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European Lithium (EULIF) and Sizzle have partnered to form a new lithium exploration and development company. Critical Metals Corp has secured another investment facility to fund its NASDAQ listing under symbol CRML and further develop the Wolfsberg lithium project in Austria.
Wolfsberg, with a mining permit and a resource estimate of 12.88Mt at 1.00% Li2O, has demonstrated the ability to supply high-purity lithium in a pilot plant. A DFS at Wolfsberg forecasts a post-tax NPV of US$1.5b at 6% weighted average cost of capital.
Offtake Agreement and Business Combination
A binding offtake agreement with BMW for long-term lithium hydroxide supply from the asset has been secured. Last year, European Lithium entered into a business combination agreement with Sizzle Acquisition Corp. (NASDAQ:SZZL) to combine its Wolfsberg project with Sizzle as CRML.
Additional Investment Facility
Sizzle and CRML have secured an additional investment facility from a New York based financial group, expected to provide CRML with US$10 million in capital at closing. The proceeds are expected to fund the development of the Wolfsberg lithium project.
The company plans to build a hydroxide plant in partnership with Obeikan in Saudi Arabia and undertake resource extension drilling in Zone 2. EUR also plans to commence an initial work program on new lithium projects, comprising around 245 exploration licences across 114.6km2.
Company Website: https://europeanlithium.com
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