European Lithium Ltd (ASX:EUR, OTCQB:EULIF), the majority shareholder in Critical Metals Corp, welcomes news that Critical Metals Corp has been selected for inclusion in the Russell 2000® Index, Russell 3000® Index and Russell Microcap® Index.
Significant milestone
This inclusion will take effect at the opening of US equity markets on Monday, July 1, 2024, as part of the 2024 Russell indexes annual reconstitution.
Critical Metals Corp CEO and chair Tony Sage said: “We are honoured to have been chosen for inclusion in the Russell 2000®, Russell 3000® and Russell Microcap® indexes.
“This is a significant milestone for Critical Metals Corp and a testament to our team’s hard work and dedication.
“Inclusion in these indexes enhances our visibility within the investment community, broadens our investor base, and better positions us to create long-term value for our shareholders and execute on our strategic objectives.”
The annual Russell US indexes reconstitution captures the 4,000 largest US stocks as of April 30, ranking them by total market capitalisation.
Membership in the Russell 3000® Index entails automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index and the appropriate growth and value style indexes.
Similarly, membership in the Russell Microcap® Index also includes the relevant growth and value style indexes.
FTSE Russell, a global index provider, determines membership for its Russell indexes primarily by objective, market-capitalisation rankings and style attributes.
Widely used as benchmarks
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.
As of December 2023, about US$10.5 trillion in assets are benchmarked against the Russell US indexes.
European Lithium holds 83.03% of the ordinary shares in Critical Metals Corp. Based on the closing share price of Critical Metals Corp at US$11.27 per share as of June 28, European Lithium's current investment in Critical Metals Corp is valued at around US$763.98 million (A$1.15 billion), noting that this valuation is subject to fluctuations in the share price.
Critical Metals Corp, a mining development company, focuses on critical metals and minerals essential for electrification and next-generation technologies for Europe and its western world partners. Its flagship asset is the Wolfsberg Lithium Project in Carinthia, Austria, the first fully permitted mine in Europe, strategically positioned with access to established road and rail infrastructure.