European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to announce that Critical Metals Corp. (Nasdaq: CRML) (Critical Metals Corp), a mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today announced that it has completed the stage 1 investment as part of its recently announced plans to acquire a 92.5% controlling interest in the Tanbreez Greenland Rare Earth Mine (the Tanbreez Project) from Rimbal Pty Ltd., a company controlled by geologist Gregory Barnes (Rimbal) (refer ASX announcement 11 June 2024 and 19 June 2024). Following the issue of 8,398,656 CRML shares to Rimbal as the stage 1 consideration, Critical Metals Corp now holds a 42.00% equity interest in the Tanbreez Project. European Lithium will retain its 7.5% ownership in the Tanbreez Project.
Critical Metals Corp CEO and Chairman, Tony Sage commented: “The successful completion of Stage 1 reflects another pivotal milestone in our strategic acquisition of Tanbreez. Tanbreez is a game-changing rare earth asset for the West, an assessment supported by both our due diligence, including our visit to the project last week, as well as third-party evaluations. By acquiring Tanbreez, we are taking a key step towards positioning Critical Metals Corp as a reliable and long-term strategic supplier of both light and heavy rare earth elements to meet the escalating demand for these materials for technology and defense applications in the western world.”
About European Lithium
European Lithium Limited is an exploration and development stage mining company focused mainly on lithium in Austria, Ukraine, Ireland, and Australia. European Lithium currently holds 67,788,383 (approximately 75%) ordinary shares in Critical Metals Corp. Based on the closing share price of Critical Metals Corp being US$10.19 per share as of 23 July 2024, the Company’s current investment in Critical Metals Corp is valued at US$690,763,623 (A$1,036,145,434) noting that this valuation is subject to fluctuation in the share price of Critical Metals Corp. For more information, please visit https://europeanlithium.com
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