialyte rock from the Tanbreez Project***

***The Tanbreez Project orebody***

***The Tanbreez Project orebody***

***Ore material from the Tanbreez Project***

About Critical Metals Corp.

Critical Metals Corp (Nasdaq: CRML) is a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners. Its initial flagship asset is the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria. The Wolfsberg Lithium Project is the first fully permitted mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable building block in an expanding geostrategic critical metals portfolio.

For more information, please visit https://criticalmetalscorp.com/.

Cautionary Note Regarding Forward Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include, without limitation, statements regarding the financial position, financial performance, business strategy, expectations of our business and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “designed to” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

These forward-looking statements may include statements, among other things, relating to: general economic conditions and conditions affecting the industries in which the Company operates; expansion and other plans and opportunities, including expansion into other strategic assets; and other statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors discussed under the “Risk Factors” section in the Company’s Shell Company Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2024 and in the Company’s proxy statement/prospectus, dated December 27, 2023, as supplemented by that proxy statement/prospectus supplement No. 1, dated February 15, 2024, forming a part of Registration Statement on Form F-4 (File No. 333-268970), as amended, which was declared effective on December 27, 2023. These forward-looking statements are based on information available as of the date of this news release, and expectations, forecasts and assumptions as of that date, involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Critical Metals Corp.
Investor Relations: ir@criticalmetalscorp.com
Media: pr@criticalmetalscorp.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/a731bdfb-1f6b-497c-9427-45dd0325c581

https://www.globenewswire.com/NewsRoom/AttachmentNg/22d43025-7670-4d4e-ae91-1000cac11d92

https://www.globenewswire.com/NewsRoom/AttachmentNg/ed454328-35c2-41c1-b9d8-fefb9c19fc74

https://www.globenewswire.com/NewsRoom/AttachmentNg/e8e4e6cd-3c87-40d0-ad74-79ac0a79393f

https://www.globenewswire.com/NewsRoom/AttachmentNg/89c93f00-af7f-4baf-a29b-8fd253375e6d

https://www.globenewswire.com/NewsRoom/AttachmentNg/ccf882ce-6cc9-4395-8bee-c0c693b83341

FAQ

What extension has Critical Metals Corp (CRML) received for the Tanbreez Project?

Critical Metals Corp has received an extension for its Exploitation License from the Greenland government for the Tanbreez Rare Earth Mine project, with new deadlines set for submitting plans, providing financial security, and commencing mineral exploitation by 2028.

What recent milestone has Critical Metals Corp (CRML) achieved at the Tanbreez Project?

Critical Metals Corp has successfully completed its diamond drilling program at the Tanbreez Project in Greenland. Rare earth material samples extracted during the drilling have been sent to ALS laboratory in Ireland for analysis.

When does Critical Metals Corp (CRML) expect to receive test results from the Tanbreez Project drilling?

Critical Metals Corp expects to receive the test results from the rare earth material samples sent to ALS laboratory in Ireland over the next several months.

What is the significance of the Tanbreez Project for Critical Metals Corp (CRML)?

The Tanbreez Project is described as one of the world's largest rare earth assets, positioned to produce strategic materials essential for electrification and next-generation technologies in Europe and Western countries. It also has the potential to create numerous local jobs in Greenland.