European Lithium Ltd. with Sizzle Acquisition Corp. to form Critical Metals Corp. announced it has signed a non-binding Memorandum of Understanding with Obeikan Investment Group to build and operate a hydroxide plant in Saudi Arabia for the Wolfsberg Lithium Project in Austria.

Under the MoU, which would create a joint venture between the two parties, European Lithium and Obeikan will work together to negotiate suitable commercial terms for the construction and operation of a hydroxide plant in Saudi Arabia, although no assurance is given that a binding agreement will be executed. Critical Metals previously announced the execution of a binding lithium offtake agreement with BMW to supply battery-grade lithium hydroxide to the premium automotive manufacturer. Upon closing of the Proposed Business Combination, which is expected to occur in the first half of 2023, Critical Metals is expected to be a leading lithium mining company and intends to list its shares on Nasdaq under the symbol “CRML.” As agreed in the Proposed Business Combination, Critical Metals will own the Project, which is currently owned by European Lithium's wholly owned subsidiary, European Lithium AT (Investments) Limited, as well as a 20% interest in additional Austrian projects currently held by European Lithium.

European Lithium will be the largest shareholder of Critical Metals and is expected to continue to trade on the Australian Securities Exchange.