Greenland and the Rare Earth Heaven

Critical Metals Corp says Greenland approved the mining plan for its Tanbreez rare earth project on 29 September 2026. This Insight sets out what was approved, where the other Greenland rare earths deposits are, how European Lithium (ASX: EUR) shareholders came to hold part of Tanbreez, and what Conico (ASX: CNJ) holds on the east coast. Samso holds Conico shares.

Greenland has several large rare earth deposits and produces no rare earths today. Tanbreez, owned by Critical Metals Corp (NASDAQ: CRML), has a mining licence and, its owner says, an approved mining plan. Kvanefjeld, far larger, has been refused a licence. Sarfartoq changed hands in September 2026.

Two ASX-listed companies are part of this Greenland rare earths account. European Lithium (ASX: EUR) holds part of Tanbreez and its shareholders vote on a takeover on 22 October 2026. Conico (ASX: CNJ) holds exploration ground on the east coast and has applied for a rare earth licence there.

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WHAT THIS PIECE COVERS

1.00 THE TANBREEZ APPROVAL

What Critical Metals says Greenland signed on 29 September 2026, and what is still needed before construction.

2.00 WHERE THE RARE EARTHS ARE

The known deposits and occurrences across Greenland, from the geological survey.

3.00 THE TANBREEZ DEPOSIT

The rock, the mineral that carries the metal, and the published resource.

4.00 THE TANBREEZ STUDY AND PROCESSING

The 2025 economic assessment, the test work since, the offtake and the funding.

5.00 KVANEFJELD

The larger neighbour, the 2021 uranium law and the court cases.

6.00 SARFARTOQ AND THE OTHER GROUND

The remaining deposits and who holds them.

7.00 WHY GOVERNMENTS ARE INVOLVED

China's export controls, prices, and the agreements signed with Greenland.

8.00 EUROPEAN LITHIUM AND CRITICAL METALS

How an ASX company came to hold part of Tanbreez, and the takeover vote on 22 October 2026.

9.00 CONICO IN GREENLAND

What Conico holds, what it has drilled and what its rare earth application covers.

10.00 THE CASE AGAINST

Why very few mines have been built in Greenland.

11.00 SAMSO VIEW

What Samso takes from the record.

DISCLOSURE

Samso Pty Ltd is a shareholder in Conico Limited (ASX: CNJ), one of the companies discussed in this article.

A NOTE ON THE VOCABULARY AND THE SOURCES

Mining and corporate terms are explained in plain English where they first appear. They are also collected in one box at the back, above the references.

Each source has an identifier, [R1] to [R53]. The same identifier appears in the text at the point the source is used, and it links to the entry in the reference list.

Where two documents from the same company give different figures for the same thing, this article quotes both as published and names the document each came from. It does not attempt to resolve them. Where Samso does the arithmetic, the article says so and shows the working. Where Samso reasons beyond what a company has said, the article labels it a theoretical model.

1.00 — THE TANBREEZ APPROVAL

The Tanbreez approval Critical Metals announced on 5 October 2026

Rare earths are a group of 17 metals used in magnets, electronics and defence equipment. Tanbreez is a rare earth project in South Greenland, between the towns of Narsaq and Qaqortoq. FIG. 01 shows the location. Its owner is Critical Metals Corp (NASDAQ: CRML), a company listed in New York [R1].

On 5 October 2026 Critical Metals announced that the Government of Greenland had approved two documents for Tanbreez, the Mining Plan and the Closure Plan [R1]. A mining plan sets out how the mine, the processing plant, the port and the supporting infrastructure will be built and run. A closure plan sets out how the site will be shut and rehabilitated at the end.

The company says the approval was signed in Nuuk on 29 September 2026 by Múte B. Egede, Greenland's Minister for Foreign Affairs, Business and Mineral Resources. It was given under sections 77 and 80 of Greenland's Mineral Activities Act and under licence MIN 2020-54. It runs to 8 September 2050 and names 19 elements, including the rare earths, zirconium, hafnium, tantalum and niobium [R1].

The chairman and chief executive of Critical Metals, Tony Sage, said in the release that the approval "is a defining milestone for Tanbreez and for Critical Metals Corp" [R1].

The trade press reports of 5 and 6 October repeat the company's details and name no government document [R2] [R3]. The approval is therefore described here as the company has announced it.

What the approval allows, and what it leaves open

The approval is one step in a sequence. Construction of the mine cannot start on it alone. Critical Metals says it still needs operating permits for specific activities under sections 120 and 121 of the same Act. Those cover environmental management, marine transport, health and safety, and the export and sale of minerals. It also has to lodge a financial security, which is money or a guarantee set aside to pay for closing the site [R1].

Tanbreez already held an exploitation licence, which is the right to mine. An exploration licence only gives the right to look. The exploitation licence covers about 18 square kilometres, runs for 30 years and was granted in 2020. The scheme booklet says the project is licensed for 500,000 tonnes a year [R9]. The technical report describes that as eudialyte material, within total mining of 2.5 million tonnes a year [R6]. The royalty, which is the share of sales paid to the government, is 5 per cent on rare earths and 2.5 per cent on other minerals [R9].

WHAT EUDIALYTE IS

Eudialyte is the mineral that carries the rare earths at Tanbreez. It is a rare and complex silicate mineral. It holds zirconium, sodium, calcium, iron, manganese and the rare earth elements [R6].

It forms in peralkaline igneous rocks. These are rocks that cooled from molten material unusually rich in sodium and potassium. Kakortokite, the layered rock at Tanbreez, is one of them. Eudialyte is known for its red to pink colour [R6].

At Tanbreez the black and white layers of the kakortokite are a little less than 10 per cent eudialyte by volume. The pink layers are around 30 to 40 per cent [R6].

The licence sets two deadlines. The first is for the financial security and a company guarantee. The second is for the start of mining. The company's annual report for the year to 30 June 2026 gives different dates for both in two places [R7].

• One passage gives 31 December 2026 for the security and guarantee, and 30 June 2029 for the start of mining.

• Another passage gives 31 March 2027 and 30 September 2029.

The company's stated targets are first ore in the December quarter of 2028 or the March quarter of 2029, and first exports of concentrate by the September quarter of 2029 [R33]. A feasibility study, which is the detailed engineering and cost study a lender normally asks for, is now due by the middle of 2027 [R7].

2.00 — WHERE THE RARE EARTHS ARE

Greenland's rare earth deposits on one map

Greenland is the largest island in the world and most of it is under ice. The rock is exposed in a strip around the coast. The Geological Survey of Denmark and Greenland, known as GEUS, has mapped the known rare earth deposits and occurrences in that strip. FIG. 02 reproduces the survey's map [R17].

