11:22 AM EDT, 06/16/2025 (MT Newswires) -- Critical Metals (CRML) shares rose 22% in Monday trading after the company received a letter of interest from the Export-Import Bank of the US for a 15-year, $120 million term loan to develop Greenland's Tanbreez rare earth project.

The project is expected to require an estimated $290 million in capital expenditure to reach initial commercial production, Critical Metals said Monday in a statement. In the early output phase, the project is projected to yield 85,000 metric tons of rare earth material annually, the New York-based company said.

The loan terms were based on preliminary input received by the bank from Critical Metals on project costs and preproduction estimates.

The company plans to complete a definitive feasibility study by the end of 2025 and to invest $10 million in exploration activities this year to have the option of acquiring an additional 50.5% stake for a total ownership of 92.5%.

"This is a tremendous milestone for Critical Metals which highlights to the rare earths supply chain, Western governments and investors that Tanbreez is a world-class asset that will provide mission-critical rare earth metals to counter China's continued dominance," Tony Sage, the company's chief executive officer, said in the statement.

Price: 2.49, Change: +0.46, Percent Change: +22.41