100% as you mentioned, they need to implement a drilling program without drilling activity at EVR's tenements, it's difficult to know the extent of resources they have and what potential value could be unlocked. European Lithium has signed a non-binding Memorandum of Understanding with Obeikan Investment Group to build and operate a hydroxide plant in Saudi Arabia for the owned Wolfsberg Lithium Project. This joint venture will allow European Lithium to focus on building facilities to start mining concentrate and also benefit from the joint venture opportunities. The reduction in operational costs from energy savings will make the Wolfsberg Project more robust. While it's unclear how this will specifically benefit EVR, it's a positive development for the lithium industry and may indicate potential opportunities for EVR as a lithium exploration and development company.It is not clear what the results of the rock chip sampling at the Eastern Alps Lithium Satellite Projects in Austria by EV Resources means for the company specifically. However, the high lithium values found in the samples and the decision to secure 33 new licenses for 14.9 square kilometers of tenure in the region suggest that the company views the project as a high-priority target with significant potential for success. The results also support European Lithium's understanding of the prospectivity of the immediate project area and region, and their plan to secure a local lithium supply chain for Europe.
Securing lithium supply chain in Europe
“We are encouraged to see exceptional high-grade lithium samples found on our JV projects and ground close to the company’s Wolfsberg Lithium Project,” European Lithium executive chair Tony Sage said.
“It provides further confidence to support our understanding of the prospectivity of the immediate project area and region.
