Name of the Project
Wolfsberg lithium project.

Location
Carinthia, Austria.

Project Owner/s
European Lithium.

Project Description
The 2018 prefeasibility study proposes the production of 10129 t/y of lithium hydroxide, based on current measured and indicated resources of 6.3-million at 1.17% lithium oxide.

The project is expected to have a more than ten-year mine life, mining at a rate of 720 000 t/y.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate for the base case, of $339.4-million in the accelerated case, and an internal rate of return of 25.6%.

Capital Expenditure
Capital expenditure is estimated at $339.4-million in the accelerated case.

Planned Start/End Date
European Lithium is aiming to start lithium hydroxide production at the project by the end of 2023, subject to funding and approvals by the Austrian government and Covid-19 restrictions.

Latest Developments
European Lithium will raise A$30-million to fund a strategic land acquisition, and resource extension drilling and metallurgical testwork at the company’s Wolfsberg lithium project.

The share placement will be priced at 13c a share, with the shares to be issued under the company’s existing placement capacity. Investors will also be issued one option for every two shares issued, exercisable at 18c each, and expiring at the end of March 2025.

The funds raised will be used for strategic land acquisition, a resource extension drill programme of Zone 2 at Wolfsberg, Stage 1 of project development metallurgical testwork for by-products from Wolfsberg and for general exploration purposes and working capital.

Key Contracts, Suppliers and Consultants
DRA Global (PFS); Dorfner Anzaplan (metallurgical testwork); SRK Consulting (mining engineering and capital, operating cost estimates, geotechnical engineering, hydrogeology and ore reserves); Paterson & Cooke (tailings design with capital and operating cost estimate); Umweltbüro (environmental study); Benchmark Minerals Intelligence (marketing study lithium carbonate/hydroxide); Orykton Consulting (marketing study spodumene and by-products); and Al Maynard & Associates (geology from independent geology report).

Contact Details for Project Information
European Lithium, tel +61 8 6181 9792 or email info@europeanlithium.com.