European Lithium Nears Finish Line on Critical Metals Takeover as Vote and Court Hearing Converge

European Lithium has locked in the timetable for its long-anticipated absorption by Nasdaq-listed Critical Metals Corp., with the Supreme Court of Western Australia set to convene a second hearing on 26 October 2026 to rule on the scheme of arrangement underpinning the deal.

The transaction, which would see Critical Metals (ticker CRML) acquire every issued share and all listed options of European Lithium, has been grinding through its conditions for months. Shareholders and optionholders will cast their votes on the takeover plans on 22 October 2026, roughly a month after the scheme booklet was dispatched. Until the proposal clears those meetings and secures judicial sign-off, the required approvals remain outstanding.

Progress on the contractual front has been steady. European Lithium confirmed that the minimum cash balance covenant is currently satisfied, and the so-called Millstone condition has likewise been met. That milestone follows adjustments to the merger agreement reported about three weeks ago, when the parties also agreed to waive in part the formal cancellation of unlisted options.

Independent Expert Stands Firm

The offer has drawn measured support from the independent expert, who has kept his conclusion unchanged and neither revised nor withdrawn it. His assessment holds that the proposal is not fair to shareholders but is nonetheless reasonable and in their interest, provided no superior bid emerges.

Formal and legal hurdles still lie ahead. The merger requires court approval under Section 3(a)(10) of the US Securities Act, and separate resolutions covering related-party dealings have yet to be passed. Should any condition fail to be satisfied or waived in time, European Lithium has reserved the right to push back the procedural timetable. Anyone intending to oppose the scheme faces a tight deadline: objections must be filed and formally served on the company no later than one day before the court hearing.

Listing Application and Market Footing

Alongside the court preparations, European Lithium lodged an application on 12 October to admit securities to trading.

In the market, the stock closed Friday at EUR 0.2335 and was holding steady at EUR 0.2340 in pre-market trading ahead of the looming decisions. The shares have climbed 158 percent since the start of the year, leaving them 23 percent shy of their 52-week high. At current levels, the company carries a market capitalisation of roughly EUR 415.07 million.

Everything now hinges on the sequence set for late October: the ballot of voting stakeholders first, then the court's ruling in the following week. A positive outcome on both fronts would see European Lithium pass entirely into the hands of Critical Metals Corp., folding the business into a larger North American structure.