# Critical Metals Corp \(Nasdaq: CRML\) Achieves Breakthrough Tanbreez Heavy Rare Earth Results: >99% Dissolution of Eudialyte Concentrate Into 19 Ultra-High-Purity Rare Earth Products; Refinery Study Projects US$1.8–2.2b in Annual Refinery Revenue Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/critical-metals-corp-nasdaq-crml-achieves-breakthrough-tanbreez-heavy-rare-earth--b0bd3347-592b-4554-bed6-1b3da1489bf2 Original source: https://www.globenewswire.com/news-release/2026/09/16/3363176/0/en/critical-metals-corp-nasdaq-crml-achieves-breakthrough-tanbreez-heavy-rare-earth-results-99-dissolution-of-eudialyte-concentrate-into-19-ultra-high-purity-rare-earth-products-refin.html Publisher: globenewswire Original announcement: 2026-09-16T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Critical Metals Corp - Ticker: CRML - Exchange: Unavailable - Region: Romania - Primary commodity: Rare earth - Secondary commodities: Silica, Niobium, Tantalum, Hafnium - Document categories: Metallurgy, Economic study - Extracted: 2026-09-16 12:43:23 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Critical Metals Corp has released preliminary economic modelling for its proposed Romania Process Refinery, which aims to process Tanbreez eudialyte concentrate. The study projects an NPV10 of US$4.5 billion, an IRR of 55%, and annual revenues of approximately US$2.2 billion, bolstered by significant high-purity silica by-product sales. Reasoning: The announcement presents a high-margin economic case for a downstream refinery in Romania, leveraging the Tanbreez resource. While the IRR is exceptional, the study is at a preliminary Class 4 stage with significant capital requirements. - Positive factor: High projected IRR of 55% - Positive factor: Significant by-product revenue from silica recovery - Positive factor: Strategic Western supply chain positioning - Positive factor: Innovative process reducing acid consumption by 85% - Negative factor: High initial CAPEX of US$1.85b - Negative factor: Class 4 estimate maturity \(+/- 25%\) - Negative factor: Subject to further engineering and metallurgical test work Facts used in scoring: 3 ## Classification and evidence **PEA Only** Polarity: neutral Definition: Only Class 4 / Initial Assessment economics available. Not bankable. Why it applies: The study is described as a Class 4 estimate with +/- 25% accuracy, which aligns with a preliminary economic assessment/scoping level. Evidence · text > The current preliminary CAPEX estimate is US$1,85 billion \(+/-25% Class 4 estimate\). **High IRR** Polarity: positive Definition: Post-tax real unlevered IRR in the strong tier or better. Why it applies: The projected IRR of 55% is well above the strong tier for any commodity. Evidence · text > an IRR of approximately 55% **Fast Payback** Polarity: positive Definition: Payback in the strong tier or better, on the required basis. Why it applies: The projected payback period of approximately two years is in the exceptional tier. Evidence · text > a projected payback period of approximately two years. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The process involves a multistage, mixed-acid leach process and ion-exchange system. Evidence · text > uses a multistage, mixed-acid leach process operating at elevated temperatures **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: The disclosure includes a theoretical recovery figure, distinct from actual test results **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 2 distinct composites were tested ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Metallurgical Results (2) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/critical-metals-corp-nasdaq-crml-achieves-breakthrough-tanbreez-heavy-rare-earth--b0bd3347-592b-4554-bed6-1b3da1489bf2#fact-metallurgical-facts-1) silica #### Identity - Commodity: silica - Region: romania - Reported Region: Romania - Ticker: CRML #### Test Work - Sample: Eudialyte concentrate feed #### Recovery - Recovery: 99.99 % - Recovery Basis: theoretical #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: The ability to recover 99.99% pure silica from a waste stream is a significant value driver. - Positive factor: Extremely high purity SiO2 powder production Evidence · text > designed to produce 99.99% SiO2 powder #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/critical-metals-corp-nasdaq-crml-achieves-breakthrough-tanbreez-heavy-rare-earth--b0bd3347-592b-4554-bed6-1b3da1489bf2#fact-metallurgical-facts-2) hafnium #### Identity - Commodity: hafnium - Region: romania - Reported Region: Romania - Ticker: CRML #### Test Work - Sample: Refinery production projection #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-16T00:00:00.000Z Reasoning: Provides specific production targets for high-value critical metal products. - Positive factor: Production of high-purity hafnium metal and chloride Evidence · text > produce approximately 50-70 tons per annum of high-purity hafnium metal #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.