A deposit is rock that has been drilled and measured. An occurrence is a place where the metal has been found in samples and the size is unknown. On the survey's map the main deposits are Kvanefjeld, Kringlerne, Motzfeldt, Sarfartoq and Milne Land. The map also marks Appat, a small body in the same complex as Kvanefjeld. Kringlerne is the geological name for Tanbreez. Its Greenlandic name is Killavaat Alannguat [R17].

Most of them are in the far south, in an area geologists call the Gardar Province. It is a belt of ancient igneous rocks, meaning rocks that cooled from molten material. Kvanefjeld and Tanbreez are at opposite ends of the same complex, the Ilímaussaq complex. Kvanefjeld is north of the town of Narsaq and Tanbreez is about 8 kilometres south of it [R17].

How much rare earth Greenland holds

Rare earth content is measured as rare earth oxide, which is the metal combined with oxygen and is the form it is sold in. A tonne of oxide holds a little less than a tonne of metal.

The United States Geological Survey, the USGS, lists Greenland's rare earth reserves at 1.5 million tonnes of rare earth oxide. Reserves in the USGS sense are the part judged workable today. The USGS also records that Greenland produces no rare earths. FIG. 03 sets that figure beside the larger countries [R19].

GEUS measures something wider. It adds up every published figure, whatever standard it was prepared to. Its 2023 report puts the total at 36.1 million tonnes of rare earth elements, which it says is about 42 million tonnes of rare earth oxide [R17].

About two thirds of that total is one line. It is a company figure of 4,300 million tonnes for the whole Tanbreez rock unit, which GEUS marks as "Historical, non-compliant" [R17]. That means it was not prepared to a current reporting code. The drilled Tanbreez resource is far smaller, as section 3.00 shows. The GEUS report says most of the estimates it adds up are of this historical kind and carry large uncertainties.

3.00 — THE TANBREEZ DEPOSIT

The Tanbreez deposit, a layered rock and a mineral called eudialyte

The rock at Tanbreez is called kakortokite. It formed in layers at the bottom of the Ilímaussaq complex about 1.16 billion years ago [R6]. The layers are visible from the fjord as black, red and white bands [R5]. PLATE 01 shows the hillside.

The red bands are rich in a mineral called eudialyte. Eudialyte carries the rare earths, along with zirconium, niobium and tantalum. The company's technical report says the rock is about 20 per cent eudialyte, 40 per cent feldspar and 40 per cent of a black mineral called arfvedsonite [R6]. PLATE 02 shows eudialyte in drill core.

FIG. 04 is the geological map of the complex. The kakortokite is the blue unit at the southern end. The two areas with a published resource are marked Fjord and Hill [R5].

The Tanbreez Mineral Resource

A Mineral Resource is an estimate of how much mineralised rock is in the ground and at what grade. Grade is the share of the rock that is the metal of interest. In Australia the estimate is reported under the JORC Code, the rule book written by the Joint Ore Reserves Committee. Indicated means the drilling is close enough to plan a mine on. Inferred means the drilling is wider apart and the estimate is less certain.

European Lithium (ASX: EUR), which owns part of Tanbreez and part of Critical Metals, published the JORC resource on 13 March 2025. Table 01 sets it out [R5].

The March 2025 statement gives the same rock 1.39 per cent zirconium oxide and 0.14 per cent niobium oxide [R5].

A cut-off grade is the grade below which rock is left out of an estimate. The March 2025 announcement says no cut-off was applied [R5]. The amended technical report of April 2026 reports the same tonnes and grade above a cut-off of 0.30 per cent [R6]. Both are quoted as published.

The March 2025 technical report says the estimate rests on 184 drill holes, 6,431.8 metres in total, drilled from 2007 to 2013. It was first prepared in 2016 and the report says there has been no updated estimate since [R6]. The scheme booklet gives about 200 holes and about 43,000 metres, drilled from 2007 to 2015 [R9]. Both are quoted as published. PLATE 03 shows one of those rigs.

A further 33 holes, 4,579.5 metres in total, were drilled in 2024 and 2025. The amended report says they were designed to confirm the earlier results [R6].

Most of the older holes were not assayed for every rare earth. The announcement says the rare earth grade for the earlier drilling was estimated from the zirconium grade, using a relationship measured in the 2013 holes [R5]. The scheme booklet includes a report by an independent technical specialist, Valuation and Resource Management Pty Ltd, or VRM. VRM "questions the use of proxy assay data to estimate assays where none exist". It recommends an independent audit or review of the estimate [R9].

Light and heavy rare earths

The rare earths are split into light and heavy. The light ones, such as neodymium and praseodymium, are the main ingredients of permanent magnets. The heavy ones, such as dysprosium and terbium, are added in small amounts so the magnet keeps its strength when it gets hot. The heavy ones are scarcer and sell for more. Samso's research workup on Australian Rare Earths Limited (ASX: AR3) covers the same split in an Australian clay deposit.

The company's annual report says heavy rare earths are about 27 per cent of the rare earth content at Tanbreez. The same report also says about 28 per cent, and says that figure includes yttrium [R7]. Yttrium is a lower-priced metal that is counted with the heavy group.

The amended technical report lists each oxide for each part of the resource. For the Indicated part of the Fjord area, yttrium oxide is 691 parts per million. Dysprosium and terbium oxides together are 144 [R6]. Samso added the fifteen oxides in that row and got about 4,467. On that arithmetic yttrium is about 15 per cent of the rare earth oxide in that block, and dysprosium and terbium together are about 3 per cent. The same table gives the heavy share, yttrium included, as between about 22 and 27 per cent. It prints 0.00 for the Inferred part of the Fjord area.

The company's technical report puts uranium in the rock at 10 to 20 parts per million [R6]. A part per million is one gram in a tonne. VRM says the uranium assays from the resource drilling "are not well disclosed" and that it "is unable to confirm this statement". It adds that published uranium results from the 2025 drilling were below 100 parts per million [R9]. The uranium level decides whether a project can be licensed in Greenland at all, as section 5.00 explains.

How large Tanbreez is, in tonnes of rare earth oxide

Tanbreez is often described as one of the largest rare earth deposits in the world. CSIS, a Washington research institute on strategy and international affairs, wrote in January 2026 that Tanbreez is "potentially the world's largest, at 28.2 million metric tons" [R4].

The published resource is smaller than that figure. Samso multiplied the 44.9 million tonnes of rock by the 0.38 per cent grade. The answer is about 171,000 tonnes of rare earth oxide. That is Samso's arithmetic on the company's numbers. It is oxide in the ground, before any loss in mining or processing, and 19.5 of the 44.9 million tonnes is in the Inferred category.

