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December 20, 2022
European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (the Company) is pleased to announce that it has signed a binding Long Term Lithium Offtake Agreement (Offtake Agreement) via its wholly-owned Austrian subsidiary ECM Lithium AT GmbH (ECM) with auto manufacturer Bayerische Motoren Werkte Aktiengesellschaft (BMW) to secure the Company’s first offtake of battery grade lithium hydroxide (LiOH) from its Wolfsberg Lithium Project in Austria.
HIGHLIGHTS
- Binding lithium offtake agreement with the premium automotive manufacturer, BMW, to supply battery grade lithium hydroxide.
- BMW to make an advance payment of US$15 million to be repaid through equal set offs against LiOH delivered to BMW.
- Conditions precedent includes successful start of commercial production and full product qualification and certification.
EUR’s Executive Chairman, Tony Sage, commented: “With the signing of the binding offtake agreement with BMW, our first offtake is secured, and we look forward to partnering with BMW in the future.”
ECM has granted BMW the first right to purchase 100% of the LiOH produced from the identified resources at Wolfsberg.
Securing its first offtake is a key milestone which will allow the Company to focus on the final steps of development and construction of the Wolfsberg Project while it looks to the future and builds a portfolio of prospective battery metals projects located in Europe.
The material terms of the Offtake Agreement include:
- Prepayment: BMW to make an advance payment of US$15 million to ECM to be repaid through equal set offs against LiOH delivered to BMW.
- Conditions: Successful start of commercial production and full product qualification and certification.
- Other terms: Refer to Annexure A.
Jett Capital Advisors, LLC is acting as Financial Advisor to the Company and Critical Metals Corp. This announcement has been approved for release on ASX by the Board of Directors.
Click here for the full ASX Release
This article includes content from European Lithium Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
EUR:AU
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