Key Highlights

  • The European Lithium Merger closed on November 5, 2026, giving Critical Metals full ownership of Tanbreez.
  • Cash was approximately US$264.5 million immediately after completion.
  • The company reports 194.2 million ordinary shares outstanding, excluding 45.5 million shares held by a subsidiary.
  • The Tanbreez feasibility study is targeted for Q4 2027, with first ore targeted for late 2028 to early 2029.

Critical Metals Corp. (NASDAQ:CRML) has issued a corporate update after completing its Acquisition of European Lithium Limited, reporting that it now owns 100% of the Tanbreez rare earth project in Greenland. The update, dated November 11, 2026, reviews the company's 2026 objectives, its share structure and cash position, and its roadmap for 2027. The company describes itself as a critical minerals Mining business, and the update covers both achieved milestones and open uncertainties. Rare earth elements are used in permanent magnets and other components for electric vehicles, wind turbines and electronics, and projects that can Supply them are closely watched by governments and manufacturers. Tanbreez is one such project in southern Greenland, and its progress is tied to the approvals and financing that govern any new mine.

Consolidation of Tanbreez and Cash Position

The company began 2026 holding a 42% interest in Tanbreez and now holds the full project. Following completion of the merger, its cash balance was approximately US$264.5 million.

The update reports 194,219,631 ordinary shares outstanding. A further 45,536,338 shares held by a company Subsidiary carry no voting or Dividend rights and are excluded from that count. The update spends some time explaining that treatment, which the company said has been a source of confusion.

A company that holds full ownership of a project generally has a clearer path to decisions about development, financing and offtake than one with a partial interest. The update lists the consolidation among the 2026 objectives it reports as achieved, and the cash figure reflects the position immediately after the merger was completed.

Approvals, Offtake and Project Timeline

The Government of Greenland has approved a mining plan and a closure plan for Tanbreez, with the stated approval period extending to 2050. The company also signed a binding 15-year offtake agreement with REalloys covering up to 15% of Tanbreez concentrate production.

The definitive feasibility study is targeted for the fourth quarter of 2027. First ore is targeted for late 2028 to early 2029, subject to permitting, financing and construction progress.

Offtake agreements set out how a producer will sell its output, often with pricing terms and Volume commitments. The 15-year arrangement covers up to 15% of concentrate production, which means most of the output is not covered by that contract in the disclosed material.

Strategic Review and Open Items

A strategic review of all non-core Assets is under way. The update does not say which outcomes the review could produce or when it will finish.

The first-ore timeline depends on permits, financing and construction, each of which remains to be completed. The cash needed for feasibility work and project development is not quantified in the update.

A definitive feasibility study is a detailed engineering and economic assessment that precedes a final Investment decision. Its timing, targeted for the fourth quarter of 2027, is one of the milestones that will determine when the project moves toward construction.

Share Count and Shareholder Treatment

The update's share count section separates shares that carry rights from those that do not. The 194.2 million ordinary shares outstanding are the basis for the count, while the 45.5 million held by a subsidiary are excluded because they carry no voting or dividend rights.

Clarity on share counts matters for per-share measures, since the number used in a calculation changes the result. The company chose to address the treatment directly in the update, and readers comparing per-share figures in future reports will need to use the same basis.

Final Word

Critical Metals has completed the merger, consolidated ownership of Tanbreez and reported a cash balance of roughly US$264.5 million. Its timetable for feasibility work and first ore depends on permitting and financing that have yet to be secured, and the outcome of the review of non-core assets is still open. The 2027 plan sets out milestones that later updates can be measured against. The 2027 roadmap therefore depends on several parallel tracks, including permitting, financing and the strategic review.