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Investing.com -- Critical Metals Corp. (NASDAQ:CRML) stock jumped 16.7% Wednesday after the mining company announced it has signed a Letter of Intent for an offtake agreement with REalloys Inc., a rare earth processor preparing to list on Nasdaq.
Under the proposed multi-year arrangement, Critical Metals would supply up to 15% of annual rare earth concentrate production from its Tanbreez Project to REalloys. This agreement follows a recent deal with Ucore, bringing total committed production to 25% for U.S. customers.
"Tanbreez stands as one of the most strategically important rare earth assets globally, thanks to its scale and composition," said Tony Sage, CEO and Executive Chairman of Critical Metals Corp.
REalloys, which is completing an S-4 merger to go public under ticker BLBX, operates as one of the few full-cycle rare earth processors in the United States, with capabilities spanning from extraction to finished magnet production.
"The Tanbreez project presents a remarkable opportunity for REalloys, given its rich, long-life deposits of heavy rare earth elements—vital to the defense industrial base of the United States and our allied nations," said Lipi Mainheim, Chairman and CEO of REalloys.
The companies are working toward definitive documentation, with final agreements subject to due diligence, commercial term finalization, and necessary approvals.
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