Critical Metals Corp. announced that the Austrian Ministry of Energy has renewed the mining permit for its Wolfsberg Lithium Project for an additional two years. This license extension confirms the project remains fully authorized to conduct exploration and development activities through early 2028. The renewal comes despite recent erroneous press reports suggesting regulatory delays, reinforcing Wolfsberg’s status as Europe’s first fully licensed hard-rock lithium operation. The extension secures access to the project’s defined mineral resource of 12.5 million tonnes at 0.8% lithium oxide and preserves the company’s strategic timeline for a final investment decision by the end of 2026.

Global battery-grade lithium carbonate prices have rebounded sharply from 2025 lows, with spot levels in China rising over 40% in the past month to CNY 168,000–170,000 per tonne (approximately US$23,000–24,000 per tonne). Spodumene concentrate trading at US$2,000–2,168 per tonne (6% Li₂O, CIF China) underscores tightening supply dynamics. These increases follow a peak near CNY 180,000 per tonne in late January and represent year-over-year gains exceeding 100% in certain benchmarks. Sustained price momentum and forecasts of a narrowing surplus or small deficit support enhanced project economics at Wolfsberg, improving potential return on investment and bolstering financing prospects.

Chairman Tony Sage confirmed that Critical Metals Corp. and its Saudi hydroxide plant partner, Obeikan, have established a framework agreement targeting a final board decision on commencement of mining by December 2026. This timeline is contingent upon continued robust lithium prices and securing debt and equity financing. Wolfsberg’s proximity to European automotive and battery manufacturing hubs, combined with established rail and road links, positions the project to supply high-quality spodumene concentrate directly to downstream partners. The agreement with Obeikan aims to integrate Wolfsberg production into a pan-continental lithium hydroxide supply chain, aligning with Europe’s drive for domestic critical materials capacity.