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DJ European Lithium Limited Quarterly Report

TIDMEUR

RNS Number : 7091X

European Lithium Limited

01 May 2019

European Lithium Ltd

("European Lithium", "EUR" or "the Company")

QUARTERLY ACTIVITIES REPORT AND APPENDIX 5B

FOR THE QUARTER ENDING 31 MARCH 2019

The Board of European Lithium Limited (ASX: EUR, FRA: PF8, VSE: ELI, NEX: EUR) (the Company) is pleased to present its activities report and Appendix 5B for the three months ending 31 March 2019. The ASX announcement can be seen at: https://www.asx.com.au/asx/share-price-research/company/EUR

SUMMARY OF KEY UPDATES

-- Dorfner/Anzaplan has built pilot plant to conduct the metallurgical test work and pilot processing

-- The drilling program has been planned and the drill rigs have been mobilised to convert the 10.98mt JORC resource into Measured and Indicated category

CORPORATE MATTERS

Financing Facility

As previously announced, the Company has a A$10m finance facility with MEF I, L.P. (Magna or Investor) to fast-track the completion of a DFS at the Wolfsberg Lithium Project in Austria.

An initial amount of A$2.5m was drawn down on 14 September 2018 and a further A$7.5m is available in tranches upon the Company meeting key milestones relating to the DFS.

The finance facility is by the issue of convertible securities in the Company. The convertible notes are convertible at any time by the Investor at the lower of A$0.30 or a 15% discount from the lowest VWAP over ten (10) days prior to the conversion date, provided that the conversion price shall not in any case be lower than A$0.08 (revised floor price).

During the quarter, Magna converted 652,458 notes. As at 31 March 2019, Magna had 988,042 convertible notes remaining.

Vienna Listing

As previously announced, the Company is investigating listing on the Prime Market of the Vienna Stock Exchange (VSE). The Company continues to explore options regarding the VSE listing.

Capital Movements

During the quarter, the Company issued the following securities:

-- 6 March 2019 - 1,938,531 shares issued to Magna upon conversion of 100,000 convertible notes

-- 13 March 2019 - 2,000,000 shares issued to Magna upon conversion of 102,458 convertible notes

-- 20 March 2019 - 4,854,540 shares issued to Magna upon conversion of 250,000 convertible notes

-- 29 March 2019 - 3,872,694 shares issued to Magna upon conversion of 200,000 convertible notes

-- 29 March 2019 - 1,000,000 shares issued upon the exercise of options ($0.10 each on or before 30 June 2020)

Appendix 5B Quarterly Report and Statement of Cash Flows

The ASX Appendix 5B quarterly report is attached to this report. The Company's Appendix 5B Quarterly Report covers the 3-month period from 1 January 2019 to 31 March 2019.

EXPLORATION AND DEVELOPMENT ACTIVITIES

Wolfsberg Lithium Project

Drilling

Preparation for the DFS drilling program has been completed to convert the Zone 1 10.98mt JORC resource into Measured and Indicated category. Applications for additional deep holes (>300m depth, stage 2) have been lodged with the relevant authorities. Approval is expected to be received in Q2/Q3 2019 after completion of the stage 1 shallow drill program.

Definitive Feasibility Study (DFS)

The drilling program has been planned and the drill rigs have been mobilised to convert the 10.98mt JORC resource into Measured and Indicated category. The Zone 1 drilling programme to increase the Measured and Indicated Resource would allow the DFS to be undertaken at the envisaged higher mining rate of max. 800,000tpa.

SRK Consulting (SRK) has completed the scope of work for the optimized mine design and increased declaration of mineral reserves, based on the PFS and current drilling program results when completed.

During the quarter, Dorfner/Anzaplan built the pilot testing plant and commenced the metallurgical test work to assess and optimize the process lines, flowsheets and layouts. This testing is to ensure a high-quality final product (LithiumHydroxide) is produced using the most efficient and competitive metallurgical processes from the beginning of the production cycle.

DRA Global is independently assessing and reviewing the metallurgical test work to complete the research in a timely manner.

