Critical Metals Corp. (Nasdaq: CRML) announced on Thursday its plan to deliver a new definitive feasibility study (DFS) for its flagship Wolfsberg lithium project in the first quarter of 2025. The Wolfsberg project, located 270 km southwest of Vienna, Austria, is poised to become Europe’s first fully permitted spodumene mine and a potential producer of lithium concentrate, with initial production expected by 2026/27.
The current DFS is based on S-K 1300-compliant resources from Zone 1, totaling 12.9 million tonnes at an average lithium oxide grade of 1% Li₂O, including 9.7 million tonnes in the measured and indicated category. The company is optimistic that further exploration of Zone 2, which has shown pegmatite intersections with grades up to 2.49% Li₂O, could potentially double the resource base.
Critical Metals estimates the combined resources from Zones 1 and 2 could support a mine life exceeding 20 years. “With the recent approval for Zone 2 drilling at the Wolfsberg project, we are excited to further enhance the upside potential of this transformational lithium asset for our stakeholders,” said CEO Tony Sage.
The project has already secured significant industry backing, including a long-term offtake agreement with BMW in December 2022, with a $15 million prepayment made earlier this year. The agreement currently excludes lithium from Zone 2.
In partnership with the Obeikan Group, Critical Metals plans to build the Middle East North Africa region’s first lithium hydroxide processing plant in Saudi Arabia. This 50/50 joint venture aims to produce up to 20,000 tonnes of battery-grade material annually. The joint venture partners are set to inspect hydroxide plants in China later this year to gain technical expertise for the project.
Beyond Wolfsberg, Critical Metals is advancing the Tanbreez project in Greenland, one of the world’s largest rare earth resources, acquired earlier this year.
Shares of Critical Metals dropped 7.7% to $5.79 in New York by 1:45 p.m. EDT, reflecting a market capitalization of $525.1 million.
