MINEX Forum

Tag: Critical metals

  • European Lithium Nets $50 Million from Partial Sale of Critical Metals Stake

    European Lithium Nets $50 Million from Partial Sale of Critical Metals Stake

    European Lithium (ASX: EUR) has generated an additional $50 million (A$76 million) through the sale of 3.85 million shares in Nasdaq-listed Critical Metals Corp (CRML) to a single U.S. institutional investor.

    The off-market transaction was executed at $13 per share, representing a 12% discount to CRML’s Friday closing price of $14.98. The sale follows a notable surge in CRML’s share price and trading activity on the Nasdaq, reflecting strong investor confidence in the company’s strategic position within the global critical minerals market.

    Executive chairperson Tony Sage said the deal underscored the robust demand for CRML stock.

    “The recent price increase and the large trading volumes on the Nasdaq show the demand for CRML shares is huge,” Sage commented.

    Following the sale, European Lithium retains 56 million CRML shares, valued at approximately $854 million (A$1.29 billion) based on the latest closing price.

    “The company’s holding in CRML equates to A$0.89 per EUR share,” Sage added. “EUR also holds a direct 7.5% interest in the Tanbreez project, and given CRML’s current market valuation of A$2.3 billion, this equity interest is very strategic.”

    European Lithium continues to advance its exploration and development portfolio across Austria, Ireland, Ukraine, and Australia, focusing on lithium and rare earth elements critical to the clean energy transition.

    Meanwhile, Critical Metals Corp (CRML) is strengthening its position as a major supplier of critical minerals to Western markets. Its flagship Tanbreez rare earth project in Greenland ranks among the world’s largest deposits, while its Wolfsberg lithium project in Austria—the first fully permitted lithium mine in Europe—is expected to play a key role in supporting the region’s battery and electric vehicle industries.

    CRML also holds a 20% interest in several Austrian mineral projects previously owned by European Lithium, building what it describes as a “strategic asset portfolio” supporting next-generation technologies and the global energy transition.

  • Critical Metals to Boost Tanbreez Stake in Greenland Rare Earth Project to 92.5%

    Critical Metals to Boost Tanbreez Stake in Greenland Rare Earth Project to 92.5%

    Critical Metals Corp (Nasdaq: CRML) will increase its ownership in the Tanbreez rare earth project in southern Greenland from 42% to 92.5%, securing control over one of the world’s largest rare earth deposits, major shareholder European Lithium (ASX: EUR) confirmed on Thursday.

    The revised agreement involves Critical Metals issuing 14.5 million shares to Rimbal Pty Ltd, a company controlled by project founder Gregory Barnes, at $8 per share – a 23% premium to the company’s last closing price of $6.49. The transaction is valued at $116 million and is subject to approval by the Greenland government, with completion expected in October or November 2025.

    Barnes agreed to waive a previous requirement for Critical Metals to commit $10 million in investment before qualifying for the increased stake. European Lithium will retain its 7.5% interest in Tanbreez, along with a 60% shareholding in Critical Metals, worth about $408 million at current market prices.

    The Tanbreez project hosts one of the world’s largest untapped heavy rare earth element (HREE) deposits, with more than 27% HREE content and an estimated 4.7 billion tonnes of host rock. A preliminary economic assessment completed in March valued the project at a pre-tax NPV of $3.04 billion, with an internal rate of return of 180%.

    Describing Tanbreez as “a game-changer” for Western rare earth supply chains, founder Gregory Barnes underscored the project’s strategic significance at a time when China dominates global supply, accounting for about 60% of production and 85% of processing.

    The move also coincides with discussions between the UK, EU allies, and Greenland over a potential critical minerals partnership, with Greenland’s foreign minister signalling the island’s mineral wealth as central to future cooperation.

  • Ukraine Opens Lithium Tender at Dobra Deposit Amid Ownership Dispute

    Ukraine Opens Lithium Tender at Dobra Deposit Amid Ownership Dispute

    Ukraine has launched a tender for the right to develop the Dobra lithium deposit in the central Kirovohrad region, a move hailed as a cornerstone of its new minerals cooperation deal with the United States. The announcement, made by Prime Minister Yulia Svyrydenko, underscores Kyiv’s strategy to leverage its critical mineral wealth — estimated at around 5% of global reserves — to attract Western investment and reduce dependence on China for processing.

