Earnings release
Page 1
32 Harrogate Street, West Leederville, WA 6007 P +61 8 6181 9792 E info@europeanlithium.com ASX: EUR europeanlithium.com ASX ANNOUNCEMENT 30 July 2025 30 July 2025 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 JUNE 2025 The Board of European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF) (European Lithium or the Company) is pleased to present its Activities Report and Appendix 5B for the three months ending 30 June 2025. SUMMARY OF KEY UPDATES • Sale of 2m CRML shares during the quarter raising funds of A$7.6m for EUR • Subsequent to the quarter end, sale of additional 1m CRML shares to raise funds of A$5.2m • CRML closing price on 28 July 2025 was $US4.34 per share reflecting a value for EUR shareholders of US$273,058,221 (A$413,409,567) • Listing of new EUROC Options on the ASX • Tanbreez Project Preliminary Economic Assessment (PEA) results announced • Tanbreez Project Scoping Study results announced • Release of historical Tanbreez drilling assay results confirming High Grade TREO 0.44% including 26% HREO and 98ppm Gallium Oxide • Release of additional historical Tanbreez drilling assay results confirming High Grade TREO 0.39% to 0.48% including 27% HREO • Release of additional historical Tanbreez drilling assay results confirming High Grade Deep Diamond drilling assay results with 0.43% TREO including 28% HREE • CRML Signs US$2M Diamond Drilling Contract for Tanbreez Resource Drilling Upgrade • MRE extended 180MT Feldspar & Arfvedsonite additional to 45MT MRE for TREO and HREO • CRML Secures US$120M LOI for development of Tanbreez Project • Subsequent to the quarter end Resource Upgrade Drilling commences at Tanbreez • Irish Lithium Licenses successfully transferred To EUR Subsidiary LRH Resources • Hatch Ltd, a leading global engineering firm, appointed by the Joint Venture between CRML and Obeikan Investment Group, continued its engineering and design work on a lithium refinery in Saudi Arabia, which is expected to produce up to 20,000 metric tons of battery - grade lithium hydroxide. • Completion of the planning and technical layout of the energy supply corridor at the Wolfsberg Project QUARTERLY REPORT Quarter ended 30 June 2025 SX: EUR For personal use only
Page 2
2 ASX: EUR | europeanlithium.com EXPLORATION AND DEVELOPMENT ACTIVITIES European Lithium Austrian Lithium Projects The Company’s Bretstein -Lachtal Project, Klementkogel Project, and the Wildbachgraben Project (together the Austrian Lithium Projects) consist of 245 exploration licenses covering a total area of 114.6 km² and are located approximately 80 km from CRML’s Wolfsberg Lithium Project (Wolfsberg Project) (refer to Figure 1). The licenses cover ground that is considered prospective for lithium occurrences in the Styria mining district of Austria. Figure 1 Austrian Lithium Projects location The exploration area shows a geology similar to the Wolfsberg Project, dominated by Permian pegmatites within highly metamorphosed Palaeozoic rock. Host rock of known pegmatite veins and lenses are marble and gneiss to mica schist. Due diligence mapping ha s revealed multiple spodumene-bearing pegmatite bodies with Li2O contents up to 3.98% (refer to ASX announcement 21 June 2023). As of the date of this announcement, the most promising areas with spodumene-pegmatites are: • Quarry – Ebner • Gruber Hirnkogel – Pusterwald • Keckgraben • Scharnitzalm A detailed lithological and structural mapping program has been completed near Quarry Ebner within the Bretstein -Lachtal area. The Company has identified a prospective spodumene -bearing pegmatite vein, and 3 drill holes have been planned for future explora tion. The total length of the planned drill holes is approximately 220m. For personal use only
Page 3
3 ASX: EUR | europeanlithium.com Additional mapping is planned around the areas of Gruber Hirnkogel, Keckgraben, and Scharnitzalm, together with stream sampling. The geochemical composition of a stream sample reflects the geology within the catchment area where the sample has been collect ed. The management team expects to identify additional target areas based on the sampling results. According to Mali (2004), the area of Mitterspiel is promising, and the Company has planned to undertake overview mapping in spring. All stakeholder engagement and fieldwork follow the strict ESG guidelines of the Company. Irish Lithium Project On 25 November 2024, the Company announced the completion of the acquisition of the Leinster Lithium Project in Ireland from LRH Resources Limited (LRH Resources), a subsidiary of Technology Metals plc ( AIM: TM1) which holds 100% of the rights, title, and interest in the Leinster Lithium Project in an all-script transaction (Leinster Project). The Leinster Project license holdings are located within, or along, the important regional tectonic structure termed the East Carlow Deformation Zone, which is interpreted to control the emplacement of most of the existing LCT pegmatite occurrences within the Leinster Granite Massif (refer to Figure 2). The Leinster Project is at the exploration stage, with significant geological exploration surveys and identification of localised prospect areas to be conducted. Spodumene-bearing pegmatites have been located at all prospects in surface float material and at one locality in a series of echelon pegmatites forming a closely spaced dike swarm in diamond drilling conducted by the owner in 2023. Exploration Launch Following the successful transfer of the Northern and Southern block licenses by the Irish GSRO Regulator to the Company’s subsidiary LRH Resources, t he Company has committed funding to launch the Q3 exploration program. Several priority areas have been site inspected identifying float and sub outcropping spodumene bearing pegmatites that may contain economic grade of lithium oxide and other rare metal mineralization. Bearing in mind that a large area of the license area is yet to be prospected, t he Company has identified a significant area to carry out the exploration programs including a reconnaissance geochemistry, geophysical with a targeted sampling program and mapping which is scheduled to commence in Q3 of 2025. The completion of desk top reviews utilizing structural and remote sensing studies to focus on several major structural corridors across the blocks is now underway. The Company has relocated the drill core facility since acquiring the Project from the previous owner. For personal use only
