There has been an expectation that EUR would rocket on the back...

There has been an expectation that EUR would rocket on the back of the Nasdaq listing. Few see it as a stroke of genius. My belief is that Wolfsberg is a step too far. On the surface getting the mine was a good thing. But actually mining it is a completely different animal. The NIMBYism that is rife in Austria will most likely kill the project, or put a long long and painful road ahead. The Ukraine assets were probably plan A for Sizzle and plan B, Wolfsberg had to be substituted. Essentially EUR has sold a lingering asset for $US750 million. It was a for script deal. It is just a time based deal in that EUR could not grab the money and run. There were also strings attached. EUR has to protect their holding in CRML.

The fact that the market said "we will wait and see" presented a problem. Had EUR rocketed, Tanbreez would have come into EUR's stable. As the cards played, Tanbreez went to CRML. This was fortunate as the US wants the products of Tanbreez and will buy from the US listed company and most likely fund the project. It does not need a lot of funding possibly $US250M. Which is just a drop in the ocean.

CRML can let Wolfsberg run its course in the background and push Tanbreez. In a couple of months, EUR can sell down some of their CRML shares. They have to in order to attract more investors. An CRML can sell shares to fund Tanbreez. CRML is in a great position as both the US and the EU want Tanbreez. If the US wins, the material will be processed in the US, if the EU wins the material will be processed in Iceland. With China banning exports of rare earths, Tanbreez has become critical metals more critical. This will happen at pace.

In the meantime, EUR has changed horses and is looking at lithium in Ireland, This may be an easier ride than Austria. It may not. In this coming year, the Ukraine war will end. Putin cannot sustainably continue, Ukraine is running out of manpower. Trump will make it his business to stop them continuing. Reality will have Ukraine to rapidly approve mining to help this massive rebuild to happen. Ukraine may be producing far quicker than Ireland and Austria.

EUR can sell $US250M of CRML shares and be on their way with Ukraine. Spodumene mining is cookie cutter stuff now. It is dug up, concentrated and shipped to SA. SA is ready to push the button with a lithium hydroxide plant from China. That too is off the shelf.

We have had to wait but the delay has been serendipitous.