Critical Metals Majorly Boosts Ownership Stake In Greenland Rare Earth Project

Critical Metals has one of the most important rare earth assets in the entire world. And they’ve just made a new deal to more than double their ownership stake in it.

What’s happening:

• Critical Metals (NASDAQ: CRML) has increased their ownership in their flagship rare earth property the Tanbreez Project located in Greenland to 92.5%
  

By the numbers:‍

• Critical Metals previously owned 42% of the Tanbreez Project prior to completing this new agreement
  
• Critical Metals will issue 14.5M common shares to a company controlled by geologist and property founder Gregory Barnes at a deemed price of $8.00 USD per share as part of the new deal
  

Why it matters:‍

• The Tanbreez Project is one of the world’s single largest rare earth resources that is independent from China and previously made major waves when it was the focus of a letter of interest from the Export-Import Bank of the United States for a $120M USD loan
  

Going deeper:‍

• As part of the new deal structure, Critical Metals will also no longer need to pay an additional $10M USD in cash to increase their ownership of Tanbreez
  
• Critical Metals also just recently struck their first ever supply deal for heavy rare earth element feedstock with Ucore Rare Metals (TSXV: UCU), who has received millions of dollars in funding from the United States Department of Defense
  

The fine print:‍

• The deal between Critical Metals and Gregory Barnes will ultimately require the formal approval of the Greenland government before it can officially close