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Critical Metals Corp Amends Agreement to Acquire a Controlling Interest in Tanbreez
NEW YORK, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp” or the “Company”), a leading critical minerals
About this update from Critical Metals Corp.
[{"type":"text","content":"NEW YORK, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp” or the “Company”), a leading critical minerals mining company, today announced that it has amended its agreement to acquire the Tanbreez Greenland Rare Earth Mine (the “Tanbreez Project”) from Rimbal Pty Ltd. (“Rimbal”), a company controlled by geologist and project founder Gregory Barnes. Under the terms of the amended agreement, Critical Metals Corp now has the right to increase its ownership stake in the Tanbreez Project from 42% to 92.5% upon the issuance of approximately 14.5 million ordinary shares of the Company to Rimbal. Under the original agreement, the consideration for this increase in ownership was an unspecified number of shares of Critical Metals Corp with a value of $116 million determined at the time of the increase. The amended agreement revises the original agreement to provide a firm number of shares (14.5 million ordinary shares) to be issued to Rimbal at the closing, which implies a value of $8.00 per Critical Metals Corp ordinary share. The transaction remains subject to Greenland governmental approval. In addition to the change described above, Rimbal agreed to waive the previous condition that required Critical Metals Corp to invest an additional $10 million before qualifying for the increased ownership stake. Under the amended agreement, Critical Metals Corp is required to consummate the increase in ownership, including issuing the 14.5 million shares described above, promptly upon receipt of Greenland governmental approval of the transaction. European Lithium will continue to maintain its 7.5% minority interest in the Tanbreez Project. “This significant milestone agreement with Mr. Greg Barnes and Rimbal positions us to be laser focused on bringing this world-class asset into production,” said Tony Sage, CEO and Executive Chairman of Critical Metals Corp. “With Greg remaining as a significant shareholder aligned with our long-term success, we look forward to continuing to leverage his deep technical expertise and decades of project knowledge as we advance our development strategy.” “Tanbreez is a game-changer for the rare earths supply chain in the West, with a significant concentration of high-grade heavy rare-earth elements and gallium contained within the 4.7 billion metric ton resource,” said M...