The proposed CRML Romanian joint venture refinery, which is expected to receive 50% of all concentrate production under the existing term sheet, incorporates three major process innovations that are projected to enhance project economics:

  • Multistage mixed-acid reactor additions designed to prevent silica gel formation, a challenge encountered in other eudialyte processing routes. (Patent pending)
  • Complete silica recovery through off-gas recovery, designed to produce 99.99% SiO2 powder, reduce tailings to less than 1.5% of feed material and recycle acid, potentially reducing fresh acid consumption by approximately 85% while generating an additional high-value product stream;
  • Vacuum freeze-drying (lyophilisation) of all 19 chloride salts, designed to produce anhydrous, ultra-low-moisture powders that may command price premiums over conventionally dried material.
     

The proposed CRML Romania Process Refinery is being designed with capacity to process up to 100,000 tons per year of eudialyte concentrate feed and based on current modelling, produce approximately 27,943 tons per year of rare earth and critical metal products in the form of chloride salts and other ultra-pure products.

Projected by-products include 25,670 tons per year of high purity SiO2 powder.

Based on current modelling and assumed market pricing, projected annual revenue from the silica by-product could reach approximately US$600 million.

The current preliminary CAPEX estimate is US$1,85 billion (+/-25% Class 4 estimate).

Current modelling projects annual revenue of approximately US$2,2 billion before operating costs, taxes and capital recovery.

Current modelling indicates an NPV10 of approximately US$4.5 billion, an IRR of approximately 55% and a projected payback period of approximately two years.

The silicate recovery system is projected to contribute approximately US$400-600 million per year in combined value from SiO2 revenue and avoided acid costs, potentially transforming a conventional waste stream into a significant revenue contributor. Based on current modelling and pricing assumptions key value drivers include SiO2, NbCl5, DyCl3, TaCl5 and Hafnium products.

The proposed CRML Romania Process Refinery uses a multistage, mixed-acid leach process operating at elevated temperatures, followed by cascading recovery steps designed to produce high-purity rare earth salts, metals and critical metal salts for advanced industrial, aerospace, technology and defense applications.

A key feature of the proposed process is the recovery of materials that would traditionally report to tailings, including silica and potentially alumina, iron and copper. Current process modelling targets a tailings stream of approximately 1% of feed tonnage, supporting the Company's objective of developing a lower-waste processing route.

The proposed process route then through a multistage ion-exchange system, with multiple recovery stages for individual elements, designed to achieve high-purity products in the 99.9-99.99% range, subject to further test work and process validation.

The proposed production route for high-purity hafnium products utilizes established processing technologies. Based on current modelling, CRML Romania could produce approximately 50-70 tons per annum of high-purity hafnium metal during its first five years, together with approximately 20-30 tons per annum of high-purity hafnium chloride. These projections remain subject to further engineering, metallurgical test work, market conditions, permitting and final investment decisions.

The proposed CRML Romania Process Refinery is currently estimated to require up to 150 MW of energy input from gas and/or electricity. Current design assumptions contemplate approximately 60-70% of energy demand being supplied by gas-fired kilns and boilers and approximately 30-40% by third-party or state electricity suppliers.

The proposed CRML Romania Process Refinery is being designed as a low-wastewater and low-tailings operation. Current modelling targets refinery tailings of approximately 1% of input tonnage and limited wastewater discharge, subject to further engineering, environmental studies and permitting. Potential treatment pathways include third-party or approved government facilities in Romania.

Multiple acids and ammonia are expected be generated onsite, with certain high-purity feed materials to be sourced from suppliers in Europe or the United States. The proposed supply strategy is intended to support a secure Western supply chain.

Locating the proposed refinery in Romania, an EU and NATO member state, is intended to support a secure Western supply chain. Current planning contemplates multiple shipping and rail routes for the movement of Tanbreez concentrate from Greenland to the proposed refinery location in Romania.

If developed as currently contemplated, CRML Romania has the potential to become a significant Western supplier of rare earths and critical metals.

The following tables present projected refinery product values based on current modelling, assumed market prices and estimated market demand. These projections are preliminary and remain subject to further engineering, test work, market conditions and completion of feasibility studies.

Current modelling assumes a Tanbreez eudialyte concentrate transfer or sales value of approximately US$4,000 per ton. The refinery model indicates potential revenue of up to approximately US$24,000 per ton of concentrate processed, before operating costs currently estimated at approximately US$3,500-4,000 per ton and before capital recovery, taxes and other costs.

For the base-case economic analysis, current modelling assumes revenue of approximately US$13,000 per ton of eudialyte concentrate processed, using lower historical market pricing assumptions, resulting in approximately US$9,000 per ton before tax and capital recovery based on the current model.

The higher-price case uses 2025-2026 market pricing assumptions of approximately US$24,000 per ton of concentrate processed, resulting in approximately US$20,000 per ton before tax and capital recovery based on the current model. These figures are preliminary modelling assumptions and are subject to commodity prices, recoveries, operating costs, capital costs and further feasibility work.