Critical Metals (Nasdaq: CRML) released on Wednesday its first S-K 1300 technical report summary on the Tanbreez rare earth project in Greenland, raising its share value by over 10%.

The initial mineral resource estimates 45 million tonnes of resource at 0.4% total rare earth oxides (TREOs), including 27% of heavy rare earth elements, hosted by the world’s largest currently published rare earth hard rock deposit, Critical Metals said.

The US-listed company acquired a controlling stake in Tanbreez in June 2024, hailing it as a potential “game-changing” mine project for North America’s rare earths supply chain. In terms of TREOs, Tanbreez is one of the largest rare earth deposits in the world, hosted within approximately 4.7 billion tonnes of a kakortokite hard-rock unit.

“The release of our first S-K 1300 report for Tanbreez is a significant milestone for Critical Metals Corp as we are quickly advancing the development strategy for this game-changing rare earth deposit,” CEO Tony Sage said in a news release.

“We now have independent verification of what makes this asset truly exceptional, and we believe that the S-K 1300 Report’s findings will help accelerate our discussions with strategic partners and government agencies focused on establishing secure, western supply chains for these critical materials,” Sage said.

Due to the company’s unique ownership structure, it must report all technical reports under the requirements set forth in Regulation S-K 1300 and the JORC Code as required by the US Securities and Exchange Commission and ASX simultaneously.

“We expect to begin our next phase of verification work in Q2 2025, with further resource drilling, an Independent preliminary economic assessment and end goal of completing our definitive feasibility study by year-end 2025.”

The company also intends to finalize the drilling results from the campaign that was completed late in 2024 and finalizing the 2025 exploration program.”

Critical Metals also owns the Wolfsburg project in Austria, which is set to become the EU’s only battery-grade lithium mine by 2027.

By market close Wednesday, Critical Metals stock was up 10.3% on the NASDAQ. The company has a $194 million market capitalization.