Euro increases measurement and indication resources by 54%

Usage• EUR, PF8 EULIF European Lithium Corporation

European Lithium Limited (ASX: FRA:, OTC:) (or) is pleased to announce that the measurement and indication resources of the Wolfsburg project have been upgraded from 6.3Mt @1.17% Li2 O to 9.7Mt @ 1.03% Li2 O (refer to ASX Resource announcements before July 3, 2017).

This is an increase of nearly 54% compared to previous resources, and has further upside potential in existing exploration targets that have been identified along the strike and Zone 2.

The infill drilling including 20 holes and 7,953.3m core was completed on August 14, 2021, with an average core recovery rate of 97.6%.

The EUR also agreed to repurchase a heritage royalties fee of EUR 1.50 per ton of minerals extracted from the Wolfsberg project.

EUR’s non-executive chairman Tony Sage commented: “It’s great that the company has reached another milestone by significantly increasing Wolfsberg’s resources. This and the repurchase of royalties are the company’s main positive factors in advancing Wolfsberg’s DFS. It will look. Take advantage of the recent huge increase in the price of hydroxides to the euro."

Pegmatites containing spodumene appear in the form of veins in the regional anticline. The pegmatite veins intrude into amphibolite, and the rocks in the mica schist are completely consistent with their foliation. On the north flank of this anticline, known as Zone 1, the strata evenly strike WNW-ESE 9 (an average of 120°) and tilt towards NNE at an average of 60° dip. The pegmatite (AHP) carried by amphibolite is in the stratum wall position relative to the pegmatite (MHP) carried by mica schist, although they overlap. AHP has gray to green spodumene crystals

It is aligned with the pegmatite, the average length is about 2-3 cm, and the maximum can reach 15 cm. Spodumene crystals are more or less uniformly distributed in a fine-grained matrix of feldspar and quartz, with muscovite flakes. MHP lacks the typical characteristics and texture of pegmatite, has undergone penetrating metamorphism overprinting, and almost completely recrystallized the original pegmatite minerals. Spodumene minerals are millimeter-sized lenticular particles embedded in a very fine matrix of feldspar, quartz and muscovite.

A comprehensive description of geology and mineralization is provided in the “Independent Geologist’s Report” included in the “Second Replacement Prospectus” dated July 28, 2016, which can be found on the company’s website www.europeanlithium.com

A total of 20 drill holes of 7953.3m diamond core were drilled throughout the project. PQ diameter is used for HQ in overlying strata and mineralized section, with 3m standard coring pipe. The hole is inclined to intercept pegmatite perpendicular to its inclination angle. Due to the nature of pegmatite mineralization, the core is not oriented. The holes are not on a regular grid, but

Drill holes with a nominal line spacing of 100m as fillers to provide a nominal sample spacing of 50m and no more than 100m.

The drilling plan on page 35 shows the hole location and direction with orange dots and lines. See pages 37 to 58 for drill cross-sections showing the drill hole dip and the intersection of pegmatite (pink) and sample Li2O (blue). Refer to page 36 for the reference plane for displaying the section line. Part titles refer to these part lines.

Only the mineralization interval of the HQ core was cut in half and divided into quarters to collect samples for analysis. The core cutting is done by technicians and supervised by geologists. Regardless of lithology and grade, samples with visible mineralization (spodumene) were collected, ranging in thickness from 0.1 m to 1 m. All remaining cores are safely stored in the Wolfsberg core shed. CP is a small gear whose sample size is compatible with the grain size of the target mineralization. Headquarters

A quarter of the core fragments were sent to the ALS laboratory for testing.

All sample preparation and analysis are performed by ALS (Ireland), which has passed ISO 9001:2015 and ISO 17025:2017 certification. The sample preparation was done using the ALS program PREP31Y, the lithium analysis was done using the ALS program LIOG63, and the tetraacid digestion was carried out by ICP. The combination of rare earth and trace elements (including major oxides) is analyzed by ME-MS81 and ME-ICP06 (including LOI).

The re-evaluation of the Wolfsburg project has been competed, leading to an overall increase

The personal updated estimate uses additional data from the newly drilled 7,953.3m core completed in August 2021. New data is used to expand existing 2016 and 2018

Interpret and provide additional data density for re-estimation, leading to resource upgrades.