Page 4
4 ASX: EUR | europeanlithium.com The primary developing prospects are: North Leinster Block: • Aghavannagh Prospect 1 • Sorrel Prospect • Tonygarrow / Glencullen Prospect • Scurlocks Prospect • Knocknaboley Prospect South Leinster Block: • Knockneen Prospect2 • Carriglead Prospect • Killanure Prospect • Craan Prospect • Kiltealy Prospect Figure 2 License holding and Geological overview within the Leinster Massif 1 3 diamond drill holes (675 m) 2 9 diamond drill holes (2,104 m) For personal use only
Page 5
5 ASX: EUR | europeanlithium.com Australia E47/4144 E47/4144 is progressing through the WA Mining Act regulatory application process. Objections with stakeholders have now been resolved and withdrawn. Ukraine Dobra and Shevchenkivske Projects The Company’s wholly owned subsidiary European Lithium Ukraine LLC is applying (through either court proceedings, public auction, and/or production sharing agreement with the Ukraine government) for 20 -year special permits for the extraction and production of lithium at the Shevchenkivske project and Dobra Project in Ukraine. During the quarter, the Company did not conduct desktop or fieldwork on these assets and continues to monitor closely the conflict in Ukraine and will continue to assess when it will become safe to commence in-country exploration activities, especially with the larger Dobra asset in the West of the country. For personal use only
Page 6
6 ASX: EUR | europeanlithium.com Critical Metals Corp The Company holds approximately 60% of the issued capital of Critical Metals Corp (Critical Metals or CRML), a NASDAQ listed company following the completion of a business combination transaction in 2024. The Tanbreez Greenland Rare Earth Mine (the Tanbreez Project) is Critical Metals flagship asset. Another key asset of CRML is the Wolfsberg Lithium Project (Wolfsberg Project). In addition, and as part of Critical Metals business strategy, CRML also intends to seek to acquire assets and operations that are strategic and complementary to their existing operations. This may include acquisitions or investments in complementary compa nies, assets, mines, products, or technologies, including in other rare earth elements and minerals. For more information, please visit https://criticalmetalscorp.com. As of 28 July 2025, European Lithium holds 62,916,641 ordinary shares in Critical Metals. Based on the closing share price of Critical Metals being US$4.34 per share as of 28 July 2025, the Company’s current investment in Critical Metals is valued at US$273,058,221 (A$413,409,567) noting that this valuation is subject to fluctuation in the share price of Critical Metals. Greenland Tanbreez Rare Earth Project On 11 June 2024, the Company announced that Critical Metals had signed a binding head of agreement to acquire in three stages a 92.5% controlling interest in the Tanbreez Project from Rimbal Pty Ltd ( Rimbal), a company controlled by geologist Gregory Barnes, which was the registered holder of 92.5% of the issued capital in Tanbreez Mining Greenland A/S. European Lithium has a 7.5% equity interest in the Tanbreez Project. The Tanbreez Project is expected to possess higher levels of heavy rare earth elements (HREE), which carry a much higher value than light rare earth elements. In an industry where competitors primarily target light rare earth elements (LREE), the Tanbreez Project is believed to be unique not only due to its significant size but also because of its HREE asset mix. The Tanbreez Project, located in southern Greenland near the town of Qaqortoq, represents one of the world’s most significant rare earth element deposits. The Tanbreez Project is held under Exploitation License MIN 2020-54, issued by the Government of Gree nland, granted in 2020 for 30 years. The License covers 18 square kilometres within the geologically rich Ilímaussaq intrusive complex. The deposit is within the geologically rich Ilímaussaq intrusive complex, and the mineralization is hosted in the distinctive kakortokite rock formation, notable for its high concentrations of zirconium (Zr), niobium (Nb), tantalum (Ta) , hafnium (Hf), gallium (Ga) and a blend of light and heavy rare earth elements ( REE), particularly within the mineral eudialyte. Unlike many global REE deposits, Tanbreez is characterized by very low levels of radioactive elements such as uranium and thorium, which provides a significant environmental and regulatory advantage. For personal use only
Page 7
7 ASX: EUR | europeanlithium.com Outstanding New Drilling Results On 20 January 2025, the Company announced the REE drilling results from the 2024 diamond drilling program conducted over the Fjord prospect at the Tanbreez Project. The drilling program consisted of 16 holes with a total cumulative length of up to 2,200 m. This confirmatory drill program was designed to optimize the resource for future production capacity and to extend the mine life of the Tanbreez Project. During the quarter, additional 2024 diamond drilling core samples have been processed for assaying with 7 drill holes awaiting reporting . The results of these assays will be released o nce ALS Metallurgical in Perth complete the ICP Fusion analysis for REE, HREE and associated metal oxides which is expected to occur by the middle of September. A further 8 diamond hole core samples are in transit from Greenland to Perth with results expected in the middle of October. The drilling results for Diamond Hole A1-24 were: • 4,722ppm (0.47%TREO) (including 26.96% averaged heavy rare earth (HREO), • 1.82% ZrO2 “zircon oxide”, • 131ppm Ta2O “tantalum pentoxide”, • 1,852ppm Nb2O5 “niobium pentoxide”, • 394ppm HfO2 “hafnium oxide”, • 102ppm Ga2O3 “gallium oxide”. The Company recently announced a series of historical diamond drilling results on 28 March 2025, 12 May 2025, 20 May 2025 and 11 June 2025 proving a compelling high -grade TREO and HREO comparison results for deep diamond drill holes to the results for 2024 drilling, (see Tables 1 and 2 and Figure 4) For personal use only
