EXCLUSIVE: Critical Metals Corp Advances Wolfsberg Lithium Project, Unveils New Drilling Approval and Saudi Plant Plans

On Thursday, Critical Metals Corp CRML provided a project update for the Wolfsberg Lithium Project located in Austria.  

Tony Sage, CEO and Executive Chairman of Critical Metals Corp stated the significant strides made with the Company’s rare earth asset in Greenland and noted ongoing progress with development plans for the Wolfsberg Project and its related hydroxide plant in Saudi Arabia.

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Sage expressed enthusiasm about the recent approval for Zone 2 drilling at Wolfsberg, viewing it as a critical opportunity for stakeholders to unlock additional value from this pivotal lithium asset.

Earlier this year, Critical Metals Corp and the Obeikan Group incorporated Arabian New Energy Corp, a 50%/50% joint venture company geared towards developing, constructing, and commissioning a lithium hydroxide processing plant and operating it to convert 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.

The plant is expected to produce up to 20,000 metric tons of battery-grade lithium hydroxide. To hone the team’s technical expertise for the plant’s development, Arabian New Energy partners Critical Metals and Obeikan will inspect two hydroxide plants in China, the world leader in battery production, later this year.  

DRA Projects (Pty) Ltd, a 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.  

Price Action: CRML stock closed lower by 3.09% at $6.27 on Wednesday.

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