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Critical Metals Corp. (Nasdaq: CRML) ("Critical Metals Corp" or the "Company"), a leading critical minerals mining company, is pleased to announce the acquisition of the Ocean Endeavour, a 180-passenger vessel that will support the Company's ongoing development activities in Qaqortoq, Greenland.
The acquisition represents a significant investment in workforce safety, accommodation and transportation infrastructure, strengthening CRML's strategic and operational capabilities in one of the world's most important emerging critical minerals jurisdictions.
The Ocean Endeavour, originally built in 1982, is an ice-strengthened vessel with a proven operating history in both Arctic and Antarctic environments, making it well-suited to support year-round activities associated with the development of the Tanbreez critical minerals project. Most recently, the vessel was chartered by the Danish Defense, alongside NATO operations, to serve as a floating accommodation in Nuuk, Greenland, demonstrating its suitability for supporting personnel in remote and challenging environments.
The vessel purchased by CRML for €7.5 million is expected to provide flexible housing capacity for project personnel while minimizing additional demand on local housing and hotel capacity in Greenland. It is also expected to facilitate reliable transportation throughout the region. By providing self-contained accommodation for its workforce, CRML aims to avoid placing strain on the limited hotel and tourism infrastructure in Qaqortoq and the surrounding region, thereby supporting the local tourism economy alongside mining development. The company intends to moor the vessel adjacent to the Tanbreez project to support site operation, which will require approval from the Government of Greenland. By integrating accommodation and transport into a single maritime platform, CRML expects to improve logistical efficiency associated with remote Arctic operations, enhance workforce safety, improve operational efficiency, and support the timely execution of project development activities.
CRML is committed to engaging local businesses and suppliers in connection with the operation of the Ocean Endeavour, including in areas such as provisioning, waste management and regional transportation. The Company views collaboration with local Greenlandic enterprises as an integral part of its approach to responsible and community-oriented project development.
Critical Metals is fully aware that the company operates in a geographically and culturally sensitive area with limited infrastructure capacity. It is therefore an integral part of the company's approach to continually consider how the project can be carried out as responsibly as possible – with deep respect for the local environment, the Arctic wilderness and the local population of Greenland. Critical Metals recognizes that a project of this scale entails a responsibility that extends beyond the purely operational dimension, and the company is firmly committed to upholding good standards of environmental and social responsibility.
Critical Metals also wishes to emphasize that the company is actively seeking to involve the local Greenlandic business community in the opportunities created by the project. It is the company's firm belief that a successful mining project must not only add value for the company's shareholders, but must also contribute to the local economy and create tangible, lasting benefits for the communities affected by the project. Critical Metals therefore regards collaboration with local businesses, suppliers and stakeholders as a prerequisite for responsible project development.
Figure 1. Ocean Endeavour
Figure 2. Artist impression of the Ocean Endeavour at Tanbreez for accommodation support
Tony Sage, Chairman of CRML, commented:
"This acquisition represents another important step in advancing our Greenland strategy. Developing world-class critical minerals projects in remote regions requires innovative infrastructure solutions. The Ocean Endeavour provides us with a flexible, proven platform that will support our workforce, improve logistics, and enhance operational efficiency as we continue to progress our development activities in Qaqortoq. This strategic asset strengthens our ability to execute our long-term growth plans while maintaining a strong focus on safety and operational excellence."
Figure 3. Embarking via the marine doors
Figure 4. The Ocean Endeavour is rated 1B for ice conditions up to 0.3 meters
CRML Advisory Board Member Rear Admiral Peter Stamatopoulos (Retd.) commented:
"Having spent decades operating in complex maritime and strategic environments, I recognize the value of dependable infrastructure in challenging regions such as Greenland. The Ocean Endeavour has already demonstrated its effectiveness supporting military and allied personnel in Nuuk. Its acquisition by CRML reflects prudent planning and provides a robust platform to support workforce accommodation, transportation, and operational resilience as the Company advances its projects in Greenland."
Figure 5. High speed staff transfer boat
Figure 6. Living quarters for contractors and staff
Strategic Maritime Asset Enhances Workforce Accommodation and Transportation Capabilities
The Company believes the addition of the Ocean Endeavour will play a key role in supporting ongoing project development and future expansion initiatives, while contributing to efficient and responsible operations in Greenland.
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
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