NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp” or the “Company”), 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 outlined its strategic growth initiatives for the remainder of 2025. The Company recently completed an equity raise that was upsized to $24.5 million.
Over the coming months, Critical Metals Corp is focused on advancing the development of both its Tanbreez Rare Earth Project in Southern Greenland and the Wolfsberg Lithium Project in Austria. Leveraging these strategic assets, the Company is well-positioned to become a reliable and sustainable supplier of essential metals and elements for the West.
“Following our successful capital raise, Critical Metals Corp is poised to execute on its vision of becoming a leading western supplier of strategic minerals essential for clean energy and defense applications,” said Tony Sage, CEO and Chairman of Critical Metals Corp. “With the funds raised, Critical Metals Corp is progressing our pre-production activities at both Tanbreez and Wolfsberg.”
Mr. Sage added, “Looking ahead, we anticipate both U.S. and European government grant support in coming months based on applications made and applications in progress. To help advance these efforts and assist with general government affairs and funding support applications, we have recently retained world-class government affairs consultants. We are also actively looking to enhance our Board of Directors with experienced directors who can help navigate the increasing government focus in the U.S. on critical mineral security. We look forward to achieving several significant milestones in the coming months, including our maiden SK-1300 resource estimate for Tanbreez and the commencement of Zone 2 drilling at Wolfsberg.”
The Tanbreez Project
For the Tanbreez Project, Critical Metals Corp intends to ramp up its pre-production activities. The Company expects to release additional results from its 2024 field program, which focused on twin-hole drilling to substantiate the existing resource and grade, by late March 2025. Critical Metals Corp anticipates publishing its maiden SK-1300 compliant resource estimate for the Tanbreez Project at the end of the second quarter, marking a significant milestone in the project's development pathway. Additionally, the Company plans to update the existing preliminary feasibility study for the Project in the fourth quarter of 2025. Critical Metals Corp is in active discussions with relevant parties in both Europe and the U.S. to secure strategic partnerships to further fund the asset and support its development.
The Wolfsberg Lithium Project
At the Wolfsberg Lithium Project, Critical Metals Corp plans to complete definitive feasibility studies for both the mine site in Austria and the lithium hydroxide plant in Saudi Arabia, which is being developed in partnership with Arabian New Energy.
The Company plans to commence a Zone 2 drilling program in the third quarter to establish additional resource potential beyond Zone 1, which is currently committed under an exclusive offtake agreement with BMW. This program is expected to support discussions regarding additional offtake agreements and pre-payment arrangements for Zone 2 production. The Company expects to secure project financing and commence building the mine in 2025.
Government Affairs
Critical Metals Corp has recently retained world-class government affairs consultants to support its engagement with U.S. and European authorities. These consultants will assist with general government affairs and funding support applications. The Company anticipates receiving government grant support in the coming months, based on applications already submitted and additional applications in development with both U.S. and European agencies.
Corporate Governance
To complement Critical Metals Corp’s existing management team, which has deep mining and U.S. capital markets experience, the Company plans to appoint two additional directors during the first quarter to its Board. The Company expects that it will focus on candidates that have experience with the U.S. federal government.
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 flagship Project, Tanbreez, represents one of the world's largest, rare earth deposits located in Greenland. Another key 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. With this strategic asset portfolio, Critical Metals Corp is positioned to become a reliable and sustainable supplier of critical minerals essential for defense applications, clean energy transition, and next-generation technologies in the western world.
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.
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. 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.
