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Highlights

• European Lithium and Critical Metals Corp amended an agreement for Tanbreez, a massive 4.7 billion-tonne rare earth deposit in Greenland.
• The project features an unusually high 27% heavy rare earth oxide proportion with low uranium and thorium levels.
• The project remains in the feasibility stage with Greenlandic government approval still pending.
• Targeted for completion in October-November 2025.

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European Lithium (opens in a new tab) (ASX: EUR) and Critical Metals Corp. (opens in a new tab) (NASDAQ: CRML) announced (opens in a new tab) an amended agreement giving Critical Metals up to 92.5% ownership of Greenland’s Tanbreez Project, one of the world’s largest hard rock rare earth deposits. The revised structure fixes consideration at 14.5 million CRML shares issued to project founder Greg Barnes’ Rimbal Pty Ltd, representing a ~23% premium to CRML’s September 29 closing price. Greenlandic government approval remains the final hurdle, with closing targeted for October–November 2025. EUR retains a 7.5% minority stake.

Rock-Solid Facts

Tanbreez’s credentials are well known: a kakortokite-hosted deposit estimated at 4.7 billion tonnes of TREO-bearing rock, with an unusually high 27% heavy rare earth oxide (HREO) proportion. Its low uranium and thorium levels make it comparatively attractive in regulatory and ESG terms, distinguishing it from deposits that carry nuclear baggage. The press release fairly situates Tanbreez as still in feasibility and pre-development, not yet at production.

Where the Story Gets Polished

Calling Tanbreez a “game-changer” for Western supply chains is aspirational at best. While size and HREO mix are exceptional, the project is still years from construction, let alone production. No measured or indicated JORC/NI 43-101 resource has yet been finalized. The framing of Greenland as geopolitically “ready to go” glosses over well-documented permitting sensitivities and local environmental opposition to extractive projects. Similarly, equating a share premium with intrinsic project value is a financial engineering angle more than a mineralogical one.

The Quiet Questions

• Funding: Who bankrolls the multi-billion-dollar build required to turn Tanbreez into a producer?
• Infrastructure: Year-round fjord access is helpful, but Arctic operating costs are high and capex inflation is real.
• Market Fit: With China producing ~99% of heavy REEs, can Tanbreez secure offtakes that justify full-scale buildout?

Why It Matters

If Tanbreez advances, it would mark a rare non-Chinese, heavy-REE dominant project—potentially strategic for defense, EV motors, and clean energy. But until Greenland grants approval and financing is locked, the announcement is more about corporate positioning than supply-chain transformation. Investors should weigh the genuine geological upside against execution risk, local politics, and the long runway from kakortokite to magnets.

Citation: European Lithium Ltd., ASX Announcement, Oct. 2, 2025.

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