European Lithium Secures Key Permit Extension for Austrian Project

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The Austrian government has granted a two-year extension to the mining license for the Wolfsberg lithium deposit. This decision, confirmed on February 2, 2026, provides a renewed regulatory foundation for one of Europe's most strategically significant lithium resources. It also delivers enhanced planning certainty for European Lithium Limited (ASX: EUR), the largest shareholder in the project's operator, Critical Metals Corp. (Nasdaq: CRML).

The permit renewal arrives amid a substantially improved pricing environment for lithium. Battery-grade lithium carbonate is currently trading at approximately $23,000 to $24,000 per tonne in China, representing a surge of over 40% month-on-month and more than 100% compared to the same period last year. Concurrently, spodumene concentrate (6% Li₂O, CIF China) has recovered to a range of $2,000 to $2,168 per tonne. These price levels significantly improve the economic viability of hard-rock lithium projects within Europe.

This development aligns with broader European Union policy objectives. The EU's Critical Raw Materials Act mandates that by 2030, at least 10% of the bloc's annual lithium consumption must be sourced from domestic extraction. Presently, Europe fulfills a mere 1-2% of its needs through local production. As one of the continent's few advanced-stage lithium ventures, Wolfsberg is positioned to contribute to this strategic goal.

Conditional License and Development Timeline

The extension, granted by Austria's Federal Ministry, is not automatic and comes with specific performance conditions. Critical Metals Corp. must demonstrate tangible development progress by the end of 2026 to maintain the license, which is now valid until the close of 2027.

Tony Sage, Chairman of CRML, provided commentary to The Assay, stating, "We recently met with Obeikan, our Saudi Arabian partner for the hydroxide plant, and agreed on a framework for a mining decision by the end of 2026—assuming prices remain stable and financing options are available." He clarified that earlier media reports suggesting a potential license revocation were inaccurate, and the extension now provides clear direction for the project's subsequent phases.

European Lithium's Substantial Stake and Financial Position

European Lithium maintains a core strategic holding in Critical Metals Corp., currently amounting to 48,036,338 ordinary shares. Following a sale of 5 million shares on January 20, 2026, the value of this remaining stake was approximately $824.8 million USD (around 1.23 billion AUD), based on that day's closing price of $17.17 per share.

That transaction generated net proceeds of roughly 124 million AUD, boosting the company's liquid assets to about 322 million AUD. This infusion provides European Lithium with considerable financial flexibility, while its equity interest in CRML remains its principal asset. It is important to note that the value of this holding fluctuates daily alongside CRML's share price.

Established Partnerships Underpin Project

The Wolfsberg project's development pathway is supported by two key strategic agreements:

• Obeikan Industrial Group: A joint-venture framework is in place for constructing a lithium hydroxide refinery in Saudi Arabia, intended to process raw material extracted from the Austrian mine.
• BMW Group: A binding long-term offtake agreement has been signed, securing the automotive manufacturer a supply of battery-grade lithium hydroxide from the operation.

This model of local extraction coupled with international processing is designed to serve the growing European electric vehicle and battery storage markets.