European Lithium Ltd (ASX:EUR), a mining exploration and development company that holds 100% ownership of the Wolfsberg Lithium Project in Austria, will list its securities on the US OTC market in October 2021 under the symbol EULIF.
The company is advancing the Wolfsberg project in the heart of Europe to enable self-sufficiency in the supply of natural resources for one of the largest markets in the world.
EUR is nearing the end of a Definitive Feasibility Study (DFS) for the Wolfsberg Project, with assay results expected to be released around the time of its OTC listing.
OTC listing opens door to US market
Following the company’s successful $6.5 million placement in August, European Lithium’s plans to list its securities on the Over the Counter (OTC) US market, a decentralised market involving the trading of shares directly between two parties rather than through a central exchange or broker, are coming to fruition.
“After the success of our Frankfurt listing to increase our European shareholder base we anticipate the OTC listing will open the door to the huge and sophisticated US market.” Chairman, Tony Sage said.
Read: European Lithium raises A$6.5 million to finalise Wolfsberg DFS
“The lithium space is very active.”
EUR looked to have picked the right time to expand its market footprint.
“I’m excited and impressed with the progress we have achieved given the difficulties experienced due to the Covid-19 pandemic over the past 20 months. We are nearing the end of the DFS process and look forward to the construction phase,” European Lithium CEO, Dietrich Wanke said.
“The Company continues to engage with relevant stakeholders regarding the development of the project that includes various European banks to discuss project financing. The lithium space is very active, and the Company is regularly approached with further opportunities to increase our lithium footprint in Europe.”
EUR announced the completion of the resource extension drill program on August 16, 2021. All core samples have been sent for independent analysis at ALS Ireland’s laboratory. Preliminary results were excellent, returning pegmatite intersections up to 1.91 metres of true thickness with up to 2.4%$ Li2O.
With these results, the company is confident it will reach its goal of updating the Wolfsberg resource to 11 million tonnes at 1% Li2O.
Read: European Lithium’s strong Wolfsberg drilling results set stage for resource increase
DFS report on track to release end Q1 2022
European Lithium’s technical consultants, DRA, have confirmed that the final DFS report is on track to be completed and delivered by the end of Q1, 2022.
The company has continued to process bulk-mined ore from the Project through the purpose-built pilot processing plant built in conjunction with Dorfner Anzaplan’s at their facilities in Germany. Results from ongoing Locked Cycle Tests are as expected and the company will use them as an essential part of its Quality Assurance and Quality Control process.
EUR shares have been as much as 9.6% higher this morning to A$0.115 while the market cap before opening was approximately $109.9 million.