Page 8
8 ASX: EUR | europeanlithium.com Table 1 - Recent Drill Hole Results (announced 18 March 2025, 28 March 2025, 12 May 2025 and 9 June 2025) – holes DDH-07-06 to DDH-07-10 were drilled from the same collar location, BDL= Below Detection limit, NA = Not Assayed For personal use only
Page 9
9 ASX: EUR | europeanlithium.com Figure 4 - New historical deep drilling results extending mineralization below the Fjord Mineral Resource Estimate For personal use only
Page 10
10 ASX: EUR | europeanlithium.com The Mineral Resource Estimate for Tanbreez at the Fjord and Hill Deposits The Company recently announced its JORC 2012 Maiden Mineral Resource Estimate (MRE) for the Tanbreez Project of 45MT Eudialyte containing 0.38% TREO including 27% contained HREO plus rare metal oxides (see ASX Announcement 13 March 2025, 29 May 2025 and Table 3 and 4). The MRE is classified as Indicated and Inferred Resources under the JORC Code 2012 and have been determined by drill density and number of drillholes, and samples utilized in grade estimation. A recent addendum to the Eudialyte component added information on the by - products, 182 million tonnes combined for Feldspar and Arfvedsonite respectively. The MRE for Inferred and Indicated grade and tonnes is summarized for Eudialyte, Feldspar and Arfvedsonite composition in Tables 3 and 4. Eudialyte concentrate will be prepared in Greenland and exported to the USA or Europe for further processing. Feldspar and Arfvedsonite from the Tanbreez Project deposit will be processed in Greenland to form a concentrate for industrial applications and further processing will be required to meet offtake standards. TANBREEZ PROJECT Million TREO ZrO2 Nb2O5 Tonnes % % % TANBREEZ HILL Eudialyte Indicated Resource Upper 3.20 0.47% 1.72% 0.14% Lower 13.46 0.30% 1.11% 0.11% Total 16.66 0.33% 1.22% 0.12% Inferred Resource Upper 0.93 0.40% 1.48% 0.13% Lower 4.72 0.28% 1.04% 0.10% Total 5.65 0.30% 1.11% 0.11% FJORD DEPOSIT Eudialyte Indicated Resource 8.76 0.44% 1.63% 0.17% Inferred Resource 13.80 0.42% 1.55% 0.16% Total 22.56 0.43% 1.58% 0.16% Eudialyte Total Indicated Resource 25.42 0.37% 1.37% 0.13% Inferred Resource 19.45 0.39% 1.42% 0.15% Total 44.87 0.38% 1.39% 0.14% Table 3 - MRE eudialyte component For personal use only
Page 11
11 ASX: EUR | europeanlithium.com TANBREEZ PROJECT Industrial Mineral Components TANBREEZ HILL Feldspar Indicated Resource 33.00 Mtonnes Inferred Resource 11.00 Mtonnes Arfvedsonite Indicated Resource 33.00 Mtonnes Inferred Resource 11.00 Mtonnes FJORD DEPOSIT Feldspar Indicated Resource 18.00 Mtonnes Inferred Resource 28.00 Mtonnes Arfvedsonite Indicated Resource 18.00 Mtonnes Inferred Resource 28.00 Mtonnes Table 4 - MRE details for feldspar and arfvedsonite The Company confirms that it is not aware of any new information or data that materially affects the information included in the Company’s previous estimation of the feldspar and arfvedsonite resources in this announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Figure 5 - The layered Ilimaussaq intrusion, host of the Tanbreez Project hosted by the kakortokite in the centered and Fjord and Hill Zone 45MT MRE Deposits with respective Inferred and Indicated minerals for Eudialyte resource estimates. For personal use only
Page 12
12 ASX: EUR | europeanlithium.com Figure 6 - Deep Diamond Hole intersections containing high grade TREO/HREO average mineralisation from surface to 195m vertical depth in hole DX-01, and to 338m vertical depth in D306-013. The distance between reference points from B-D drillholes DX-01 and D306-13 is approximately 1300m long by 372m wide. The distance between reference points A-D, spanning drillholes DX-01 to A1-24, is approximately 2076m long and 372m wide. The Mineral Resource Estimate for the Fjord and Hill Zone Deposits and drillhole intersections projects the current and potential mineralization through the kakortokite host rock. For personal use only
Page 13
13 ASX: EUR | europeanlithium.com Scoping Study and PEA The Company announced on 8 April 2025 the Preliminary Economic Assessment (PEA) highlighting the robust economics and strategic significance for the heavy rare earth element (HREE) rich project, being fully permitted and positioned to become a major non-Chinese supply of critical rare earth and rare metal oxides. The Company also announced on 28 April 2025 the results for the Tanbreez Project Scoping Study highlighting the Net Present Value (NPV) of approximately U$2.4B – U$3.0 billion at a n 8% - 10% discount on an Internal Rate of Return (IRR) of 162% before Tax. The results of the PEA and Scoping Study underscore the Tanbreez Project’s potential to create a substantial value for investors of both CRML and European Lithium. The Mineral Resource Upgrade Drilling Program The Company announced on 24 June 2025 that CRML had executed a US$2.0M diamond drill hole contract designed to increasing the existing MRE over the Fjord Eudialyte Deposit which presently has an Indicated Resource of 8.76MT and an Inferred Resource of 13.8MT totaling 22.56MT (ASX Announcement 13 March 2025 and 29 May 2025). The resource drilling will test extensions of the current Fjord Eudialyte Deposit to the Northeast and Southwest areas of approximately above the existing kakortokite outcrop over 4200m square area (see Figure 6). Figure 7 - Proposed Diamond Drill collars in white star bursts and actual collars in white circles for extension resource drilling June July 2025 For personal use only
Page 14
