Critical Metals Accelerates Tanbreez with $30M Funding and 6,000m Drilling Plan
Critical Metals Corp’s board approved a $30 million plan to accelerate Tanbreez rare earth project toward production by late 2028 and concentrate exports by Q3 2029. A 2026 field program will deliver up to 6,000 meters of drilling, targeting resource growth to 130 million tonnes from 45 million tonnes.
1. Board Approval and Funding Details
The board of Critical Metals Corp approved a $30 million acceleration plan for the Tanbreez rare earth project to advance engineering, metallurgical work and infrastructure planning. The funding aims to de-risk development and support activities critical for moving toward commercial operation.
2. Production Timeline and Export Targets
Management set a target for first ore production in late 2028, with concentrate exports scheduled by the third quarter of 2029. These milestones are designed to align the project with growing demand for heavy rare earth elements used in electrification and advanced manufacturing.
3. 2026 Field Program and Resource Expansion
The company outlined a 2026 field program comprising up to 6,000 meters of drilling and bulk sampling to provide pilot plant feedstock and geotechnical data. Resource expansion efforts aim to increase the deposit’s inventory from roughly 45 million tonnes to about 130 million tonnes.
4. Strategic Context and Stock Reaction
Critical Metals highlighted global rare earth demand tailwinds driven by renewable energy and electrification trends. Shares surged 7.3% on the announcement and have generally held above their 200-day moving average, reflecting positive investor sentiment.