Critical Metals (CRML) Jumps 11% on International Expansion

We recently published 10 Stocks Delivering Double-Digit Gains Effortlessly; 4 Hit Highs. Critical Metals Corp. (NASDAQ:CRML) was one of the best performers on Friday.

Critical Metals rallied for a second day on Friday, jumping 11.70 percent to close at $20.62 apiece as investors took heart from developments from its potential expansion in Saudi Arabia.

In a regulatory filing, Critical Metals Corp. (NASDAQ:CRML) said that it inked a memorandum of understanding with Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company (TQB) for the establishment of one or more joint ventures for the development and operations of a processing plant and a refining facility in Saudi Arabia.

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The mining firm said that rare earth resources would come from its Tanbreez Green Rare Earth Mine in Greenland, which is 42-percent owned by the listed firm.

“The company has now entered into four non-binding term sheets for the offtake of rare-earth concentrate extracted from the Tanbreez Project. There can be no guarantee that the company will enter into binding agreements with TQB, or the other term sheet counterparties, on terms favorable to the company or at all,” it said.

In recent news, Critical Metals Corp. (NASDAQ:CRML) attracted investor attention amid the United States’ aggressive plan to take over the Nordic country to boost its rare earths production.

It can be recalled that the US has been setting its sights on a potential acquisition of Greenland, a country with massive resources of critical minerals, in line with Trump’s plan to boost domestic production and reduce rare earths dependence on China.

While the initiative earned the ire of European leaders, it sparked rosy prospects for Critical Metals Corp. (NASDAQ:CRML), which is currently underway with the development of the Tanbreez Rare Earth project.

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Disclosure: None. This article is originally published at Insider Monkey.