European Lithium Acquires Austrian Lithium Projects After DD Sampling Shows 3.98% Li2O

European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF) (European Lithium or the Company) is pleased to confirm it has completed the acquisition of 100% of the rights, title and interest in the Bretstein-Lachtal Project, Klementkogel Project and the Wildbachgraben Project (together Austrian Lithium Projects) (Acquisition) from 2743718 Ontario Inc. (Ontario), a subsidiary of Richmond Minerals Inc. (TSX-V: RMD) (Richmond).

HIGHLIGHTS

• Acquisition of 100% of the rights, title and interest in the Bretstein-Lachtal, Klementkogel and Wildbachgraben projects (Austrian Lithium Projects) completed after a satisfactory Due Diligence process
  
• Underexplored areas covered by exploration licences that total 114.6 km2, targeting lithium with known occurrences in the Styria mining district of Austria
  
• Strong Li2O values up to 3.98% Li2O reported from the Due Diligence sampling of spodumene pegmatites
• Consideration of $250,000 cash, 2 million shares and 2 million options in the Company
• Company provides update on the completion of the Transaction and NASDAQ Listing

The Austrian Lithium Projects consist of 245 exploration licenses covering a total area of 114.6 km². The licenses cover ground that is considered prospective for lithium occurrences in the Styria mining district of Austria, approximately 70km north of the Company’s Wolfsberg Project.

The Company will shortly commence the initial work program that will include:

• Stakeholder engagement;
  
• Detailed geological and structural mapping of prospective areas to determine potential extent of pegmatite veins and lenses;
• Additional trenching and sampling;
• Geophysical investigations; and
• Definition of potential drill target.

The work program is focused primarily on Bretstein-Lachtal Project Area (see Figure 1).

Refer to the Company's ASX announcement dated 27 March 2023 for further details on the terms and conditions of the Acquisition. The Company has agreed to issue the broker who facilitated the Acquisition consideration of 2 million fully paid ordinary shares and 2 million unlisted options ($0.12 each expiring 3 years from the date of issue) (Facilitator Securities) which is to be issued out of the Company’s capacity. A cleansing notice pursuant to section 708A(5)(e) of the Corporations Act 2001 (Cth) and an Appendix 2A and 3G in respect of the issue of securities in respect to the Acquisition and the Facilitator Securities will be released to the market in the near future.

Figure 1. Exploration license outline and sample locations at Bretstein-Lachtal Project showing Li2O grades (%). The results plotted are those results provided by Richmond Minerals Inc. to be verified by EUR’s Due Diligence

Geological Context of Lithium Mineralisation in Austria

Figure 2. Distribution of spodumene pegmatites associated with intrusion of Permian leucogranites into the Austro-alpine Crystalline Unit (PANGEO, Austria, 2022; abstracts and field guides)

Spodumene pegmatite occurrences have been mapped by Austrian geologists (Mali, 2004) in an east- west belt associated with the intrusion of Permian leucogranites into high-grade metamorphosed basement rocks (figure 2). In 2022 Richmond Minerals Inc acquired tenements in the Lachtal, Pusterwald, Bretstein, Klementkogel and Wildbachgraben areas where spodumene pegmatites had been recorded by Mali and carried out reconnaissance rock chip sampling. The results shown in figure 1 above, confirmed that the spodumene pegmatites carried significant lithium values.

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