Critical Metals Corp (CRML) shares are up 5.1% pre market to $6.80 as of 8:56 am on November 26, 2024, following the company's announcement of a significant discovery at its Tanbreez Greenland Rare Earth Mine. The company revealed that it has identified one of the world's highest concentrations of Gallium, a critical element used in computer chip production and defense applications. This discovery, along with the identification of four high-grade zones, is expected to enhance the company's mining operations and increase throughput at the site, which is currently licensed for 500,000 metric tons per year.
The announcement highlights the Tanbreez Project's potential to become a transformative asset for Critical Metals Corp, as the market for Gallium continues to grow, currently valued in the billions and expanding at an annual rate of approximately 20%. CEO Tony Sage emphasized the project's value and the importance of ongoing pre-production activities, reinforcing investor confidence in the company's strategic direction.