CRML Confirms Outstanding 2.96% TREO and HREO Refined Concentrate, Yielding ~40% Increase in Historical Metallurgical Test Work Results at Tanbreez

Rhea-AI Summary

Critical Metals Corp (Nasdaq: CRML) reported that 2025 Fremantle Metallurgy test work reproduced and improved historical 2016 results, producing a 2.96% TREO refined concentrate — approximately a 40% increase over the prior 2.1% result.

Tests used a duplicate 2016 sample, achieved >85% recovery using higher-gauss magnetic separation, and confirmed recovery of eight key REEs including HREEs. Pilot plant operations are scheduled to begin in May 2026, with a 150-tonne bulk sample planned for June 2026 and minimum 10t pre-production concentrate commitments to offtake partners.

Positive

• Refined concentrate TREO improved to 2.96% (~40% increase)
• Recovery rates exceeded 85% using upgraded magnetic separation
• Pilot plant operations scheduled to commence in May 2026
• 150-tonne bulk sample planned for June 2026
• Offtake partners to receive a minimum of 10t high-grade concentrate each

Negative

• Previously released PEA is now obsolete, requiring a replacement PEA
• Commercial viability depends on pilot plant and bulk sample results not yet produced

News Market Reaction – CRML

+19.04%

68 alerts

+19.04% News Effect

+15.7% Peak in 4 hr 31 min

+$162M Valuation Impact

$1.02B Market Cap

0.9x Rel. Volume

On the day this news was published, CRML gained 19.04%, reflecting a significant positive market reaction. Argus tracked a peak move of +15.7% during that session. Our momentum scanner triggered 68 alerts that day, indicating high trading interest and price volatility. This price movement added approximately $162M to the company's valuation, bringing the market cap to $1.02B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

TREO/HREO concentrate grade: 2.96% Prior TREO concentrate: 2.1% Improvement in concentrate: ~40% +5 more

8 metrics

TREO/HREO concentrate grade 2.96% Outstanding TREO and HREO refined concentrate grade from updated Tanbreez test work

Prior TREO concentrate 2.1% Historical TREO refined concentrate grade from 2016 test work

Improvement in concentrate ~40% Increase in refined concentrate versus 2016 AMTEC/ALS test work

Recovery rates >85% Recovery rates achieved using improved flowsheet and high‑gauss magnets

Magnet strength 10,000–12,000 gauss Modern permanent magnets used in primary magnetic separation stage

Deportment recovery >85% Deportment recovery achieved with improved three‑stage magnetic separation

Pilot-scale ratio 1:100 Simulated pilot‑scale concentrate production planned for pilot plant program

Bulk sample size 150 tonnes Planned bulk sample in June 2026 for Tanbreez processing validation

Market Reality Check

Price: $7.94 Vol: Volume 6,219,464 vs 20-da...

normal vol

$7.94 Last Close

Volume Volume 6,219,464 vs 20-day average 6,776,835 (relative volume 0.92x). normal

Technical Price $6.67 is trading below the 200-day MA at $8.76, reflecting prior downside pressure.

Peers on Argus

Momentum scanner shows USAS up ~6.0% and UAMY up ~4.19%, while CRML was down 5.2...

2 Up

Momentum scanner shows USAS up ~6.0% and UAMY up ~4.19%, while CRML was down 5.26% pre‑news. Peers in momentum are moving up, indicating CRML’s weakness was stock‑specific rather than a broad sector move.

Historical Context

5 past events · Latest: Mar 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 23	Strategic acquisition	Positive	+7.0%	Acquisition of 60° North Greenland ApS to support Tanbreez infrastructure and logistics.
Mar 20	Sector commentary	Neutral	-8.2%	Market commentary profiling CRML within broader U.S. rare‑earth revival narrative.
Mar 16	Advisory appointment	Positive	-0.6%	Appointment of experienced trade attorney to Advisory Board to support Tanbreez.
Mar 16	Supply chain article	Neutral	-0.6%	Feature on Western rare earth supply chains highlighting various projects and offtakes.
Mar 10	Project acceleration	Positive	+12.9%	$30M program to fast‑track Tanbreez drilling, bulk sampling and infrastructure toward production.

Pattern Detected

Project acceleration and acquisition headlines (e.g., Tanbreez program, 60° North deal) have coincided with positive moves, while some neutral commentary and governance/news items have seen flat to slightly negative reactions.

Recent Company History

Recent news for CRML has centered on advancing the Tanbreez rare earth project and strengthening its ecosystem. On Mar 10, a $30M acceleration program for Tanbreez aligned with a 12.86% gain. Subsequent commentary pieces on rare earth supply chains had limited price impact. The Mar 23 acquisition of 60° North Greenland ApS saw a 6.99% rise, highlighting market focus on de-risking Tanbreez. Today’s metallurgical update further builds that technical de-risking narrative.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2026-03-18

An active Form F-3 dated 2026-03-18 registers up to 2,744,062 ordinary shares for resale by a selling securityholder. These shares were previously issued, and the company will receive no proceeds from the resales.

