European Lithium Ltd.

European Lithium Ltd. is a junior lithium development company headquartered in West Leederville, Australia, operating primarily in Europe. The company's portfolio consists of 1 development project. Key assets include Wolfsberg. The company's business model is centered on mineral exploration and the development of integrated operations designed to supply the European battery value chain. The operational plan encompasses mining, processing to produce a mineral concentrate, and a subsequent hydrometallurgical conversion stage to create a final battery-grade product. A key operational focus is the optimization of the concentrator flow to enhance spodumene concentrate levels, which aims to reduce energy consumption in downstream processing. The enterprise is also actively developing technical solutions to incorporate recycled battery materials into its production flowsheets. This approach reflects a strategy of vertical integration, from resource extraction to the production of a specialized, high-purity chemical product. The business model is further supported by a focus on securing long-term supply agreements with prominent end-users in the automotive sector, positioning the organization as a key future supplier within its target market. The company's activities are underpinned by participation in government-funded research programs aimed at advancing sustainable supply chains.

Strategic direction is focused on advancing its primary asset toward production, supported by a multi-pronged approach to financing and market integration. A key initiative involves a business combination with a US-listed special purpose acquisition company, which is intended to facilitate a listing on a major US stock exchange and provide significant development capital. The company is concurrently establishing downstream processing capabilities through strategic partnerships, including a binding term sheet for a 50/50 joint venture to construct and operate a dedicated chemical conversion facility. Market strategy is anchored by a binding long-term supply agreement with a top-tier European automotive manufacturer, securing offtake for its future production. Growth is also pursued through the acquisition of complementary exploration licenses, such as the 2023 acquisition of 245 exploration licenses, and collaborations with other exploration entities holding adjacent tenements. The strategy includes divesting non-core assets to streamline the portfolio and reallocate capital. Furthermore, the organization is pursuing long-term growth options through a conditional acquisition agreement for projects in another jurisdiction, contingent on the resolution of regional conflict.

The board of directors consists of 4 members, including an Executive Chairman and 3 Non-Executive Directors. The board collectively performs the functions of nomination and remuneration committees, a structure deemed efficient given the company's current size and stage of development. During the 2023 fiscal year, the board convened 4 meetings. The Executive Chairman is a Chartered Accountant with over 35 years of commercial experience in corporate advisory, funds management, and capital raising for listed exploration companies. The Non-Executive Directors bring diverse expertise, including a background of over 20 years in the financial sector of Central and Eastern Europe, extensive experience in structuring corporate transactions for junior resource companies, and a history in the civil construction industry and mining exploration surveys. This blend of financial, corporate, and operational experience provides comprehensive oversight for the company's strategic initiatives and governance. The company also utilizes joint company secretaries with extensive experience in accounting, corporate governance, and providing services to ASX-listed entities.

The organization's environmental approach is centered on ensuring compliance with all regulatory obligations and meeting high environmental standards at every stage of project operations. A key procedural step involves lodging a pre-assessment application for an Environmental Impact Assessment Determination Procedure, aimed at securing a decree for a simplified and fast-tracked EIA process. The company maintains a continuous hydrogeology monitoring program, with all data secured in a central database and used to produce an annual report. This includes ongoing monitoring of water quality and flows from its primary project site. The enterprise is actively assessing options to achieve carbon neutrality for its operations. In addition to its direct operational management, the company participates in a government-funded research program focused on the sustainable supply of battery-grade materials. It is also developing technical solutions to integrate recycled materials from used batteries into its production flowsheets, contributing to a circular economy model.

A significant structural initiative is the planned business combination with Sizzle Acquisition Corp., a US special purpose acquisition company, which will result in the formation of a new NASDAQ-listed entity named Critical Metals Corp. In 2023, the company executed a binding Heads of Agreement to acquire 100% of the rights to a portfolio of 245 exploration licenses from 2743718 Ontario Inc., a subsidiary of Richmond Minerals Inc. The company has also entered into a binding term sheet with Obeikan Investment Group to form a 50/50 joint venture focused on developing and operating a downstream processing plant. A collaboration agreement is in place with EV Resources Limited for a 20% interest in certain exploration assets. Post-period end, the company entered a binding term sheet for the sale of a non-core tenement to Moosh Moosh Limited. The company has also renegotiated terms for the potential acquisition of European Lithium Ukraine LLC from Millstone and Company Global DW LLC, with completion contingent on specific legal and operational milestones. Major shareholders include BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM, holding a 39.35% interest, and CITICORP NOMINEES PTY LIMITED, with a 5.63% interest as of August 2023.