Critical Metals Targets Greenland Rare Earths and A$306 Million Cash in European Lithium Takeover

Critical Metals Corp's takeover of European Lithium sets August vote; shareholders get 0.035 shares each for Tanbreez and A$306M cash.

The proposed takeover of European Lithium by Nasdaq-listed Critical Metals Corp is gathering momentum, with a dual prize at its core: full ownership of the Tanbreez rare earth project in Greenland and a hefty cash reserve that stood at A$306 million at the end of March. European Lithium currently holds a 7.5% stake in the Greenland asset, and Critical Metals wants to consolidate the entire project under one roof while also absorbing the Australian company’s treasury.

A formal timeline for the transaction has now been locked in. Shareholders and option holders will receive the scheme booklet — containing the independent expert’s report from Nexia Perth Corporate Finance — around the end of July 2026. That report will assess whether the deal is in the best interests of European Lithium’s equity holders. Votes will follow in late August, and if both the meeting and court approval go the right way, the full acquisition of all European Lithium shares and options is slated for completion in early September.

The exchange ratio was set back in May: for each European Lithium share, investors will receive 0.035 shares of Critical Metals Corp. The arrangement means European Lithium’s owners are betting on the combined entity’s future, which will be squarely focused on the Tanbreez deposit. Critical Metals sees the rare earth project as a strategic asset, and the extra cash on European Lithium’s balance sheet gives it financial firepower to advance development.

Meanwhile, European Lithium’s stock has been on a tear even as the merger approaches. At €0.26, the shares are trading roughly 786% above their level a year ago and have climbed nearly 176% since the start of 2026. That rally, however, leaves the stock about 16% below its all-time high of €0.31 reached in early June. The company said investors do not need to take any action for now; the active phase kicks off when the scheme booklet lands in late July.

The deal structure also hands Critical Metals full operational control of the Tanbreez project without any minority stake complications. For European Lithium’s shareholders, the vote in late August will be the decisive moment — one that determines whether they trade their current holding for a slice of a larger, Nasdaq-listed player that comes with a rare earth asset and a fully stocked war chest.