EUROPEAN LITHIUM LIMITED, page-4391

Better than expected. Expectation was 90% redemption. Hope was 75% or less. Personally, I want this capital raise (CRML IPO) to raise between US100-150M cash, no more no less. That's the challenge I trust our American investors incl SZZL are eyeing too.

Last capital raise, completed by EUR last year to get us this far, was approx AUD30M based on enterprise value not worth a mention. This time it's based on EV of a billion dollars. Quite a progress!

It's a delicate balance... no investor, especially those with deep pockets would want to own too much of a company as it is disruptive to operations. Just enough to help fund activities, in steps, to unlock more value of the assets to lessen dilution at the next funding round, which in this case already flagged via GEM and Obeikan (if there was further need post IPO). We want our shares to increase in value but ensure the company is well funded without diluting too much of our already owned shares.

It is entirely possible that in as little as one year's time, the company unlocks even more value and gets valued at $2B when more shares needs to be issued to raise more capital... but no one really knows or can predict these things so silent investors are best to invest early and play the waiting game, so as not to invest in hindsight.