Critical Metals
Critical Metals Plc is a UK-listed mining company developing critical mineral assets, primarily the Tanbreez heavy rare earth project in Greenland, targeting Western defense, EV, and clean energy customers as an alternative to Chinese-controlled supply chains, with first production targeted Q4 2028.
- Company typePublic
- Founded2020
- HeadquartersLondon, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Critical Metals does
Critical Metals Plc is a UK-domiciled, London Stock Exchange Main Market-listed (CRTM) and NASDAQ-listed (CRML) mining development company specializing in acquiring and developing near-term production assets in critical metals. The company operates a portfolio of three mineral projects: the flagship Tanbreez heavy rare earth element (HREE) deposit in southern Greenland (92.5% owned), the Molulu copper-cobalt mine in the Democratic Republic of Congo's Katanga Copperbelt (100% of Madini Occidental which holds 70% interest), and the Wolfsberg lithium mine in Austria (Europe's first fully permitted lithium mine). Tanbreez is described as one of the world's largest undeveloped HREE deposits outside China, containing all eight essential heavy rare-earth elements at a refined concentrate grade of 2.96% TREO (a 40% improvement confirmed by independent testing in March 2026), with initial annual production capacity targeted at 85,000 tonnes representing 15-20% of current global HREE demand. First ore production is targeted for Q4 2028 or Q1 2029.
The company's business model is built around producing and selling mineral concentrates and processed metals through three revenue streams: copper-cobalt ore sales from Molulu to local DRC smelters (production commenced January 2023 but revenues not yet significant), rare earth concentrate sales from Tanbreez (75% of planned output pre-sold via 10-year offtake agreements to US and European customers including REalloys Inc. and Ucore Rare Metals), and joint-venture processing margins from downstream conversion of concentrates into refined oxides and metals (50-50 JV with Romania-based FPCU and a $1.5B JV with a Saudi Arabian industrial conglomerate). The company targets government defense agencies (US DoD), EV manufacturers, wind/solar/clean energy companies, and defense contractors as end customers, positioning itself as a Western alternative to China's 80-90% dominance in rare earth processing. Capital is sourced through a combination of public equity markets (dual LSE/NASDAQ listing), private placements, PIPE financing, and government-backed financing (a $120 million Letter of Intent from the US Export-Import Bank).
The company is pre-revenue as of early 2026, with a small 1-10 employee headcount and a board augmented by advisory members including a retired US Navy Rear Admiral for defense relationships. With a market valuation exceeding $1.5 billion and a pre-tax NPV of $2.7B-$3.4B for Tanbreez alone, the company's investment thesis rests on successfully bringing Tanbreez into production by 2028-2029, securing the multi-billion-dollar processing infrastructure buildout, and capturing material share of Western defense and clean energy supply chains. Material risks include execution risk on the multi-year project buildout, dependence on Greenland and DRC geopolitical stability, and the timing gap between capital deployment and first revenue.
Critical Metals firmographics
Firmographics- Name
- Critical Metals
- Legal name
- Critical Metals Plc
- Website
- https://criticalmetals.co.uk
- Company type
- Public
- Founded year
- 2020
- Headcount range
- 1–10 employees
- Short description
- Critical Metals Plc is a UK-listed mining company developing critical mineral assets, primarily the Tanbreez heavy rare earth project in Greenland, targeting Western defense, EV, and clean energy customers as an alternative to Chinese-controlled supply chains, with first production targeted Q4 2028.
- Ownership category
- akta.pro rank
Critical Metals industry classification
Industry- Product category
- Critical Minerals Mining
- NAICS
- Nonferrous Metal (except Aluminum) Smelting and Refining (331410), Nonferrous Metal (except Aluminum) Production and Processing (3314), Primary Metal Manufacturing (331)
- SIC
- Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330), Miscellaneous Metal Ores (1090)
- akta.pro primary industry
- Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)
- akta.pro secondary industries
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Critical Minerals Trading, Offtake & Marketing (IMAKAFAJ)
Keywords
Where Critical Metals is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices4 records
Markets served
Critical Metals business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Infrastructure, Personnel, Marketing or Sales
Revenue model
- Copper-Cobalt Ore Sales: Mining and sale of copper and cobalt ore from the Molulu project in the DRC. Production commenced January 2023. Oxide ore sold to local smelters in Lubumbashi and Likasi. Copper grades range 15-40% (sulphides) and 2-15% (oxides).
