Critical Metals announces MoU between European Lithium, Obeikan

European Lithium, a mineral exploration company in a proposed business combination with Sizzle Acquisition Corp to form Critical Metals Corp, announced it has signed a non-binding Memorandum of Understanding, MoU, 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 Executive Chairman Tony Sage commented: "This proposed JV with Obeikan will unlock key opportunities for Critical Metals. It will allow us to focus our efforts on building the facilities to start mining concentrate, and is expected to result in significant energy cost savings for the Wolfsberg Project."