It marks the biggest intraday gain in half a year and lifting the company's valuation to roughly $1.7 billion.

According to documents reviewed by Bloomberg, the firm raised its ownership to 92.5% by purchasing the remaining 50.5% stake it previously didn't control from Rimbal Pty Ltd. The company confirmed the transaction in a statement released Friday.

With this deal, Critical Metals now holds a dominant share of Tanbreez, a deposit rich in rare earth elements such as terbium and dysprosium—materials essential for electronics and defense systems. The company describes Tanbreez as one of the largest known rare earth resources globally.

"We believe this important catalyst and hurdle now achieved helps to accelerate the approval by the Greenland government for permitting to commence mining," said Analyst Tim Moore from Clear Street. He has a $20 price target on the name and sees the increased stake as  "positive with funding matching estimates and control change being approved after previous delays", per Bloomberg. 

The acquisition comes amid a broader push by the US and its partners to lock in supplies of critical minerals and lessen dependence on China, which still leads the world in rare earth processing. Greenland, with its vast untapped reserves, has become an increasingly strategic location—though projects there remain costly and face regulatory hurdles.

Over the past year, Greenland has drawn growing attention from Washington, with renewed political and commercial interest reflecting its rising importance in global resource competition.

The island is no longer just a remote outpost—it's becoming a focal point in the evolving economic and geopolitical relationship between Greenland and the United States.