CRITICAL METALS CORPORATION (CRML) saw its stock price soar 5.01% during intraday trading on Thursday. The significant upward movement followed the company's announcement of a major corporate milestone.

The surge is directly attributed to Critical Metals Corp. closing the acquisition of the remaining 50.5% interest in Tanbreez Mining Greenland A/S. This transaction brings the company's total ownership of the project to 92.5%. Tanbreez is recognized as one of the world's largest known deposits of heavy rare earth elements, which are crucial for defense, clean energy, and advanced technology applications.

Company Chairman Tony Sage stated that this closure gives Critical Metals "near-total control of one of the most significant rare earth deposits in the Western world." The company also announced a non-binding letter of intent to acquire European Lithium Ltd., which would consolidate the remaining interest and bring total ownership of Tanbreez to 100%. With the transaction closed, the company will now focus its efforts on advancing the Tanbreez project toward production.