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 50%/50% joint venture company which is geared towards developing, constructing and commissioning a lithium hydroxide processing plant, and operating the plant for the conversion of lithium spodumene concentrate from Wolfsberg.
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.
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