The March 2025 technical report mentions 4.7 billion tonnes of kakortokite across the whole unit. It describes that figure as conceptual and says it is not reported as a mineral resource. The amended report of April 2026 says over 4 billion tonnes [R6]. The drilled resource covers a small part of the unit. The company's March 2026 release set a target of growing the resource from 45 million tonnes to about 130 million tonnes [R33]. The company announced the start of a 10,000-metre drilling campaign on 17 June 2026 [R41]. The 130 million tonnes is a target. Samso found no new estimate in the company's filings to 2 October 2026.

4.00 — THE TANBREEZ STUDY AND PROCESSING

What the 2025 Tanbreez study says, and what has changed since

In March 2025 Critical Metals published a preliminary economic assessment, or PEA, for Tanbreez. A PEA is the earliest and least certain type of mining study. It tests whether a project could make money on broad assumptions.

The study gives a net present value after tax of US$2.1 billion to US$2.7 billion [R8]. Net present value, or NPV, is the total of the project's future cash flows, marked down to today's money. The mark-down rate is called the discount rate. The lower figure uses 15 per cent and the higher uses 12.5 per cent. The trade press quotes the lower one [R2]. The study assumes a mine life of 25 years. These figures are for 100 per cent of the project.

The study values the product, a eudialyte concentrate, at about US$690 a tonne for the Fjord area. Zirconium oxide is 55 per cent of that value, niobium oxide 12 per cent and rare earth oxides 32 per cent. The study covers a quarry, a crusher, magnetic separation and a port. It says no chemicals are used on site, so it does not include a chemical plant [R8].

Tanbreez has no Ore Reserve. An Ore Reserve is the part of a resource that a detailed study has shown can be mined at a profit. The PEA says the work is not yet sufficient to support one, and that 57 per cent of planned production from the Fjord area comes from Inferred material. Across both areas the figure is 39 per cent. The study made its mine plan by taking 90 per cent of the Indicated tonnes and 75 per cent of the Inferred tonnes [R8].

The study's schedule rises in stages to 12.5 million tonnes of rock a year, of which 2.5 million tonnes is eudialyte ore. It gives the 25-year total as 37.5 million tonnes of eudialyte ore [R8]. The resource is 44.9 million tonnes of rock and the licence rate is 500,000 tonnes a year. These figures are quoted as published.

VRM, the independent specialist in the scheme booklet, reviewed the study. It wrote that it "does not consider the PEA an appropriate study for assessing the value of the project". It also said the study counts revenue from feldspar and arfvedsonite, and that those "are not minerals permitted to be exploited under the terms of the licence" [R9].

The capital cost is given two ways. The PEA report gives US$150 million for the mine, the processing plant and the port, and US$295 million over the life of the mine [R8]. The company's June 2025 release gives US$290 million to reach initial commercial production [R16]. Both are quoted as published.

The company has since moved on from the processing route in the study. The annual report says the PEA "does not represent the Company's current contemplated processing flowsheet". It also says the current technical report "does not constitute an Initial Assessment, pre-feasibility study or feasibility study" [R7]. A flowsheet is the sequence of processing steps from rock to product.

No feasibility study has been published. The technical report refers to a study completed in 2014, when the project was privately owned [R6]. The resource announcement dates a study to 2016 and says it was not published [R5]. Both are quoted as published. The scheme booklet says 709 tonnes of bulk samples were tested through a pilot plant [R9].

What the 85,000 tonnes a year refers to

The company says Tanbreez will start at about 85,000 tonnes a year and could expand to about 425,000 tonnes. Its documents describe that number in different ways. The March 2025 release calls it rare earth oxide [R50]. The June 2025 release calls it "rare earth material" [R16]. The trade press calls it throughput [R3].

The next paragraph is Samso's reasoning, a theoretical model built on the published numbers. The company has not made this statement. The whole resource holds about 171,000 tonnes of rare earth oxide on Samso's arithmetic in section 3.00. Production of 85,000 tonnes of oxide a year would use that in two years, and the study plans for 25. The PEA mine schedule shows 50,000 to 100,000 tonnes of eudialyte ore a year in the first phase [R8]. On those numbers the 85,000 tonnes reads as tonnes of ore or concentrate, and not as tonnes of rare earth oxide. The company has not said which it is.

Getting the rare earths out of eudialyte

GEUS says most of the world's rare earth production has come from two minerals, bastnäsite and monazite, with minor amounts from loparite, xenotime and clays [R17]. The USGS notes that heavy rare earths are elevated in some of those clays [R19]. Eudialyte is a different mineral. The company's annual report says its processing flowsheet "remains conceptual and has not been validated at a commercial scale" [R7].

The first step is physical. Eudialyte is weakly magnetic, so magnets can separate it from the other minerals. The technical report says this lifts the grade by a factor of about three. The product is a concentrate, which the report says "will be shipped to a chemical treatment plant in the USA or Europe" [R6].

In March 2026 the company reported new results for this magnetic step. The tests were run at a Perth laboratory on a sample kept from the 2016 study. The release reports a concentrate of 2.96 per cent rare earth oxide and "better than 85% deportment recovery" [R14]. Recovery is the share of the metal in the rock that ends up in the product. The amended technical report of April 2026 assumes recoveries of 50 to 65 per cent [R6]. Both are quoted as published.

In the same March release the chairman, Tony Sage, said the flowsheet in the PEA "is now obsolete". The release said pilot plant operations were scheduled to start in May 2026 [R14]. A pilot plant is the next scale of testing after the laboratory. The company announced on 7 January 2026 that it had approved the start of construction of pilot plant and other facilities in Qaqortoq [R53]. The trade press reported that the company said in June 2026 that footings were under way for a pilot plant headquarters [R2].

The second step is chemical. When eudialyte is dissolved in acid, the silica in it can turn into a gel. A September 2026 release describes a reactor design intended to prevent that. Its headline claims more than 99 per cent dissolution of the concentrate. The body of the release gives no laboratory, sample size or test conditions for that figure, and describes its numbers as current modelling, "subject to further test work and process validation" [R13].

The same release describes a possible refinery in Romania to treat up to 100,000 tonnes of concentrate a year. The capital estimate is US$1.85 billion, give or take 25 per cent. The model assumes the concentrate is worth about US$4,000 a tonne [R13]. The PEA used about US$690 a tonne and a capital cost of US$150 million for a mine with no chemical plant [R8]. The two documents describe different scopes and are quoted as published.