14 ASX: EUR | europeanlithium.com As announced on the 24 June 2025, t he 2025 resource diamond drilling program commenced on 30 June 2025 with the first drill hole collared above the Fjord Deposit, (see Figure 8) Figure 8 - Diamond Drill Hole K25-01 with Project Geologist Nic Barns and Chief Technical Officer George Karageorge 10 July above the Fjord Deposit. Exploitation License Extension On 15 October 2024, the Company announced that the Greenland Government has granted an extension to certain deadlines under the Exploitation license of the Tanbreez Project (License No. 2020-54) 2028. Under the new amendment, Tanbreez Mining Greenland A/S is required to submit its exploitation and closure plans by the end of 2025, provide financial security and a company guarantee by 30 June 2026, and commence the exploitation of minerals by the end of 2028. For personal use only
Page 15
15 ASX: EUR | europeanlithium.com Austria Wolfsberg Project At the end of Q4/2024, the Wolfsberg Project had received the decree concerning the pre - assessment of the complex final environmental approval process. This decree stipulates that the Wolfsberg Project is not subject to a full -scale environmental approval process, which fast -tracks the transition from exploration into mining operation from the environmental perspective. The Wolfsberg Project has a binding long term supply agreement ( LTA) with top tier European auto manufacturer BMW AG for the offtake of battery grade lithium hydroxide (refer ASX Announcement 21 December 2022 and 6 June 2024). The Wolfsberg Project has completed, with the local energy supplier KELAG, the planning and technical layout of the energy supply corridor from the nearby municipality of Frantschach St Gertraud to the mine and concentrator site at the Weinebene. It is expected to commence building of the energy corridor in H1/2025 (dependant on KELAG). This is considered a significant milestone of the Company and represents the official project development in several stages from exploration towards operational readiness. Critical Metals continues to advance discussions for project financing for the Wolfsberg Project, as it approaches a build decision. Joint Venture with Obeikan Investment Group On 2 June 2023, European Lithium announced the execution of a binding term sheet with Obeikan Investment Group (Obeikan) to build and operate a hydroxide plant in Saudi Arabia (JV Term Sheet). The 50 %/50% Joint Venture ( JV) will be geared towards developing, constructing and commissioning a lithium hydroxide processing plant, and operating the plant for the conversion of lithium spodumene concentrate from the Wolfsberg Project. Under the terms of the JV Term Sheet, European Lithium agreed to procure the assignment of its rights and obligations under the JV Term Sheet to Critical Metals or one of its wholly owned subsidiaries, subject to approval by the CRML Board. On 4 July 2024, the Company announced that Obeikan has agreed to a deed of assignment and entered into the shareholder agreement for the development and operation of the plant. On 9 July 2024, Critical Metals announced that it had executed the deed of assi gnment and shareholder agreement and as such both agreements are now binding on all parties. The JV has appointed Hatch Ltd., a leading global engineering firm, to commence design work on a lithium refinery in Saudi Arabia, which is expected to produce up to 20,000 metric tons of battery - grade lithium hydroxide. For personal use only
Page 16
16 ASX: EUR | europeanlithium.com CORPORATE MATTERS Sale of CRML Shares On 26 June 2025, the Company announced that in an off -market transaction that it had sold 2,000,000 shares in CRML to a US institutional investor at US$2.50 per shares for US$5.0m (approximately A$7.6m) net proceeds to EUR. Subsequent to the quarter end of 9 July 2025 and 24 July 2025, the Company announced that it had sold a further 1,000,000 shares in CRML to a US institutional investor with 500,000 shares being sold at US$3.25 per share and 500,000 shares being sold at US$3.60 per share to raise total funds of US$3.425m (approximately A$5.2m) net proceeds to EUR.Listed Options On 14 March 2025, the Company announced the upcoming expiry of listed options exercisable at $0.18 each that were due to expire on 31 March 2025 (EUROB Options). On the same day, the Company announced that it would be undertaking an offer of new options to all registered holders of EUROB Options on 31 March 2025 (Record Date) with a registered address in Australia and UAE (Registered Holders) whereby Registered Holders c ould apply for one (1) option ( New Option) for every one (1) EURO B Option held on the Record Date at an issue price of $0.00 2 with an exercise price of $0.10 per option, expiring on 30 April 2027 (Options Offer). The Company confirmed on 14 March 2025, that the Directors of the Company intended to apply for their full allocation under the Options Offer and in addition, and to the extent that the Options Offer was not fully subscribed by Registered Holders, the Directors of the Company agreed to underwrite the Options Offer. On 9 April 2025, the Company lodged a prospectus with ASIC in respect to the Options Offer. On 11 April 2025, the Company advised that a letter and personalized Entitlement and Acceptance Form has been dispatched today regarding the Options Offer to eligible shareholders in accordance with the indicative offer timetable as set out in the Prospectus. On 30 April 2025, the Options Offer closed in accordance with the timetable set out in the Prospectus. On 7 May 2025, the Company confirmed that they had notified the underwriters of the shortfall under the Options Offer. On 9 May 2025, the Company issued 178,418,736 New Options which commenced trading on the ASX under the ticker EUROC on or around the 10 May 2025. Change of Auditor On 10 June 2025, the Company announced that SW Audit has been appointed as auditor of the Company. The change of auditor arose following a review by the Board of the Company’s external audit arrangements and the desire to streamline the audit process by appointing an affiliated audit firm with the audit firm engaged by CRML. Other Investments The Company holds the following listed investments at 30 June 2025: ▪ 107,151,543 shares (representing a 9.73% interest) in Cyclone Metals Ltd (ASX: CLE) which are worth approximately $8,036k based on the closing share price on 29 July 2025. CLE’s For personal use only
