EUROPEAN LITHIUM LIMITED, page-2775

Essential Metals (ASX:ESS) was evaluated at AUD 136m for M&A deal, while market capitalization before announcement was AUD 91m. ESS owns the 11.2Mt at 1.16% Pioneer Dome deposit in Australia. The project is on early stage even before Scoping Study. For comparison, the Wolfsberg project has 12.88Mt at 1% - almost the same deposit, but EUR has only AUD 113m MCap. The project on the maiden JORC stage has better valuation than the Wolfsberg project on the eve of DFS. So, EUR remains to be massively undervalued.