Critical Metals Surges on Tanbreez Refinery Study Projecting Up to $2.2B Annual Revenue
Shares of Critical Metals (CRML) rose by 5% following the release of a refinery study projecting annual revenue between $1.8 billion and $2.2 billion from processing ultra-high-purity rare earth products at its Tanbreez project in Greenland. The company emphasized that these figures are preliminary, subject to further engineering work, market conditions, permitting, and final investment decisions. The proposed refinery is part of a joint venture structured as a Romanian entity under an existing term sheet. Critical Metals highlights the strategic advantage of locating processing operations within the EU/NATO for Western supply chain security against Chinese dominance in rare earths. The company has also signed non-binding offtake agreements with several firms. MP Materials (MP) and USA Rare Earth (USAR) showed muted gains, while broader market indicators like REMX and SPY rose slightly. MP’s strong existing operations and larger market cap contrast with CRML's pre-revenue status.
