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• The Tanbreez site in southern Greenland holds one of the biggest undeveloped deposits of rare earth metals outside China.
• Earlier this year, Greenland approved Critical Metals' increase in its ownership of the project to 92.5%.
• The company now plans to buy the remaining 7.5% stake in the project by acquiring Australian-listed European Lithium Ltd. in an all-stock deal.

Shares of Critical Metals Corp. (CRML) rose as much as 20% on Friday after CEO Tony Sage reportedly said that the company’s rare earth project in Greenland is still on schedule for first production in 2029.

“We’re going 100 miles an hour, and I think we’ll be on track to start production in ‘29 as stated,” Sage said in an interview with Bloomberg while adding that the company has purchased a cruise ship to house about 300 workers for its mine project, which is expected to arrive on site in the coming two months.

The stock is now on track to clock its best day since late April.

Why This Project Matters

The Tanbreez site in southern Greenland holds one of the biggest undeveloped deposits of rare earth metals outside China. These metals are needed to make strong magnets for electric cars, wind turbines, phones, and military equipment.

Because China currently controls most of the world’s supply and processing, the U.S. is looking for new sources. Tanbreez’s year-round proximity to open water makes shipping easier and adds to its strategic value.

CRML’s Recent Updates

Earlier this year, Greenland approved Critical Metals' increase in its ownership of the project to 92.5%. It also signed a long-term deal to sell concentrate to a U.S. magnet maker, started a major drilling program, and put $30 million toward accelerating site work, testing, and basic facilities.

The company now plans to buy the remaining 7.5% stake in the project by acquiring Australian-listed European Lithium Ltd. in an all-stock deal, first agreed in May, valued at about $835 million. This deal matters because it gives Critical Metals full ownership of Tanbreez, simplifying decision-making and fundraising. It also cancels European Lithium’s large stake in Critical Metals and adds an Austrian lithium project to its portfolio.

How Did CRML Retail Traders React?

On Stocktwits, retail sentiment around CRML stock rose from ‘bearish’ to ‘neutral’ over the past 24 hours, while message volume increased from ‘low’ to ‘normal’ levels.

A Stocktwits user said it is difficult to get excited about today’s rally given the year-to-date stock performance.

Another user said that the company’s market capitalization is “ridiculously low" for the "important" industry it is in.

“Nothing is ever "easy" with a publicly traded stock, but CRML at these prices is pretty damn close to easy money,” a third user wrote, expressing optimism for the company’s acquisition of European Lithium.

CRML stock has traded flat year-to-date. 

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