EUROPEAN LITHIUM LIMITED, page-7

Don't poke the bear mate

I certainly don't mind a difference of opinion when it is backed up with well constructed arguments and data - which some of the posts are.

But agree with the sentiment that it's nice to see our baby starting to grow and it will be a pretty exciting (and profitable) ride if they managed to progress towards production.

The 2nd BMX auction will be held by PLS the week after next I believe?? (3rd week September). We know the first auction sold 10,000MT 5.5% Spod at US$1,250/MT FOB Australia which was huge at the time and got the whole industry excited. We also know that Platts and others are reporting current spot market pricing of US$1,320/MT FOB (I can't recall if this was 5.5% or 6%).

It would not surprise to see auction results at say US$1,400/MT FOB as Lithium carbonate and Hydroxide keeps rising, giving the converters room to pay a little more for Spodumene concentrate and still turn a profit of 15% or so.

I'm thinking the week after next we could see more excitement in the industry after the BMX auction - especially for Hard Rock projects. This alone may see EUR test 10 cents, if it hasn't already done so next week??.

Interesting and somewhat nervous times to see this all play out against a strange global macro situation.