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Critical Metals Locks Up Term Sheets for All Tanbreez Output, Unveils Saudi Processing Plan as Shares Rally

Non-binding offtake terms alongside a Saudi processing MoU signal improved financing prospects for the Greenland rare-earth project.

Overview

  • Critical Metals reported four non-binding offtake term sheets that allocate 100% of planned concentrate production from the Tanbreez project.
  • The company disclosed an MoU with TQB to pursue joint ventures for processing and refining facilities in Saudi Arabia intended to serve U.S. supply chains.
  • Management approved construction of a pilot plant in Greenland with operations targeted to begin by May 2026.
  • CRML shares rose about 21% on Thursday and then gained 11.7% on Friday to close at $20.62, while Clear Street raised its price target to $20.
  • Company statements emphasized that the term sheets and the TQB arrangement are not yet binding and will require definitive agreements and project financing.