Market Pulse Summary

The stock surged +19.0% in the session following this news. A strong positive reaction aligns with p...

Analysis

The stock surged +19.0% in the session following this news. A strong positive reaction aligns with prior moves on Tanbreez de‑risking, such as the $30M acceleration program and the 60° North acquisition. The replicated and improved metallurgical results, with a 2.96% TREO/HREO concentrate and >85% recovery, reinforce project quality. However, existing resale registrations under the Form F-3 and ongoing capital needs from recent filings could still weigh on longer‑term sustainability.

Key Terms

rare earth elements (rees), flowsheet, magnetic separation, pilot plant, +1 more

5 terms

rare earth elements (rees) technical

"contain all 8 significant in-demand rare earth elements (REEs), including heavy rare earth"

Rare earth elements (REEs) are a group of 17 metallic elements used as specialized ingredients in many modern technologies — from smartphones and electric vehicles to wind turbines and defense systems. They matter to investors because their supply is limited and concentrated in a few countries, which can cause sharp price swings, create strategic risks for manufacturers, and influence the profitability and competitiveness of companies that rely on these materials.

flowsheet technical

"Using a simplified and improved flowsheet, enhanced by modern permanent magnets"

A flowsheet is a structured table that records a series of clinical or operational data points—such as vital signs, lab results, medication doses, procedures or milestone dates—so each patient or case can be tracked over time. For investors, a flowsheet turns detailed trial or operational activity into a clear timeline that highlights progress, gaps or problems, helping assess development speed, regulatory readiness and potential delays much like a trip log shows a journey’s pace and hiccups.

magnetic separation technical

"higher-gauss magnetic separation to more effectively reject non-magnetic material"

Magnetic separation is a method that uses magnets to pull magnetic materials away from non-magnetic ones, like using a magnet to pick out nails from a sandbox. In industry and labs it is used to concentrate minerals, remove contaminants, or isolate biological particles, affecting product purity, yield, operating costs and environmental compliance—factors that can materially influence a company’s profitability and regulatory risk profile.

pilot plant technical

"project transitions from laboratory-scale testing to pilot plant operations, scheduled"

A pilot plant is a small-scale version of a production facility built to test, refine and demonstrate a manufacturing process before investing in full commercial production. For investors, it acts like a prototype or test kitchen: it shows whether a process works at realistic scale, reveals likely costs and bottlenecks, and reduces technical and financial risk associated with scaling up to mass production.

dfs technical

"Replacement PEA will be issued ... before the Company releases a revised DFS."

Disease-free survival (DFS) is a clinical-trial measure that counts how long patients remain free of signs or return of a disease after treatment. Investors use DFS to judge whether a therapy is working beyond immediate responses — like timing how long a repaired roof stays leak-free after fixes — because stronger, longer DFS can signal a more effective treatment, better market potential and clearer paths to approval or reimbursement.

AI-generated analysis. Not financial advice.

NEW YORK, March 31, 2026 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp.” or the “Company”), a leading critical mineral mining company, today announced that the historical metallurgical test results done by AMTEC / ALS in 2016 has been successfully replicated in the 2025 test work program undertaken at Fremantle Metallurgy laboratories, Perth, Western Australia, under the review of independent consultant Professor Tony Tang. Professor Tony Tang utilized a duplicate ore sample that was used in the original 2016 Tanbreez study.

Highlights

• Outstanding 2.96% TREO and HREO refined concentrate
• Approximate 40% increase over the previous 2.1% TREO refined concentrate results.

In December 2025, the Company received the initial assay reports from Fremantle Metallurgical test Work and Independent Laboratory assay confirmation by Nagrom Metallurgical, in Perth, Western Australia, under the guidance of Independent Company Consultant, Emeritus Professor Dr Tony Tang.

The results confirmed up to ~40% improved refined concentrate from historical Test Work in 2016 AMTEC/ALS, by application of new technology, with total TREEs recovery results that mark a significantly improved refined concentrate and confirmation of repeatability.

The eudialyte and mixed-concentrate recoveries were confirmed to contain all 8 significant in-demand rare earth elements (REEs), including heavy rare earth elements (HREEs) and strategic rare metal concentrates. Using a simplified and improved flowsheet, enhanced by modern permanent magnets operating at 10,000–12,000 gauss and optimized staging, the process achieved recovery rates better than 85%.

The improved results were achieved through modifications to the flowsheet in the primary magnetic separation stage. These changes enabled the recovery of all magnetic and paramagnetic materials using higher-gauss magnetic separation to more effectively reject non-magnetic material, followed by additional beneficiation and polishing stages.

