Critical Metals signs definitive agreement to acquire European Lithium

Critical Metals Corp. said it has signed a binding Scheme Implementation Deed to acquire European Lithium, moving a previously announced proposal into a definitive transaction.

The companies said the deal would be completed through two interdependent schemes of arrangement under Australian law. If approved and completed, the transaction would give Critical Metals full ownership of the Tanbreez project.

The announcement follows an earlier April 27 statement in which Critical Metals said it planned to acquire European Lithium through a proposed transaction. Monday's update marks a material step forward because the agreement is now binding, not just a letter of intent.

The deal still faces several hurdles before closing. Critical Metals said completion depends on shareholder approval, regulatory approvals and court approval.

The company said it expects the transaction, if it proceeds, to strengthen its balance sheet and consolidate ownership of Tanbreez. No closing date was announced, but the companies indicated completion could come in the second half of 2026.

For now, the key development is that the parties have moved from a proposed deal to a signed definitive agreement. The next updates will likely center on the shareholder process and required approvals.