EUROPEAN LITHIUM LIMITED, page-13

Hi Beno,

I think VUL is in a world and class all on it's own with the type of project and Billionaire heavy hitters that are behind it. They already have offtakes, finance and a crazy big resource. Good luck to them - unfortunately I missed it.

But back to EUR, are they undervalued?.

I think A$100M market cap is about right at this stage of the game, however they seem close to ticking a few more boxes which will likely see a re-rate in the company soon??. The steps that I see which may happen in the near term and hence push the SP higher are as follows;

- Further bouyant conditions or increases in Spodumene and Lithium Chemicals pricing short term (watch BMX Auction 3rd Week September and just last week Lithium chemicals in China had a record increase - watch for any continuation of these increases)
- Further drill results / assays
- Increase in JORC resource size and category and hence Life of mine
- Further Board appointments / strengthening showing clear signs of what may lie ahead
- Positive DFS showing an economical project (note: Core released a nice DFS and were fully funded within a few months - many financiers / offtake customers will be waiting for the DFS and all the detailed information before signing off on large investments)
- Offtake agreement, or multiple offtake agreements
- Large capital raising involving either Hydroxide customers or industry players - likely achieving fully funded at this stage??

Depending on the details, economics etc of above, any of these pieces of news could add A$30 - $100million to the market cap with possibly some dilution. So I'd say by the end of above stages they may be a A$500M MC company but not quite 5X the current SP, perhaps 4 X or say 40 cents.

Then again, depending on all the details and market dynamics, I would expect it could double again during construction and first mining / production.

A mine of the projected size of EUR assuming they grow their resource size and LOM I would think could be a Billion dollar market cap in the next few years under the right conditions assuming everything including further good drilling results etc goes to plan.

Now, will all of the happen - I have absolutely no idea. But I am invested on the ground floor of a high rise building and have pressed the "UP" lift button. I am now waiting patiently for the elevator to get to the ground floor , ding and open the doors for a potentially nice ride up the levels.

I invested in EUR due to the style of resource (Hard rock - quicker to market), the fully integrated nature of the proposed development (Hydroxide production), and the location of the project (In Europe close to OEM's and battery factories).

Hopefully for me and other holders, EUR keeps ticking those boxes on it's way to a development pathway. I am patient and will wait for several years if I need to to watch it all play out assuming they continue to progress.