Critical Metals Corporation (CRML) surged 14.13% in pre-market trading following the approval of a key mining permit transfer and the company's increased stake in a strategic rare earth project in Greenland.

The Greenlandic ministry of mineral resources and business approved the indirect transfer of the mining licence for the Tanbreez rare earth project. This comes after Critical Metals Corp increased its stake in the project developer last year, securing the right to raise its ownership to 92.5%. The approval removes a significant regulatory hurdle for the project's advancement.

This development strengthens Critical Metals' control over a resource intended to support U.S.-aligned supply chains for rare earth elements, which are critical for high-tech industries ranging from electric vehicles to defense systems. The move aligns with broader efforts to reduce dependence on China for these strategically important materials.