Good Morning All,This is great news ands another surprise from...

Good Morning All,

This is great news ands another surprise from our management team.

Please see article on the buy back

EuropeanLithium plans share buy-back to boost shareholder value

European Lithium Ltd has made a strategic move to undertake an on-market buy-back of up to 100 million shares as part of the company’s capital management strategy to deliver shareholder returns.

These shares represent about 6.7% of the shares on issue and, based on yesterday’s closing share price, the cash cost would be about $6.8 million.

The EUR board believes the company’s shares are currently trading at a significant discount to its peers considering catalysts including a robust DFS for its advanced Wolfsberg Lithium Project in Austria and the imminent completion of the business combination with Sizzle Acquisition Corp., with intended listing on NASDAQ.

Read: European Lithium buoyed by robust Wolfsberg DFSwith NPV of US$1.5 billion and IRR of 33.3%

EUR executive chairman Tony Sage said: “The board believes the company’s current share price doesn’t reflect the underlying value of the company’s assets.

“It’s a fantastic opportunity to buy-back shares at a significant discount and add value to our remaining shares on issue”.

Read: European Lithium and Sizzle move ahead withbusiness combination and NASDAQ listing

After the divestment of the Wolfsberg Project, EUR anticipates a period of minimal exploration expenditure on the newly acquired Austrian lithium projects until there is significant de-escalation or resolution of the Ukraine conflict.

READ: European Lithium to build on Austrian lithiumportfolio with three projects adjacent to Wolfsberg flagship

It is intended that the share buy-back starts no earlier than 17 April 2023 and no later than 31 January 2024.

EUR will only buy back shares at such times and in such circumstances as it considers beneficial to the efficient capital management of the company and the buy-back is therefore dependent upon market conditions, volumes and other relevant factors.

Accordingly, the company reserves the right to suspend or terminate the share buy-back at any time.