Quarterly Activities Report and Appendix 5B

The Board of European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF) (the Company) is pleased to present its activities report and Appendix 5B for the three months ending 31 December 2023.

SUMMARY OF KEY UPDATES

• Work continues to cover the environmental impact assessment (EIA) determination procedure forming a fast-track-eligibility approval process covering the application of the final mining decree for the Wolfsberg Lithium Project (Wolfsberg Project). This essential work contributes towards operational readiness and construction of mine facilities.
• Internal studies continue to assess the technical and commercial impacts of relocating the hydroxide plant to Saudi Arabia, based on the DFS results for the Wolfsberg Project presented in December 2022 by lead consultant DRA Global (DRA).
• Studies that form the DFS demonstrate that the Wolfsberg Project is well positioned to become a leading producer of battery-grade lithium hydroxide in Europe, and set to deliver high returns, leveraging low operating costs, and benefiting from a lithium market which is anticipated to be in structural undersupply during most of the life of mine.
• Dorfner Anzaplan has been identified to become the technical consultant to optimize the converter operations under the JV between Obeikan Industrial Group (OIG) and EUR.
• The approved Zone 2 drilling program by the Mining Authority will commence in Q1/24 drilling contractor will be GEOPS.
• An exploration program has been developed for the future lithium targets in Styria, Austria, recently acquired from Richmond.
• EUR continues collaborating with a research group from the University of Graz to develop local lithium hydroxide production from recycled Lithium-Ion batteries.
• GREENPEG (EU-funded) supported infield and underground work continues. A fully GREENPEG funded comprehensive airborne geophysics program was completed during the quarter to assess a new airborne technology (via Helicopter) for its suitability in mineralization such as the Wolfsberg Project.
• E47/4144 located in the northwest of Western Australia continues to progress through the WA Mining Act regulatory application process.
• EUR advances towards completion of business combination with Sizzle Acquisition Corp. that at conclusion will own the Wolfsberg Project via a newly-formed company, ‘Critical Metals Corp’ which is expected to be listed on the NASDAQ.

CORPORATE MATTERS

NASDAQ Merger

On 26 October 2022, the Company announced that it has entered into a business combination agreement with Sizzle Acquisition Corp., a US special purpose acquisition company listed on NASDAQ (NASDAQ:SZZL) (Sizzle), pursuant to which EUR will combine its wholly owned Wolfsberg Project with Sizzle via a newly-formed, lithium exploration and development company named “Critical Metals Corp” (CRML) which is expected to be listed on the NASDAQ (Transaction).

On 23 December 2022, the Company advised that the Form F-4 Registration Statement had been filed with the U.S. Securities and Exchange Commission (SEC) in connection with the Transaction. Since this initial filing, the Company has lodged F-4 Amendment No 1 with the SEC on 14 February 2023, F-4 Amendment No 2 with the SEC on 30 March 2023, F-4 Amendment No 3 with the SEC on 5 May 2023, F-4 Amendment No 4 with the SEC 7 August 2023, F-4 Amendment No 5 with the SEC on 9 November 2023 and F-4 Amendment No 6 with the SEC on 1 December 2023. On 28 December 2023, the Company advised that the F-4 Registration Statement has been declared effective by the SEC.

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