Critical Metals Corp. Accelerates the Development of the Tanbreez Project With an Immediate $30 Million Strategic Program to Advance One of the World’s Largest REE Deposits Towards Production
NEW YORK, March 10, 2026 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp” or the “Company”), a leading critical minerals mining company, today announced that its Board of Directors has approved a $30 million acceleration program to de-risk and fast-track the development of the Tanbreez HREE Project in Greenland, one of the world’s largest known rare earth deposits.
The strategic program will significantly advance drilling, infrastructure, engineering design and metallurgical programs, accelerating Tanbreez towards a target of first ore production in Q4 2028 or Q1 2029, with concentrate export beginning by Q3 2029.
With global demand for rare earth elements rising rapidly due to electrification, renewable energy expansion, and advanced technology manufacturing, the Company believes Tanbreez has the potential to become the most important new sources of heavy rare earth elements for Western markets in decades.
Major Strategic Acceleration Plan
The newly board approved $30 million development program will accelerate the transition of Tanbreez from exploration toward development and production.
Key components include:
- $12.5 million 2026 exploration and resource program
- Up to 6,000 metres of drilling with multiple diamond drill rigs
- Resource expansion targeting approximately 130 million tonnes from 45 million tonnes
- Bulk sampling programs to generate pilot plant feedstock
- Approximately $15 million in infrastructure acquisitions across Greenland and Australia
- Advanced metallurgical test work with European refining partners
- Integrated engineering programs with international consultants
These initiatives are designed to fast-track the geological, technical, and engineering workstreams required to support the project’s development timeline and are subject to Greenland Government approvals.
Building on Recent Strategic Milestones
The acceleration program builds on a series of major milestones achieved by Critical Metals over the past several years as the Company has rapidly assembled a globally significant critical minerals portfolio.
Key Corporate and Project Milestones
- Successful exploration campaigns in 2024 and 2025, which delivered very high-grade assay results and reinforced Tanbreez’s potential as a long-life rare earth resource.
- The opening of a new international airport located just 12 km from the Tanbreez site is expected to significantly enhance logistics efficiency, improving connectivity for personnel, equipment, and supply chains.
- Strategic offtake and refining discussions with supply chain partners in the United States (including REALLOYS and UCORE), Europe, and Saudi Arabia, supporting the development of Western rare earth supply chains.
- Expansion of the Company’s technical and development team to fast-track the advancement of the Tanbreez project.
- Securing a $120 million Letter of Intent (LOI) with EXIM Bank to support the project’s development and financing initiatives.
2026 Field Program Designed to Expand, Delineate and De-Risk Tanbreez Toward Production
The upcoming 2026 exploration campaign will focus on expanding the resource base and preparing the project for early production phases.
Key program objectives include:
- Extensive drilling across the Hill Zone deposit
- Expansion drilling in the Upper Fjord exploration area
- Resource upgrades across the existing mineral inventory
- Geotechnical drilling supporting port and infrastructure development
- Bulk sampling to generate concentrate for pilot plant processing
The Company believes this program has the potential to significantly expand and delineate the global resource base, de-risking the path to production while advancing the engineering and feasibility studies required to support future mine development.
Tony Sage, Chief Executive Officer of Critical Metals Corp., commented:
“The Board’s approval of this $30 million acceleration program marks an important step forward in unlocking the enormous potential of the Tanbreez rare earth deposit. Over the past 18 months our team has systematically advanced the project through exploration success, strategic partnerships and infrastructure development.
The next phase is focused on accelerating Tanbreez toward production. With the global race to secure critical mineral supply intensifying, we believe Tanbreez has the potential to become one of the most important heavy rare earth projects supplying Western markets.”
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 flagship Project, Tanbreez, is one of the world's largest, rare-earth deposits and is in Southern Greenland. The deposit is expected to have access to key transportation outlets as the area features year-round direct shipping access via deep water fjords that lead directly to the North Atlantic Ocean.
Another key 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 asset in an expanding geostrategic critical metals portfolio.
With this strategic asset portfolio, Critical Metals Corp is positioned to become a reliable and sustainable supplier of critical minerals essential for defense applications, the clean energy transition, and next-generation technologies in the western world.
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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 may include expectations of our business and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and do not guarantee 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.
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 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. 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 several 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.
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