FAQ: Critical Metals Corp's Strategic Offtake Deal with Ucore for Tanbreez Rare Earths

What is the main announcement in this content?

Critical Metals Corp has signed a letter of intent for a multi-year offtake agreement with Ucore Rare Metals Inc to supply rare earth concentrate from its Tanbreez Project in Greenland.

How much rare earth concentrate will Critical Metals Corp supply to Ucore annually?

Critical Metals Corp expects to supply up to 10,000 metric tons annually of rare earth concentrate, representing approximately 10% of the Tanbreez Project’s initial projected production.

Where will Ucore process the rare earth concentrate from Tanbreez?

The concentrate will be processed at Ucore’s rare earth element processing facilities in Alexandria, Louisiana and Kingston, Ontario, with the Louisiana facility receiving support from the state government and U.S. Department of Defense.

Why is this partnership significant for reducing dependence on China?

Both companies share a vision to lessen China’s grip on the rare earth ecosystem in the West, addressing national security challenges and meeting growing demand for rare earths essential for electrification and next-generation technologies.

What are the next steps for finalizing this agreement?

The parties are working toward definitive documentation, subject to customary conditions including completion of due diligence, finalization of commercial terms, and necessary approvals.

Where is Critical Metals Corp’s Tanbreez Project located and what makes it strategic?

The Tanbreez Project is located in Southern Greenland and is one of the world’s largest rare earth deposits with year-round direct shipping access via deep water fjords leading to the North Atlantic Ocean.

What other key asset does Critical Metals Corp own besides Tanbreez?

Critical Metals Corp also owns the Wolfsberg Lithium Project in Carinthia, Austria, which is the first fully permitted lithium mine in Europe and strategically positioned to support the European market.

Who are the key executives quoted in the announcement and what did they say?

Pat Ryan, Chairman and CEO of Ucore, emphasized the heavy rare earth concentration at Tanbreez, while Tony Sage, CEO of Critical Metals Corp, highlighted the validation of their world-class asset and flexibility to supply other US facilities.