If I were a betting man, I would say the drills will hit first at the Millstätter Seerücken project, as it has been identified as a high-priority drilling target based on lithium outcrops over a 4-kilometre strike length. As for the involvement of European Lithium Limited (EUR) and Sizzle Acquisition Corp, it appears that EUR has sold its interest in the Wolfsberg Lithium Project and is merging with Sizzle via a newly-formed company named Critical Metals Corp. The transaction is intended to provide EUR with the necessary funding to advance the project and bring it into production. It is unclear how EUR and Sizzle will be involved in EV Resources Limited's (EVR) lithium projects specifically, but the two companies have a Collaboration Agreement that includes a Technical Advisory Committee to enhance the projects and share information to advance them.
ASX ANNOUNCEMENT
8th September 2022, EV Resources GmbH, a battery materials explorer, has announced that rock chip samples taken during sampling programmes at three selected Austrian Lithium Projects have returned high-grade lithium assays up to 3.24% Li2O. The projects are located within the Eastern Alps, close to European Lithium’s Wolfsberg Project. Millstätter Seerücken has been identified as a high-priority drilling target, based on lithium outcrops over a 4-kilometre strike length. EV Resources GmbH, which is owned 80% by the company and 20% by European Lithium Limited (ASX:EUR), has applied for and secured 33 new licences covering an additional 14.90 km2 at the Millstätter Seerücken and Garrach projects.
ASX ANNOUNCEMENT
26th October 202
EV Resources Limited (EVR) has waived its first right of refusal to acquire European Lithium Limited (EUR)'s 20% stake in the Austrian Lithium Projects. EUR has announced a merger with Sizzle Acquisition Corp, a US special purpose acquisition company. The proximity of the Weinebene and Eastern Alps Projects to EUR's Wolfsberg Project creates potential synergistic development and production scenarios. EVR and EUR have a Collaboration Agreement which includes a Technical Advisory Committee to enhance the projects and share information to advance them. EVR announced high-grade lithium assays from the Eastern Alps Project and has secured 33 new licenses for the Garrach and Millstätter Seerücken projects. The partnership with Ya Hua International Investment and Development Co Ltd will not progress at this time and further work and drill programs will commence pending availability of drill rigs and approvals. Yahua remains a supportive investor in EVR and discussions will be re-evaluated after further work is done on the lithium assets.
European Lithium Limited (EUR) has entered into a business combination agreement with Sizzle Acquisition Corp., a US special purpose acquisition company listed on NASDAQ, to sell its interest in the Wolfsberg Lithium Project and merge with Sizzle via a newly-formed company named Critical Metals Corp. Upon the closing of the transaction, EUR will be issued $750 million worth of ordinary shares in Critical Metals, which represents an approximate 80% ownership interest in the combined entity. The transaction is expected to provide the combined group with approximately $159 million in capital before expenses to fund the activities of Critical Metals. The WolfWolfsburg Lithium Project is a lithium project located in Austria, which EUR has been developing. The merger with Sizzle and the sale of EUR's interest in the Wolfsberg project to Critical Metals is intended to provide EUR with the necessary funding to advance the project and bring it into production. European Lithium is a mining exploration and development company that owns a lithium project called Wolfsberg. The company received a positive preliminary feasibility study on Wolfsberg in April 2018 and is on track to deliver a definitive feasibility study in Q1 2023. The company also owns a 20% interest in the Weinebene and Eastern Alps Projects, which are located in southern Austria and considered complimentary to Wolfsberg. The company will continue to focus on progressing the Wolfsberg Lithium Project through to the construction and development stages. The company is planning to merge with Sizzle to form Critical Metals Corp. The transaction is expected to provide the combined group with approximately US$159 million in capital before expenses to fund the activities of Critical Metals Corp. The company will be issued US$750 million worth of ordinary shares in Critical Metals Corp. at a deemed issue price of US$10.20 per share, and can earn up to an additional 10% of the ordinary shares in Critical Metals Corp. subject to certain conditions. The company will seek shareholder approval for the transaction in terms of Listing Rule 11.4.
EV Resources Limited (EVR) is a battery materials explorer that has announced high-grade lithium assays from rock chip samples taken during sampling programs at three selected Austrian Lithium Projects. The projects are located within the Eastern Alps, close to European Lithium’s Wolfsberg Project. The company has applied for and secured 33 new licenses covering an additional 14.90 km2 at the Millstätter Seerücken and Garrach projects. EVR is owned 80% by the company and 20% by European Lithium Limited (ASX: EUR).On 26th October 2022, EVR has waived its first right of refusal to acquire European Lithium Limited (EUR)'s 20% stake in the Austrian Lithium Projects. EUR has announced a merger with Sizzle Acquisition Corp, a US special-purpose acquisition company. The proximity of the Weinebene and Eastern Alps Projects to EUR's Wolfsberg Project creates potential synergistic development and production scenarios. EVR and EUR have a Collaboration Agreement which includes a Technical Advisory Committee to enhance the projects and share information to advance them.It is not clear from the provided information whether the merger of European Lithium with Sizzle Acquisition Corp and the sale of EUR's interest in the Wolfsberg project to Critical Metals will have a positive or negative impact on EV Resources. The company is still in the exploration and development phase and the information provided does not provide enough details to determine the outcome of the merger and the sale of the interest in the Wolfsberg project on EVR.
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