Critical Metals (CRML) Status update summary

Project milestones and operational progress

• Achieved independent confirmation of process viability at Tanbreez, with concentrate grades upgraded to over 3% total rare earth oxides and purity levels meeting aerospace and defense standards.

• Established a 50/50 Romanian joint venture for a fully integrated mine-to-magnet supply chain, with zero capital outlay and access to EU funding.

• Confirmed commercially significant gallium mineralization at Tanbreez, enhancing project value amid global supply chain shifts.

• 100% of mine production is now covered by long-term offtake agreements with partners in Europe, Romania, and Saudi Arabia.

• Construction of pilot plant and local infrastructure in Greenland approved, with commissioning targeted for May 2026.

Strategic partnerships and supply chain integration

• Saudi joint venture secures 25% of mine supply, with a 50/50 partnership to build a rare earth processing facility, expanding non-China capacity.

• Romanian joint venture enables access to EU grants and loans, further de-risking capital requirements.

• All offtake agreements ensure full revenue visibility and secure supply for the life of the mine.

• Partnerships structured to avoid equity dilution and capital expenditure obligations for the company.

Financial overview and capital allocation

• Secured $85 million PIPE financing and a $120 million EXIM Bank letter of intent.

• Current capital expenditures for Greenland mine and concentrator estimated at $40-$50 million over 12-18 months.

• Full infrastructure costs in Greenland projected at $400-$600 million, with refineries in Europe and Saudi Arabia funded externally.

• Exploring non-dilutive offtake-linked payments and maintaining strong cash position for planned spending.