https://www.criticalmetalscorp.com/news-releases/news-release-details/critical-metals-corp-provides-project-update-wolfsberg-lithiumCritical Metals Corp Provides Project Update for the Wolfsberg Lithium MineNovember 14, 2024
Wolfsberg Lithium Project UpdateDRA Projects (Pty) Ltd (DRA), a diversified global engineering, project delivery and operations management group, is expected to update the financial model from the 2023 DFS for the mine and lithium concentrate converter. The updated DFS is expected to be completed in the first quarter of 2025.
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Shouldn't DFS for wolfsberg be coming this quarter?
...as already posted once, I bet it won't come, as the lithium price is in the basement.
Nothing has been happening in wolfsberg for years.
Now the EIA is in court, which could take months as there are 8 appeals.
Well, we are used to years of waiting. 9 years ago the management in Wolfsberg wanted to go into production.....now the newspapers are already making fun of it.
https://www.derstandard.de/story/3000000259456/lithium-aus-kaernten-betreiber-werben-mit-fragwuerdigen-aussagen
The promises sound almost too good to be true: The “Wolfsberg Lithium Project”, a “fully licensed” mine in Carinthia, Austria, has a “unique opportunity to become a leading western lithium producer in Europe”. On its website, the Australian company European Lithium, which secured the rights to a deposit on the Koralpe in 2011, is bubbling over with superlatives. The only thing is: apart from announcements and test drillings, hardly anything has happened in the past 15 years.
When the Australians came to Austria in 2011, there was talk of mining starting in 2016. In 2017, the start was postponed to 2019, later to 2020, 2022 and then to 2025. Following an IPO in Australia and a temporary trip to the Vienna Stock Exchange, the Australian group is also listed on the US Nasdaq stock exchange in New York with an intermediate company, Critical Metals Corporation. This company was created through a merger with a so-called shell company (Spac), into which the Carinthian lithium project was incorporated.
Problems with supervision
This would not be the first problem with a financial regulator for the operators of the mine. As the Australian parent company European Lithium Ltd. was also listed on the Vienna Stock Exchange from October 2017, the Austrian Financial Market Authority (FMA) imposed a fine of EUR 160,000 on the company in June 2021.
For “disseminating information and news that sent false and misleading signals” to the market.
The listing on the Vienna Stock Exchange was discontinued shortly before this in May.The intermediate company Critical Metals, which is listed on the Nasdaq, has recently seen a downward trend: After peaking at USD 8.72 at the beginning of February, the share price plummeted to USD 1.91 on Friday - a drop of 78 percent within a month. It is unclear what caused the share price to plummet, as the company announced on February 11 that it had raised a capital increase of 24.5 million dollars. The money was intended to finance the Carinthian lithium mine and a project for rare earths in Greenland.
Several documents that Critical Metals has filed with the US Securities and Exchange Commission (SEC) give cause for concern. Under the heading “Summary of Certain Risks”, the following is stated: “Our current liquidity resources raise substantial doubt about our ability to continue as a going concern unless we raise additional capital in the near term to service our debt.”
(Jakob Pflügl, Alexander Hahn, 4.3.2025)
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