Critical Metals (CRML) said Tuesday it has discovered "one of the world's highest concentrations" of gallium in the Tanbreez project in Southern Greenland.

Based on preliminary results from a recent drilling program, "four high-grade zones have now been identified on the site," the company said.

Gallium is an essential rare earth element used to make computer chips and defense applications, the company said.

The Tanbreez project currently holds a license for processing up to 500,000 metric tons annually, according to the company.

Critical Metals shares were down 2.3% in recent trading.

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