European Lithium (EUR AU) & Critical Metals (CRML US) Enter Into Reverse Scheme

• On the 28th April, European Lithium (EUR AU)‘s ~34.4% held Critical Metals (CRML US) announced a non-binding reverse takeover via a scrip deal. A Scheme has now been entered into.

• CRML intends to issue 0.035 new CRML shares for each EUR share - same as the NBIO. The implied value per CRML scrip is A$0.58/share.

• A successful merger sees 100% of the Tanbreez Rare Earth project under one roof. The Scheme Meeting is expected to be held in 3Q26, as is implementation.

The Trade:

• Clean deal.

• CRML borrow looks difficult to source.

• You could simply go outright long in EUR, to capture the holding company discount into CRML.