Ann: Wolfsberg Lithium Project Update, page-22

A few key point from the interview:

Mine already built (In the 1980's by the Austrian government) - this mean we are ahead of many lithium players to get to market faster. If we were to build the mine now it would have cost over US$100m and take 2/3 years.

Only $5m needs to be spent to upgrade the mine.

Results due in Oct (anytime) to increase resource. (Sounded very confident)

They will build a Hydroxide plant 7kms from the mine.

In talks currently with 2 European Banks

Have had offtake offers from several European car manufacturers and 3 offers from Chinese companies.

Will hold out until DFS is complete and get better offers.

DFS to be completed Feb/Mar 22

Potential of producing late 2023/early 2024

2 Provinces and state government have told EUR to hurry up and get the mine/plant up and running. This shows how keen they are for EUR to succeed.

EUR aiming to be carbon neutral

Extraction of by products would reduce the costs from $6,500 per ton to $5,000

Will not dilute shareholders and have enough money all the way to DFS.

OTC listing will attract new investors and big institutions to EUR, which will open the door for potential funding etc.

Debt/funding package could look like: 33% equity, 33%debt, 33% EU subsidises/offtake/finance by car manufacturer

We are very undervalued to peers and this should change very soon!!