Offtake and funding

An offtake agreement is a contract to buy a mine's product, often signed before the mine is built. Critical Metals has one binding offtake. It is a 15-year agreement announced on 21 May 2026 with REalloys (NASDAQ: ALOY), covering 15 per cent of the concentrate [R15]. The annual report says there is no other definitive offtake [R7]. The arrangements the company has announced with parties in Romania and Saudi Arabia are described in its releases as term sheets [R49]. Table 02 lists them.

In June 2025 the Export-Import Bank of the United States, a government lender, sent a letter of interest for a loan of up to US$120 million. The annual report calls the letter non-binding, meaning it commits no money [R7] [R16]. The annual report says that letter expired on 14 June 2026 and that an application to renew it is in progress [R7].

Critical Metals held US$102.5 million in cash at 30 June 2026 and reported a loss after tax of US$228.2 million for the year. The annual report also says "Substantial doubt exists about our ability to continue as a going concern" [R7]. A going concern is a business that can keep operating. The wording means there is a real question over whether the company can fund itself without raising more money.

5.00 — KVANEFJELD

Kvanefjeld, the larger deposit next door, and the uranium law

Kvanefjeld is in the same complex as Tanbreez, north of the town of Narsaq, and it is in a different rock. Its Greenlandic name is Kuannersuit. GEUS says most of its rare earths are in a mineral called steenstrupine, in a rock that also carries the uranium [R17]. It belongs to Energy Transition Minerals (ASX: ETM), a company formerly called Greenland Minerals.

Kvanefjeld is far larger than Tanbreez on the published numbers. The owner's estimate, first published in February 2015 and recorded by GEUS, is 1,010 million tonnes of rock containing 11.14 million tonnes of rare earth oxide. It also contains 0.269 million tonnes of uranium oxide [R17] [R18]. The estimate was reported under the JORC Code above a cut-off of 150 parts per million of uranium oxide. It covers three zones, and the two smaller zones are Inferred only [R18]. FIG. 05 compares five published estimates in Greenland.

The uranium is the reason Kvanefjeld has no mine. Greenland's Act No. 20 of 1 December 2021 bans mining where the resource contains more than 100 parts per million of uranium [R21]. The government's decision on Kvanefjeld cites about 300 parts per million in the ore [R20]. The 10 to 20 parts per million that the Tanbreez technical report gives is below that limit [R6].

CSIS wrote in January 2026 that Shenghe Resources, a Chinese rare earth company, "is the second largest shareholder in the Kvanefjeld mine" [R4].

• On 1 June 2023 the government refused the application for an exploitation licence [R20].

• The company took the dispute to arbitration, which is a private hearing before a panel instead of a court. The interim report refers to a partial award by the panel in October 2025 [R23].

• The exploration licence expired on 31 December 2025. In June 2026 the government refused to renew it [R24].

• The case is now before the High Court of Greenland. The company's update of 2 September 2026 says a hearing could be held "as early as autumn 2027 or the first half of 2028" [R22].

Energy Transition Minerals values Kvanefjeld at nil in its accounts, meaning its balance sheet gives the project no value [R23]. Its shares last traded at A$0.049 on the ASX data feed read on 7 October 2026. On 2,212.5 million shares that values the company at about A$108 million, which is Samso's arithmetic [R37].

6.00 — SARFARTOQ AND THE OTHER GROUND

Sarfartoq and the rest of Greenland's rare earth ground

Sarfartoq is in West Greenland, about 60 kilometres from the international airport at Kangerlussuaq. It is a carbonatite, a rare type of igneous rock made mostly of carbonate minerals. Many of the world's rare earth mines are in carbonatites [R18].

Sarfartoq is small and high in grade. The estimate recorded by GEUS is 5.88 million tonnes Indicated at 1.77 per cent rare earth oxide and 2.46 million tonnes Inferred at 1.59 per cent. It was made in 2012 and 2013 under NI 43-101, the Canadian reporting code, above a cut-off of 1 per cent [R18].

The project changed hands on 1 September 2026. Greenland Mines (NASDAQ: GRML) bought the company that holds the licence from Neo Performance Materials and the other shareholders [R26]. Neo's release of May 2026 gave the price as US$35 million in cash and shares. It said Neo's subsidiary owned 43.69 per cent of the company being sold, and that Neo would keep a shareholding in Greenland Mines, and would negotiate an offtake agreement for up to 60 per cent of the output [R25].

Grønnedal is in the south-west and belongs to Eclipse Metals (ASX: EPM). On 29 April 2026 Eclipse reported a JORC resource of 208 million tonnes at 0.72 per cent rare earth oxide, above a cut-off of 0.2 per cent. Of that, 6 million tonnes is Indicated and 202 million tonnes is Inferred [R46].

Motzfeldt is in the south. Alba Mineral Resources, a London-listed company, completed the purchase of 25.5 per cent in October 2025 and said in March 2026 it was moving to 51 per cent [R47]. Alba changed its name to Arkadian Strategic Metals in June 2026. Its announcement of 20 May 2026 lists its Motzfeldt interest as 51 per cent [R51].

Table 03 lists the main rare earth ground in Greenland with the holder Samso could confirm. Mt means million tonnes.

GEUS lists further occurrences with no resource. They include Qeqertaasaq and Tikiusaaq in the west, Niaqornakassak in the central west and Kap Simpson in the east. Milne Land in the east has a small estimate of 4 million tonnes at 0.6 to 1.2 per cent rare earth oxide [R17].

7.00 — WHY GOVERNMENTS ARE INVOLVED

China's export controls and the agreements with Greenland

China holds 44 million tonnes of rare earth reserves on the USGS figures. The USGS puts the world total at more than 75 million tonnes [R19].

In April 2025 China put export controls on seven rare earths. The list was samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. Most of those are heavy rare earths. In October 2025 it added five more. In November 2025 the October controls were suspended for a year, and the April controls stayed [R19].

The USGS gives the average prices for 2025. Neodymium-praseodymium oxide, the main magnet material, averaged US$69 a kilogram. Dysprosium oxide averaged US$239 a kilogram and terbium oxide US$1,010 a kilogram [R19]. FIG. 06 sets the three side by side. The USGS heavy rare earth figures leave yttrium out [R19]. Dysprosium and terbium cost several times more for each kilogram than the light magnet metals, which is why the make-up of the heavy share of a deposit matters.

In July 2025 the United States government agreed a price floor with MP Materials, the American rare earth miner. The government will make up the difference when the neodymium-praseodymium price is below US$110 a kilogram, for 10 years [R36]. The 2025 average of US$69 was below that floor.

