Critical Metals, which holds about 93% of Greenland’s Tanbreez rare earth deposit, rose more than 30% after the US announced a security agreement with Denmark and Greenland that would restrict sensitive investment from China and Russia. Tanbreez is one of the world’s largest known heavy rare earth deposits.

The State Department said the agreement would prevent Chinese and Russian bases, troops and investment in sensitive sectors in Greenland. President Donald Trump described it as giving Washington “permanent control over security” and said US adversaries would need written American approval for military activity or sensitive investments. He also announced plans to expand the US military presence on the island.

Denmark and Greenland said the agreement preserves Danish sovereignty and Greenland’s right to self-determination. They said they expected to sign it on the sidelines of the UN General Assembly, with parliamentary approval still required before it takes effect.