Hydrogeology

The Company continues to monitor hydrogeological baseline activities as follows:

-- Weekly: measuring the water level in surface and underground measuring sides including drill holes and creeks

-- Monthly: measuring specific chemical and physical parameters (e.g., temperature, pH-value, conductivity, redox potential) at the surface and underground measuring sides

-- Quarterly: taking samples from the mine and surface water measuring sides and sending them to Agrolab, an Austrian lab specialized in water analysis. Agrolab is analyzing the samples based on the criteria of the Austrian drinking water ordinance

Data from the above activities is fed into a water measuring database from which an annual report is produced.

Environmental

No environmental work has been carried out in Q1/2019, due to the snow coverage during the European winter period.

Monitoring of water flows and quality from the mine have continued.

Product Marketing

The marketing study undertaken by Benchmark Minerals Intelligence as part of the PFS projected that lithium hydroxide prices in Europe would continue to increase from the present level to a peak in 2022 and then decline to stabilise. Taking recent global lithium industry developments into account, the strategy for the Company remains unchanged and focuses on the supply of lithium hydroxide to the nascent lithium battery plants of Europe. The Company is in discussion with a number of these regarding future off-take contracts and good progress has already been made in the advanced discussions with potential off-take partners.

Horizon 2020

As reported in Q4 2018, the Company's 100% owned subsidiary ECM Lithium AT GmbH (ECM) has been invited to participate in the European Union funded Horizon 2020 - GREENPEG programme. ECM has submitted its contribution papers in Q1 2019 as the first part of the two-stage submission process outlining suggested and planned works. In Q2 2019 will be a side-visit at the Wolfsberg Mine and Exploration area conducted by the project's leader group.

Tony Sage

Non-Executive Chairman

Competent Person's Statement

The information in this announcement pertaining to the Wolfsberg Lithium Project, and to which this statement is attached, relates to Project Development and Metallurgical Studies and is based on and fairly represents information and supporting documentation provided by the Company and its Consultants and summarized by Dietrich Wanke who is a Qualified Person and is a Member of the Australian Institution of Mining and Metallurgy (AusIMM) since 2006 with about 30 years' experience in the mining and resource development industry. Dietrich Wanke has sufficient experience, as to qualify as a Competent Person as defined in the 2012 edition of the "Australian Code for Reporting of Mineral Resources and Ore reserves". Dietrich Wanke consents to the inclusion in the report of the matters based on information in the form and context in which it appears. The company is reporting progress on project development and metallurgical results under the 2012 edition of the Australasian Code for the Reporting of Results, Minerals Resources and Ore reserves (JORC code 2012).

Tenement Status

The mining tenements held at the end of the quarter, acquired and disposed of during the quarter and their location:

 
                                                    Acquired      Disposed 
                                                     interest      interest       Interest 
                                                    during the    during the      at the end 
 Tenement reference            Location              quarter       quarter      of the quarter 
       104/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       105/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       106/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       107/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       108/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       109/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       110/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       111/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       112/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       113/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       114/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       115/96         Wolfsberg Project, Austria        -             -             100% 

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DJ European Lithium Limited Quarterly Report -2-

                     ---------------------------  ------------  ------------  ---------------- 
       116/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       117/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       118/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       119/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       120/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       121/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       122/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       123/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       124/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
       125/96         Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   370/11(611/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   371/11(612/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   372/11(613/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   373/11(614/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   374/11(615/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   375/11(616/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   378/11(619/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   379/11(620/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   380/11(621/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   381/11(622/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   382/11(623/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   383/11(624/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   384/11(625/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   386/11(627/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   387/11(628/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   388/11(629/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   389/11(630/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   390/11(631/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   391/11(632/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   392/11(633/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   394/11(636/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   395/11(637/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   396/11(638/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   397/11(639/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   398/11(640/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   400/11(645/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   401/11(646/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   402/11(647/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   403/11(648/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   408/11(648/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   409/11(641/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
   412/11(649/11)     Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 1        Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 2        Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 3        Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 4        Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 5        Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 6        Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 7        Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 8        Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 9        Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 10       Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
     Andreas 11       Wolfsberg Project, Austria        -             -             100% 
                     ---------------------------  ------------  ------------  ---------------- 
 

Mining exploration entity and oil and gas exploration entity quarterly report

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DJ European Lithium Limited Quarterly Report -3-

