Quarterly Activities Report and Appendix 5B for the Quarter Ending 31 December 2021

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 2021.

SUMMARY OF KEY UPDATES

• European Lithium has agreed to purchase Petro Consulting, a Ukrainian company that is applying for special permits to extract and process lithium from two lithium projects (Shevchenkivske and Dobra) located in Ukraine (MillstoneTransaction).
• The Millstone Transaction is conditional upon Petro Consulting being issued the relevantspecial permits for the extraction and production of lithium, EUR shareholder approval and certain other conditions, with an end date for completion 12 months from signing.
• E47/4144 located in the northwest Australia is progressing through the WA Mining Act regulatory application process.
• COVID-19 pandemic and government enforced rules related to international travel continues to impact operations and force EUR to observe closely any changes in government restrictions in Europe, Austria specifically, and Australia.
• Due to the Company’s strict COVID safe rules and other mitigation measures, no COVID-19 incidents or cases were reported by staff and contractors since the start of the pandemic in 2020. The Company has continued its Austrian operations while monitoring changing COVID-19 rules within the European Union, the pandemic is expected to continue to impact the Company with a sharp rise in the number of infections during Q4/2021.
• DRA as the leading consultant to manage the bankable, Definite Feasibility Study (DFS) has appointed the complete group of subconsultants.
• Resource upgrade to 12.9Mt grading 1.00% Li2O in Zone 1.
• Dorfner/Anzaplan has completed all locked cycle tests and provided a report as part of the DFS process. Furthermore, ISO certificates for the final lithium carbonate and hydroxide, battery grade, products were issued to confirm expectations of a sustainable high level, quality product as part of QA/QC process.
• EUR continues to collaborate with a research group from University of Graz to develop a cluster for lithium hydroxide to be produced from recycled Lithium-Ion-Batteries.
• GREENPEG (EU-funded) supported infield and underground work continues.

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