The new estimate uses data from infill drilling and ordinary kriging as an interpolation method based on the variogram calculated for each mineralized area. Mineralization is defined as the use of wireframe as the hard boundary to explain pegmatite veins, which in some cases involves varying degrees of internal dilution.

The nominal vein direction of the entire mineralized pegmatite is interpreted as 60° to 020°

For each sample, the thickness perpendicular to the projection plane is measured using the relative direction of the borehole and the vein in order to correctly represent the volume.

The block size was chosen to be 25m x 25m as a compromise between relevant reliability and mine design requirements. The resulting block estimate is the kriging average of vein thickness and vein grade, taking into account any internal dilution that may exist. According to the analysis of the variogram, the data is extrapolated from the last sample by 30m to 40m along the strike and downdip angle.

The calculation of the mean and variance of the local prediction of the vein feature requires the knowledge of the global spatial variance. This is given by the variogram calculated from the known sample data. The respective investigations resulted in the maximum influence range of thickness and grade of approximately 75m. The ratio of the non-systematic variation (gold nugget effect) of the two parameters is about 20% of the total variation. In addition to the borehole data, the survey results of drift data are also used for interpretation because they reveal

The spatial borehole density is sufficient to almost completely cover the vein extension. Areas exceeding the maximum distance of 75m are designated as zero thickness and are therefore excluded from volume calculations. The vein volume is calculated by multiplying the 2D space (block size) by the estimated thickness.

Modification factors include mining and metallurgy

There are no specific assumptions about the mining method other than the full vein width that is interpreted as mineralization (as explained using a minimum cross thickness of 0.5m). The assumption of full vein width is based on the requirement for the full width, because there is no

The ability to separate the dilution from the mined material during the mining process. For this reason, the simulation level includes any diluting material due to internal waste that is periodically observed.

As part of the pre-feasibility study, previous work has concluded that long-hole open pits and excavation and filling are suitable mining methods. The minimum sampling width is 0.5 m. Considering the current research on the removal of waste dilution through sensor-based sorting, it is still necessary to determine the economic minimum mining width. 13% of the sample composites contained internal waste, which has been included in the resource estimate as internal dilution.

Only the mining research conducted by SRK Consulting in 2017 included a preliminary mining layout using a standard stope shape of 25 m high, 75 m wide, 4 m ribs and threshold posts. Based on the mining method selection criteria, SRK (2017) further suggested that the most suitable underground mining method for low-cost mining in Wolfsberg is a variant of the segmented stope called Longhole Open Stoping. It is recommended to use pillar supports and partial backfilling to ensure stability.

A large number of metallurgical tests conducted before concluded that 6% Li2O spodumene can be produced through crushing, grinding, flotation and magnetic separation.

Saleable feldspar, quartz and mica by-products were also obtained, which are of value to the project’s location in Central Europe. Limited test work also shows that spodumene concentrate can be converted into lithium carbonate.

The company has carried out complex testing work on bulk samples from the existing U/G mine (2,500 tons) at the company’s pilot plant (Dorfner/Anzplan, Hirschau, Germany), and it does show that the spodumene concentrate from Wolfsberg It can be successfully processed into battery-grade lithium carbonate and lithium hydroxide using commercially mature technologies (see the announcement of the Australian Securities Exchange on April 5, 2018).

Personal • Only blocks within the range of the trend extension given by the current exploration drift are part of the survey resource. This corresponds to the area between Minerex part 9 and G,

The measured classification of estimated resources is based on the following conditions;

• Only the blocks within the extrapolated boundary are part of the resource.

• Only blocks with an estimated average thickness of more than 0.5m are included in the resource

• The resource only contains blocks with an estimated average value of more than 0.2% of Li2O vein grade

• Only the blocks within the strict vein extension (hull) are part of the measured resource

The contour distance is about 50m. In the 2D representation (section DE), this area is between ~250 and 300m.

• All remaining blocks that do not meet these conditions have been allocated to the specified resource category.

