CRML stock is the Nasdaq ticker for Critical Metals Corp, a pre-revenue miner built around the Tanbreez rare earth project in southern Greenland. It has owned 92.5% of Tanbreez since April 30, 2026. Its own half-year report says it has not begun extracting any minerals.
What Tanbreez holds
Tanbreez sits near Qaqortoq under exploitation licence MIN2020-54, granted September 8, 2020 and running to September 7, 2050. The licence covers about 18 km², caps throughput at 500,000 tonnes a year and carries a 5% royalty on rare earths.
The ore is eudialyte inside a layered rock called kakortokite. The draw is the heavy rare earths, dysprosium, terbium and yttrium, alongside neodymium, praseodymium, zirconium, niobium and tantalum.
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The April 2026 resource estimate, quoted in the European Lithium scheme booklet filed with the SEC, puts the Fjord deposit’s indicated resource at 8.76 million tonnes grading 0.44% TREO, with heavy oxides at 26.73% of that total. No mineral reserves have been estimated.
Named offtake and funding partners
One offtake contract is binding. On May 21, 2026, REalloys (Nasdaq: ALOY) signed a 15-year deal to buy 15% of annual concentrate, with priority on dysprosium- and terbium-rich volumes.
The rest is softer: a non-binding Ucore term sheet, a joint development term sheet with Romania’s FPCU and an MOU with Saudi-based TQB. For a sector read on why these metals matter to buyers, see our look at AI defense stocks.
A June 2025 filing disclosed an EXIM Bank letter of interest for up to $120 million. A letter of interest is not a loan approval. Equity did the real work: a $60.0 million private placement in April 2026.
The Greenland permit clock
Greenland signed addendum no. 5 to the licence on October 15, 2025. The Tanbreez audited accounts list three deadlines:
- Exploitation and closure plans prepared and accepted by June 30, 2026.
- Financial security and a company guarantee by December 31, 2026.
- Exploitation to commence by June 30, 2029.
The filings reviewed here do not confirm the first deadline was met. Management separately targets first ore in late 2028 to early 2029.
CRML next to a producing peer
| Item | Critical Metals (CRML) | MP Materials (MP) |
|---|---|---|
| Project stage | Pre-production, no revenue | Producing at Mountain Pass, California |
| Exchange | Nasdaq | NYSE |
| Fiscal year end | June 30 | December 31 |
| Main filings | 20-F and 6-K | 10-K and 10-Q |
MP’s own 10-Q notes that rare earth demand runs through a limited number of refiners, most of them in China. That concentration is the same structural issue covered in our page on Chinese AI stocks.
Where the losses come from
For the half year to December 31, 2025, Critical Metals reported a $120.4 million loss. Of that, $80.1 million was a non-cash fair-value loss on warrants and $18.7 million was share-based pay, so the headline overstates cash burn.
Cash stood at $80.9 million at that date. The same report flags substantial doubt about continuing as a going concern. Price-to-book screens used in undervalued AI stocks say little about a company with no reserves.
This is general information about a listed company, not investment advice.
CRML Stock FAQ
Does Critical Metals have any revenue?
No. Its half-year report to December 31, 2025 states that the company does not currently generate any revenues and that substantial doubt exists about its ability to continue as a going concern.
Who owns the rest of Tanbreez?
European Lithium holds the remaining 7.5%. Critical Metals has agreed to acquire European Lithium through Australian schemes of arrangement, with securityholder meetings set for October 22, 2026 and implementation expected in November 2026.
Why does CRML file a 20-F instead of a 10-K?
Critical Metals is incorporated in the British Virgin Islands and reports as a foreign private issuer. Its fiscal year ends June 30, annual results arrive on Form 20-F, and interim updates arrive on Form 6-K.
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