Critical Metals Corp. Receives BMW Pre-Payment for the Wolfsberg Lithium Project
Critical Metals Corp receives $15 million pre-payment from BMW
NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) -- Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp”), a leading mining development company focused on critical metals and minerals for the green energy transition, today announced that Bayerische Motoren Werkte Aktiengesellschaft (BMW) has transferred funds of US$15 million to ECM Lithium AT GmbH (ECM), a wholly owned subsidiary of Critical Metals Corp. This payment is in relation to the offtake of battery grade lithium hydroxide (LiOH) from the Wolfsberg Lithium Project in Austria which is to be offset against lithium hydroxide delivered to BMW.
“We are pleased to move our partnership with BMW forward and look forward to supporting the production of their electric vehicles in Europe in the years to come, contributing to a more sustainable and domestic battery supply chain,” said Tony Sage, CEO and Executive Chairman of Critical Metals Corp. “This pre-payment further strengthens our balance sheet and will allow us to further advance our development strategy.”
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 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. The Company has a long-term offtake with a leading global automaker based in Europe and is expected to benefit from European Lithium’s JV with Obeikan Group. In addition, Critical Metals Corp owns a 20% interest in prospective Austrian mineral projects previously held by European Lithium Ltd (ASX: EUR).
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