Shares of Critical Metals (CRML.US) climbed as much as 5.7% in Thursday's pre-market trading session. At the time of writing, the stock was up 4.52% to $15.96. This movement followed announcements from former US President Donald Trump, who stated he would not impose new tariffs on Europe originally set to begin on February 1 and revealed a "framework" agreement concerning Greenland.

Critical Metals is currently developing the Tanbreez rare earth project located in Greenland. Since the start of this year, the company's share price has more than doubled, bringing its current market capitalization to $1.8 billion.

The company announced last week that it had signed a non-binding term sheet to form a 50/50 joint venture with Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company to construct a rare earth processing facility in Saudi Arabia valued at up to $1.5 billion.

Critical Metals stated that the term sheet outlines the framework for the development, financing, construction, and operation of the rare earth processing facility. The aim is to create a fully integrated "mine-to-processing" supply chain, which includes a long-term offtake agreement to supply Saudi Arabia with 25% of the rare earth concentrate production from the Tanbreez project.

The company disclosed on Wednesday that it has now signed four non-binding offtake term sheets for the rare earth concentrate to be mined from Tanbreez.