    Lithium, essential for battery production, is considered one of Ukraine’s most strategic assets, with the Dobra site believed to hold significant reserves. The government said the winning bidder would sign a 50-year agreement and commit to at least $179 million in investment covering geological exploration, production, and enrichment. “We expect an investor who will ensure not only extraction but also the development of value-added,” Svyrydenko noted.

    The tender, however, risks being overshadowed by a looming legal dispute. Nasdaq-listed Critical Metals (NASDAQ: CRML) and its top shareholder, Australia’s European Lithium (ASX: EUR), claim rights to the project. Board member Mykhailo Zhernov told the Financial Times in July that the Dobra licence had been due to go to Petro Consulting — later acquired by European Lithium — under a prior court ruling. “It is our licence, it is our rights. You cannot propose something for another investor before you finish with us,” Zhernov said. Neither company has provided documentation to substantiate the claim.

    Meanwhile, US-backed mining investor TechMet, which counts Washington among its largest shareholders, confirmed it will bid. CEO Brian Menell said the company has been evaluating the project since 2023 and sees it as a strategic opportunity.

    The Dobra tender is the first major initiative under the April minerals cooperation agreement between Kyiv and Washington, part of President Donald Trump’s transactional approach to Ukraine. The pact gives US firms preferential access to mining projects, with profits earmarked for reinvestment in Ukraine.

  • Critical Metals Reports Thick Rare Earth and Gallium Intercepts at Tanbreez in Greenland

    Critical Metals Reports Thick Rare Earth and Gallium Intercepts at Tanbreez in Greenland

    Critical Metals (Nasdaq: CRML) has reported strong drilling results from its Tanbreez project in southern Greenland, one of the world’s largest undeveloped heavy rare earth deposits outside China.

    The standout intercept came from hole DDH-C-24 at the Fjord deposit, returning 65 metres grading 0.55% total rare earth oxides (TREO) from surface, including 25.5% heavy rare earth oxides (HREO) and 90 parts per million (ppm) gallium oxide (Ga₂O₃). Gallium is a key energy transition material used in semiconductors, solar panels, and LED technologies.

    “These incredible results underscore the strategic value of Tanbreez as a rare earth elements and gallium project with scale, grade, and a high proportion of critical heavy rare earths,” said CEO and executive chair Tony Sage. “With China’s total control over the rare earth market globally, securing sources of these critical minerals has become paramount for US defence capabilities and national security.”

    Additional assays included 61.3 metres grading 0.5% TREO, 26% HREO, and 100 ppm Ga₂O₃ in hole DDH-B-24; 41 metres at 0.52% TREO, 26.9% HREO, and 95 ppm Ga₂O₃ in DDH-A2-24; and 40 metres at 0.48% TREO, 27.1% HREO, and 100 ppm Ga₂O₃ in DDH-A1-24. Mineralisation remains open at depth, with over 1,500 metres drilled this year and further results pending.

    While grades are lower than some high-grade global rare earth projects, the bulk tonnage and high proportion of heavy rare earths position Tanbreez alongside large-scale deposits such as Kvanefjeld in Greenland and Norra Kärr in Sweden.

    According to a March preliminary economic assessment, Tanbreez has a pre-tax net present value of $2.8–$3.6 billion (at 12.5–15% discount rates) and an internal rate of return of 180%. Current resources stand at 25.4 million tonnes indicated at 0.37% TREO and 19.5 million tonnes inferred at 0.39% TREO.

    The news comes shortly after the US Department of Defense deepened its support for domestic rare earth production through a partnership with MP Materials, highlighting growing geopolitical urgency around supply chain diversification.

    Critical Metals shares fell 6.9% on Monday to $5.43, giving the company a market cap of $534.4 million.

  • Critical Metals Secures U.S. EXIM Support for Greenland Rare Earths Project Amid Global Supply Battle

    Critical Metals Secures U.S. EXIM Support for Greenland Rare Earths Project Amid Global Supply Battle

    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.

  • Critical Metals Reports Strong Assays from Greenland’s Tanbreez Fjord Deposit, Eyes Doubling Resource

    Critical Metals Reports Strong Assays from Greenland’s Tanbreez Fjord Deposit, Eyes Doubling Resource

    Critical Metals Corp. (Nasdaq: CRML) has released promising assay results from historical deep diamond drilling at its Fjord deposit in southern Greenland, part of the company’s massive Tanbreez rare earth project — one of the largest untapped heavy rare earth element (HREE) resources outside China.

