Critical Metals Corp. announced on Tuesday that it has obtained an extension for the exploitation license of its Tanbreez project in Greenland, which holds the world’s largest rare earth deposit. The company is now required to submit exploitation and closure plans by the end of 2025, provide financial security and a company guarantee by June 30th, 2026, and start mining operations by the end of 2028.
Chairman and CEO Tony Sage expressed that the extension is a “significant milestone,” reflecting strong local support and the potential for job creation in the region. The drilling program, which began in September, has concluded, with extracted rare earth material securely stored. A portion has been sent for analysis to ALS laboratory in Ireland, and the company expects to receive results in the coming months.
Located in Southern Greenland, the Tanbreez project contains over 27% heavy rare earth elements (HREE), which are more valuable than lighter rare earth elements. Once operational, the mine will supply rare earth elements to Europeand North America, with year-round direct shipping access through deep-water fjords connecting to the North Atlantic. The orebody, Kakortokite, covers an 8 km by 5 km area and is 400 meters thick.
In addition to Tanbreez, Critical Metals owns Europe’s first fully permitted lithium mine, the Wolfsberg lithium project in Austria, and debuted on the Nasdaq in March. Construction at Wolfsberg is expected to be completed by 2026, with supply commitments to BMW beginning in 2027. The company has also secured a partnership with Obeikan Investment Group to establish a lithium hydroxide plant in Saudi Arabia. Following this announcement, shares in Critical Metals rose over 2.8%, with the company’s market capitalization reaching $536.6 million.
