European Lithium Ltd has secured A$2 million from institutional and sophisticated investors to progress the development of its recently acquired Leinster lithium project in Ireland, including sampling and drilling activities.
Chairman Tony Sage expressed enthusiasm about the new investment, stating, “We are pleased to welcome European investors with a proven track record in battery-related investments to our share registry. We look forward to advancing our development milestones at Wolfsberg and our newly acquired Leinster Lithium Project. This progress is crucial for the European Union’s efforts to establish sustainable supply chains for the critical minerals that are essential to its future.”
The funds were raised through a placement at A$0.0425 per share, reflecting a 17% discount to the 5-day volume-weighted average price (VWAP) of A$0.0512 per share. Evolution Capital Pty Ltd acted as the lead manager for the placement.
Advancing the Leinster lithium project
The acquisition of the Leinster lithium project, finalized two weeks ago, is part of European Lithium’s broader strategy to build a strong portfolio of critical mineral projects in Europe, contributing to the EU’s push for sustainable supply chains vital to a low-carbon economy.
The project encompasses two key areas south of Dublin: the North Leinster Block, covering 477 square kilometers with 15 prospecting licenses, and the South Leinster Block, covering 284 square kilometers with eight licenses. The project is strategically located within the Leinster Granite Massif, a region known for lithium-bearing spodumene pegmatites, and shares a tectonic zone with the Blackstairs lithium project, a joint venture between Ganfeng and International Lithium Corp.
