Critical Metals (Nasdaq: CRML) has reported strong drilling results from its Tanbreez project in southern Greenland, one of the world’s largest undeveloped heavy rare earth deposits outside China.
The standout intercept came from hole DDH-C-24 at the Fjord deposit, returning 65 metres grading 0.55% total rare earth oxides (TREO) from surface, including 25.5% heavy rare earth oxides (HREO) and 90 parts per million (ppm) gallium oxide (Ga₂O₃). Gallium is a key energy transition material used in semiconductors, solar panels, and LED technologies.
“These incredible results underscore the strategic value of Tanbreez as a rare earth elements and gallium project with scale, grade, and a high proportion of critical heavy rare earths,” said CEO and executive chair Tony Sage. “With China’s total control over the rare earth market globally, securing sources of these critical minerals has become paramount for US defence capabilities and national security.”
Additional assays included 61.3 metres grading 0.5% TREO, 26% HREO, and 100 ppm Ga₂O₃ in hole DDH-B-24; 41 metres at 0.52% TREO, 26.9% HREO, and 95 ppm Ga₂O₃ in DDH-A2-24; and 40 metres at 0.48% TREO, 27.1% HREO, and 100 ppm Ga₂O₃ in DDH-A1-24. Mineralisation remains open at depth, with over 1,500 metres drilled this year and further results pending.
While grades are lower than some high-grade global rare earth projects, the bulk tonnage and high proportion of heavy rare earths position Tanbreez alongside large-scale deposits such as Kvanefjeld in Greenland and Norra Kärr in Sweden.
According to a March preliminary economic assessment, Tanbreez has a pre-tax net present value of $2.8–$3.6 billion (at 12.5–15% discount rates) and an internal rate of return of 180%. Current resources stand at 25.4 million tonnes indicated at 0.37% TREO and 19.5 million tonnes inferred at 0.39% TREO.
The news comes shortly after the US Department of Defense deepened its support for domestic rare earth production through a partnership with MP Materials, highlighting growing geopolitical urgency around supply chain diversification.
Critical Metals shares fell 6.9% on Monday to $5.43, giving the company a market cap of $534.4 million.