Critical Metals Corp., a prominent mining development company specializing in critical metals and minerals crucial for electrification and advanced technologies in Europe and its western allies, has announced the acceptance of the joint venture assignment with the European Lithium-Obeikan Group Investment Company (Obeikan Group), following an Independent Committee review.

Following acceptance, Critical Metals Corp and the Obeikan Group have finalized the Shareholders Agreement. The Obeikan Group has committed to endorsing the Shareholders Agreement, establishing a joint venture with Critical Metals Corp aimed at building and operationalizing a significant lithium hydroxide processing facility in the Kingdom of Saudi Arabia. This facility will process spodumene concentrate sourced from the Wolfsberg Lithium Project in Austria.

•             The 50/50 joint venture aims to develop, construct, and operate a lithium hydroxide processing plant for converting lithium spodumene concentrate from the Wolfsberg project.

•             Under the Shareholders Agreement, Arabian New Energy Company (Arabian New Energy), newly established by Critical Metals Corp and the Obeikan Group, will have exclusive rights to purchase spodumene from Wolfsberg's current resource in Zone 1. The facility is expected to initially meet minimum capacity and product specifications outlined in Critical Metals Corp's binding Long Term Supply Agreement with BMW.

•             As per the Shareholders Agreement, contingent upon successful plant commissioning, the Wolfsberg Project Zone 1 will supply lithium spodumene concentrate to the joint venture company throughout the mine's current resource life at a negotiated rate, with pricing parameters subject to final agreement between the parties.

•             A Development Committee will be formed to jointly oversee all major decisions related to plant development.

•             European Lithium Ltd and the Obeikan Group have executed a Deed of Assignment to transfer all rights under the binding agreement dated May 31, 2023, to Critical Metals Corp.

"The transfer of this joint venture to Critical Metals Corp marks a significant milestone for the Wolfsberg project," stated Tony Sage, CEO and Chairman of Critical Metals Corp. "We now have two committed partners to support our goal of becoming the first European producer of both spodumene and hydroxide. With these crucial milestones achieved, we anticipate smoother progress in the upcoming phases. Over the next few quarters, our plan is to finalize the Detailed Feasibility Study for these projects and secure the necessary financing to begin construction. The Board of Arabian New Energy, our newly established entity, will oversee the hydroxide plant's construction, leveraging funding from sources within Saudi Arabia."

"We are delighted to have finalized this agreement with Critical Metals Corp," stated Abdallah Obeikan, CEO of the Obeikan Investment Group. "We are confident that our partnership will yield significant benefits for all parties involved. This collaboration merges Critical Metals Corp's robust technical expertise with Obeikan's industrial knowledge, while tapping into the financial strength of Saudi Arabia's markets. It represents a strategic global alliance aimed at achieving the objectives of Vision 2030 and advancing the Kingdom of Saudi Arabia's burgeoning industry."