Stock Market Today, April 17: Critical Metals Surges After Greenland Approves 92.5% Tanbreez Stake and Operating Control
Critical Metals (NASDAQ:CRML), a lithium and rare-earth minerals explorer, closed Friday at $12.56, up 35.49%. The stock is jumping after Greenland approved Critical Metals’ increased stake and expanded operating authority at the Tanbreez rare-earth project. Trading volume reached 72.8 million shares, about 427% above its three-month average of 13.8 million shares.
How the markets moved today
The S&P 500 advanced 1.19% to finish Friday at 7,125, while the Nasdaq Composite gained 1.52% to close at 24,468. Within diversified metals and mining, industry names were mixed, as MP Materials closed at $60.99 (-2.10%) and Lithium Americas ended at $4.84 (-0.62%) despite Critical Metals’ sharp rally.
What this means for investors
Critical Metals’ stock is soaring today after Greenland approved the company’s deal to grow its stake in the Tanbreez rare-earth deposit to 92.5%. The approval clears the way for CRML to acquire the 50.5% of equity it didn’t already hold from Rimbal Pty Lmt.
Critical Metals believes Tanbreez is one of the world’s largest rare earth deposits and is home to terbium and dysprosium, which are used in EVs and various technologies in the defense and consumer electronics industries. As the U.S. looks to shore up its critical minerals supply chain, this approval was seen as a huge positive for the stock.
That said, CRML stock is pre-revenue, so it remains a high-risk, high-reward investment, even after today’s news. As the company develops its production plans, shareholder dilution remains a near-certainty in the interim, so investors should tread carefully.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool recommends MP Materials. The Motley Fool has a disclosure policy.
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