Critical Metals Corp Provides Project Update for the Wolfsberg Lithium Mine
Critical Metals Corp (Nasdaq: CRML) provided updates on its Wolfsberg Lithium Project in Austria and its joint venture with Obeikan Group, Arabian New Energy Corp. The 50/50 JV has appointed Hatch to design a lithium hydroxide processing plant in Saudi Arabia, targeting production of 20,000 metric tons of battery-grade lithium hydroxide. The company secured drilling approval for Zone 2, expanding the project's potential beyond existing agreements. DRA Projects is updating the financial model from the 2023 DFS, with completion expected in Q1 2025. The company continues advancing project financing discussions for the Wolfsberg mine while exploring additional off-take partnerships.
Critical Metals Corp (Nasdaq: CRML) ha fornito aggiornamenti sul suo Wolfsberg Lithium Project in Austria e sulla sua joint venture con Obeikan Group, Arabian New Energy Corp. La joint venture 50/50 ha nominato Hatch per progettare un impianto di lavorazione dell'idrossido di litio in Arabia Saudita, puntando alla produzione di 20.000 tonnellate metriche di idrossido di litio di grado batteria. L'azienda ha ottenuto l'approvazione per le perforazioni nella Zona 2, ampliando il potenziale del progetto oltre gli accordi esistenti. DRA Projects sta aggiornando il modello finanziario del DFS 2023, con completamento previsto nel primo trimestre del 2025. L'azienda continua a portare avanti le discussioni sul finanziamento del progetto per la miniera di Wolfsberg, mentre esplora ulteriori partnership di off-take.
Critical Metals Corp (Nasdaq: CRML) proporcionó actualizaciones sobre su Wolfsberg Lithium Project en Austria y su empresa conjunta con Obeikan Group, Arabian New Energy Corp. La empresa conjunta 50/50 ha designado a Hatch para diseñar una planta de procesamiento de hidróxido de litio en Arabia Saudita, con el objetivo de producir 20,000 toneladas métricas de hidróxido de litio de grado para baterías. La compañía obtuvo la aprobación para perforaciones en la Zona 2, ampliando el potencial del proyecto más allá de los acuerdos existentes. DRA Projects está actualizando el modelo financiero del DFS 2023, con finalización prevista para el primer trimestre de 2025. La compañía continúa avanzando en las discusiones de financiación del proyecto para la mina de Wolfsberg mientras explora asociaciones adicionales de off-take.
크리티컬 메탈스 Corp (Nasdaq: CRML)는 오스트리아의 Wolfsberg 리튬 프로젝트와 오베이칸 그룹, 아라비안 뉴 에너지 Corps와의 합작 투자에 대한 업데이트를 제공했습니다. 50/50 합작 투자는 사우디아라비아에 리튬 수산화물 처리 공장을 설계하기 위해 Hatch를 임명했으며, 배터리 등급 리튬 수산화물 20,000 메트릭 톤의 생산을 목표로 하고 있습니다. 이 회사는 2구역에 대한 드릴링 승인을 확보하여 기존 계약을 넘어 프로젝트의 잠재력을 확장하고 있습니다. DRA Projects는 2023 DFS의 재무 모델을 업데이트하고 있으며, 2025년 1분기 내에 완료될 예정입니다. 이 회사는 Wolfsberg 광산 프로젝트 자금 조달 논의를 계속 진행하고 있으며 추가적인 오프테이크 파트너십을 모색하고 있습니다.
Critical Metals Corp (Nasdaq: CRML) a fourni des mises à jour concernant son Wolfsberg Lithium Project en Autriche et son coentreprise avec Obeikan Group, Arabian New Energy Corp. La coentreprise 50/50 a nommé Hatch pour concevoir une usine de traitement de l'hydroxyde de lithium en Arabie Saoudite, visant une production de 20 000 tonnes métriques d'hydroxyde de lithium de qualité batterie. L'entreprise a obtenu l'approbation pour le forage de la Zone 2, élargissant le potentiel du projet au-delà des accords existants. DRA Projects met à jour le modèle financier du DFS 2023, avec une finalisation prévue au premier trimestre 2025. L'entreprise continue d'avancer dans les discussions de financement du projet pour la mine de Wolfsberg tout en explorant des partenariats supplémentaires d'off-take.
