European Lithium Acquires Irish Leinster Lithium Project

European Lithium Limited has finalized the acquisition of 100% of the issued share capital of LRH Resources Limited (LRHR), which owns the full rights to the Leinster Lithium Project in Ireland. This acquisition was executed through an all-script transaction with Technology Metals plc (TM1). To further enhance the development of the Leinster Lithium Project, European Lithium has also appointed Mr. George Karageorge, a respected geologist and international mining executive, as Executive General Manager of Exploration, effective immediately.

Tony Sage, Chairman of European Lithium, expressed his enthusiasm about the acquisition, stating, “This transaction underscores our commitment to expanding our footprint in the European lithium sector. It also demonstrates our ability to identify, secure, and develop projects in highly prospective lithium regions, capitalizing on our world-class exploration and project development capabilities. This move is particularly strategic for the European Union, which aims to create sustainable supply chains for critical minerals necessary for the transition to a low-carbon economy. Our use of shares in Critical Metals Corp (CRML) to finance this acquisition further highlights the value of our investment in CRML.”

Sage also commented on the appointment of George Karageorge, highlighting his extensive experience in progressing mining projects from exploration to production. He noted that Karageorge’s expertise would be instrumental in European Lithium’s goal of making significant lithium discoveries and developing a high-quality portfolio across Europe.

The Leinster Lithium Project, located south of Dublin in the Leinster Granite Massif, is situated in a key tectonic zone, extending along strike to the Blackstairs Lithium project (a joint venture between Ganfeng and ILC). The project is divided into two main blocks: the North Leinster Block and the South Leinster Block. The North Leinster Block comprises 15 prospecting licenses covering an area of 477 km², while the South Leinster Block includes 8 licenses spanning 284 km². These areas contain several developing prospects with significant lithium-bearing spodumene pegmatites, discovered through surface sampling and diamond drilling, particularly on license PL 1597.

As part of the acquisition, Technology Metals plc will transfer the entire issued share capital of LRH Resources to European Lithium. The transaction will be settled through the transfer of 1,371,742 shares in Critical Metals Corp. The shares used in this transaction will be subject to a lock-up period until February 28, 2025. This acquisition marks a significant step in European Lithium’s strategy to enhance its position in the European lithium market, supporting the region’s efforts to establish a sustainable and secure supply of critical minerals essential for the transition to a low-carbon economy.