# EDGAR Filing Document

**Accession Number:** 0001951089
**File Stem:** 0000000000-23-002119
**Filing Date:** 2023-3
**Character Count:** 20596
**Document Hash:** c8cc8189ffd16472c0b7d80e62b55c91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-002119.hdr.sgml**: 20240227

**ACCESSION NUMBER**: 0000000000-23-002119

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230302

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Critical Metals Corp.
- **CENTRAL INDEX KEY:** 0001951089
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-268970

**BUSINESS ADDRESS:**
- **STREET 1:** 32 HARROGATE STREET
- **CITY:** WEST LEEDERVILLE
- **STATE:** C3
- **ZIP:** 66007
- **BUSINESS PHONE:** 61 (8) 6181 9792

**MAIL ADDRESS:**
- **STREET 1:** 32 HARROGATE STREET
- **CITY:** WEST LEEDERVILLE
- **STATE:** C3
- **ZIP:** 66007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Critical Metals Ltd
- **DATE OF NAME CHANGE:** 20221018
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-22-082274

## Text-Extract

```

United States securities and exchange commission logo

                            March 2, 2023

       Tony Sage
       Executive Chairman
       Critical Metals Corp.
       c/o Maples Corporate Services (BVI) Limited
       Kingston Chambers, PO Box 173, Road Town
       Tortola, British Virgin Islands

                                                        Re: Critical Metals
Corp.
                                                            Amendment No. 1 to
Registration Statement on Form F-4
                                                            Filed February 14,
2023
                                                            File No. 333-268970

       Dear Tony Sage:

             We have reviewed your amended registration statement and have the
following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.
Unless we note
       otherwise, our references to prior comments are to comments in our
January 19, 2023 letter.

       Amendment No. 1 to Form F-4

       What are the U.S. federal income tax consequences if I do not exercise
my redemption rights and
       instead participate..., page 23

   1.                                                   We note your revised
disclosure in response to prior comment 4. Please revise to clarify
                                                        that counsel will opine
that the Business Combination should qualify as part of an
                                                        exchange described in
Section 351 of the Code. Please also discuss here and in a new risk
                                                        factor the potential
adverse consequences to those participating in the Business
                                                        Combination if it does
not qualify as part of an exchange described in Section 351 of the
                                                        Code.
 Tony Sage
FirstName  LastNameTony  Sage
Critical Metals Corp.
Comapany
March      NameCritical Metals Corp.
       2, 2023
March2 2, 2023 Page 2
Page
FirstName LastName
Marshall & Stevens Opinion, page 46

2.       We note your response to prior comment 7, and we re-issue the comment.
Please ask the
         advisor to remove from the opinion the disclaimer regarding reliance,
and make
         corresponding revisions to the related proxy statement / prospectus
disclosure. In the
         alternative, disclose the legal basis for your and the advisor   s
belief that security holders
         cannot rely on the opinion to bring state law actions, including a
description of any state
         law authority providing such a defense.
Unaudited Pro Forma Condensed Combined Financial Information, page 55

3.       We note you revised your presentation of basic and diluted profit per
share on pages 59
         and 64. Please address the following:

                From your audited financial statements for Sizzle Acquisition
Corp. and European
              Lithium AT (Investments) Limited, there is no indication the
amounts included in the
              financial statements are in thousands of dollars. However, on
pages 51 and 52 you
              disclose the amounts are in thousands of dollars. Please clarify
if the amounts
              included in the financial statements are in thousands of dollars
and revise any
              inconsistencies throughout the filing.
                Confirm the amounts for each of the per share amounts are
correct and revise if
              necessary. In this regard, you disclose a pro forma income after
tax from continuing
              operations, assuming no redemption, of $3,737,025 and 84,223,309
basic weighted
              average shares. Based on these amounts, it appears the basic
profit per share would
