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Advances plan to acquire critical asset for technology and defense industries in the western world, further de-risking transaction
NEW YORK, June 18, 2024 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp”), a leading mining development company focused on critical metals and minerals and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today announced that it has completed the initial investment as part of its recently announced plans to acquire Tanbreez, one of the world’s largest known rare earth assets. In exchange for 5.55% of Tanbreez, Critical Metals Corp has provided an initial investment of $5.0 million to Rimbal Pty Ltd., a company controlled by geologist Gregory Barnes (“Rimbal”), the current owner of the Tanbreez project.
“The completion of this investment is a key step for our plans to acquire Tanbreez, a foundational rare earth asset for the West,” said Tony Sage, CEO and Chairman of Critical Metals Corp. “By acquiring Tanbreez, Critical Metals Corp expects to be strategically positioned to become a reliable and sustainable supplier of both light and heavy rare earth elements to meet the growing demand of these materials from the technology and defense industries in western countries. With this development, the transaction is further de-risked.”
About Critical Metals Corp.
Critical Metals Corp (Nasdaq: CRML) is a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners. Its initial flagship asset is the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria. The Wolfsberg Lithium Project is the first fully permitted mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable building block in an expanding geostrategic critical metals portfolio.
For more information, please visit https://criticalmetalscorp.com/.
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