- European Lithium (EUR) has had the Austrian regulator approve its expansion of the Wolfberg lithium project
- The acreage has now doubled in size
- It’s likely the company will seek to boost its existing mineral resource estimates in the near future
- The company is targeting to produce lithium in the EU where overhead legislation has also prioritised critical minerals production like many other OECD countries
- The company is confident it can be the first local producer of battery-grade lithium
- Shares last traded at 8.2 cents
European Lithium (EUR), a company listed on both the ASX and Frankfurt Stock Exchange, has significantly expanded its Wolfsberg lithium project in Austria, doubling its existing footprint.
The Austrian Mining Authority has granted the company six new mining licenses, with an expansion of three existing licenses.
These new licenses extend beyond the initial boundaries where initial mineral resource estimates were recorded, hinting at the potential for an overall resource increase.
The company’s objectives are in alignment with the European Union’s critical minerals agenda, as noted by EUR Chair Tony Sage.
Mr Sage emphasised that the Wolfsberg project benefits from Austria’s robust mining industry, which reflects the goals of the EU’s proposed Critical Raw Materials Act.
“The grant of these mining licenses further reinforces our belief that Wolfsberg will be the first local producer of battery-grade lithium in Europe to fuel the green energy transition,” he said.
Despite acquiring the Wolfsberg project for $30 million just a year ago, the company announced a share buy-back in April. Furthermore, European Lithium established an Austrian off-take agreement with BMW in December of the previous year.
The company is also exploring opportunities in Saudi Arabia, where it is considering the establishment of a lithium hydroxide plant.
European Lithium shares last traded at 8.2 cents.