              be $0.04 per share. Similar revisions may be necessary for each
basic and diluted per
              share calculation.
The Business Combination Proposal
Background of the Business Combination, page 119

4.       Your revised disclosure reflects that prior to signing the definitive
agreement, Sizzle
         agreed to use commercially reasonable efforts to renegotiate with
Cantor to reduce the
         deferred underwriting fee to an amount reasonably acceptable to Sizzle
and EUR. Please
         revise to disclose any such discussions or negotiations.
The Weinebene and Eastern Alps Projects, page 200

5.       We note your inclusion of the Weinebene project on the map in response
to comment 20,
         locating your Weinebene project adjacent to your Wolfsberg project.
Please verify your
         statement, the Weinebene project is 20 kilometers east of the
Wolfsberg project, adjacent
         to Schamberg and not 2.0 kilometers east as indicated by your map,
naming convention,
         and technical report summary. Please revise your text as necessary.
 Tony Sage
FirstName  LastNameTony  Sage
Critical Metals Corp.
Comapany
March      NameCritical Metals Corp.
       2, 2023
March3 2, 2023 Page 3
Page
FirstName LastName
Mineral Resources, page 212

6.       We note your response to comment 23 and your inclusion of a lithium
carbonate price in
         this section. We partially re-issue comment 23. Please modify your
filing to include the
         price of a spodumene concentrate.
7.       We note you response to comment 24 indicating the requested
information was added to
         your filing. However all operating costs and conversion parameters for
a spodumene
         concentrate conversion to lithium carbonate salable product are
missing and as a result
         you have failed to demonstrate economic viability. We re-issue comment
24. Please
         disclose your mining, processing, G&A, transportation and conversion
costs/parameters to
         demonstrate economic viability. In addition, we note your statement
the mineral resource
         has demonstrated reasonable prospects for economic extraction based on
a non S-K 1300
         compliant pre-feasibility study conducted in 2018. Please provide
supplementally a copy
         of this pre-feasibility study with a complete cash flow analysis.
Mineral Resource Statement
Wolfsberg Summary and Conclusion, page E-67

8.       We note your response to comment 27 that the technical report summary
has been updated
         to state that test work regarding potential metallurgical recoveries
is ongoing, and the
         section is not currently intended to provide a view on potential
recoveries. We re-issue
         comment 27. Please provide your QP   s opinion on the adequacy of the
metallurgical data
         and test work for resource determination. In addition, please disclose
how you determined
         your metallurgical recovery of ROM ore was 75.4% to produce a 6%
spodumene
         concentrate.
Exhibit 96.1
Mineral Resource Statement, page E-79

9.       We note your response to comment 28 indicting dilution was the primary
factor
         influencing economic viability. However your failure to provide all
the necessary
         parameters for your cutoff calculation, such as all salable product
prices, metallurgical
         recoveries, operating costs (Mining, Processing, and G&A),
transportation, etc. and a
         discussion the calculation methodology does not support your assertion
of economic
         viability for your resource estimate. Please provide disclosure
demonstrating your cutoff
         grade calculation with supporting economic and operational parameters
or remove all
         resource disclosure from your technical report summary.
Exhibit 96.1
Market Studies, page E-86

10.      We note your response to comment 29 indicating Table 16-14 contains
your forecast
         prices for lithium carbonate and spodumene concentrates. Please
disclose the product
         specifications for Technical Grade SC5, Chemical Grade SC6, and
Technical Grade
 Tony Sage
Critical Metals Corp.
March 2, 2023
Page 4
      Lithium Carbonate and state the marketing area (e.g. Europe, N.A., China)
for these
      pricing forecasts. In addition, you have stated that feldspar and quartz
are by-products
      from your waste streams and will offset your operating costs and add to
your revenues.
      Please include your forecast prices for these by-products.
General

11.   We note you have removed disclosure illustrating the post-Closing share
ownership of
      Pubco under a 50% redemption scenario. Please revise to include such
information or tell
      us why you believe it is not material to investors.
12.   Revise your disclosure to show the potential impact of redemptions on the
