Critical Metals Corp is advancing the development of the Tanbreez rare earth mine

Granted extension for exclusive operating license from the Greenland government

Completes the diamond drilling program; rare earth material samples sent for testing

NEW YORK, Oct. 15, 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 the next generation technologies for Europe and its Western partners, today provided a project update for the Tanbreez Greenland Rare Earth Mine (the “Tanbreez Project”), one of the world’s largest rare earth mines located in South Greenland. The Tanbreez project has been granted an extension of its operating license by the Greenland Cabinet of Ministers and the company has completed its recently announced diamond drilling program.

“The Critical Metals Corp team continues to work closely with Greenland officials and the local community as we advance our plans for this foundational rare earth asset,” said Tony Sage, CEO and Chairman of Critical Metals Corp. “The renewal of our exclusive operating license from the Greenland government is a significant milestone, demonstrating strong local support for our project, which is expected to create numerous local jobs. We have also successfully completed our diamond drilling program on time, ahead of the winter months, and eagerly await insights from the Greenland government’s upcoming sample analysis.”

Extension of operating permit

The Greenland government has granted an extension of certain deadlines under the Tanbreez Project Operating Permit (License No. 2020-54) 2028. According to the new amendment, Tanbreez Mining Greenland A/S is required to submit its operating and closure plans to by the end of 2025, provide financial security and a corporate guarantee by June 30, 2026, and begin mineral exploitation by the end of 2028.

Diamond drilling program

Now that the drilling program has been completed, all rare earth material extracted is safely stored. Some of the rare earth material recovered has been sent to the ALS laboratory in Ireland for analysis. Critical Metals Corp expects to receive test results in the coming months.

***The Tanbreez Project under the Northern Lights***

***Drill core from the Tanbreez Project***

***Eudialyte Rock from the Tanbreez Project***

***The Tanbreez Project orebody***

***Ore material from the Tanbreez Project***

About Critical Metals Corp.

Critical Metals Corp (Nasdaq: CRML) is a leading mining development company focused on critical metals and minerals, producing strategic products essential for electrification and next-generation technologies for Europe and its partners in the Western world. The first flagship is the Wolfsberg Lithium Project 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. It is expected to be the next major producer of key lithium products that will support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable building block in a growing geostrategic portfolio of critical metals.

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