European Lithium Ltd (ASX:EUR, OTCQB:EULIF)’s proposed merger with NASDAQ-listed Critical Metals Corp remains on track, with the company progressing key workstreams toward implementation of the court-approved schemes of arrangement.
EUR entered into a binding Scheme Implementation Deed with Critical Metals in May, under which Critical Metals has agreed to acquire 100% of European Lithium’s issued share capital and all listed options.
The deal is being advanced through schemes of arrangement under Part 5.1 of the Corporations Act 2001.
Scheme booklet well advanced
Preparation of the Scheme Booklet is “well advanced”, with the company and Critical Metals continuing to work with their respective advisers to satisfy remaining conditions precedent.
The Scheme Booklet will include an Independent Expert’s Report assessing whether the transaction is in the best interests of European Lithium shareholders and option holders.
The Independent Board Committee has appointed Nexia Perth Corporate Finance Pty Ltd as independent expert for the report.
While the report has not yet been finalised, European Lithium said work was progressing in line with expectations.
Conditions and approvals still required
The transaction remains subject to the satisfaction or waiver of remaining conditions precedent, as well as shareholder, option holder and court approvals.
European Lithium said both parties were encouraged by progress to date and remained committed to completing the transaction in line with the agreed timetable.
Shareholders and optionholders do not need to take any action at this stage.
Indicative timeline
Under the current timetable, European Lithium expects the Scheme Booklet, including the Independent Expert’s Report, to be dispatched to shareholders and optionholders in late July 2026.
Scheme meetings are expected to be held in late August 2026.
Subject to the required approvals and remaining conditions being met or waived, implementation of the schemes is expected in early September 2026.