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

 
 Name of entity 
----------------------------------------------------- 
 EUROPEAN LITHIUM LIMITED 
 ABN                Quarter ended ("current quarter") 
---------------    ---------------------------------- 
 45 141 450 624     31 March 2019 
                   ---------------------------------- 
 
 
 Consolidated statement of cash                Current quarter   Year to date 
  flows                                             $A'000 
                                                                  (9 months) 
                                                                     $A'000 
 1.     Cash flows from operating 
         activities 
 1.1    Receipts from customers                              -              - 
 1.2    Payments for 
        (a) exploration & evaluation                   (2,295)        (3,676) 
        (b) development                                      -              - 
        (c) production                                       -              - 
        (d) staff costs                                      -            (1) 
        (e) administration and corporate 
         costs                                           (297)        (1,135) 
 1.3    Dividends received (see note                         -              - 
         3) 
 1.4    Interest received                                    8             32 
 1.5    Interest and other costs of                          -              - 
         finance paid 
 1.6    Income taxes paid                                    -              - 
 1.7    Research and development refunds                     -              - 
 1.8    Other (provide details if                            -              - 
         material) 
             - Promotion and marketing 
              related costs                              (107)          (339) 
             - Overseas listing fees                       (1)          (200) 
                                              ----------------  ------------- 
        Net cash from / (used in) 
 1.9     operating activities                          (2,692)        (5,319) 
-----  -------------------------------------  ----------------  ------------- 
 
 2.       Cash flows from investing 
           activities 
 2.1      Payments to acquire: 
          (a) property, plant and equipment                  -              - 
          (b) tenements (see item 10)                        -              - 
          (c) investments                                    -              - 
          (d) other non-current assets                       -              - 
 2.2      Proceeds from the disposal 
           of: 
          (a) property, plant and equipment                  -              - 
          (b) tenements (see item 10)                        -              - 
          (c) investments                                    -              - 
          (d) other non-current assets                       -              - 
 2.3      Cash flows from loans to                           -              - 
           other entities 
 2.4      Dividends received (see note                       -              - 
           3) 
 2.5      Other - Refund of costs                          293            293 
                                              ----------------  ------------- 
          Net cash from / (used in) 
 2.6       investing activities                            293            293 
-------  -----------------------------------  ----------------  ------------- 
 
 3.       Cash flows from financing 
           activities 
 3.1      Proceeds from issues of shares                     -              - 
          Proceeds from issue of convertible 
 3.2       notes                                             -          2,500 
          Proceeds from exercise of 
 3.3       share options                                   100            100 
          Transaction costs related 
           to issues of shares, convertible 
 3.4       notes or options                                  -           (83) 
 3.5      Proceeds from borrowings                           -              - 
 3.6      Repayment of borrowings                            -              - 
 3.7      Transaction costs related                          -              - 
           to loans and borrowings 
 3.8      Dividends paid                                     -              - 
 3.9      Other (provide details if                          -              - 
           material) 
                                              ----------------  ------------- 
          Net cash from / (used in) 
 3.10      financing activities                            100          2,517 
-------  -----------------------------------  ----------------  ------------- 
 
 4.       Net increase / (decrease) 
           in cash and cash equivalents 
           for the period 
          Cash and cash equivalents 
 4.1       at beginning of period                        3,044          3,258 
          Net cash from / (used in) 
           operating activities (item 
 4.2       1.9 above)                                  (2,692)        (5,319) 
          Net cash from / (used in) 
           investing activities (item 
 4.3       2.6 above)                                      293            293 
          Net cash from / (used in) 
           financing activities (item 
 4.4       3.10 above)                                     100          2,517 
          Effect of movement in exchange 
 4.5       rates on cash held                              (4)            (8) 
                                              ----------------  ------------- 
          Cash and cash equivalents 
 4.6       at end of period                                741            741 
-------  -----------------------------------  ----------------  ------------- 
 
 
 