Page 17
17 ASX: EUR | europeanlithium.com flagship Iron Bear magnetite iron ore project ( Iron Bear Project) is located in the Labrador trough region of Canada. ▪ 166,666,667 shares (representing a 9.61% interest) in Moab Minerals Limited (ASX: MOM) which are worth approximately $ 167k based on the closing share price on 29 July 2025. MOM is an exploration and project development company with a portfolio of exploration projects including the Manyoni and Octavo uranium projects in Tanzania, the REX uranium - vanadium project located in the famed Uravan Mineral belt of Colorado, and the H ighline Copper-Cobalt project in Southern Nevada. Subsequent to the quarter end, th e Company made a further investment of $500k in MOM hence increasing it’s shareholding to 307,666,667 shares (representing a 16.41% interest) ▪ 15,000,000 shares in Cufe Ltd (ASX: CUF) which are worth approximately $ 150k based on the closing share price on 29 July 2025. CUF currently exports iron ore from its Wiluna deposit and has tenements prospective for copper, lithium and niobium in various stages of exploration. The Company holds the following unlisted investments at 30 June 2025: ▪ A 7.5% equity interest in Tanbreez Mining Greenland A/S, which holds an exploitation permit for rare earths in Greenland as outlined above. Other Securities Movements On 1 May 2025, a total of 20,000,000 unlisted options (exercise price ranging from $0.12 to $0.18 each) expired. On 30 June 2025, a total of 45,000,000 performance rights expired unvested. Appendix 5B Quarterly Report and Statement of Cash Flows The ASX Appendix 5B quarterly report is attached to and lodged with this report. The Company’s Appendix 5B Quarterly Report covers the 3 -month period from 1 April 2025 to 30 June 2025 and includes the cash flows for the Company and its subsidiaries, including CRML. Cashflows from operating activities was $2,349k ($693k for the Company and $1,657k in respect to CRML and its subsidiaries) including Director fees of $435k (see below). During the quarter, CRML made payments of $1,000k in respect to insurance, $98k in respect to a legal settlement and $1,268k for the deferred payment of expenses related to the merger with CRML. Cashflows from investing activities included project related expenditures of $4,252k in relation to Tanbreez, $592k in respect to Wolfsberg, the Austrian Lithium Project, the Irish Lithium Project and Australian held tenements and $301k for costs associated with the BTC convertible note transaction being undertaken by CRML . In addition, the Company received funds of $ 7,670k from the sale of 2,000,000 shares it held in CRML. Cashflows from financing activities during the quarter included $ 3,122k (US$2,000k) for funds received by CRML upon the exercise of options. In addition, the Company received funds of $357k from the issue of New Options as outlined above. For personal use only
Page 18
18 ASX: EUR | europeanlithium.com Payments to Related Parties and their Associates In accordance with ASX Listing Rule 5.3.5, payments to related parties of the Company and their associates during the quarter totalled $ 443k (inclusive of GST). This amount comprises Director fees of $435k (comprising $139k for the Company and $296k in respect to CRML) and payments to Director-related parties for office occupancy costs ($8k). This announcement has been authorised for release to the ASX by the Board of the Company. Yours faithfully European Lithium Limited –END– For personal use only
Page 19
19 ASX: EUR | europeanlithium.com COMPETENT PERSON STATEMENTS The information in this report as it relates to exploration results and geology in respect to the Austrian Lithium Projects was compiled by Mr Geoff Balfe and Mr Kersten Kuehn who are Members of the Australasian Institute of Mining and Metallurgy. Mr Balfe is a Certified Professional and Mr Kuehn is a licensed Professional Geologist registered with the European Federation of Geologists. Both Mr Balfe and Mr Kuehn have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Balfe and Mr Kuehn consent to the inclusion in this report of matters based on the information in the form and context in which it appears. The information in this release that relates to exploration results and geology in respect to the Leinster Lithium Project is based on information prepared by Dr Thomas Unterweissacher, EurGeol. Dr Unterweissacher is a licensed Professional Geoscientist registered with European Federation of Geologists and based in Hochfilzen, Austria. Dr Unterweissacher has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a CP as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Unterweissacher consents to the inclusion in the release of the matters based on their info rmation in the form and context in which it appears. Dr Unterweissacher is a consultant to the Company and holds shares in EUR and CRML. Statements contained in this report relating to exploration results, scientific evaluation and potential in respect to Tanbreez Pro iect, are based on information compiled and evaluated by George Karageorge. Mr Karageorge is Principal of Geosan Consulting Pty Ltd, and a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM), is a geologist with sufficient relevant experience in relation to rare earth and rare metal mineralization being reported on, to qualify as a competent Person as defined in the Australian Code for Reporting of Identified Mineral resources and Ore reserves (JORC Code 2012). Mr Karageorge consents to the use of this information in this report in the form and context in which it appears. For personal use only
Page 20
