European Lithium Limited

BMW Commits to Wolfsberg Lithium Project

European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to announce that Bayerische Motoren Werkte Aktiengesellschaft (BMW) has transferred funds of US$15 million to ECM Lithium AT GmbH (ECM), a wholly owned subsidiary of Critical Metals Corp (Nasdaq: CRML) in relation to the offtake of battery grade lithium hydroxide (LiOH) from the Wolfsberg Lithium Project in Austria which is to be offset against LiOH delivered to BMW (Refer to ASX Announcement 21 December 2022).


Tony Sage, Chairman of EUR, commented: “This is a huge milestone for the Wolfsberg project which now paves the way for the next financing steps”.

European Lithium holds 67,788,383 (83.03%) ordinary shares in Critical Metals. Based on the closing share price of Critical Metals being US$10.67 per share as of 5 June 2024, the Company’s current investment in Critical Metals is valued at US$723,302,047 (A$1,084,953,070) noting that this valuation is subject to fluctuation in the share price of Critical Metals. Through this significant interest, EUR is aligned with Critical Metals vision to become a key supplier for the lithium-ion battery supply chain in Europe.

About CRML

Critical Metals Corp. is a leading mining company focused on mining critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its 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 to become the next major producer of key lithium products to support the growing demand for electric vehicles (EVs) and Europe’s burgeoning lithium-ion battery supply chain. In addition, Critical Metals owns a 20% interest in prospective Austrian mineral projects previously held by European Lithium Ltd.


Click here for the full ASX Release

This article includes content from European Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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