Critical Metals Corp. (NASDAQ: CRML) has secured preliminary approval for up to $120 million in funding from the U.S. Export-Import Bank (EXIM) to advance its Tanbreez rare earths project in southern Greenland — one of the world’s largest untapped deposits of heavy rare earths. The loan, which covers nearly half of the project’s estimated $290 million cost, is contingent on Critical Metals securing sufficient equity from strategic investors.
Tanbreez, situated on a massive 4.7-billion-tonne kakortokite unit, is expected to begin producing 85,000 tonnes of rare earth concentrates annually by 2026, with plans to scale up to 425,000 tonnes. The resource contains over 27% heavy rare earth elements (HREEs) like dysprosium, terbium, and yttrium — crucial for electric vehicles and defense applications.
The EXIM support highlights U.S. efforts to counter China’s grip on the rare earths market, where it dominates both production and processing. Tanbreez would be the first overseas mining project backed by the U.S. under the Trump administration and follows prior diplomatic pressure to keep the asset from falling into Chinese hands.
Critical Metals is conducting a definitive feasibility study due in 2025 and plans to invest an additional $10 million in exploration this year, potentially increasing its stake in Tanbreez to 92.5%. The company aims to process the rare earths in the U.S., with earlier Department of Defense funding applications still pending.
The announcement sent CRML shares soaring over 21% on the Nasdaq, boosting its market cap to $225.8 million. The loan approval underscores U.S. strategic interest in Greenland’s mineral potential amid a wider push to de-risk Western supply chains for critical materials.
