NEW YORK, June 23, 2025 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) ("Critical Metals Corp" or the "Company"), a leading critical minerals mining company, today announced it has signed a $2 million diamond drilling contract with renowned drilling contractors in Greenland, 60 Degree North Greenland, for a drilling program to increase the resource size at the Tanbreez Project.
Tony Sage, CEO and Executive Chairman of the Company, commented:
"This resource diamond drilling contract is more great news after the announcement of an LOI for a $120 million non-dilutive funding package from the US Federal Government Bank (EXIM Bank) for the development of Tanbreez. Our exploration and drilling contractor teams are preparing to commence a new drilling program next month over the existing Fjord Maiden Resource Estimate with detailed infill and extension drilling targeting. This diamond drilling program is expected to significantly increase the resource size and help strengthen the economics of this world-class rare earth asset."
The drilling will target further resources to the east of the existing Fjord Deposit of approximately 700m and 650m along strike of the North-East to South-West strike kakortokite host rock. The target depths for the vertical drill holes will range from 80m to 250m over the topography, (See Figure 1). The drilling program will also finalize and enhance the current pit design.
Critical Metals Corp expects that this drilling program will enhance the numbers for the Company's upcoming definitive feasibility study, which is expected to be completed by the end of 2025. In addition, the drilling program finalizes the expenditure requirements on the license.
Figure 1. Resource diamond drilling program hole collars in relation to historical diamond and RC drilling and December 2024 confirmation drilling over the Fjord MRE Area
Figure 2. Diamond drilling November 2024 drill collar K-24 within 200m of proposed 2025 program to North- East of the Fjord Deposit
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 flagship Project, Tanbreez, is one of the world's largest rare earth deposits and is located in Southern Greenland. The deposit is expected to have access to key transportation outlets as the area features year-round direct shipping access via deep water fjords that lead directly to the North Atlantic Ocean.
Another key 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 asset in an expanding geostrategic critical metals portfolio.
With this strategic asset portfolio, Critical Metals Corp is positioned to become a reliable and sustainable supplier of critical minerals essential for defense applications, the clean energy transition, and next-generation technologies in the western world.
For more information, please visit https://www.criticalmetalscorp.com/.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements may include expectations of our business and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "designed to" or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors discussed under the "Risk Factors" section in the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. These forward-looking statements are based on information available as of the date of this news release, and expectations, forecasts and assumptions as of that date, involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Critical Metals Corp.
Investor Relations: ir@criticalmetalscorp.com
Media: pr@criticalmetalscorp.com
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