Critical Metals has laid out its operational road map after closing its acquisition of European Lithium, which brings the Tanbreez rare-earth project in Greenland under its fold.
The critical-metals mining development company on Wednesday said it now controls 100% of the Tanbreez rare-earth project in Greenland following the merger, and that it has a cash balance of about $264.5 million.
When the year began, the company owned a 42% interest in Tanbreez.
The company is targeting completion of a definitive feasibility study for Tanbreez in the fourth quarter of 2027, with first ore production slated for late 2028 to early 2029. Greenland has already approved the project's mining and closure plans through September 2050, the company said.
Critical Metals also said it has signed a binding 15-year offtake agreement with REalloys that will cover up to 15% of Tanbreez concentrate production.
Critical Metals noted it now has 194.2 million ordinary shares outstanding. Addressing what he called confusion around share count, Executive Chairman and Chief Executive Tony Sage noted that 45.5 million further shares are held by European Lithium but don't carry any voting, dividend or liquidation rights.
Additionally, the company said its strategic review of its noncore assets is ongoing, and that it is considering partnerships, joint ventures, sales and spinout options for them.
"Next year our focus is the feasibility study, the operating permits and the financing for Tanbreez, and the strategic review will decide what we do with everything else," Sage said.
Shares were up 2.3% to $5.96 in morning trading.
Comments