    The Fjord deposit sits within a vast kakortokite host unit stretching 5 km by 2.5 km, hundreds of metres thick and estimated at 4.7 billion tonnes. The newly analyzed core, drilled in 2007 and 2013, extended below the current mineral resource estimate (MRE) and confirmed consistent mineralization at depth, with total rare earth oxide (TREO) grades ranging from 0.33% to 0.51%, and a weighted average of 0.43% TREOs, containing 28% HREEs.

    Earlier this year, Critical Metals released a technical report compliant with Regulation S-K 1300 and a preliminary economic assessment estimating a $3.04 billion NPV and a staggering 180% internal rate of return for the Tanbreez project.

    CEO Tony Sage called the new results “exceptional,” noting that they suggest potential to double the company’s current resource estimate from 225 million tonnes to an exploration target of 500 million tonnes. The deeper drill holes confirm that the high-grade mineralization continues well below sea level, enhancing the project’s long-term development prospects.

    The company plans to follow up with infill and extension drilling across the Fjord and Hill Zone deposits in 2025 and has applied for approval from Greenland’s MSLA to initiate the next phase of drilling. Field crews are already preparing the site.

    Critical Metals’ stock rose 5.8% on the news, bringing its market capitalization to $143 million.

  • Critical Metals Achieves Key Milestone for Wolfsberg Lithium Project in Austria

    Critical Metals Achieves Key Milestone for Wolfsberg Lithium Project in Austria

    Critical Metals  has announced a major advancement for its Wolfsberg lithium project in Austria. The Carinthian state has issued a decree waiving the requirement for an Environmental Impact Assessment (EIA), streamlining the approval process for the proposed lithium mine, located 270 km southwest of Vienna.

    This decision marks a significant milestone for the company, making Wolfsberg the first fully permitted spodumene mine in Europe and setting a precedent for fast-track approvals in the EU’s critical minerals sector. Production is targeted to begin in 2026/2027.

    Tony Sage, CEO of Critical Metals, stated, “This decree accelerates our mission to establish a sustainable European battery supply chain for electromobility. It represents a crucial step towards integrated lithium production in the heart of Europe.”

    The project is supported by BMW, which entered into a long-term offtake agreement in December 2022 and advanced a $15 million prepayment earlier this year.

    The EIA waiver follows a detailed audit by experts in various fields, including forestry, geology, water management, and process engineering. Since the required above-ground facilities cover less than 10 hectares, the decree confirms that an EIA is not mandated by law.

    CRML is now focused on securing financing for the mine’s start-up and obtaining approval for the plant and mining operations plan. The company plans to release a new definitive feasibility study in early 2025, potentially doubling the current resource of 12.9 million tonnes with a lithium oxide grade of 1%, ensuring a 20-year mine life.

    Despite the positive development, CRML’s stock fell 9.2% to $6.18 on the Nasdaq, reflecting a market capitalization of $552.4 million.

  • Critical Metals Targets 2025 for Updated Feasibility Study on Wolfsberg Lithium Project

    Critical Metals Targets 2025 for Updated Feasibility Study on Wolfsberg Lithium Project

    Critical Metals Corp. (Nasdaq: CRML) announced on Thursday its plan to deliver a new definitive feasibility study (DFS) for its flagship Wolfsberg lithium project in the first quarter of 2025. The Wolfsberg project, located 270 km southwest of Vienna, Austria, is poised to become Europe’s first fully permitted spodumene mine and a potential producer of lithium concentrate, with initial production expected by 2026/27.

    The current DFS is based on S-K 1300-compliant resources from Zone 1, totaling 12.9 million tonnes at an average lithium oxide grade of 1% Li₂O, including 9.7 million tonnes in the measured and indicated category. The company is optimistic that further exploration of Zone 2, which has shown pegmatite intersections with grades up to 2.49% Li₂O, could potentially double the resource base.

    Critical Metals estimates the combined resources from Zones 1 and 2 could support a mine life exceeding 20 years. “With the recent approval for Zone 2 drilling at the Wolfsberg project, we are excited to further enhance the upside potential of this transformational lithium asset for our stakeholders,” said CEO Tony Sage.

    The project has already secured significant industry backing, including a long-term offtake agreement with BMW in December 2022, with a $15 million prepayment made earlier this year. The agreement currently excludes lithium from Zone 2.

