European Lithium Ltd (ASX:EUR, OTCQB:EULIF) Ltd has put an extra US$5 million in the bank (A$7.8M) after selling two million Critical Metals Corp. (Nasdaq: CRML) shares at US$2.50 per share in an off-market transaction to a US institutional investor.
“This transaction validates the valuation of CRML shares held by EUR that are currently trading at a valuation of US$250 million (A$389M) at close of business on June 24, 2025. This highlights the massive arbitrage that exists between the two markets," EUR executive chairman Tony Sage.
Critical Metals awards US$2 million drilling contract
It has been a big week for EUR after Critical Metals awarded a US$2 million (A$3 million) drilling contract to Greenland-based 60 Degree North for a 2,000-metre diamond drilling program at the Tanbreez Rare Earth Project.
Read more: European Lithium-backed Critical Metals awards US$2M drill contract at Greenland’s Tanbreez project
European Lithium, which owns 63% of Critical Metals, welcomed the move as part of its strategy to advance the Fjord eudialyte resource.
Drilling is set to begin in July, targeting upgrades of Inferred resources to Indicated and expanding the Mineral Resource Estimate (MRE). The Fjord Deposit currently contains 22.56 million tonnes (Mt), with a broader total of 44.87 Mt across Tanbreez.
The program follows a US$120 million Letter of Intent from the US Export-Import Bank to support project development.
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