Mining development company Critical Metals released an independent Preliminary Economic Assessment (PEA) on the Tanbreez Project in Southern Greenland, one of the largest rare earth deposits in the world with a 4.7 billion metric ton mineralized kakortokite unit. Agricola Mining Consultants Pty Ltd conducted the PEA.

The results of the PEA demonstrate that the Tanbreez Project is expected to have a Net Present Value (NPV) of approximately US$3 billion (approximately US$2.8 billion to 3.6 billion at discount rates of 15% and 12.5%, respectively, before tax), with an Internal Rate of Return (IRR) of approximately 180%. The NPV was calculated based off an initial Mineral Resource Estimate (MRE) of 44.97 million metric tons of rare earth materials (indicated and inferred resources), which is approximately 1% of the 4.7 billion metric ton host rock. On 12 March 2025, Critical Metals Corp released its technical report on the Tanbreez Project in compliance with Regulation S-K 1300.

Highlights include:

• Phased Growth Strategy: Initial production ~85,000 tpa REO; scalable to ~425,000 tpa with modular expansion.

• Western Supply Chain Partner: Positioned as a long-term supplier to US/EU critical mineral and defense sectors.

• Large-Scale HREE Project: Robust Resource Base of 45 Mt @ 0.40% TREO with 27% HREE (Dy, Tb, Y); resource open laterally and at depth.

• Fully Permitted: Mining license granted through to 2050; low radioactivity mineralization and ESG-aligned development path.

• Modular Processing: Dry beneficiation to concentrate; hydrometallurgical refining planned in the US or EU.

• Two easily separated by products available for sale (feldspar and alflarsenite).

• Only 3% waste material.

The release of the PEA for Tanbreez confirms the exceptional economic credentials of the project and fast tracks the development strategy for this game-changing rare earth deposit. With significant macroeconomic tailwinds and global policy initiatives, including the US’ recent executive order to tap the Department of Defense to expand the production of rare earths, the Tanbreez Project is expected to play an essential role in supporting an integrated Western supply chain. As this PEA was only based on a fraction of the total resource potential at Tanbreez, Critical Metals Corp believes that more drilling can unlock enormous upside potential for Western stakeholders producing defense applications and other next-generation technologies, and can substantially increase the Tanbreez Project’s NPV.

—Tony Sage, CEO and Chairman of Critical Metals Corp

As Critical Metals Corp continues to progress its verification work and garner key findings from third-party reports, the company expects to conduct additional drilling campaigns. Critical Metals Corp expects to complete a definitive feasibility study for the Tanbreez Project by the end of 2025.

Critical Metals Corp currently has a 42% equity interest in Tanbreez. Critical Metals Corp plans to invest $10 million in exploration expense in Tanbreez by the end of 2025. Once the investment is completed, the company will have the option to acquire an additional 50.5% equity interest, which would bring Critical Metal Corp’s aggregate ownership in Tanbreez to 92.5% at such time, by issuing additional ordinary shares to Tanbreez’s current majority owner having a value equal to $116 million at such time.