Ann: Binding Lithium Offtake Agreement Executed with BMW, page-106

As predicted, the price appreciation was limited, which is mainly a cause of the current Lithium market sentiment and deterioriating global markets.

Next news will be the DFS, so there won't be any news for another 3 months which might mean that the price will keep drifting lower again, especially with global markets dipping further in Q1 2023 imho.

I am wondering about the conditions precedent for the 15 MIO USD prepayment to be paid by BMW. Are they tied to final approvals to operate the mine? If so, BMW has nothing to loose with signing a contract like that as no funds committed until final approvals. If EUR doesn't get all approvals, BMW can just look for a different source of Lithium.

I already had a profound learning experience with getting a mine up and running in Europe with BDG (a gold mine in Spain though), and they have been working on getting their Environmental Impact Assessment for three years now with a decision still to be made. It is a very slow process in the EU in regard to receiving approvals for any kind of mining operation. A lot of red tape and very strict regulations unfortunately.

If EUR can master all the red tape and receive all necessary approvals, I will be impressed. I will be watching with interest from the sidelines for the time being.

All the best and regards from Munich.