Critical Metals approves $30M for for Tanbreez rare earths

Rare earth developer Critical Metals (NASDAQ: CRML) has approved a $30 million program to accelerate development of its Tanbreez heavy rare earth project in Greenland, one of the world’s largest known rare earth deposits.

Shares rose 4.6% to $9.35 in early trading Tuesday following the announcement.

The company said the funding will advance drilling, infrastructure, engineering design and metallurgical work needed to move the project closer to production. The effort comes as the US and its allies push to build secure supply chains for critical minerals used in electronics, defence systems and clean energy technologies, amid concerns about heavy reliance on China.

Chief executive Tony Sage said the board’s approval marks a key step in unlocking the deposit’s potential after about 18 months of exploration progress, partnerships and infrastructure planning. The next phase will focus on speeding the project toward production as Western governments seek new sources of heavy rare earth elements.

Critical Metals has already taken steps to support development. In January, the company approved construction of a multi-use storage and pilot facility in Qaqortoq and announced the acquisition of a fully integrated mobile assay laboratory designed to provide real-time geochemical data directly at the site. The lab will support a proof-of-concept pilot plant by enabling rapid elemental analysis of drill core and processing samples.

The company expects first ore production in the fourth quarter of 2028 or the first quarter of 2029, with concentrate exports beginning by the third quarter of 2029.

Critical Metals has signed offtake agreements covering about 75% of the rare earth concentrates expected from the project.

Trump administration officials also reportedly approached the company last year about taking a stake.