20 ASX: EUR | europeanlithium.com Appendix 1. List of prospecting licenses in Austria and Western Austraila The mining tenements held at the end of the quarter, acquired and disposed of during the quarter and their location: Tenement reference Location Acquired interest during the quarter Disposed interest during the quarter Interest at the end of the quarter 1/22 (1/22/LB) Bretstein-Lachtal, Austria - - 100% 2/22 (2/22/LB) Bretstein-Lachtal, Austria - - 100% 3/22 (3/22/LB) Bretstein-Lachtal, Austria - - 100% 4/22 (4/22/LB) Bretstein-Lachtal, Austria - - 100% 5/22 (5/22/LB) Bretstein-Lachtal, Austria - - 100% 6/22 (6/22/LB) Bretstein-Lachtal, Austria - - 100% 7/22 (7/22/LB) Bretstein-Lachtal, Austria - - 100% 8/22 (8/22/LB) Bretstein-Lachtal, Austria - - 100% 9/22 (9/22/LB) Bretstein-Lachtal, Austria - - 100% 10/22 (10/22/LB) Bretstein-Lachtal, Austria - - 100% 11/22 (11/22/LB) Bretstein-Lachtal, Austria - - 100% 12/22 (12/22/LB) Bretstein-Lachtal, Austria - - 100% 13/22 (13/22/LB) Bretstein-Lachtal, Austria - - 100% 14/22 (14/22/LB) Bretstein-Lachtal, Austria - - 100% 15/22 (15/22/LB) Bretstein-Lachtal, Austria - - 100% 16/22 (16/22/LB) Bretstein-Lachtal, Austria - - 100% 17/22 (17/22/LB) Bretstein-Lachtal, Austria - - 100% 18/22 (18/22/LB) Bretstein-Lachtal, Austria - - 100% 19/22 (19/22/LB) Bretstein-Lachtal, Austria - - 100% 20/22 (20/22/LB) Bretstein-Lachtal, Austria - - 100% 21/22 (21/22/LB) Bretstein-Lachtal, Austria - - 100% 22/22 (22/22/LB) Bretstein-Lachtal, Austria - - 100% 23/22 (23/22/LB) Bretstein-Lachtal, Austria - - 100% 24/22 (24/22/LB) Bretstein-Lachtal, Austria - - 100% 25/22 (25/22/LB) Bretstein-Lachtal, Austria - - 100% 26/22 (26/22/LB) Bretstein-Lachtal, Austria - - 100% 27/22 (27/22/LB) Bretstein-Lachtal, Austria - - 100% 28/22 (28/22/LB) Bretstein-Lachtal, Austria - - 100% 29/22 (29/22/LB) Bretstein-Lachtal, Austria - - 100% 30/22 (30/22/LB) Bretstein-Lachtal, Austria - - 100% 31/22 (31/22/LB) Bretstein-Lachtal, Austria - - 100% 32/22 (32/22/LB) Bretstein-Lachtal, Austria - - 100% 33/22 (33/22/LB) Bretstein-Lachtal, Austria - - 100% 34/22 (34/22/LB) Bretstein-Lachtal, Austria - - 100% 35/22 (35/22/LB) Bretstein-Lachtal, Austria - - 100% 36/22 (36/22/LB) Bretstein-Lachtal, Austria - - 100% For personal use only
Page 21
21 ASX: EUR | europeanlithium.com 37/22 (37/22/LB) Bretstein-Lachtal, Austria - - 100% 38/22 (38/22/LB) Bretstein-Lachtal, Austria - - 100% 39/22 (39/22/LB) Bretstein-Lachtal, Austria - - 100% 40/22 (40/22/LB) Bretstein-Lachtal, Austria - - 100% 41/22 (41/22/LB) Bretstein-Lachtal, Austria - - 100% 42/22 (42/22/LB) Bretstein-Lachtal, Austria - - 100% 43/22 (43/22/LB) Bretstein-Lachtal, Austria - - 100% 44/22 (44/22/LB) Bretstein-Lachtal, Austria - - 100% 45/22 (45/22/LB) Bretstein-Lachtal, Austria - - 100% 46/22 (46/22/LB) Bretstein-Lachtal, Austria - - 100% 47/22 (47/22/LB) Bretstein-Lachtal, Austria - - 100% 48/22 (48/22/LB) Bretstein-Lachtal, Austria - - 100% 49/22 (49/22/LB) Bretstein-Lachtal, Austria - - 100% 50/22 (50/22/LB) Bretstein-Lachtal, Austria - - 100% 51/22 (51/22/LB) Bretstein-Lachtal, Austria - - 100% 52/22 (52/22/LB) Bretstein-Lachtal, Austria - - 100% 53/22 (53/22/LB) Bretstein-Lachtal, Austria - - 100% 54/22 (54/22/LB) Bretstein-Lachtal, Austria - - 100% 55/22 (55/22/LB) Bretstein-Lachtal, Austria - - 100% 56/22 (56/22/LB) Bretstein-Lachtal, Austria - - 100% 57/22 (57/22/LB) Bretstein-Lachtal, Austria - - 100% 58/22 (58/22/LB) Bretstein-Lachtal, Austria - - 100% 59/22 (59/22/LB) Bretstein-Lachtal, Austria - - 100% 60/22 (60/22/LB) Bretstein-Lachtal, Austria - - 100% 61/22 (61/22/LB) Bretstein-Lachtal, Austria - - 100% 62/22 (62/22/LB) Bretstein-Lachtal, Austria - - 100% 63/22 (63/22/LB) Bretstein-Lachtal, Austria - - 100% 64/22 (64/22/LB) Bretstein-Lachtal, Austria - - 100% 65/22 (65/22/LB) Bretstein-Lachtal, Austria - - 100% 66/22 (66/22/LB) Bretstein-Lachtal, Austria - - 100% 67/22 (67/22/LB) Bretstein-Lachtal, Austria - - 100% 68/22 (68/22/LB) Bretstein-Lachtal, Austria - - 100% 69/22 (69/22/LB) Bretstein-Lachtal, Austria - - 100% 70/22 (70/22/LB) Bretstein-Lachtal, Austria - - 100% 71/22 (71/22/LB) Bretstein-Lachtal, Austria - - 100% 72/22 (72/22/LB) Bretstein-Lachtal, Austria - - 100% 73/22 (73/22/LB) Bretstein-Lachtal, Austria - - 100% 74/22 (74/22/LB) Bretstein-Lachtal, Austria - - 100% 75/22 (75/22/LB) Bretstein-Lachtal, Austria - - 100% 76/22 (76/22/LB) Bretstein-Lachtal, Austria - - 100% 77/22 (77/22/LB) Bretstein-Lachtal, Austria - - 100% 78/22 (78/22/LB) Bretstein-Lachtal, Austria - - 100% 79/22 (79/22/LB) Bretstein-Lachtal, Austria - - 100% 80/22 (80/22/LB) Bretstein-Lachtal, Austria - - 100% For personal use only
Page 22
22 ASX: EUR | europeanlithium.com 81/22 (81/22/LB) Bretstein-Lachtal, Austria - - 100% 82/22 (82/22/LB) Bretstein-Lachtal, Austria - - 100% 83/22 (83/22/LB) Bretstein-Lachtal, Austria - - 100% 84/22 (84/22/LB) Bretstein-Lachtal, Austria - - 100% 85/22 (85/22/LB) Bretstein-Lachtal, Austria - - 100% 86/22 (86/22/LB) Bretstein-Lachtal, Austria - - 100% 87/22 (87/22/LB) Bretstein-Lachtal, Austria - - 100% 88/22 (88/22/LB) Bretstein-Lachtal, Austria - - 100% 89/22 (89/22/LB) Bretstein-Lachtal, Austria - - 100% 90/22 (90/22/LB) Bretstein-Lachtal, Austria - - 100% 91/22 (91/22/LB) Bretstein-Lachtal, Austria - - 100% 92/22 (92/22/LB) Bretstein-Lachtal, Austria - - 100% 93/22 (93/22/LB) Bretstein-Lachtal, Austria - - 100% 94/22 (94/22/LB) Bretstein-Lachtal, Austria - - 100% 95/22 (95/22/LB) Bretstein-Lachtal, Austria - - 100% 96/22 (96/22/LB) Bretstein-Lachtal, Austria - - 100% 97/22 (97/22/LB) Bretstein-Lachtal, Austria - - 100% 98/22 (98/22/LB) Bretstein-Lachtal, Austria - - 100% 99/22 (99/22/LB) Bretstein-Lachtal, Austria - - 100% 100/22 (100/22/LB) Bretstein-Lachtal, Austria - - 100% 101/22 (101/22/LB) Bretstein-Lachtal, Austria - - 100% 102/22 (102/22/LB) Bretstein-Lachtal, Austria - - 100% 103/22 (103/22/LB) Bretstein-Lachtal, Austria - - 100% 104/22 (104/22/LB) Bretstein-Lachtal, Austria - - 100% 105/22 (105/22/LB) Bretstein-Lachtal, Austria - - 100% 106/22 (106/22/LB) Bretstein-Lachtal, Austria - - 100% 107/22 (107/22/LB) Bretstein-Lachtal, Austria - - 100% 108/22 (108/22/LB) Bretstein-Lachtal, Austria - - 100% 109/22 (109/22/LB) Bretstein-Lachtal, Austria - - 100% 110/22 (110/22/LB) Bretstein-Lachtal, Austria - - 100% 111/22 (111/22/LB) Bretstein-Lachtal, Austria - - 100% 112/22 (112/22/LB) Bretstein-Lachtal, Austria - - 100% 113/22 (113/22/LB) Bretstein-Lachtal, Austria - - 100% 114/22 (114/22/LB) Bretstein-Lachtal, Austria - - 100% 115/22 (115/22/LB) Bretstein-Lachtal, Austria - - 100% 116/22 (116/22/LB) Bretstein-Lachtal, Austria - - 100% 117/22 (117/22/LB) Bretstein-Lachtal, Austria - - 100% 118/22 (118/22/LB) Bretstein-Lachtal, Austria - - 100% 119/22 (119/22/LB) Bretstein-Lachtal, Austria - - 100% 120/22 (120/22/LB) Bretstein-Lachtal, Austria - - 100% 121/22 (121/22/LB) Bretstein-Lachtal, Austria - - 100% 122/22 (122/22/LB) Bretstein-Lachtal, Austria - - 100% 123/22 (123/22/LB) Bretstein-Lachtal, Austria - - 100% 124/22 (124/22/LB) Bretstein-Lachtal, Austria - - 100% For personal use only
Page 23
23 ASX: EUR | europeanlithium.com 125/22 (125/22/LB) Bretstein-Lachtal, Austria - - 100% 126/22 (126/22/LB) Bretstein-Lachtal, Austria - - 100% 127/22 (127/22/LB) Bretstein-Lachtal, Austria - - 100% 128/22 (128/22/LB) Bretstein-Lachtal, Austria - - 100% 129/22 (129/22/LB) Bretstein-Lachtal, Austria - - 100% 130/22 (130/22/LB) Bretstein-Lachtal, Austria - - 100% 131/22 (131/22/LB) Bretstein-Lachtal, Austria - - 100% 132/22 (132/22/LB) Bretstein-Lachtal, Austria - - 100% 133/22 (133/22/LB) Bretstein-Lachtal, Austria - - 100% 134/22 (134/22/LB) Bretstein-Lachtal, Austria - - 100% 135/22 (135/22/LB) Bretstein-Lachtal, Austria - - 100% 136/22 (136/22/LB) Bretstein-Lachtal, Austria - - 100% 137/22 (137/22/LB) Bretstein-Lachtal, Austria - - 100% 138/22 (138/22/LB) Bretstein-Lachtal, Austria - - 100% 139/22 (139/22/LB) Bretstein-Lachtal, Austria - - 100% 140/22 (140/22/LB) Bretstein-Lachtal, Austria - - 100% 141/22 (141/22/LB) Bretstein-Lachtal, Austria - - 100% 142/22 (142/22/LB) Bretstein-Lachtal, Austria - - 100% 143/22 (143/22/LB) Bretstein-Lachtal, Austria - - 100% 144/22 (144/22/LB) Bretstein-Lachtal, Austria - - 100% 145/22 (145/22/LB) Bretstein-Lachtal, Austria - - 100% 146/22 (146/22/LB) Bretstein-Lachtal, Austria - - 100% 147/22 (147/22/LB) Bretstein-Lachtal, Austria - - 100% 148/22 (148/22/LB) Bretstein-Lachtal, Austria - - 100% 149/22 (149/22/LB) Bretstein-Lachtal, Austria - - 100% 150/22 (150/22/LB) Bretstein-Lachtal, Austria - - 100% 151/22 (151/22/LB) Bretstein-Lachtal, Austria - - 100% 152/22 (152/22/LB) Bretstein-Lachtal, Austria - - 100% 153/22 (153/22/LB) Bretstein-Lachtal, Austria - - 100% 154/22 (154/22/LB) Bretstein-Lachtal, Austria - - 100% 155/22 (155/22/LB) Bretstein-Lachtal, Austria - - 100% 156/22 (156/22/LB) Bretstein-Lachtal, Austria - - 100% 157/22 (157/22/LB) Bretstein-Lachtal, Austria - - 100% 158/22 (158/22/LB) Bretstein-Lachtal, Austria - - 100% 159/22 (159/22/LB) Bretstein-Lachtal, Austria - - 100% 160/22 (160/22/LB) Bretstein-Lachtal, Austria - - 100% 161/22 (161/22/LB) Bretstein-Lachtal, Austria - - 100% 162/22 (162/22/LB) Bretstein-Lachtal, Austria - - 100% 163/22 (163/22/LB) Bretstein-Lachtal, Austria - - 100% 164/22 (164/22/LB) Bretstein-Lachtal, Austria - - 100% 165/22 (165/22/LB) Bretstein-Lachtal, Austria - - 100% 166/22 (166/22/LB) Bretstein-Lachtal, Austria - - 100% 167/22 (167/22/LB) Bretstein-Lachtal, Austria - - 100% 168/22 (168/22/LB) Bretstein-Lachtal, Austria - - 100% For personal use only
Page 24
24 ASX: EUR | europeanlithium.com 169/22 (169/22/LB) Bretstein-Lachtal, Austria - - 100% 170/22 (170/22/LB) Bretstein-Lachtal, Austria - - 100% 171/22 (171/22/LB) Bretstein-Lachtal, Austria - - 100% 172/22 (172/22/LB) Bretstein-Lachtal, Austria - - 100% 173/22 (173/22/LB) Bretstein-Lachtal, Austria - - 100% 174/22 (174/22/LB) Bretstein-Lachtal, Austria - - 100% 175/22 (175/22/LB) Bretstein-Lachtal, Austria - - 100% 176/22 (176/22/LB) Bretstein-Lachtal, Austria - - 100% 177/22 (177/22/LB) Bretstein-Lachtal, Austria - - 100% 178/22 (178/22/LB) Bretstein-Lachtal, Austria - - 100% 179/22 (179/22/LB) Bretstein-Lachtal, Austria - - 100% 180/22 (180/22/LB) Bretstein-Lachtal, Austria - - 100% 181/22 (181/22/LB) Bretstein-Lachtal, Austria - - 100% 182/22 (182/22/LB) Bretstein-Lachtal, Austria - - 100% 183/22 (183/22/LB) Bretstein-Lachtal, Austria - - 100% 184/22 (184/22/LB) Bretstein-Lachtal, Austria - - 100% 185/22 (185/22/LB) Bretstein-Lachtal, Austria - - 100% 186/22 (186/22/LB) Bretstein-Lachtal, Austria - - 100% 187/22 (187/22/LB) Bretstein-Lachtal, Austria - - 100% 188/22 (188/22/LB) Bretstein-Lachtal, Austria - - 100% 189/22 (189/22/LB) Bretstein-Lachtal, Austria - - 100% 190/22 (190/22/LB) Bretstein-Lachtal, Austria - - 100% 191/22 (191/22/LB) Bretstein-Lachtal, Austria - - 100% 192/22 (1/22/KL) Klementkogel, Austria - - 100% 193/22 (2/22/KL) Klementkogel, Austria - - 100% 194/22 (3/22/KL) Klementkogel, Austria - - 100% 195/22 (4/22/KL) Klementkogel, Austria - - 100% 196/22 (5/22/KL) Klementkogel, Austria - - 100% 197/22 (6/22/KL) Klementkogel, Austria - - 100% 198/22 (7/22/KL) Klementkogel, Austria - - 100% 199/22 (8/22/KL) Klementkogel, Austria - - 100% 200/22 (9/22/KL) Klementkogel, Austria - - 100% 201/22 (10/22/KL) Klementkogel, Austria - - 100% 202/22 (11/22/KL) Klementkogel, Austria - - 100% 203/22 (12/22/KL) Klementkogel, Austria - - 100% 204/22 (13/22/KL) Klementkogel, Austria - - 100% 205/22 (14/22/KL) Klementkogel, Austria - - 100% 206/22 (15/22/KL) Klementkogel, Austria - - 100% 207/22 (16/22/KL) Klementkogel, Austria - - 100% 208/22 (17/22/KL) Klementkogel, Austria - - 100% 209/22 (18/22/KL) Klementkogel, Austria - - 100% 210/22 (19/22/KL) Klementkogel, Austria - - 100% 211/22 (20/22/KL) Klementkogel, Austria - - 100% 212/22 (21/22/KL) Klementkogel, Austria - - 100% For personal use only
Page 25
