Freedom Capital initiated coverage of Critical Metals with a ‘Buy’ rating and $15 price target, representing an upside of almost 50% from its current price levels.
- The company announced on Tuesday that its board had approved a $30 million acceleration program to speed up the development of the rare earth Tanbreez Project in Greenland.
- The new $30 million sanction will help speed up Tanbreez’s transition from exploration toward development and production, the company said.
- This will help the Tanbreez project reach its target of first ore production in Q4 2028 or Q1 2029.
Shares of Critical Metals Corp. (CRML) rallied by over 13% on Tuesday after the company announced that its board had approved a $30 million acceleration program to speed up the development of the rare earth Tanbreez Project in Greenland.
Shortly after, Freedom Capital initiated coverage of Critical Metals with a ‘Buy’ rating and $15 price target. The target represents an upside of almost 50% from its current price levels of $10.01 at the time of writing.
Freedom Capital told investors that the company, bolstered by the Tanbreez project and the Wolfsberg lithium project, is a strategically important rare earth element player for the Western world, as per TheFly.
Project Details
The new $30 million sanction will help speed up Tanbreez’s transition from exploration toward development and production, the company said in a statement.
This includes advancing drilling, infrastructure, engineering design, and metallurgical programs that will help Tanbreez reach its target of first ore production in fourth-quarter (Q4) 2028 or first-quarter (Q1) 2029, with concentrate export beginning by third-quarter (Q3) 2029.
“The Board’s approval of this $30 million acceleration program marks an important step forward in unlocking the enormous potential of the Tanbreez rare earth deposit,” Tony Sage, CEO of Critical Metals said.
“The next phase is focused on accelerating Tanbreez toward production. With the global race to secure critical mineral supply intensifying, we believe Tanbreez has the potential to become one of the most important heavy rare earth projects supplying Western markets,” Sage added.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around CRML shares jumped from ‘bearish’ to ‘bullish’ territory over the past 24 hours, as message volumes climbed from ‘low’ to ‘high’ levels.
One bullish user predicted that the company’s shares would double to $20 by Friday.
Another user supported the potential run-up to $20, highlighting the company’s strong fundamentals. The user also wondered about CEO Sage’s next update in March.
Shares of CRML have surged 451% in the past year.
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