US$120 million in proposed funding from the Export-Import Bank of the United States (EXIM) is set to underpin the development of one of the world’s largest rare earth deposits— Critical Metals Corp’s, Tanbreez Project in Greenland. European Lithium Ltd (ASX:EUR, OTCQB:EULIF), which holds a 63% equity stake in Critical Metals, stands to benefit significantly from the funding proposal through its strategic exposure to the project’s future upside.
The conditional, non-binding Letter of Interest (LoI), issued to EUR subsidiary Critical Metals, marks a major milestone in advancing the project and bolstering Western supply chains for critical minerals.
The 15-year non-dilutive financing package is set be used to support key project milestones, including permitting, feasibility studies, and environmental assessments.
“This is a huge milestone for the Tanbreez Project. The flow on effect to European Lithium is enormous. As of close of Nasdaq trading yesterday, the company’s shareholding in CRML are now valued at approximately A$305 million),” EUR executive chairman Tony Sage said.
European Lithium holds 65,916,641 shares in Critical Metals—equivalent to a 63% stake—valued at approximately A$305 million based on CRML’s share price of US$3.03 on June 16, 2025.
Tanbreez project a pillar of Western critical minerals supply
Located in Greenland, Tanbreez is one of the world’s largest rare earth projects and is expected to play a central role in securing sustainable critical minerals supply for Western markets.
It forms part of Critical Metals’ broader portfolio alongside the Wolfsberg Lithium Project in Austria—Europe’s first fully permitted lithium mine.
These projects position Critical Metals as a key contributor to clean energy, electrification and defence supply chains across Europe and allied economies.
High-grade rare earths confirmed at depth in historic drilling at Tanbreez
EUR recently released historic assay results from eleven deep diamond drill holes completed at the Fjord Deposit within its Tanbreez Rare Earth Project in Greenland, confirming high-grade rare earth element (REE) mineralisation below the existing Mineral Resource Estimate (MRE).
Notably, assays returned up to 0.43% total rare earth oxides (TREO), with heavy rare earth oxides (HREO) accounting for 28% of the total content. These intersections were derived from drilling campaigns undertaken in 2007 and 2013, targeting the kakortokite-hosted eudialyte mineralisation at depth.
New Diamond Drill Hole Results. The weighted average1 grade - 0.43% TREO with 28% HREO plus 1.44% ZrO2.
The reported drill holes intersected REE-bearing kakortokite material beneath the current MRE, which had previously been constrained to material above sea level. These findings demonstrate that the mineralised system continues at depth, offering potential for significant resource extensions.
The company referenced earlier MRE announcements made on March 13 and May 29, 2025, which detailed the resource model based on material above sea level. These newly reported results suggest additional upside beneath the established resource envelope.
"I am further encouraged by the latest deep diamond drill hole results, revealing exceptional assay results over wider and deeper mineralisation,” Sage said. “Tanbreez continues to yield consistent high-grade drilling results presenting the company with a compelling opportunity to increase our current Maiden Resource with our forthcoming 2024 results and 2025 drilling programs due to start in the coming month.