Critical Metals (CRML) Status update summary

Project milestones and operational progress

• Achieved key milestones at Tanbreez, including proof of concept, upgraded concentrate grades, and confirmation of process viability with independent validation of 3+% REE oxide concentrates.

• Established a 50/50 Romanian joint venture for Europe's first mine-to-magnet supply chain, with zero dilution and access to EU funding.

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

• All mining production is now covered by long-term offtake agreements, including partnerships in Europe and Saudi Arabia.

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

Financial and strategic developments

• Secured $85 million PIPE financing and a $120 million EXIM Bank letter of intent, ensuring capital for near-term needs.

• Romanian and Saudi joint ventures structured to avoid equity dilution and externalize refinery capital costs.

• Exploring offtake-linked payments and government financing, with current cash levels sufficient for planned spending.

• Estimated $40–$50 million CapEx over the next 12–18 months for Greenland mine and concentrator; full infrastructure could reach $400–$600 million.

Technical and ESG advancements

• Mobile geochemical analysis lab acquired for real-time, on-site assay, improving efficiency and ESG compliance.

• Tanbreez deposit features low radioactive materials, enabling clean magnetic separation and minimal environmental impact.

• Emphasis on local hiring, safety, and community engagement in Greenland, with training programs for local workforce.

• Commitment to green operations, leveraging hydropower and gravity-fed systems for low-carbon mining.