This improved flowsheet enabled a third-stage magnetic separation to reject low-REE-value magnetic material, resulting in the recovery of a higher-grade eudialyte concentrate. The process achieved better than 85% deportment recovery, with an increased overall yield of ~40%.

Tony Sage, Chairman of CRML, commented:

“Given these outstanding results, the current flowsheet announced in the previously released PEA is now obsolete. A replacement PEA will be issued confirming Pilot Plant concentrate production results approximately 3 months before the Company releases a revised DFS.

This represents a significant milestone for the Tanbreez development as the project transitions from laboratory-scale testing to pilot plant operations, scheduled to commence in May 2026. The program will include production of a simulated 1:100 pilot-scale concentrate, supporting future full-scale processing.

I am pleased to announce this progress as our international team continues to successfully produce concentrate for our offtake partners in the EU, Saudi Arabia, and the USA.

Test work remains ongoing, while field activities in Greenland—including drilling programs—are in the final stages of planning. These efforts will support the supply of fresh pilot plant feed from Tanbreez, beginning in May 2026.”

     

Figure 1. Polishing Test Work for Final Export Con (Eudialyte)

Figure 2. Process Flowchart for Final Production of Eudialyte Export Con

Table 1. Nagrom 2026 – Metal Oxide & Rare Earth for Concentrate 1 and Concentrate 2

Table 2. Comparison Table between historical 2016 Test Work and 2026 Test Work

The Company remains committed to advancing the Tanbreez Project through targeted metallurgical programs, with the upcoming 150-tonne bulk sample in June 2026 representing a critical milestone. This work is expected to validate processing pathways and support the consistent production of TREO and metal oxide concentrates, reinforcing confidence in the project’s technical and commercial potential.

The offtake partners will each receive a minimum of 10t of high-grade pre-production eudialyte concentrate for their refining development.

ABOUT CRITICAL METALS CORP.

Critical Metals Corp (Nasdaq: CRML) is a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next-generation technologies for Europe and its Western world partners. Its flagship Project, Tanbreez, is one of the world's largest, rare-earth deposits and is located in Southern Greenland. The deposit is expected to have access to key transportation outlets as the area features year-round direct shipping access via deep water fjords that lead directly to the North Atlantic Ocean.

Another key asset is the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria. The Wolfsberg Lithium Project is the first fully permitted mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable asset in an expanding geostrategic critical metals portfolio. With this strategic asset portfolio, Critical Metals Corp is positioned to become a reliable and sustainable supplier of critical minerals essential for defense applications, the clean energy transition, and next-generation technologies in the western world.

For more information, please visit https://www.criticalmetalscorp.com/.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements may include expectations of our business and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “designed to” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors discussed under the “Risk Factors” section in the Company’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. These forward-looking statements are based on information available as of the date of this news release, and expectations, forecasts and assumptions as of that date, involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Critical Metals Corp.

Investor Relations: ir@criticalmetalscorp.com
Media: pr@criticalmetalscorp.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/680bbdda-901a-4651-b3ea-28ffc9779159
https://www.globenewswire.com/NewsRoom/AttachmentNg/2074e306-a1ec-4796-8155-0f87d498d7be
https://www.globenewswire.com/NewsRoom/AttachmentNg/c33990d7-4bf2-492b-a68a-4b2ae58523a9
https://www.globenewswire.com/NewsRoom/AttachmentNg/881e63ce-9d17-4f22-b6fa-a4b494ee8ab3
https://www.globenewswire.com/NewsRoom/AttachmentNg/86aac34e-d229-4012-b811-7ca353d4a4ae

FAQ

What did CRML announce about TREO concentrate results on March 31, 2026?

CRML reported a 2.96% TREO refined concentrate, about a 40% improvement versus prior tests. According to the company, duplicate sampling and new flowsheet methods at Fremantle Metallurgy produced the higher-grade concentrate and confirmed repeatability.

How did CRML achieve >85% recovery in the 2025 test work for the Tanbreez project?

The improved recovery came from a simplified flowsheet and higher-gauss magnetic separation (10,000–12,000 gauss). According to the company, modifications to primary magnetic separation and additional polishing stages enabled better rejection of non-magnetic material.

When will CRML start pilot plant operations for Tanbreez and what will it produce?

Pilot plant operations are scheduled to begin in May 2026, producing simulated 1:100 pilot-scale concentrate. According to the company, the program will supply pilot feed and produce concentrate for offtake partner refining development.

What are the next verification steps CRML plans after the 2025 test work improvements?

CRML plans a 150-tonne bulk sample in June 2026 to validate processing paths and support consistent TREO production. According to the company, this bulk sampling will support pilot plant scaling and future DFS updates.

How will the new CRML test results affect the previously published PEA and DFS timelines?

The company said the current PEA is now obsolete and will be replaced, with a new PEA issued before a revised DFS. According to the company, a replacement PEA will confirm pilot plant concentrate results roughly three months before the revised DFS.