Critical Metals Gains Approval for Indirect Licence Transfer at Greenland Rare Earth Project

Greenland has approved the indirect transfer of the mining licence for the Tanbreez rare earth project following Critical Metals Corp.’s increase in its ownership stake, the territory’s Ministry of Mineral Resources and Business said.

The approval allows Critical Metals Corp. to move to a 92.5% interest in the project’s holding company. The licence remains with Tanbreez Mining Greenland A/S under Greenland’s regulatory framework, where indirect transfers apply to changes in company ownership rather than the licence holder. European Lithium retains a 7.5% stake.

Critical Metals shares rose 23.6% in pre-market trading to $11.46, giving the company a market capitalization of about $1.4 billion. The stock has increased nearly four-fold over the past 12 months, based on exchange data.

Tanbreez is located at Killavaat Alannguat in southern Greenland and is considered one of the larger undeveloped heavy rare earth deposits outside China. A preliminary economic assessment published in March 2025 estimated a project value of about $3 billion, based on a resource of 4.7 billion tonnes. The defined resource includes 45 million tonnes grading 0.40% total rare earth oxides, with 27% comprising heavy rare earth elements including dysprosium, terbium and yttrium.

The project is planned as a phased development. Initial output is estimated at 85,000 tonnes per year of rare earth oxides, with potential expansion to 425,000 tonnes annually. Critical Metals is completing a feasibility study.

The project qualifies for up to $120 million in potential financing from the U.S. Export-Import Bank, according to company disclosures. U.S. officials have previously discussed participation in the company as part of efforts to secure supply of heavy rare earth elements used in permanent magnets.

Critical Metals has also entered into a development partnership with GreenMet and signed a 10-year offtake agreement linked to Ucore Rare Metals’ processing facility in Louisiana. The company has approved construction of a storage and pilot facility in Qaqortoq to support project development.