Mentioned:
CRML -11.17% ALOY -9.10%
Critical Metals owns one of the most important rare earth projects in the world. And now, they’re getting ready to ramp up drilling and exploration.
What’s happening:
- Critical Metals (NASDAQ: CRML) has approved a new $30M USD exploration program to accelerate the development of their flagship rare earth asset Tanbreez located in Greenland
By the numbers:
- $12.5M USD will be spent on exploration at Tanbreez and up to 6,000 metres of drilling
- An additional $15M USD will be spent on infrastructure acquisitions across Greenland and Australia
Why it matters:
- Tanbreez is widely considered to be one of the largest rare earth deposits in the entire world and has historical drill results that validate very high grades of rare earth elements including dysprosium, terbium and neodymium
Going deeper:
- Critical Metals previously made waves when they cut a deal with Saudi Arabian industrial giant Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company to build out a new rare earth processing facility located in Saudi Arabia
- Critical Metals has also entered into a long term offtake deal with REalloys (NASDAQ: ALOY) to supply them with 15% of the annual rare earth element production from Tanbreez in order to support REalloys’ domestic rare earth magnet production
