05:59 AM EDT, 04/23/2024 (MT Newswires) -- Critical Metals (CRML) said on Monday that Tony Sage was named as its chief executive officer to succeed Dietrich Wanke.

Wanke was appointed as president of the company's European operations to advance the Wolfsberg Lithium Project, while Sage will also continue as the company's chairman, Critical Metals said. The company said that it is aiming to operationalize its lithium spodumene concentrator in Wolfsberg by 2027.

In the same statement, Critical Metals said it has a binding agreement with the Obeikan Group to jointly develop and operate a lithium hydroxide plant in Saudi Arabia. It said that it expects the joint venture to be finalized over the next months.

The company said that it plans to conduct new definitive feasibility studies for the Wolfsberg and lithium hydroxide projects and expects to complete the studies this year.