European Lithium Ltd (ASX:EUR, OTCQB:EULIF), the major shareholder of Critical Metals Corp (CMRL), welcomes news that the latter has acquired an additional 36.45% equity interest in the Tanbreez Greenland Rare Earth Deposit.
CRML issued 8.4 million shares to Rimbal Pty Ltd to secure the equity interest, bringing the company's shareholding in the Tanbreez project to 42%.
Game-changing rare earth asset
This means the mining development company has completed stage one of its longer-term plan to secure a 92.5% controlling interest in Tanbreez, with European Lithium to retain its 7.5% ownership in the project.
CEO and chair Tony Sage said: “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 defence applications in the western world.”
About European Lithium
European Lithium Ltd (ASX:EUR, OTCQB:EULIF) is an exploration and development stage mining company primarily focused on lithium in Austria, Ukraine, Ireland and Australia.
EUR currently holds around 75% of the ordinary shares in Critical Metals Corp.
With Critical Metals Corp’s share price at US$10.19 as of July 23, European Lithium's investment is valued at US$690,763,623 (A$1,036,145,434), subject to share price fluctuations.
About Critical Metals
Critical Metals Corp. is a leading mining development company focused on critical metals and minerals, producing strategic products essential to electrification and next-generation technologies for Europe and its western world partners.
Its flagship asset, the Wolfsberg Lithium Project in Carinthia, Austria, is the first fully permitted lithium mine in Europe.