Critical Metals Corp (NASDAQ:CRML) adds sizzle to European Lithium (ASX:EUR) stake

Critical Metals Corp (NASDAQ:CRML) adds sizzle to European Lithium (ASX:EUR) stake

March 22, 2024 Off By Amanda Ellis

European Lithium’s NASDAQ-listed majority-owned investment Critical Metals Corp has added 44% to its share price in the past week, holding potential upside for local shareholders.

Critical Metals Corp was formed with the marry-up of Australian company European Lithium and US-based Sizzle Acquisition Corp.

The NASDAQ-listed entity will develop the Wolfsberg Lithium Project in Austria, which European Lithium built up ready for development.

European Lithium has an 83.03% stake in Sizzle valued at US$817 million based on the stock’s US$12.50 closing price yesterday.

Estimates yesterday valued European Lithium at 75 cents a share based on a pricing level seen this week of $US13 a share.

Martin Place Securities has put a $1-plus price target on European Lithium shares, which are currently changing hands for about 7.7 cents each.

MPS chairman Barry Dawes noted the value of European Lithium’s investment in Critical Metals was yet to be reflected in current pricing on the Australian market.

Dawes said the Critical Minerals valuations meant the value of EUR Australian shares should be at least five times higher.

In other news, European Lithium chairman Tony Sage’s consulting outfit Okewood reached an agreement with APL this week, with the sports business returning EUR shares and options to Okewood’s hands.

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