All units in the wireframe mineralization are reported as resources, and the critical grade of Li2O is not used in the resource report. The distribution of mineralized and unmineralized materials is

As part of the interpretation of the profile, a minimum mineralization thickness of 0.5m is used to complete

sampling. The hard-boundary wireframe excludes intersections smaller than this value, so all

Materials identified as mineralized have been reported. Choose this to be with

A prospective long-hole open pit mining method, all the mined materials are used as ore.

The estimation of inferred resources is in progress and will be announced separately.

Repurchase and cancellation of royalties

The company has reached an agreement with Exchange Minerals (not a related party or a person subject to listing rules 10.1 or 10.11) that the company holds a royalty of 1.50 euros per ton for all mineral products extracted from the Wolfsberg lithium project. And cancel the royalty. The company has paid 500,000 Euros to Exchange Minerals and paid an additional 2 million Euros within 60 days (according to the company’s choice, cash or 15,552,850 shares of ordinary Euro shares paid in full, with an additional option (strike price of $0.20, Expiration 2 years after issuance). 2 Euro share issuance).

The information in this announcement about the Wolfsberg lithium project and the information attached to this statement are related to exploration results, mineral resources or ore reserves, and are based on the information and supporting documents provided by and fairly on behalf of the company and reviewed by Mr. Don. Mr. Hains is the company’s An independent qualified person and a member of the Ontario Association of Professional Geoscientists, with more than 38 years of experience in the mining and resource exploration industry. Mr. Haines has sufficient experience to meet the qualifications defined in the 2012 edition of the "Australian Mineral Reporting Standards"

Use of resources and ore reserves". Mr. Haynes agreed to include matters based on the form and context of the information in the report. The company is reporting historical exploration results in accordance with the 2012 edition of the Australian Code. Results report, mineral resources and ore reserves (JORC code 2012).

This announcement has been authorized by the company's board of directors to be released to the Australian Securities Exchange.

Visit the company's website to learn more about the advanced Wolfsburg lithium project in Austria.

Section 1 Sampling Technology and Data

(The standards in this section apply to all subsequent sections.)

• The nature and quality of the sampling (e.g. cutting channel, random chip or

• Diamond drilling for material collection. European Lithium Co., Ltd.

Specific professional industry standard measurement tools

Twenty (20) deep hole diamond drillings are completed, the total length is

To the mineral under investigation, such as the downhole gamma 7953,3 m in Block 1.

Detector or handheld XRF instrument, etc.). These examples should

• The borehole diameter is quite large and the direction is approximately

It should not be seen as the broad meaning of restricting sampling.

Perpendicular to the inclination of the pegmatite vein to ensure that each sample is

• Mention measures taken to ensure representativeness of the sample

Represents the veins where it intersects.

And proper calibration of any measuring tools or systems

• After cutting, send the quarter-divided HQ to the ALS laboratory for testing.

• Identify important aspects of mineralization

• If the "industry standard" work has been completed, it will be

Relatively simple (for example,'reverse circulation drilling is used to obtain 1

m samples, of which 3 kg are crushed to produce a 30 g charge

Used for fire detection'). In other cases, more explanation may be needed, such as

Because crude gold has inherent sampling problems.

Unusual commodity or mineralization type (e.g. seafloor nodules)

Detailed information may need to be disclosed.

• Drilling type (e.g. coring, reverse circulation, naked eye hammer, cyclone

• Diamond drilling for the entire procedure

Explosion, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple

• Overlay drilling is done with PQ diameter and used for final core drilling

Or standard tube, diamond tail depth, face sampling drill or other

Type, whether the core is oriented, and if so, by what method, etc.).

• Use a 3 m long standard coring tube.

• The core is not oriented.

• Method for recording and evaluating the recovery rate of core and chip samples

• Measure all running core recovery and record it in the "core recovery

Log" and transferred to the Excel spreadsheet template for import into

• Take measures to maximize sample recovery and ensure

The representativeness of the sample.

• The overall core recovery rate is excellent, with an average of 97.63%.

• Is there a relationship between sample recovery and grade

And whether there may be sample bias due to preferences

Loss/increase of fine/coarse materials.

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European Lithium Co., Ltd. released this content on November 8, 2021, and takes full responsibility for the information contained in it. Distributed by the public at 23:32:05 on November 8, 2021, UTC time, unedited and unaltered.