The EUR shareholder vote on October 22, 2026 is the next binary catalyst. The floating exchange ratio (0.025-0.045) means CRML's stock price directly impacts the dilution EUR shareholders receive. Post-closing, the combined entity will have significant cash ($306.6M pro forma) but no near-term revenue visibility from mining operations, with exploration-stage assets in Greenland, Austria, and Ukraine.
Price Chart
Executive Summary
CRML filed audited FY2026 financials of its target European Lithium Ltd. (EUR) and pro forma combined financials for its planned acquisition of EUR via scheme of arrangement. EUR reported a statutory net profit of A$930.6M for FY2026, driven by a A$1.28B non-cash gain on deconsolidation of CRML, masking an underlying operating loss. The pro forma combined entity shows a pro forma net loss of $268.6M-$323.3M for FY2026, with pro forma EPS of ($2.11)-($1.93). The shareholder vote is scheduled for October 22, 2026, with closing expected in November 2026.
Key Facts
- EUR reported a statutory net profit of A$930,591,857 for FY2026, compared to a loss of A$96,790,991 in FY2025, driven by a A$1,275,503,015 non-cash gain on deconsolidation of CRML.
- Underlying EUR operations remain loss-making: EUR had A$7.9M other income vs A$7.8M consulting fees, A$4.5M finance costs, and A$129.3M share of associate losses.
- CRML's pro forma combined net loss for FY2026 is $268.6M (minimum consideration) to $323.3M (maximum consideration), with pro forma EPS of ($2.11) and ($1.93) respectively.
- The EUR acquisition is structured as an asset acquisition under IFRS 2, with a floating exchange ratio between 0.025 and 0.045 CRML shares per EUR share, depending on CRML's VWAP.
- EUR held 45,536,338 CRML shares at June 30, 2026, valued at US$10.25/share, which will become treasury shares upon closing.
- Shareholder meeting for the EUR scheme is scheduled for October 22, 2026, with closing expected in November 2026.
- CRML's standalone FY2026 net loss was $228.2M, including a $120.9M loss on fair value of warrants and $66.0M in share-based compensation.
Financial Impact
Pro forma combined net loss of $268.6M-$323.3M for FY2026; pro forma EPS of ($2.11)-($1.93). EUR contributed ~$204M in cash to the combined entity.
Risk Factors
- EUR shareholder vote on October 22 may not approve the scheme; failure triggers a US$12M break fee.
- Pro forma combined entity shows large ongoing losses with no operating revenue from mining.
- CRML's stock price volatility directly impacts the exchange ratio and deal economics.
- EUR's investment in CRML (45.5M shares) will be eliminated as treasury shares, reducing net equity.
- Ukrainian assets (Velta) carry geopolitical and operational execution risk.
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-111477 |
| Document: ea030883001ex99-4.htm | 0001213900-26-111477 |
| Document: ea0308830-6k_critical.htm | 0001213900-26-111477 |
| Document: ea030883001ex23-3.htm | 0001213900-26-111477 |
| Document: 0001213900-26-111477-index-headers.html | 0001213900-26-111477 |
| Document: 0001213900-26-111477-index.html | 0001213900-26-111477 |
| Document: 0001213900-26-111477.txt | 0001213900-26-111477 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | Press Release | $6.48 | awaiting T+5 | — | $8.13 (+25.46%) |
Oct 26, 2026 1d ago | 6-K | $6.35 | awaiting T+5 | — | $8.13 (+28.03%) |
Oct 22, 2026 5d ago | 6-K | $6.36 | awaiting T+5 | — | $8.13 (+27.83%) |
Oct 22, 2026 5d ago | Press Release | $6.19 | awaiting T+5 | — | $8.13 (+31.34%) |
Oct 22, 2026 5d ago | 6-K | $6.19 | awaiting T+5 | — | $8.13 (−31.34%) |
Oct 22, 2026 5d ago | 6-K | $6.19 | awaiting T+5 | — | $8.13 (+31.34%) |
Oct 2, 2026 25d ago | 6-K | $7.03 $6.86 | ▼ −2.42% | ▼ −3.58% | $8.13 (+15.65%) |
Sep 25, 2026 4w ago | 20-F | $7.65 $7.51 | ▲ +1.83% | ▲ +3.03% | $8.13 (−6.27%) |
Sep 16, 2026 5w ago | 6-K | $6.48 $7.72 | ▲ +19.14% | ▲ +16.57% | $8.13 (+25.46%) |
Aug 21, 2026 9w ago | 6-K | $7.11 $7.12 | ▲ +0.14% | ▼ −0.33% | $8.13 (+14.35%) |
US Market Status
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