Bitcoin price today: falls to 2-week low below $113k ahead of Fed Jackson Hole
NEW YORK - Critical Metals Corp. (NASDAQ:CRML), trading at $2.03 and showing a strong 40% return over the past week, announced Monday it has received a Letter of Interest from the Export-Import Bank of the United States (EXIM) for a $120 million non-dilutive funding package for its Tanbreez rare earth project in Greenland.
The funding, which would come with a 15-year repayment term under EXIM’s Supply Chain Resiliency Initiative, is expected to cover pre-production activities and initial mining operations at the site, according to a company press release.
Critical Metals estimates the Tanbreez Project will require $290 million in total capital expenditure to reach initial commercial production, with potential output of up to 85,000 metric tons of rare earth material annually.
"This is a tremendous milestone for Critical Metals Corp," said Tony Sage, CEO and Chairman of the company.
The proposed funding may qualify for special consideration under EXIM’s China and Transformational Exports Program, which aims to help U.S. exporters compete with Chinese companies in strategic sectors.
Critical Metals plans to complete a definitive feasibility study by the end of 2025 and invest $10 million in exploration at Tanbreez this year. This investment would give the company the option to increase its ownership stake from 42% to 92.5%.
The Tanbreez deposit is described as one of the world’s largest rare earth deposits, with year-round shipping access via deep water fjords to the North Atlantic Ocean.
Critical Metals also owns the Wolfsberg Lithium Project in Austria, which the company describes as the first fully permitted lithium mine in Europe. With a market capitalization of $210 million and currently trading below its Fair Value according to InvestingPro analysis, investors can access 8 additional ProTips and comprehensive financial metrics through an InvestingPro subscription to better evaluate the company’s potential.
In other recent news, Critical Metals Corp has successfully raised approximately $2 million through the exercise of outstanding warrants. This financial maneuver involved the purchase of 400,000 ordinary shares at $5.00 per warrant, initially issued during the company’s Nasdaq listing. The proceeds are set to advance mineral projects in Greenland and Europe, including the Tanbreez Project, one of the world’s largest rare earth deposits, and the Wolfsberg Lithium Project in Austria, the first fully permitted mine in Europe. Additionally, Critical Metals Corp has announced a reshuffle in its executive team, appointing Sergey Savchenko as Chief Financial Officer, George Karageorge as Chief Technical Officer, Thomas McNamara as Director of Corporate Development & Investor Relations, and John Thomas as General Counsel.
The company has also secured a binding agreement with its majority shareholders to lock up their shares for 180 days, indicating shareholder confidence in the company’s long-term value. As part of the acquisition terms for the Tanbreez project, Critical Metals Corp issued 5 million shares to Rimbal. The company has an option to increase its stake in the Tanbreez project to 92.5% by issuing additional shares valued at $116 million following a $10 million exploration investment by the end of 2025. These developments reflect Critical Metals Corp’s strategic efforts to strengthen its position in the critical minerals market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.