Samso's earlier Insight, China Is Slowing. The Money Went to What China Controls., covers China's export licensing in tungsten and other metals.

What the agreements with Greenland say

Greenland governs itself in most matters and is part of the Kingdom of Denmark. On 22 September 2026 the United States, Denmark and Greenland signed an agreement that updates the 1951 agreement on the defence of Greenland [R34].

The text mentions minerals once, in the opening recitals, where it acknowledges "minerals cooperation". It gives the United States no right to any deposit. Its relevant clause is Article X. It covers states and investors from countries that are not NATO members, NATO partners or European Union members. They may not hold control or significant influence in particularly sensitive sectors where that may threaten national security or public order, unless the parties agree. The agreement defines those sectors to include "the extraction of resources" [R34].

In June 2025 the European Commission named a graphite project as a Strategic Project. It mines in Greenland through Greenland Graphite a/s and processes in Norway through Norgraph a/s [R35].

8.00 — EUROPEAN LITHIUM AND CRITICAL METALS

How European Lithium came to hold part of Tanbreez

European Lithium is a Perth company listed on the ASX. Its original project was Wolfsberg, a lithium deposit in Austria. In February 2024 it put Wolfsberg into a new company listed in New York, which became Critical Metals. European Lithium received 67.8 million Critical Metals shares in return [R9].

Tanbreez came later, from Rimbal Pty Ltd, a private Australian company owned by Gregory Barnes, which had held the project since 2001 [R9]. Table 04 sets out how it moved across.

European Lithium therefore holds Tanbreez two ways. It owns 7.5 per cent of the project directly. It also owns 45.5 million Critical Metals shares, which is about 31 per cent of that company [R9].

European Lithium and Critical Metals share prices since January 2025

FIG. 07 shows both share prices from January 2025 [R37].

European Lithium closed at A$0.039 on 2 January 2025. It closed at A$0.42 on 6 October 2026. That is 10.8 times the starting price, on Samso's arithmetic. The closing low in between was A$0.038 in April 2025 and the closing high was A$0.485, first reached on 29 May 2026.

Critical Metals closed at US$6.55 on 2 January 2025 and US$7.36 on 6 October 2026, a rise of 12 per cent. In between it fell to US$1.37 in April 2025 and reached US$29.97 on 14 October 2025. The 6 October 2026 close is about 75 per cent below that high, on Samso's arithmetic.

Over the whole period the ASX company gained far more than the Nasdaq company. Samso does not attribute that to any one cause. The filings record that European Lithium sold Critical Metals shares during the period. The scheme booklet says it has sold 22.25 million Critical Metals shares since early 2024 for about US$365 million [R9]. The 2026 annual report gives 18.38 million shares sold in the year to June 2026 for US$239.6 million [R12]. The two figures cover different periods. Three sales announced in October 2025 came to US$121 million [R48]. European Lithium held A$296 million in cash at 30 June 2026 [R12].

The European Lithium takeover vote on 22 October 2026

Critical Metals has offered to buy European Lithium and pay in its own shares. The deal is a scheme of arrangement, which is a takeover that shareholders vote on and a court approves. The meeting is on 22 October 2026 [R9].

The number of Critical Metals shares paid for each European Lithium share is called the exchange ratio. It was first fixed at 0.035 [R11]. In August 2026 it was changed to a sliding scale. The scale uses the average price of Critical Metals shares over 20 Nasdaq trading days, ending two trading days before the meeting.

• At an average of US$8.00 or less, the ratio is 0.045.

• At an average of US$16.00 or more, the ratio is 0.025.

• Between the two, the ratio moves in a straight line [R9].

FIG. 08 draws the scale. The lower panel multiplies the ratio by the share price, which is Samso's arithmetic.

The scheme booklet valued the offer at A$0.41 for each European Lithium share on 12 August 2026 [R9].

The independent expert here, Horizon Nexus Partners, concluded that the share scheme is "not fair but reasonable". It valued the offer at A$0.4031 against A$0.4431 for a European Lithium share, a shortfall of about 9 per cent [R9]. In this setting, not fair means the price is below the expert's value. Reasonable means the expert still sees enough other reasons to accept.

If the scheme goes through, European Lithium would leave the ASX on 6 November 2026. Its shareholders would hold Critical Metals shares that trade in New York in US dollars. On the booklet's assumptions they would own about 38 per cent of the combined company. Three directors, Tony Sage, Malcolm Day and Mykhailo Zhernov, are on both boards [R9].

9.00 — CONICO IN GREENLAND

What Conico holds, what it has drilled and what it has applied for

DISCLOSURE

Samso Pty Ltd is a shareholder in Conico Limited.

Conico (ASX: CNJ) is a Perth exploration company. Its Greenland ground is on the east coast, on the opposite side of the island from Tanbreez, and is held through a subsidiary called Longland Resources [R28]. FIG. 09 is the company's map and Table 05 lists the four project areas.

The same annual report gives Ryberg as 4,521 square kilometres in its segment note. It describes Ryberg as held across three granted exploration licences, and its tenement schedule lists two licences for all of Greenland, MEL 2017/06 and MEL 2020/64 [R28]. These are quoted as published.

Conico's two granted projects

Conico drilled Ryberg in 2021 and 2022 and Mestersvig in 2022. These are base and precious metal projects. The company's documents make no rare earth claim for either as they are held today [R28]. An announcement in January 2021 named rare earths as one target on a larger licence area at Mestersvig [R42]. That larger area is not on the current tenement schedule [R28].

At Ryberg the best gold result was one metre at 42.81 grams of gold per tonne from 63 metres down the hole, in hole SODD003 [R30]. One metre is too short an interval to indicate size. The 2022 copper and nickel results were described by the company as low grade. One example is six metres at 0.27 per cent copper in hole MIDD011 [R29].

Mestersvig contains an old mine, Blyklippen, which the company says produced 545,000 tons, the unit used in the announcement, at 9.3 per cent lead and 9.9 per cent zinc from 1956 to 1962. The best 2022 result was 4.5 metres at 23.8 per cent zinc from 134 metres down the hole, in hole SBDD003 [R31]. All the lengths quoted for Ryberg and Mestersvig are measured down the hole, and the true thickness of the mineralised rock can be less.

Neither project has a Mineral Resource. Conico has done no field work in Greenland since the 2022 season. The 2026 annual report says no field activities were undertaken at either project during the year [R28]. The 2024 annual report said a dispute with the drilling contractor over the 2022 season had prevented exploration [R45]. Conico reported on the arbitration in December 2024 and announced a settlement on 6 June 2025 [R43] [R44]. Conico carries its Greenland exploration assets at nil in the 2026 accounts, as it did a year earlier, meaning its balance sheet gives them no value [R28].