Critical Metals Corp (Nasdaq: CRML) hat Updates zu seinem Wolfsberg Lithium Project in Österreich und zur gemeinsamen Unternehmung mit der Obeikan Group, Arabian New Energy Corp, bereitgestellt. Das 50/50 Joint Venture hat Hatch damit beauftragt, eine Anlage zur Verarbeitung von Lithiumhydroxid in Saudi-Arabien zu entwerfen, mit dem Ziel, 20.000 metrische Tonnen battery-grade Lithiumhydroxid zu produzieren. Das Unternehmen hat die Genehmigung für Bohrungen in Zone 2 erhalten und damit das Potenzial des Projekts über bestehende Vereinbarungen hinaus erweitert. DRA Projects aktualisiert das Finanzmodell der DFS 2023, mit einem Abschluss, der im ersten Quartal 2025 erwartet wird. Das Unternehmen führt weiterhin Gespräche über die Projektfinanzierung für die Wolfsberg-Mine und erkundet zusätzliche Offtake-Partnerschaften.
- Secured drilling approval for Zone 2, expanding resource potential
- Joint venture progressing with Hatch appointed for 20,000MT lithium hydroxide plant design
- Existing agreement with global automaker for Zone 1 production
- Active discussions with multiple potential off-take partners
- None.
Insights
The Wolfsberg Lithium Project update reveals several significant developments that strengthen Critical Metals Corp's position in the lithium market. The approval for Zone 2 drilling represents meaningful expansion potential beyond the existing resource base, while the partnership with Obeikan Group through Arabian New Energy Corp demonstrates strategic vertical integration.
The planned
However, investors should note that the company is still pre-revenue and will require substantial capital to develop both the mine and processing facility. The project's success depends heavily on lithium market conditions and successful execution of both mining and processing operations.
Secures drilling approval for Zone 2, enhancing upside potential of transformational lithium asset
NEW YORK, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Critical Metals Corp (Nasdaq: CRML) (“Critical Metals Corp”), a leading 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 provided a project update for the Wolfsberg Lithium Project, which is strategically located in Austria.
“In addition to the tremendous progress the Critical Metals Corp team has made with our rare earth asset in Greenland, we continue to advance our development plans for the Wolfsberg project and its associated hydroxide plant in Saudi Arabia,” said Tony Sage, CEO and Executive Chairman of Critical Metals Corp. “With the recent approval for Zone 2 drilling at the Wolfsberg Project, we are excited to further enhance the upside potential of this transformational lithium asset for our stakeholders.”
Arabian New Energy Corp Update
Earlier this year, Critical Metals Corp and the Obeikan Group incorporated Arabian New Energy Corp, a
Arabian New Energy Corp has appointed Hatch Ltd., a leading global engineering firm, to commence design work on a lithium refinery in Saudi Arabia, which is expected to produce up to 20,000 metric tons of battery-grade lithium hydroxide. In order to hone the technical expertise of the team for the development of the plant, Arabian New Energy Corp partners, Critical Metals Corp and Obeikan, will be inspecting two hydroxide plants in China, the world leader in battery production, later this year.
Wolfsberg Lithium Project Update
DRA Projects (Pty) Ltd (DRA), a diversified global engineering, project delivery and operations management group, is expected to update the financial model from the 2023 DFS for the mine and lithium concentrate converter. The updated DFS is expected to be completed in the first quarter of 2025.
In addition, Critical Metals Corp continues to advance discussions for project financing for the Wolfsberg mine, as it approaches a build decision. The Company has received drilling approval for Zone 2. Currently, any resources found in Zone 2 are separate from the Company’s existing agreement with a global automaker, and Critical Metals Corp is in active discussions with several potential off-take partners.
About Critical Metals Corp.
Critical Metals Corp (Nasdaq: CRML) is a leading 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. Its initial flagship asset is the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria. The Wolfsberg Lithium Project is the first fully permitted mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable building block in an expanding geostrategic critical metals portfolio.
For more information, please visit https://criticalmetalscorp.com/.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include, without limitation, statements regarding the financial position, financial performance, business strategy, expectations of our business and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this news release, forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “designed to” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
These forward-looking statements may include statements, among other things, relating to: general economic conditions and conditions affecting the industries in which the Company operates; expansion and other plans and opportunities, including expansion into other strategic assets; and other statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors discussed under the “Risk Factors” section in the Company’s Shell Company Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2024 and in the Company’s proxy statement/prospectus, dated December 27, 2023, as supplemented by that proxy statement/prospectus supplement No. 1, dated February 15, 2024, forming a part of Registration Statement on Form F-4 (File No. 333-268970), as amended, which was declared effective on December 27, 2023. These forward-looking statements are based on information available as of the date of this news release, and expectations, forecasts and assumptions as of that date, involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Critical Metals Corp.
Investor Relations: ir@criticalmetalscorp.com
Media: pr@criticalmetalscorp.com
FAQ
What is the expected production capacity of Critical Metals Corp's (CRML) Saudi Arabia lithium plant?
When will Critical Metals Corp (CRML) complete the updated DFS for Wolfsberg?
What is the ownership structure of Arabian New Energy Corp with Critical Metals (CRML)?
Has Critical Metals Corp (CRML) received drilling approval for Wolfsberg Zone 2?
