The merger between European Lithium Ltd. and Sizzle Acquisition Corp. to form the newly founded Critical Metals Corp. has been finalised. Critical Metals began trading on the US technology exchange Nasdaq on 28th February 2024 under the symbol CRML (Figure 1). Critical Metals will advance the construction and commissioning of the lithium mine in Frantschach-St. Gertraud in the Wolfsberg district of Austria. European Lithium continues as an ASX-listed company and is the largest shareholder of Critical Metals.<\/p>\n
The Wolfsberg Lithium Project is a significant step closer to becoming a major source of battery-grade lithium for the lithium-ion battery supply chain in Europe. Critical Metals, which was formed from the merger of European Lithium and Sizzle, is focussing on the construction and commissioning of the mine in Frantschach-St. Gertraud.<\/p>\n
The successful completion of the transaction and the listing of Critical Metals on the Nasdaq supports the development of this planned flagship project for the green energy transition in Europe. With the completion of the transaction, which enables the project to access the US capital markets, Critical Metals expects to raise significant additional funds to achieve these goals. This is particularly important as the first phase of mining needs to be financed upfront, as is standard in the industry, as returns are not expected until the final product is processed and ready for battery production.<\/p>\n
The managing director of Critical Metals is mining engineer Dietrich Wanke, who has been managing the project in Wolfsberg for several years and is also the managing director of European Lithium. For the realisation of the project, the company is relying on the results published in the course of European Lithium\u2019s Final Feasibility Study.<\/p>\n
European Lithium continues to exist following the transaction and trading of European Lithium shares on the ASX Australian Stock Exchange resumed with the release of an official stock exchange announcement on 1st March 2024. European Lithium received 67,788,383 ordinary shares in Critical Metals, re\u00adpresenting approximately 83\u2009% of the issued capital, following completion of the transaction approved by European Lithium and Sizzle shareholders. Based on Critical Metals\u2019 closing share price of 12.38\u00a0US$ per share as at 29th February 2024, European Lithium\u2019s current investment in Critical Metals is valued at approximately 839\u00a0M\u00a0US$.<\/p>\n
European Lithium will continue to monitor the development of the Wolfsberg project and expects to benefit from the future successes of Critical Metals as it executes its strategy. European Lithium is focused on advancing its European exploration projects, including the Austrian Bretstein-Lachtal, Klementkogel and Wildbachgraben projects, in which European Lithium holds 100\u2009% of the rights, title and interest. In addition, the company is examining further potential exploration projects. (European Lithium\/Si.)<\/p>\n","protected":false},"excerpt":{"rendered":"
The merger between European Lithium Ltd. and Sizzle Acquisition Corp. to form the newly founded Critical Metals Corp. has been finalised. Critical Metals began trading on the US technology exchange …<\/p>\n","protected":false},"author":25,"featured_media":18235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[991],"tags":[949],"class_list":["post-18237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-in-brief-03_2024","tag-european-lithium"],"yoast_head":"\n