The Kai rare earth application

Conico's rare earth ground is Kai. On 13 May 2026 the company announced it had applied for an exploration licence there [R27]. FIG. 10 shows the area.

Kai covers part of the Kangerdlugssuaq intrusion, a circular body of alkaline rock about 33 kilometres across and about 50 million years old. An intrusion is a body of molten rock that cooled underground. Alkaline rock is igneous rock rich in sodium and potassium. The intrusion is on the east coast and is a different place from Kangerlussuaq, the airport town near Sarfartoq. Tanbreez and Kvanefjeld are also in alkaline rocks, in a different complex that is much older. A shared rock family does not mean shared mineralisation. Conico says rare earth minerals identified there "include perovskite, titanite (sphene), apatite, and eudialyte-group minerals" [R27].

The announcement says "the Kai Project has not seen any systematic modern exploration for REE". REE is short for rare earth elements. The executive chairman, Guy Le Page, called it "potentially a REE system of significant scale that has never been subject to modern, REE-focused exploration" [R27]. Conico reports no rare earth assays from Kai. An assay is a laboratory measurement of how much metal a sample holds.

GEUS has looked at the same intrusion. Its 2015 assessment describes it as the largest syenite intrusion in Greenland, with veins carrying rare earths, and rates the rare earth potential as weak to moderate [R18]. Syenite is a coarse-grained alkaline igneous rock.

The licence had not been granted when Conico's annual report was signed on 30 September 2026. The report says the applications "remain subject to grant by the Greenland Mineral Resources Authority" [R28].

Conico's other asset, cash and funding

Conico's other asset is a half share of Mt Thirsty, a cobalt and nickel deposit near Norseman in Western Australia. The only funded work programme the annual report describes is drilling there, aimed at adding scandium to the resource [R28].

Conico had 651,986,967 shares on issue at 30 June 2026 [R28]. At the last price of A$0.01 on the ASX data feed read on 7 October 2026, the company is valued at about A$6.5 million, which is Samso's arithmetic [R37]. It held A$2.53 million in cash at 30 June 2026 and no debt [R38]. It raised money at A$0.008 a share between December 2025 and February 2026 [R28].

The auditor's report for the year to June 2026 includes a material uncertainty about going concern [R28]. That means there is a real question over whether the company can keep operating as planned without raising more money.

Conico's June 2026 quarterly report says discussions are advanced on a possible partnership or joint venture for the East Greenland ground. No partner is named and no agreement has been announced [R38].

The Kai announcement names the Kringlerne deposit once, as an example of a deposit where eudialyte carries the rare earths [R27].

Conico beside European Lithium

Both are ASX-listed companies with Greenland ground. Table 06 puts the filed facts side by side.

European Lithium's gain followed a specific sequence. It held most of a Nasdaq company. That company bought a drilled deposit with a mining licence. The Nasdaq share price rose sharply in October 2025, and European Lithium sold shares into the rise. None of those steps has happened at Conico. Conico is at the licence application stage at Kai and is still exploring.

10.00 — THE CASE AGAINST

Why so few mines have been built in Greenland

THE STANDING COUNTERARGUMENT

Greenland has been explored for decades and has two operating mines, a gold mine and an anorthosite mine, as reported by the news agency AFP in February 2026 [R39]. Statistics Greenland counted 93 people employed in mining and quarrying in 2024 [R40].

Statistics Greenland says there are "no railways or roads between towns and settlements". The population is 56,740 [R40]. A mine has to build its port, its power, its camp and its roads, and bring in most of its workforce.

Kvanefjeld spent more than a decade in studies. The 2021 uranium law stopped it, and its owner now values it at nil [R17] [R20] [R23].

For Tanbreez the open items are the ones in sections 1.00, 3.00 and 4.00. There is no Ore Reserve and no published feasibility study. The resource estimate dates from 2016, and the independent specialist recommends an audit of it. The company says its flowsheet "remains conceptual and has not been validated at a commercial scale" [R7]. The loan letter has expired and the company has applied to renew it. One offtake is binding.

The independent specialist said the 2025 study is not appropriate for assessing the value of the project. It could not confirm the uranium figure from the disclosed assays. Yttrium, a lower-priced metal, is the largest part of the heavy share [R6] [R9].

Three numbers work against the project as well. The rare earth grade is 0.38 per cent, below Kvanefjeld, Grønnedal and Sarfartoq in Table 03. The possible refinery is costed at US$1.85 billion, against US$150 million for the mine in the 2025 study. The 2025 average price of the main magnet oxide was US$69 a kilogram, below the US$110 floor the United States set for its own producer.

For Conico the list is longer. Kai is an application and no licence has been granted. There are no rare earth assays and no resource. No field work has been done in Greenland since 2022. The Greenland assets are valued at nil. The company had A$2.53 million in cash at June 2026, and its auditor has flagged a material uncertainty about going concern [R28] [R38].

Tanbreez has held its mining licence since 2020. Its owner says it now has an approved mining plan with a term to 2050 [R1]. The owner had US$102.5 million in cash at June 2026, against a loss of US$228.2 million for the year [R7]. The company's reports put uranium below the legal limit and the heavy share at about 22 to 28 per cent including yttrium [R6] [R7]. Yttrium, dysprosium and terbium are all on the Chinese export control list of April 2025 [R19].

11.00 — SAMSO VIEW

What Samso takes from the record

SAMSO TAKE

In our industry, a permit is a milestone and it is a long way from a mine. Greenland has now, on the company's account, approved one rare earth project's mining plan, and it has told another, in the same complex, that it cannot proceed. In my opinion that tells investors more about Greenland than any single resource number. The country will license a mine on its own terms.

Tanbreez still has to show it can turn eudialyte into saleable rare earths at a cost that works. That is a metallurgy question, and metallurgy is usually where these stories are decided. The pilot plant and the feasibility study are the two things I will be watching.

European Lithium shareholders have done well and the numbers are in the filings. The expert's words, "not fair but reasonable", are in the booklet ahead of the vote on 22 October. If the scheme goes through, the ASX loses its listed holder of Tanbreez.

Energy Transition Minerals, Eclipse Metals and Conico are ASX companies with rare earth ground, applications or a claim in Greenland. Samso owns shares in Conico, so weigh my comments with that in mind. Conico's rare earth position is an early-stage application over ground that has had no systematic modern exploration for rare earths. It has no licence yet, no rare earth assays and no field work since 2022. Investors already know an explorer at this stage is priced on what might be there.

The question I would ask of any company with ground in Greenland is who pays for the first drill hole, and when.

