European Lithium (ASX:EUR) reported a maiden mineral resource estimate of 45 million tonnes at 0.4% total rare earth oxides from the Tanbreez Project in Greenland, according to a Thursday Australian bourse filing.
NASDAQ-listed Critical Metals completed an initial investment and stage 1 interest to hold a 42% stake in Tanbreez, after entering into a heads of agreement in June 2024 with Rimbal to acquire up to 92.5%.
Critical Metals completed due diligence and is preparing a report for filing with the US Securities and Exchange Commission. It has also undertaken a recent drilling program for confirmation, extension, and infill drilling.
European Lithium is Critical Metals's largest shareholder and as such now considers the project to be material. Together both firms hold a combined interest of 49.5% in the project.
European Lithium's shares rose 9% on market close on Thursday.
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