- Rare Earth Concentrate Sales: Sale of rare earth concentrates from Tanbreez project in Greenland. 75% of planned output already pre-sold via offtake agreements. Targeting first ore production Q4 2028 or Q1 2029. Initial annual production capacity of 85,000 tonnes representing 15-20% of current global HREE demand.
- Joint Venture Processing: 50-50 joint venture term sheet with Romania-based FPCU for rare earth processing plant. JV with Saudi Arabian industrial conglomerate for $1.5B processing facility producing light and heavy rare earth oxides and metals. Processing margins from converting concentrate to refined materials.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Critical Metals product offering
Product offeringCore offering
Critical Metals plc acquires and develops near-term production assets in the critical metal space. The company extracts and sells heavy rare earth concentrates from the Tanbreez project in Greenland, copper and cobalt ore from the Molulu mine in the DRC, and holds the Wolfsberg lithium project in Austria. The company is also developing downstream rare earth processing facilities through joint ventures in Romania and Saudi Arabia to convert concentrates into refined oxides and metals.
Product overview
Critical Metals plc is a mining company specializing in acquiring and developing near-term production assets in critical metals. The company operates a portfolio of mineral projects including the Tanbreez rare earth project in Greenland (its flagship asset), the Molulu copper-cobalt mine in the DRC, and the Wolfsberg lithium mine in Austria. Critical Metals is developing downstream processing capabilities through joint ventures in Romania and Saudi Arabia to create integrated supply chains for rare earth elements, positioning itself as a Western alternative to Chinese-dominated rare earth processing.
Differentiator
Problem solved
Functional benefit
Products and services
- Tanbreez Rare Earth Project Heavy rare earth element mining project in Greenland producing rare earth concentrates for sale to US and European customers via long-term offtake agreements, with downstream processors serving clean energy, EV, defense, and advanced manufacturing supply chains.
- Molulu Copper-Cobalt Project Medium-scale copper-cobalt mining asset in the DRC with production commenced January 2023; copper grades range 15-40% (sulphides) and 2-15% (oxides), serving regional smelters in Lubumbashi and Likasi for downstream electronics, telecommunications, and construction applications.
- Wolfsberg Lithium Project Lithium mining project in Austria, positioned as Europe's first fully permitted lithium mine, serving European battery and EV manufacturers requiring domestic lithium supply.
- Romania Rare Earth Processing Facility 50-50 joint venture with Romania-based FPCU to build a rare earth processing plant converting Tanbreez concentrates into refined materials including aerospace and military-grade magnets for European customers.
- Saudi Arabia Rare Earth Processing Facility $1.5 billion joint venture with a Saudi Arabian industrial conglomerate to establish a processing facility producing light and heavy rare earth oxides and metals including neodymium, praseodymium, dysprosium, and terbium, with 25% of concentrate feedstock secured from Tanbreez.
Quantifiable outcome
- 85,000 tonnes annual production capacity representing 15-20% of global HREE demand
- +2 more outcomes
Companies that use Critical Metals
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Critical Metals technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Critical Metals partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- European Lithiumcore$835 million acquisition to consolidate full ownership of Tanbreez. European Lithium holds 7.5% stake and 34% cross-holding in Critical Metals to be cancelled upon completion.
- Saudi Arabian Industrial Conglomeratecore$1.5 billion joint venture for rare earth processing facility in Saudi Arabia. Will produce light and heavy rare earth oxides and metals. 25% of concentrate feedstock secured from Tanbreez. Supports Vision 2030.
- 60° North GreenlandminorLocal Greenlandic contractor engaged under turnkey contract model for pilot plant construction in Qaqortoq, southern Greenland.
- FPCU (Romania)coreJoint venture term sheet to build rare earth processing plant in Romania to process minerals from Tanbreez mine. Europe-focused supply chain reducing reliance on China.
- REalloys Inc.core10-year off-take agreement for rare earth concentrate purchase. REalloys aims to become largest producer of heavy rare earth oxides outside China by H1 2027 with $200M EXIM Bank LOI.
- Ucore Rare Metalscore10-year offtake agreement. Ucore developing RapidSX extraction technology with US DoD contracts targeting commercial operations early 2027.
- RIMBAL Pty LtdminorAcquisition of 50.5% equity stake in Tanbreez from RIMBAL, increasing Critical Metals ownership to 92.5% with Greenland government approval.
- NIRASminorDanish engineering firm engaged for active coordination on Tanbreez project development and regulatory approval processes.
