Critical Metals Corp. has moved closer to acquiring European Lithium after shareholders approved the merger, paving the way for consolidated ownership of Greenland’s Tanbreez rare-earth deposit and Austria’s Wolfsberg lithium project.
At meetings on 22 October 2026, 99.96% of votes cast supported the transaction, while 97.22% of participating shareholders by number voted in favour. Option holders also approved the deal unanimously.
The merger awaits approval from the Supreme Court of Western Australia, with a hearing scheduled for 26 October. Subject to remaining conditions, it is expected to become effective on 27 October, with implementation on 5 November and trading of the enlarged company’s shares on Nasdaq beginning on 6 November.
Share Exchange Simplifies Ownership
European Lithium shareholders will receive 0.045 new Critical Metals shares for each share held. The final exchange ratio reflects a revised formula based on Critical Metals’ 20-day volume-weighted average share price, with a floor of $8 and a ceiling of $16.
European Lithium previously owned approximately 31% of Critical Metals and a separate 7.5% stake in Tanbreez. Critical Metals holds the remaining 92.5% of Tanbreez and owns Wolfsberg. Completion would consolidate 100% of Tanbreez within Critical Metals.
Tanbreez Development and Romanian Refinery Plans
Critical Metals approved a development acceleration programme of approximately €26 million in March 2026 for Tanbreez drilling, infrastructure, metallurgical testing and engineering. The company targets ore production in late 2028 or early 2029, with concentrate exports potentially starting in the third quarter of 2029. These remain targets subject to permitting, technical work, infrastructure and financing.
The company has also proposed a 50:50 joint venture with Romanian state-owned Fabrica de Prelucrare a Concentratelor de Uraniu for a rare-earth processing facility. The proposed plant could process up to 100,000 tonnes of concentrate annually, with 50% of Tanbreez concentrate production allocated to the operation. Preliminary capital expenditure is estimated at approximately €1.6 billion. The project still requires further engineering, permits, commercial agreements and financing.
Wolfsberg Remains Dependent on Financing
In Austria, Wolfsberg is being developed to produce spodumene concentrate for potential conversion into battery materials. Austrian authorities renewed its mining licence for another two years in January 2026, and Critical Metals has indicated that a development decision could be considered before the end of 2026, depending on lithium prices and financing.
The merger will simplify corporate ownership but does not provide construction funding for either project. Tanbreez and the proposed Romanian refinery require substantial investment, while Wolfsberg remains exposed to lithium-market conditions and funding availability.
