European Lithium Ltd (ASX:EUR) chairman Tony Sage has recently increased his shareholding in the company.
Sage recently purchased 509,181 shares increasing his total interest in the company to over 7.1 million shares.
READ: European Lithium’s new CEO will guide transition to near-term lithium producer
The company aims to become Europe’s first lithium producer through the development of the Wolfsberg Lithium Project in Austria.
PFS values Wolfsberg at up to $441.9 million
Last month, results from a pre-feasibility study into a mining operation at Wolfsberg assigned a pre-tax net present value (NPV) of up to $441.9 million.
Notably, the valuation was based on only the measured and indicated resource of 6.3 million tonnes at 1.17% lithium oxide.
READ: European Lithium's PFS shows Wolfsberg's economic viability and demonstrates upside
A definitive feasibility study is expected to commence in the September quarter, which could potentially evaluate mining a significantly larger lithium resource.