THE VOCABULARY, IN PLAIN ENGLISH

Rare earths.

A group of 17 metals. The light ones include neodymium and praseodymium. The heavy ones include dysprosium and terbium.

Rare earth oxide.

The form in which rare earth content is measured and sold. Total rare earth oxide, or TREO, adds all of them together, including yttrium.

Grade.

The share of the rock that is the metal of interest. A grade of 0.38 per cent means 3.8 kilograms in each tonne.

Mineral Resource.

An estimate of the mineralised rock in the ground. Indicated is the more certain category and Inferred the less certain.

Ore Reserve.

The part of a resource that a detailed study has shown can be mined at a profit.

JORC Code.

The Australian rule book for reporting resources and reserves. S-K 1300 is the United States equivalent and NI 43-101 is the Canadian one.

Cut-off grade.

The grade below which rock is left out of a resource estimate.

Flowsheet.

The sequence of processing steps from rock to product.

Mt.

Million tonnes.

Exploration licence and exploitation licence.

The first is the right to look for minerals. The second is the right to mine them.

Kakortokite and eudialyte.

Kakortokite is the layered rock at Tanbreez. Eudialyte is the red mineral in it that carries the rare earths.

Carbonatite.

An igneous rock made mostly of carbonate minerals. Many rare earth mines are in carbonatites.

Concentrate.

The product of the first stage of processing, in which the valuable mineral has been separated from most of the waste.

Recovery.

The share of the metal in the rock that ends up in the product.

PEA.

Preliminary economic assessment, the earliest type of mining study. A feasibility study is the detailed version.

NPV and discount rate.

Net present value is a project's future cash flows marked down to today's money. The discount rate is the rate used for the mark-down.

Offtake.

A contract to buy a mine's product. A letter of intent or a term sheet is an earlier, non-binding step.

Royalty.

The share of sales paid to the government or to a previous owner.

Scheme of arrangement.

A takeover that shareholders vote on and a court approves.

Exchange ratio.

In a takeover paid in shares, the number of the buyer's shares given for each share of the target.

Independent expert.

An adviser who tells shareholders whether an offer is fair, meaning at or above the expert's value, and reasonable, meaning worth accepting on balance.

Parts per million.

One part per million is one gram in a tonne.

Assay.

A laboratory measurement of how much metal a sample holds.

Going concern.

An accounting term for a business that can keep operating. A material uncertainty means there is a real question over whether the business can keep operating without more funding.

References and sources

Every source has an identifier, and the same identifier appears in the text where the source is used. Company figures come from documents lodged with the ASX or the US Securities and Exchange Commission wherever Samso could reach them. Share prices and cash balances are stated at their dates and will have moved.

Figures labelled PLATE are photographs. Figures labelled FIG are maps and charts. Each caption says whether the figure is reproduced from a named source or is an original Samso illustration of sourced data.

[R1] Critical Metals Corp. "Critical Metals Corp. (Nasdaq: CRML) Announces Receipt of Formal Greenland Government Mining Approvals for the Tanbreez Mine, Valid Through the Year 2050". Company release, 5 October 2026. criticalmetalscorp.com

[R2] Colin McClelland, Mining.com. "Greenland government approves Tanbreez rare earth mine plan". 5 October 2026. mining.com

[R3] Marleny Arnoldi, Mining Weekly. "Critical Metals Corporation approved to operate Tanbreez through 2050". 6 October 2026. miningweekly.com

[R4] Meredith Schwartz and Gracelin Baskaran, CSIS, Washington. "Greenland, Rare Earths, and Arctic Security". 8 January 2026. csis.org

[R5] European Lithium Limited. "Maiden Mineral Resource Estimate 45MT Tanbreez Rare Earth Project Greenland". ASX announcement, 13 March 2025. announcements.asx.com.au

[R6] Critical Metals Corp. S-K 1300 Technical Report Summary, Tanbreez Project, Agricola Mining Consultants. First issued 12 March 2025, amended with an effective date of 13 April 2026. Filed with the US Securities and Exchange Commission. sec.gov

[R7] Critical Metals Corp. Annual report on Form 20-F for the year to 30 June 2026. Dated 25 September 2026. sec.gov

[R8] Critical Metals Corp. Tanbreez Preliminary Economic Assessment, Agricola Mining Consultants. 31 March 2025. criticalmetalscorp.com

[R9] European Lithium Limited. Scheme Booklet for the acquisition by Critical Metals Corp, including the independent expert report of Horizon Nexus Partners dated 8 September 2026. 15 September 2026. Read from the copy filed with the US Securities and Exchange Commission. sec.gov

[R10] European Lithium Limited. "Critical Metals Corp. to Acquire Tanbreez, One of the World's Largest Known Rare Earths Assets". 11 June 2024. announcements.asx.com.au

[R11] European Lithium Limited. "European Lithium enters into Binding Scheme Implementation Deed with Critical Metals Corp.". 19 May 2026. announcements.asx.com.au

[R12] European Lithium Limited. Annual Report 2026. ASX, 30 September 2026. announcements.asx.com.au

[R13] Critical Metals Corp. "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 to 2.2b in Annual Refinery Revenue". Title quoted as published, with the dash in the revenue range written as "to". 16 September 2026. criticalmetalscorp.com

[R14] Critical Metals Corp. "CRML Confirms Outstanding 2.96% TREO and HREO Refined Concentrate, Yielding ~40% Increase in Historical Metallurgical Test Work Results at Tanbreez". 31 March 2026. criticalmetalscorp.com

[R15] Critical Metals Corp. Company release on the 15-year binding offtake agreement for Tanbreez with REalloys Inc. Described here because the published title uses a US spelling. 21 May 2026. criticalmetalscorp.com

[R16] Critical Metals Corp. "Critical Metals Corp Secures US$120,000,000 LOI for a 15-Year Term Loan From the US Federal Government Bank (EXIM Bank) for the Development of its Tanbreez Rare Earth Project in Greenland". 16 June 2025. criticalmetalscorp.com

[R17] Geological Survey of Denmark and Greenland (GEUS). MiMa report 2023/1, review of the critical raw material resource potential in Greenland. Rare earth chapter, pages 84 to 89. 2023. data.geus.dk

[R18] Geological Survey of Denmark and Greenland (GEUS). MiMa report 2015/2, "Rare Earth Element (REE) exploration potential and projects in Greenland". 2015. data.geus.dk

[R19] United States Geological Survey. Mineral Commodity Summaries 2026, rare earths chapter and heavy rare earths chapter. February 2026. pubs.usgs.gov