 5.    Reconciliation of cash and           Current quarter   Previous quarter 
        cash equivalents                         $A'000            $A'000 
        at the end of the quarter 
        (as shown in the consolidated 
        statement of cash flows) to 
        the related items in the accounts 
 5.1   Bank balances                                    148                 49 
 5.2   Call deposits                                    593              2,995 
 5.3   Bank overdrafts                                    -                  - 
 5.4   Other (provide details)                            -                  - 
                                           ----------------  ----------------- 
       Cash and cash equivalents 
        at end of quarter (should 
 5.5    equal item 4.6 above)                           741              3,044 
----  -----------------------------------  ----------------  ----------------- 
 
 
 6.     Payments to directors of the entity and          Current quarter 
         their associates                                     $A'000 
        Aggregate amount of payments to these parties 
 6.1     included in item 1.2                                         41 
                                                        ---------------- 
 6.2    Aggregate amount of cash flow from loans                       - 
         to these parties included in item 2.3 
                                                        ---------------- 
 6.3    Include below any explanation necessary to understand 
         the transactions included in items 6.1 and 6.2 
-----  ----------------------------------------------------------------- 
 Director Fees paid to Directors (inclusive of GST) 
 
 
 7.     Payments to related entities of the entity       Current quarter 
         and their associates                                 $A'000 
        Aggregate amount of payments to these parties 
 7.1     included in item 1.2                                         64 
                                                        ---------------- 
 7.2    Aggregate amount of cash flow from loans                       - 
         to these parties included in item 2.3 
                                                        ---------------- 
 7.3    Include below any explanation necessary to understand 
         the transactions included in items 7.1 and 7.2 
-----  ----------------------------------------------------------------- 
 Payments included in item 7.1 are inclusive of GST and relate 
  to payments to Director-related parties for office occupancy 
  costs, professional services and the reimbursement of business 
  related travel and other expenses. 
 
 
 8.    Financing facilities available         Total facility      Amount drawn 
        Add notes as necessary for           amount at quarter    at quarter end 
        an understanding of the position            end               $A'000 
                                                  $A'000 
 8.1   Loan facilities                                       -                 - 
                                           -------------------  ---------------- 
 8.2   Credit standby arrangements                           -                 - 
                                           -------------------  ---------------- 
 8.3   Other (Magna convertible security)           10,000,000         2,500,000 
                                           -------------------  ---------------- 
 8.4   Include below a description of each facility above, including 
        the lender, interest rate and whether it is secured or 
        unsecured. If any additional facilities have been entered 
        into or are proposed to be entered into after quarter 
        end, include details of those facilities as well. 
----  -------------------------------------------------------------------------- 
 The Company has established a convertible note facility with 
  MEF I, L.P. Full terms and conditions of this facility are 
  included in the ASX announcement dated 7 September 2018. 
 
 
 9.    Estimated cash outflows for next     $A'000 
        quarter 

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DJ European Lithium Limited Quarterly Report -4-

 9.1   Exploration and evaluation           (1,375) 
 9.2   Development                                - 
 9.3   Production                                 - 
 9.4   Staff costs                                - 
 9.5   Administration and corporate costs     (455) 
 9.6   Other (Magna financing facility)       2,500 
 9.6   Other (Capital raising)                1,000 
 9.7   Total estimated cash outflows          1,670 
----  ----------------------------------- 
 
 
 10.    Changes in tenements   Tenement reference   Nature of interest   Interest        Interest 
         (items 2.1(b)          and location                              at beginning    at end 
         and 2.2(b) above)                                                of quarter      of quarter 
 10.1   Interests in           -                    -                    -               - 
         mining tenements 
         and petroleum 
         tenements lapsed, 
         relinquished 
         or reduced (a) 
-----  ---------------------  -------------------  -------------------  --------------  ------------ 
 10.2   Interests in           -                    -                    -               - 
         mining tenements 
         and petroleum 
         tenements acquired 
         or increased 
-----  ---------------------  -------------------  -------------------  --------------  ------------ 
 

Notes

1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

- END -

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

Visit the Company's website to find out more about the advanced Wolfsberg Lithium Project located in Austria.

For further information please contact:

 
 European Lithium Ltd     +61 861 819 792 
 Tony Sage                info@europeanlithium.com 
 NEX Corporate Adviser    +44 207 220 1666 
 James Joyce 
 James Sinclair-Ford 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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