Critical Metals secures $120M LOI for 15-year term loan from EXIM Bank

Critical Metals (CRML) has received a Letter of Interest from the Export-Import Bank of the United States, for a total non-dilutive funding package of $120M. This funding package from the U.S’s official export credit agency is expected to be used to develop the Tanbreez Project, one of the world’s largest rare earth deposits located in Greenland. Based on preliminary information submitted by Critical Metals Corp for the Tanbreez Project, EXIM will consider financing up to $120 million of the project’s costs with a repayment term of 15 years under EXIM’s new Supply Chain Resiliency Initiative. The amount of funding is expected to be sufficient for Critical Metals Corp to complete necessary technical and economic studies, pre-production activities, and begin mining at the Tanbreez Project. The Company expects that the Tanbreez Project will require $290M in capital expenditure to bring it to initial commercial production. In its initial commercial production phase, the Company expects that the Tanbreez Project will be capable of producing up to 85,000 metric tons of rare earth material annually.