[R20] Government of Greenland. Decision regarding application for an exploitation licence on the basis of exploration licence 2010-02. 1 June 2023. naalakkersuisut.gl

[R21] Greenland Mineral Resources Authority. Mineral Resources Act page, including Act No. 20 of 1 December 2021 on uranium. Read October 2026. govmin.gl

[R22] Energy Transition Minerals Ltd. "Legal Update". ASX announcement, 2 September 2026. asx.com.au announcement list for ETM

[R23] Energy Transition Minerals Ltd. Interim Financial Report. ASX, lodged 7 September 2026. asx.com.au announcement list for ETM

[R24] Energy Transition Minerals Ltd. "Greenlandic Government Decision on Kvanefjeld Extension". ASX announcement, 29 June 2026. listcorp.com copy

[R25] Neo Performance Materials. "Neo Partners with Greenland Mines to Advance Sarfartoq Rare Earth Project". 20 May 2026. neomaterials.com

[R26] Greenland Mines Ltd. Current report on Form 8-K on completion of the Sarfartoq acquisition. Filed 4 September 2026. sec.gov

[R27] Conico Limited. "CNJ applies for two highly prospective projects in Greenland". ASX announcement, 13 May 2026. announcements.asx.com.au

[R28] Conico Limited. Annual Report to shareholders for the year to 30 June 2026. ASX, 30 September 2026. announcements.asx.com.au

[R29] Conico Limited. "Assays Received for the Ryberg Polymetallic Project". ASX announcement, 25 November 2022. announcements.asx.com.au

[R30] Conico Limited. "Gold Assays at Sortekap". ASX announcement, 26 April 2022. announcements.asx.com.au

[R31] Conico Limited. "Mestersvig Drill Results and High-Grade Rock Chip Assays". ASX announcement, 17 January 2023. announcements.asx.com.au

[R32] Critical Metals Corp. "Greenland Government Approves Transfer of Final 50.5% of Tanbreez, Taking Critical Metals Corp. to 92.5% Ownership". 17 April 2026. criticalmetalscorp.com

[R33] Critical Metals Corp. "Critical Metals Corp. Accelerates the Development of the Tanbreez Project With an Immediate $30 Million Strategic Program to Advance One of the World's Largest REE Deposits Towards Production". 10 March 2026. criticalmetalscorp.com

[R34] Governments of the United States, Denmark and Greenland. Agreement to amend and supplement the agreement of 27 April 1951 on the defence of Greenland. Done at New York, 22 September 2026. Read from the copy published by The Hill. thehill.com copy

[R35] European Commission. Commission Decision (EU) 2025/1174 of 4 June 2025 recognising certain critical raw material projects located in third countries and in overseas countries or territories as Strategic Projects. 4 June 2025. eur-lex.europa.eu

[R36] MP Materials Corp. Current report on Form 8-K on the agreements with the United States government. Filed 10 July 2025. sec.gov

[R37] Share price data. European Lithium daily closes from FT Markets. Critical Metals daily closes from Nasdaq. Last prices for Conico and Energy Transition Minerals from the ASX data feed. Shares on issue from the company reports [R23] [R28]. Market values are Samso arithmetic. Read 7 October 2026. nasdaq.com

[R38] Conico Limited. Quarterly Activities Report and Appendix 5B for the June 2026 quarter. ASX, 31 July 2026. announcements.asx.com.au

[R39] Agence France-Presse. Report on Greenland mining licences and operating mines, carried by Yahoo News. February 2026. Secondary source. yahoo.com

[R40] Statistics Greenland. "Greenland in Figures 2026". 2026. stat.gl

[R41] Critical Metals Corp. "CRML Commences a 10,000 Meter Drilling Campaign at Tanbreez Rare Earth Project, Greenland". Company release, 17 June 2026. criticalmetalscorp.com

[R42] Conico Limited. "Mestersvig Project Enlarged by 1,198km2 to Include Additional Mineralisation". ASX announcement, 29 January 2021. asx.com.au, Conico announcements page

[R43] Conico Limited. "Update on Arbitration Process". ASX announcement, 19 December 2024. asx.com.au, Conico announcements page

[R44] Conico Limited. "Settlement of Legal Dispute, Recapitalisation and Consolidation". ASX announcement, 6 June 2025. asx.com.au, Conico announcements page

[R45] Conico Limited. Annual Report for the year to 30 June 2024. ASX, 2024. asx.com.au, Conico announcements page

[R46] Eclipse Metals Ltd. "Greenland REE Resource More Than Doubles to 208Mt". ASX announcement, 29 April 2026. announcements.asx.com.au

[R47] Alba Mineral Resources plc. "Motzfeldt Acquisition Completion", 28 October 2025, and "Operational Update", 9 March 2026. London Stock Exchange regulatory news, read from the Investegate copy. investegate.co.uk copy

[R48] European Lithium Limited. Three ASX announcements on sales of Critical Metals shares, for US$21 million, US$50 million and US$50 million. 7, 13 and 17 October 2025. announcements.asx.com.au, link to the third

[R49] Critical Metals Corp. Two company releases on term sheets for 50/50 joint ventures, with a Romanian party and with a Saudi Arabian party. 9 December 2025 and 15 January 2026. criticalmetalscorp.com, link to the first

[R50] Critical Metals Corp. Company release on the Tanbreez Preliminary Economic Assessment, furnished on Form 6-K. 31 March 2025. sec.gov

[R51] Arkadian Strategic Metals plc, formerly Alba Mineral Resources plc. "Change of Name and Ticker Code". London Stock Exchange regulatory news, 20 May 2026. Read from the Investegate copy. investegate.co.uk copy

[R52] European Lithium Limited. Annual Report for the year ended 30 June 2024. ASX, 30 October 2024. announcements.asx.com.au

[R53] Critical Metals Corp. Company release on the approval and start of construction of the Tanbreez pilot plant and multi-use facilities in Qaqortoq. 7 January 2026. criticalmetalscorp.com

Cover photo: Rare earth oxides, Peggy Greb, USDA Agricultural Research Service. Public domain, via Wikimedia Commons (https://commons.wikimedia.org/wiki/File:Rareearthoxides.jpg)

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Samso Insights are independent research commentary for general information only. Nothing in this document is financial product advice, and it does not take into account any reader's objectives, financial situation or needs. Figures are drawn from public sources believed reliable at the stated dates but are not guaranteed; market-sensitive numbers change daily. Samso or associated parties may hold positions in, or have commercial arrangements with, companies mentioned. Samso Pty Ltd is a shareholder in Conico Limited (ASX: CNJ). Seek professional advice before making investment decisions. © Samso 2026 · samso.com.au