Signal Critical Metals Corp Advances to Final Round of Kenya Government Tender for the Mrima Hill Rare Earth and Niobium Project

Summary

A consortium led by Critical Metals Corp (Nasdaq: CRML), operating as Mrima Earth Limited, was selected among the final three US-linked candidates from seven initial bidders in Kenya's competitive government tender, announced 23 July 2026. The target is the Mrima Hill rare earth and niobium project in Kwale County, one of the world's most significant undeveloped rare earth and niobium deposits, located on Kenya's southern coast with direct access to the Port of Mombasa. The consortium includes ASX-listed European Lithium Ltd, which holds approximately a 31% interest, alongside additional institutional investor support. The combined entities have a market capitalization of approximately $1.5 billion and cash reserves exceeding $400 million, which the release states are sufficient to fully fund development and Phase 1 construction. The release frames the project against a global backdrop in which China controls approximately 90% of rare earth supply and rare earth magnet demand is projected to grow four to six times by 2040. The project would complement Critical Metals' existing Tanbreez project in Greenland.