As part of a broader strategy to expand into its namesake sector, European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has snapped up 100% ownership of the Leinster Lithium Project in Ireland.
The acquisition, conducted through the purchase of LRH Resources Limited (LRHR) from Technology Metals plc (TM1), was executed via an all-scrip transaction involving only the transfer of shares held in Critical Metals Corp (CRML), a Nasdaq-listed company – no cash consideration was necessary.
Two key zones, wide area
The Leinster Lithium Project spans two key zones south of Dublin: the North Leinster Block, covering 477 square kilometres across 15 prospecting licences, and the South Leinster Block, consisting of eight licences over 284 square kilometres.
This project is strategically situated in the Leinster Granite Massif, a region associated with lithium-bearing spodumene pegmatites and shares a tectonic zone with the Blackstairs Lithium Project (a Ganfeng and International Lithium Corp joint venture).
The acquisition aligns with European Lithium’s broader goal to establish a robust portfolio of critical minerals projects in Europe, supporting the European Union’s ambitions for sustainable supply chains essential to a low-carbon economy.
Shares issued as consideration for the acquisition are subject to a lock-up period until February 28, 2025.
“The acquisition shows our commitment to continue expanding in the European lithium sector and illustrates our capability to identify, secure and build in highly prospective lithium provinces, leveraging our world-class exploration and project development expertise,” EUR executive chair Tony Sage said.
“This development is strategic for the European Union to establish the sustainable supply chains of the critical minerals essential for the transition to low carbon emission economy.
“By using our shareholding in CRML to purchase this asset demonstrates the value of our investment in Critical Metals Corp.”
Highly experienced lithium executive
To accelerate the project’s development, European Lithium has appointed experienced mining executive George Karageorge as executive general manager Exploration.
Karageorge brings more than three decades of experience across commodities, including lithium, gold and base metals, and has held leadership roles in multiple ASX and TSX-listed companies.
He was a founding geologist of Pilbara Minerals' Pilgangoora Lithium-Tantalum Project, now the world’s largest producer of hard-rock lithium.
“I am delighted that European Lithium has been able to attract such a high calibre executive as George,” Sage said.
“He brings significant experience in taking projects from exploration through to development and production, and his appointment will enable us to focus our attention on making another significant lithium discovery by building and developing a high-quality portfolio across Europe.”