Scale indicators19 records
Recent moves7 records
Expansion highlights7 records
Critical Metals competitors and assessment
Company assessmentDirect peers
- MP Materials: US-listed operator of the Mountain Pass rare earth mine in California, producing light rare earth concentrates and downstream oxides/metals. Most directly comparable Western rare earth producer, addressing the same China-supply-chain diversification theme as Critical Metals' Tanbreez asset.
- Lynas Rare Earths: Australian-listed operator of the Mt Weld rare earth mine and Kalgoorlie processing facility, the largest non-Chinese producer of separated rare earth oxides. Directly comparable as an integrated rare earth miner-processor targeting Western customers seeking supply chain diversification.
- Pensana plc: UK-listed developer of the Longonjo rare earth project in Angola and a planned processing facility in the UK. Comparable as a London-listed rare earth developer pursuing downstream processing to serve European magnet and EV supply chains.
- Energy Fuels: US-listed critical minerals producer that has expanded from uranium into rare earth processing at its White Mesa Mill in Utah. Comparable as a Western rare earth processor aligned with US government critical mineral policy and serving defense/clean energy customers.
- Iluka Resources: Australian-listed mineral sands producer developing the Eneabba rare earth refinery in Western Australia. Comparable as a Western rare earth and critical minerals developer with vertically integrated mining and processing ambitions targeting non-Chinese supply.
- European Lithium: Australian-listed lithium and rare earth developer that is the target of Critical Metals' $835M all-stock acquisition. Directly comparable as a developer of the Wolfsberg lithium mine (Austria) and a minority stakeholder in the Tanbreez rare earth project.
- Ucore Rare Metals: Canadian-listed critical metals company developing the RapidSX rare earth separation technology with US DoD contracts. Directly comparable as a Western rare earth processing technology provider and offtake counterparty to Critical Metals' Tanbreez project.
Emerging players
- USA Rare Earth: Privately-held US company developing the Round Top heavy rare earth project in Texas with downstream processing capabilities. Comparable as an emerging Western HREE-focused developer serving defense and clean energy customers seeking non-Chinese supply.
- Arafura Resources: Australian-listed developer of the Nolans rare earth project in the Northern Territory targeting NdPr production. Comparable as a non-Chinese rare earth developer in the development stage with similar pre-revenue profile and offtake-driven customer base.
- Peak Resources: Australian-listed developer of the Ngualla rare earth project in Tanzania, one of the world's largest undeveloped rare earth deposits. Comparable as a pre-production rare earth developer focused on Western customers and seeking offtake and downstream partnerships.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Critical Metals social profiles
Digital presenceCritical Metals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Critical Metals leadership team
Management profileNumber of profiles
Profiles7 records
Critical Metals subsidiaries and ownership
Company hierarchySubsidiaries2 records
Critical Metals funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Critical Metals M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Critical Metals
What does Critical Metals do?
Critical Metals plc acquires and develops near-term production assets in the critical metal space. The company extracts and sells heavy rare earth concentrates from the Tanbreez project in Greenland, copper and cobalt ore from the Molulu mine in the DRC, and holds the Wolfsberg lithium project in Austria. The company is also developing downstream rare earth processing facilities through joint ventures in Romania and Saudi Arabia to convert concentrates into refined oxides and metals.
Is Critical Metals a public or private company?
Critical Metals is a public company. It is classified as public.
When was Critical Metals founded?
Critical Metals was founded in 2020. It employs 1 to 10 people.
Where is Critical Metals based?
Critical Metals is headquartered in London, United Kingdom, in the Europe region.
How does Critical Metals make money?
Three revenue lines are on record. Copper-Cobalt Ore Sales are the primary driver. The others are rare Earth Concentrate Sales and joint Venture Processing.
Who are Critical Metals's main competitors?
Direct peers on record are MP Materials, Lynas Rare Earths, Pensana plc, Energy Fuels, Iluka Resources, European Lithium and Ucore Rare Metals. Emerging players are USA Rare Earth, Arafura Resources and Peak Resources.
Does Critical Metals have an API?
No public API is recorded for Critical Metals.
What industry is Critical Metals in?
Critical Metals's product category is Critical Minerals Mining. Its primary akta.pro industry code is IMAKAFAG, Rare Earths Mining & Concentrates (REE Ores), with a secondary code of IMAKAFAL, Exploration & Resource Development (Critical Minerals). Its NAICS code is 331410 and its SIC code is 1000.