Critical Metals Corporation (CRML) saw its stock price surge 29.18% in pre-market trading on Friday. The dramatic move followed a major regulatory milestone for the company's flagship asset.

The Greenlandic Ministry of Mineral Resources and Business approved the indirect transfer of the mining license for the Tanbreez rare earth project. This approval facilitates the transfer of the remaining 50.5% interest in Tanbreez Mining Greenland to Critical Metals Corp., increasing the company's total ownership stake to 92.5% and solidifying its controlling position.

The Tanbreez project is one of the world's largest known deposits of heavy rare earth elements, which are critical materials for defense, clean energy, and advanced technology applications. The government approval removes a significant structural and regulatory hurdle, de-risking the project's path to development and positioning Critical Metals as a potential cornerstone supplier for Western-aligned critical mineral supply chains seeking to reduce dependence on China.