    In partnership with the Obeikan Group, Critical Metals plans to build the Middle East North Africa region’s first lithium hydroxide processing plant in Saudi Arabia. This 50/50 joint venture aims to produce up to 20,000 tonnes of battery-grade material annually. The joint venture partners are set to inspect hydroxide plants in China later this year to gain technical expertise for the project.

    Beyond Wolfsberg, Critical Metals is advancing the Tanbreez project in Greenland, one of the world’s largest rare earth resources, acquired earlier this year.

    Shares of Critical Metals dropped 7.7% to $5.79 in New York by 1:45 p.m. EDT, reflecting a market capitalization of $525.1 million.

  • Critical Metals Corp Secures Extension for Greenland’s Largest Rare Earth Deposit

    Critical Metals Corp Secures Extension for Greenland’s Largest Rare Earth Deposit

    Critical Metals Corp.  announced on Tuesday that it has obtained an extension for the exploitation license of its Tanbreez project in Greenland, which holds the world’s largest rare earth deposit. The company is now required to submit exploitation and closure plans by the end of 2025, provide financial security and a company guarantee by June 30th, 2026, and start mining operations by the end of 2028.

    Chairman and CEO Tony Sage expressed that the extension is a “significant milestone,” reflecting strong local support and the potential for job creation in the region. The drilling program, which began in September, has concluded, with extracted rare earth material securely stored. A portion has been sent for analysis to ALS laboratory in Ireland, and the company expects to receive results in the coming months.

    Located in Southern Greenland, the Tanbreez project contains over 27% heavy rare earth elements (HREE), which are more valuable than lighter rare earth elements. Once operational, the mine will supply rare earth elements to Europeand North America, with year-round direct shipping access through deep-water fjords connecting to the North Atlantic. The orebody, Kakortokite, covers an 8 km by 5 km area and is 400 meters thick.

    In addition to Tanbreez, Critical Metals owns Europe’s first fully permitted lithium mine, the Wolfsberg lithium project in Austria, and debuted on the Nasdaq in March. Construction at Wolfsberg is expected to be completed by 2026, with supply commitments to BMW beginning in 2027. The company has also secured a partnership with Obeikan Investment Group to establish a lithium hydroxide plant in Saudi Arabia. Following this announcement, shares in Critical Metals rose over 2.8%, with the company’s market capitalization reaching $536.6 million.

  • EU’s First Battery-Grade Lithium Mine: Critical Metals Leads the Way

    EU’s First Battery-Grade Lithium Mine: Critical Metals Leads the Way

    Critical Metals, a newly established company, is set to construct the European Union’s first battery-grade lithium mine, the Wolfsberg Lithium Project, located in Austria. The project is expected to become a significant source of battery-grade lithium concentrate, filling a critical gap in the European electric vehicle (EV) battery supply chain. The mine is uniquely positioned to capitalize on its location in the heart of the EV supply chain, minimizing environmental impact by repurposing a former Austrian government-constructed lithium mine containing a substantial amount of battery-grade lithium. Furthermore, European Lithium has entered into a Memorandum of Understanding (MOU) for a key customer arrangement with BMW AG, potentially creating one of the largest direct pre-pays from an original equipment manufacturer (OEM) in Europe’s lithium mining industry. A definitive feasibility study is expected in early 2023, aiming to supply lithium concentrate at a commercial scale and be economically viable. 

    The European Union has set targets to dig up, recycle, and refine lithium, cobalt, and other metals it needs for its green transition. However, the bloc faces challenges in achieving these goals due to a shortage of new money, high energy costs, and local opposition. The Critical Raw Materials Act (CRMA), due to enter force in early 2024, aims to reduce the EU’s reliance on China, which dominates global mineral processing and has already threatened EU supply with export curbs. The CRMA aims to speed up the granting of project permits, but other obstacles remain, such as the need for cheaper energy and EU financing. 

    Several European lithium mining and refining projects are poised to launch commercial operations next year, supported by a push among original equipment manufacturers (OEMs) to regionalize their battery supply chains and reduce dependence on imported material. Based on existing plans, Europe’s annual lithium processing capacity is set to reach approximately 650,000 mt/year by 2028, with more than 20 projects currently advancing their mining and refining operations toward full-scale commercial production. The growth of Europe’s domestic lithium industry comes amid growing concern about an impending global shortfall in the supply of graphite, copper, cobalt, and nickel.