EANS-News: European Lithium Limited Market Update - ATTACHMENT
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Corporate news transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is responsible for the content of this announcement.
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Company Information
West Leederville - European Lithium Limited (ASX: EUR, FRA: PF8, VSE: ELI, NEX:
EUR) (the Company) is pleased to provide a market update regarding the Company
and the Wolfsberg Lithium Project located in Austria.
2020 has seen a number of challenges for commodity markets due to the impact of
the novel coronavirus pandemic. The situation is very uncertain with
governments, companies and individuals required to adapt quickly to help curb
the rate of infection. Although circumstances are changing almost daily the
restrictions to travel specifically has impacted the Company directly.
EUR has a small, nimble and committed team who are taking all necessary measures
to ensure the safety of our team, the community and the countries in which we
operate, however, the progress of activities at the Wolfsberg Lithium Project
are hampered by restrictions that are beyond the Company's control. The
Company's deadline of the completion of the Definitive Feasibility Study (DFS)
will be delayed and we are unable to provide an anticipated completion date at
this stage. We will inform the market as soon as the current restrictions are
lifted by government and the Company's management is in a position to reassess
the restart and progress of normal operations.
The Company remains focused on our aim to become the first supplier of
sustainably sourced and processed battery-grade lithium hydroxide in Europe, by
developing its wholly owned Wolfsberg Lithium Project. The Company is optimistic
about our ability to progress the Wolfsberg Lithium Project once the current
situation is resolved and believes the outlook for the commodity markets
specifically, Lithium, remain strong.
Dietrich Wanke, Chief Executive Officer of European Lithium, said:
"We are doing everything necessary to protect our staff and the community, while
we continue to maintain essential business activities. We are not alone in
feeling the impact of the disruption caused by these restrictions, however, we
continue to work on the project where possible so that we are ready to restart
and progress the DFS to completion when restrictions are lifted."
Financing
Further to our announcement on 5 March 2020 regarding the Winance finance
facility and 30 December 2019 regarding the debt facility introduced by
Helvetican, the Company advises it is in communication with both parties who
have confirmed their commitment to finalising these transactions.
Both parties have advised that the COVID-19 pandemic has hampered their business
plans, however, both wish to fulfil their commitments as soon as practicable.
This announcement has been authorised for release to the ASX by Mr Tony Sage,
European Lithium's Non-Executive Chairman.
Tony Sage
Non-Executive Chairman
Further inquiry note:
info@europeanlithium.com
end of announcement euro adhoc
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Attachments with Announcement:
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http://resources.euroadhoc.com/documents/10207074/5/10447634/1/200401_Announceme
nt_-_Market_Update_FINAL_.pdf
issuer: European Lithium Limited
Harrogate Street 32
AU-WA6007 West Leederville
phone: +61 8 6181 9792
FAX:
mail: ir@europeanlithium.com
WWW: www.europeanlithium.com
ISIN: AU000000EUR7
indexes:
stockmarkets: Frankfurt, Wien
language: English