per share value
      of the shares owned by non-redeeming shareholders by including a
sensitivity analysis
      that also includes interim redemption levels.

13.   We note your revised disclosure in response to prior comment 6 discloses
the dilutive
      effect of Earnout Shares in the Maximum Redemption Scenario and reissue
the comment
      in part. Please revise to disclose the dilutive effect of your earnout
shares at each
      redemption level detailed in your sensitivity analysis, including the
interim and no
      redemption scenarios.
      You may contact Myra Moosariparambil, Staff Accountant, at (202) 551-3796
or Craig
Arakawa, Accounting Branch Chief, at (202) 551-3650 if you have questions
regarding
comments on the financial statements and related matters. Please contact George
K. Schuler,
Mining Engineer, at (202) 551-3718 for engineering related questions. Please
contact Timothy S.
Levenberg, Special Counsel, at (202) 551-3707 or Karina Dorin, Staff Attorney,
at (202) 551-
3763 with any other questions.

                                                           Sincerely,
FirstName LastNameTony Sage
                                                           Division of
Corporation Finance
Comapany NameCritical Metals Corp.
                                                           Office of Energy &
Transportation
March 2, 2023 Page 4
cc:       Matthew Gray, Esq., of Ellenoff Grossman & Schole LLP
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

March 2, 2023

Tony Sage  
Executive Chairman  
Critical Metals Corp.  
c/o Maples Corporate Services (BVI) Limited  
Kingston Chambers, PO Box 173, Road Town  
Tortola, British Virgin Islands

**Re: Critical Metals Corp.**

**Amendment No. 1 to Registration Statement on Form F-4**

**Filed February 14, 2023**

**File No. 333-268970**

Dear Tony Sage:

We have reviewed your amended registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our January 19, 2023 letter.

# Amendment No. 1 to Form F-4

What are the U.S. federal income tax consequences if I do not exercise my redemption rights and instead participate..., page 23

1. We note your revised disclosure in response to prior comment 4. Please revise to clarify that counsel will opine that the Business Combination should qualify as part of an exchange described in Section 351 of the Code. Please also discuss here and in a new risk factor the potential adverse consequences to those participating in the Business Combination if it does not qualify as part of an exchange described in Section 351 of the Code.

Tony Sage
Critical Metals Corp.
March 2, 2023
Page 2

Marshall & Stevens Opinion, page 46

2. We note your response to prior comment 7, and we re-issue the comment. Please ask the advisor to remove from the opinion the disclaimer regarding reliance, and make corresponding revisions to the related proxy statement / prospectus disclosure. In the alternative, disclose the legal basis for your and the advisor's belief that security holders cannot rely on the opinion to bring state law actions, including a description of any state law authority providing such a defense.

Unaudited Pro Forma Condensed Combined Financial Information, page 55

3. We note you revised your presentation of basic and diluted profit per share on pages 59 and 64. Please address the following:

- From your audited financial statements for Sizzle Acquisition Corp. and European Lithium AT (Investments) Limited, there is no indication the amounts included in the financial statements are in thousands of dollars. However, on pages 51 and 52 you disclose the amounts are in thousands of dollars. Please clarify if the amounts included in the financial statements are in thousands of dollars and revise any inconsistencies throughout the filing.

- Confirm the amounts for each of the per share amounts are correct and revise if necessary. In this regard, you disclose a pro forma income after tax from continuing operations, assuming no redemption, of $3,737,025 and 84,223,309 basic weighted average shares. Based on these amounts, it appears the basic profit per share would be $0.04 per share. Similar revisions may be necessary for each basic and diluted per share calculation.

The Business Combination Proposal

Background of the Business Combination, page 119

4. Your revised disclosure reflects that prior to signing the definitive agreement, Sizzle agreed to use commercially reasonable efforts to renegotiate with Cantor to reduce the deferred underwriting fee to an amount reasonably acceptable to Sizzle and EUR. Please revise to disclose any such discussions or negotiations.

The Weinebene and Eastern Alps Projects, page 200

