The Government of Greenland approved the transfer of the remaining 50.5% interest in Tanbreez Mining Greenland A/S to Critical Metals Corp. (NASDAQ: CRML), bringing the company's total ownership to 92.5%, according to a company statement.

European Lithium Ltd retains a 7.5% interest in Tanbreez and holds 37.5% of Critical Metals Corp. The Tanbreez project is located in Southern Greenland and contains heavy rare earth elements.

Critical Metals Corp. Chairman Tony Sage said the approval "removes the most significant structural overhang on the project and provides the clarity to advance Tanbreez to production with confidence."

The company reported several recent developments including metallurgical testing results showing 2.96% total rare earth oxide concentrate grade, representing what the company described as a 40% improvement over previous results. The testing was conducted at Fremantle Metallurgy.

Critical Metals Corp. announced a $30 million program to accelerate drilling, infrastructure, engineering and metallurgical activities. The company targets first ore production between late 2028 and early 2029, with concentrate export planned for the third quarter of 2029.

The company secured a $120 million letter of intent from the Export-Import Bank and is conducting discussions with potential offtake partners in the United States, Europe and Saudi Arabia. Pilot plant operations are scheduled to begin in May 2026.

A new international airport located 12 kilometers from the Tanbreez site is expected to enhance logistics for the project. The Tanbreez deposit provides year-round shipping access through deep water fjords to the North Atlantic Ocean.