European Lithium Signs Binding Term Sheet

European Lithium Limited (ASX: EUR) has signed a binding term sheet with Obeikan Group to establish a joint venture (JV) for the development and operation of a lithium hydroxide processing plant in Saudi Arabia. The JV will be incorporated as a 50:50 partnership between EUR and Obeikan, with the processing plant's capital investment fully funded by the JV. EUR will grant the JV exclusive rights to purchase spodumene extracted from the Wolfsberg Lithium Project, and a binding lithium off-take agreement with BMW will be assigned to the JV.

DRA Global will update the DFS (Definitive Feasibility Study) to incorporate the anticipated Opex and Capex savings resulting from the JV. Furthermore, Critical Metals Corp., the parent company of EUR, is making progress towards listing on NASDAQ, with final SEC approvals expected by the end of June 2023. The establishment of the lithium hydroxide processing plant in Saudi Arabia is projected to lower energy costs and enhance cost efficiencies for EUR's Wolfsberg operations.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com