5. We note your inclusion of the Weinebene project on the map in response to comment 20, locating your Weinebene project adjacent to your Wolfsberg project. Please verify your statement, the Weinebene project is 20 kilometers east of the Wolfsberg project, adjacent to Schamberg and not 2.0 kilometers east as indicated by your map, naming convention, and technical report summary. Please revise your text as necessary.

Tony Sage
Critical Metals Corp.
March 2, 2023
Page 3

Mineral Resources, page 212

6. We note your response to comment 23 and your inclusion of a lithium carbonate price in this section. We partially re-issue comment 23. Please modify your filing to include the price of a spodumene concentrate.

7. We note you response to comment 24 indicating the requested information was added to your filing. However all operating costs and conversion parameters for a spodumene concentrate conversion to lithium carbonate salable product are missing and as a result you have failed to demonstrate economic viability. We re-issue comment 24. Please disclose your mining, processing, G&A, transportation and conversion costs/parameters to demonstrate economic viability. In addition, we note your statement the mineral resource has demonstrated reasonable prospects for economic extraction based on a non S-K 1300 compliant pre-feasibility study conducted in 2018. Please provide supplementally a copy of this pre-feasibility study with a complete cash flow analysis.

Mineral Resource Statement

Wolfsberg Summary and Conclusion, page E-67

8. We note your response to comment 27 that the technical report summary has been updated to state that test work regarding potential metallurgical recoveries is ongoing, and the section is not currently intended to provide a view on potential recoveries. We re-issue comment 27. Please provide your QP's opinion on the adequacy of the metallurgical data and test work for resource determination. In addition, please disclose how you determined your metallurgical recovery of ROM ore was 75.4% to produce a 6% spodumene concentrate.

Exhibit 96.1

Mineral Resource Statement, page E-79

9. We note your response to comment 28 indicating dilution was the primary factor influencing economic viability. However your failure to provide all the necessary parameters for your cutoff calculation, such as all salable product prices, metallurgical recoveries, operating costs (Mining, Processing, and G&A), transportation, etc. and a discussion the calculation methodology does not support your assertion of economic viability for your resource estimate. Please provide disclosure demonstrating your cutoff grade calculation with supporting economic and operational parameters or remove all resource disclosure from your technical report summary.

Exhibit 96.1

Market Studies, page E-86

10. We note your response to comment 29 indicating Table 16-14 contains your forecast prices for lithium carbonate and spodumene concentrates. Please disclose the product specifications for Technical Grade SC5, Chemical Grade SC6, and Technical Grade

Tony Sage
Critical Metals Corp.
March 2, 2023
Page 4

Lithium Carbonate and state the marketing area (e.g. Europe, N.A., China) for these pricing forecasts. In addition, you have stated that feldspar and quartz are by-products from your waste streams and will offset your operating costs and add to your revenues. Please include your forecast prices for these by-products.

General

11. We note you have removed disclosure illustrating the post-Closing share ownership of Pubco under a 50% redemption scenario. Please revise to include such information or tell us why you believe it is not material to investors.

12. Revise your disclosure to show the potential impact of redemptions on the per share value of the shares owned by non-redeeming shareholders by including a sensitivity analysis that also includes interim redemption levels.

13. We note your revised disclosure in response to prior comment 6 discloses the dilutive effect of Earnout Shares in the Maximum Redemption Scenario and reissue the comment in part. Please revise to disclose the dilutive effect of your earnout shares at each redemption level detailed in your sensitivity analysis, including the interim and no redemption scenarios.

You may contact Myra Moosariparambil, Staff Accountant, at (202) 551-3796 or Craig Arakawa, Accounting Branch Chief, at (202) 551-3650 if you have questions regarding comments on the financial statements and related matters. Please contact George K. Schuler, Mining Engineer, at (202) 551-3718 for engineering related questions. Please contact Timothy S. Levenberg, Special Counsel, at (202) 551-3707 or Karina Dorin, Staff Attorney, at (202) 551-3763 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Energy & Transportation

cc: Matthew Gray, Esq., of Ellenoff Grossman & Schole LLP