25 ASX: EUR | europeanlithium.com 213/22 (22/22/KL) Klementkogel, Austria - - 100% 214/22 (1/22/WG) Wildbachgraben, Austria - - 100% 215/22 (2/22/WG) Wildbachgraben, Austria - - 100% 216/22 (3/22/WG) Wildbachgraben, Austria - - 100% 217/22 (4/22/WG) Wildbachgraben, Austria - - 100% 218/22 (5/22/WG) Wildbachgraben, Austria - - 100% 219/22 (6/22/WG) Wildbachgraben, Austria - - 100% 220/22 (7/22/WG) Wildbachgraben, Austria - - 100% 221/22 (8/22/WG) Wildbachgraben, Austria - - 100% 222/22 (9/22/WG) Wildbachgraben, Austria - - 100% 223/22 (10/22/WG) Wildbachgraben, Austria - - 100% 224/22 (11/22/WG) Wildbachgraben, Austria - - 100% 225/22 (12/22/WG) Wildbachgraben, Austria - - 100% 226/22 (13/22/WG) Wildbachgraben, Austria - - 100% 227/22 (14/22/WG) Wildbachgraben, Austria - - 100% 228/22 (15/22/WG) Wildbachgraben, Austria - - 100% 229/22 (16/22/WG) Wildbachgraben, Austria - - 100% 230/22 (17/22/WG) Wildbachgraben, Austria - - 100% 231/22 (18/22/WG) Wildbachgraben, Austria - - 100% 232/22 (19/22/WG) Wildbachgraben, Austria - - 100% 233/22 (20/22/WG) Wildbachgraben, Austria - - 100% 234/22 (21/22/WG) Wildbachgraben, Austria - - 100% 235/22 (22/22/WG) Wildbachgraben, Austria - - 100% 236/22 (23/22/WG) Wildbachgraben, Austria - - 100% 237/22 (24/22/WG) Wildbachgraben, Austria - - 100% 238/22 (25/22/WG) Wildbachgraben, Austria - - 100% 239/22 (26/22/WG) Wildbachgraben, Austria - - 100% 240/22 (27/22/WG) Wildbachgraben, Austria - - 100% 241/22 (28/22/WG) Wildbachgraben, Austria - - 100% 242/22 (29/22/WG) Wildbachgraben, Austria - - 100% 243/22 (30/22/WG) Wildbachgraben, Austria - - 100% 244/22 (31/22/WG) Wildbachgraben, Austria - - 100% 245/22 (32/22/WG) Wildbachgraben, Austria - - 100% 3030 NE Leinster - - 100% 3285 NE Leinster - - 100% 3799 NE Leinster - - 100% 4540 NE Leinster - - 100% 4541 NE Leinster - - 100% 4545 NE Leinster - - 100% 4546 NE Leinster - - 100% 4536 NE Leinster - - 100% 4537 NE Leinster - - 100% 4538 NE Leinster - - 100% 4539 NE Leinster - - 100% For personal use only
Page 26
26 ASX: EUR | europeanlithium.com 4542 NE Leinster - - 100% 4543 NE Leinster - - 100% 4544 NE Leinster - - 100% 4547 NE Leinster - - 100% 1597 SW Leinster - - 100% 1541 SW Leinster - - 100% 1542 SW Leinster - - 100% 3213 SW Leinster - - 100% 3214 SW Leinster - - 100% 3895 SW Leinster - - 100% 3896 SW Leinster - - 100% 4054 SW Leinster - - 100% E47/4144 1 Western Australia - - - E47/4532 2 Western Australia - - 50% E47/4534 2 Western Australia - - 50% E47/4544 2 Western Australia - - 50% E47/4845 1, 2 Western Australia - - - E47/4860 1, 2 Western Australia - - - 1. Application pending 2. Applied for by John Wally Resources Pty Ltd, a partially owned (50%) subsidiary of EUR For personal use only
Page 27
Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity European Lithium Limited ABN Quarter ended (“current quarter”) 45 141 450 624 30 June 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs - - (e) administration and corporate costs (2,349) (8,955) 1.3 Dividends received (see note 3) - - 1.4 Interest received 37 72 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - 100 1.8 Other (CRML insurance costs) (1,000) (3,599) Other (legal settlement) (98) (343) Other (marketing and PR consulting) - (1,167) Other (deferred payment of CRML merger transaction expenses) (1,268) (10,834) 1.9 Net cash from / (used in) operating activities (4,678) (24,726) 2. Cash flows from investing activities (4,252) (8,086) 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (3) (3) (d) exploration & evaluation (592) (2,344) For personal use only
Page 28
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 (e) investments - (1,093) (f) other non-current assets - - 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments 7,670 8,043 (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (Obeikan JV) - (604) Other (cash acquired on subsidiary) - 1 Other (transaction costs associated with CRML BTC convertible note) (301) (460) 2.6 Net cash from / (used in) investing activities 2,522 (4,546) 3. Cash flows from financing activities - 41,138 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 3,122 4,180 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (3,150) 3.5 Proceeds from borrowings - (350) 3.6 Repayment of borrowings - 2,371 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (convertible note) - (399) 3.9 Other (issue of new options) 357 357 3.10 Net cash from / (used in) financing activities 3,479 44,147 For personal use only
Page 29
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 19,346 5,779 4.2 Net cash from / (used in) operating activities (item 1.9 above) (4,678) (24,726) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 2,522 (4,546) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 3,479 44,147 4.5 Effect of movement in exchange rates on cash held (646) (632) 4.6 Cash and cash equivalents at end of period 20,021 20,021 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 20,021 19,346 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 20,021 19,346 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 443 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Payments included in item 6.1 relates to payment of EUR director fees ($ 139k) and office occupancy payments to Director related entity ($8k) and CRML director fees ($296k). For personal use only
Page 30
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (convertible note facility) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (4,678) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (592) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (5,270) 8.4 Cash and cash equivalents at quarter end (item 4.6) 20,021 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 20,021 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 3.80 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. For personal use only
Page 31
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 July 2025................................................................................... Authorised by: Board of Directors........................................................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only