New York, Jan 22, 2026, 14:44 EST — Regular session
Shares of Critical Metals Corp. jumped about 27% on Thursday, lifting CRML stock to $19.46 in afternoon trading after swinging between $15.27 and $19.67.
The rare-earth developer disclosed late Wednesday that it signed a memorandum of understanding with Saudi Arabia’s Tariq Abdel Hadi Abdullah Al‑Qahtani & Brothers Company and has now entered four non-binding term sheets for the offtake of rare-earth concentrate from its Tanbreez project in Greenland, a filing showed.
That matters now because early-stage miners typically need offtake—agreements to sell future output—to help secure funding and de-risk projects. It also comes as Greenland again became a market-moving topic this week after U.S. President Donald Trump backed down from threatened tariffs tied to the territory.
Critical Metals said the MoU calls for the parties to work toward one or more joint ventures to develop and operate a processing and refining plant in Saudi Arabia for material extracted from Tanbreez, where it said it owns 42% of the equity interests. The company also cautioned there is no guarantee the term sheets and MoU will become binding deals.
Reuters reported last week that Critical Metals had signed a non-binding term sheet with the Saudi group for a joint venture that would refine 25% of Tanbreez’s planned output, with refined material intended to supply the U.S. defense sector. “We see a strong opportunity” to work with U.S. partners on next-generation technologies, Abdulmalik Tariq Al‑Qahtani, the Saudi firm’s CEO, said in a statement. Reuters
Chief Executive Tony Sage told Reuters on Dec. 31 the company expected to finalise the remaining 25% of offtake agreements for Tanbreez by early 2026 and would be open to U.S. government investment. “Would welcome it,” Sage said, referring to Washington interest. Reuters
Critical Metals has also been trying to show progress on the ground in Greenland. Earlier this month it said the pilot-plant section of a planned facility at Qaqortoq is scheduled to be ready for use no later than May 2026, under its phasing plan.
The company hosted a business update webcast and conference call on Thursday and posted the event on its website.
The rally in CRML also lands in a wider moment for the sector, as the Trump administration pushes to speed permitting and shore up supply chains for critical minerals that U.S. officials argue are dominated by China.
But the Greenland story cuts both ways. Reuters reported on Thursday that details of any “framework” arrangement touted by Trump remained unclear, with Denmark and Greenland insisting sovereignty was not up for discussion — a reminder that politics can keep trading volatile for companies tied to the island. Reuters
Investors are likely to watch for any move from non-binding term sheets to firm offtake and processing agreements, and for updates tied to the Tanbreez pilot-plant timeline — including the May 2026 “ready for use” target that has become a near-term marker for progress. mining.com
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