Critical Metals Corp. (NASDAQ: CRML) shares continued their upward trajectory on Thursday, surging by 32.13% to close at $3.66. This marks a cumulative 5-day gain exceeding 44%, propelled by the company’s announcement of a key $2 million diamond drilling contract.
The agreement was signed with 60 Degree North Greenland, a well-regarded drilling contractor, to execute a major exploration initiative at the Tanbreez Rare Earth Project in Greenland.
Drilling Initiative to Expand Resource Potential
The upcoming diamond drilling program, scheduled to begin next month, is aimed at increasing the resource size of the Fjord Maiden Resource Estimate through detailed infill and extension work.
Specifically, the program will focus on areas to the east of the existing Fjord Deposit, covering approximately 700 meters and 650 meters along the North-East to South-West strike of the kakortokite host rock. Drill depths are planned to range between 80 to 250 meters across varying terrain. The project is also expected to finalize the current pit design, bolstering the economic feasibility of the Tanbreez asset.
Preparation for Definitive Feasibility and Licensing Completion
Critical Metals anticipates that the new drilling data will play a key role in improving the technical and financial inputs for its upcoming Definitive Feasibility Study (DFS), targeted for completion by the end of 2025. Simultaneously, the campaign is designed to fulfill the remaining expenditure obligations tied to the exploration license.
EXIM Bank Interest Signals Additional Support
Adding to investor optimism, Critical Metals recently received a Letter of Interest from the Export-Import Bank of the United States (EXIM) for a $120 million non-dilutive funding package.
This funding, part of EXIM’s Supply Chain Resiliency Initiative (SCRI), is intended to support development costs at Tanbreez, including technical studies and pre-production work. With an anticipated capital expenditure of $290 million, the Tanbreez Project is projected to produce up to 85,000 metric tons of rare earth material annually during its initial production phase.
