European Lithium (EUR) Q3 2025 TU earnings summary

Executive summary

• Announced a maiden JORC 2012-compliant mineral resource of 45MT at 0.38% TREO for the Tanbreez Project, including 27% HREE, with significant deep drilling results confirming high-grade mineralization and gallium oxide presence.

• Preliminary Economic Assessment and Scoping Study for Tanbreez post-quarter highlight robust project economics and strategic significance as a major non-Chinese HREE supply.

• Wolfsberg Project in Austria advanced with energy corridor planning and environmental pre-assessment, and a JV for a Saudi lithium refinery progressing.

• CRML completed a $24.5M placement and entered a BTC convertible note; EUR offered new options to expiring option holders.

• Exploration activities advanced in Austria, Ireland, and Australia; Ukraine projects on hold due to conflict.

Financial highlights

• Cash and cash equivalents at 31 March 2025 were $19.3M, up from $2.5M at the previous quarter end.

• Net cash used in operating activities for the quarter was $14.8M, including $9.6M in non-recurring CRML merger expenses.

• Net cash used in investing activities was $4.0M, mainly for Tanbreez, Wolfsberg, and Irish projects.

• Net cash from financing activities was $35.7M, primarily from the CRML PIPE raising.

• Payments to related parties totaled $636k, mainly director fees.

Outlook and guidance

• Directors expect continued operations as a going concern, supported by available cash, asset sales, and potential capital raising.

• Non-recurring expenses in the quarter are not expected to repeat, improving future cash flow outlook.

• 2025 drilling program planned to expand Tanbreez resource; further assay results expected in late May 2025.