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2026-11-06
◂ Monitor EUR ASX

European Lithium Limited

Scoping Study Developer · Rare Earths · Lithium · GL Rating locked: sign in to view v8.1 · eur-20261102t225752-full
Last 2026-11-05
A$0.39
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$678.2M
EV
A$381.7M
Cash
A$296.5M
Debt
A$0
1 newer ASX announcement not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$296.5M Not Meaningful
Debt A$0 Net cash A$296.5M
Basic shares 1.7B 2026-09-30
Runway Not Meaningful Holding company with no operating cash costs beyond corporate overheads of about A$1.3m a quarter; runway is not a meaningful measure while cash exceeds A$296m. The September quarter was a net cash inflow of about A$0.2m, including A$4.7m of interest.

Liquidity

Financial position

Cash of A$296.49m at 30 Sep 2026 (Appendix 5B) with no debt. Scheme implementation does not require cash from EUR; the scheme needs net cash and liquid assets of at least A$330m under the SID, which the company should check against A$296.5m cash plus A$21.6m listed holdings. The schemes became effective on 27 Oct 2026, which requires the conditions to be satisfied or waived.

Capital structure

Ownership and dilution

Ordinary shares
1.7B
Fully diluted
2B

Shares: 1,725,640,096 at 30 Jun 2026 (note 23) + 12,464,234 EUROC and 784,739 unlisted option exercises in the quarter to 30 Sep 2026 = 1,738,889,069. Options at 30 Sep 2026 per the FY26 note 25 table less exercises in the quarter. Performance rights (directors and consultants, note 25) are excluded from fully diluted shares pending their cancellation or conversion under the scheme; the treasury method is not applied, all options are counted with exercise proceeds added in the bridge.

Security classes3
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares (1,725,640,096 at 30 Jun 2026 plus 13,248,973 issued in the Sep quarter)Ordinary Share1.7B——
Listed options EUROC, exercisable A$0.10, expiring 30 Apr 2027 (242,327,782 at 30 Jun less 12,464,234 exercised in quarter)Option229.9MA$0.12027-04-30
Unlisted options exercisable A$0.08, expiring 31 Dec 2026 (3,133,250 at 30 Jun less 784,739 exercised in quarter)Option2.3MA$0.082026-12-31

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-04-01BuybackOrdinary SharesA$4.4M24M—CompletedFY26 share buy-back of 23,955,240 shares for A$4.43m, cancelled in FY26. Final buy-back notice on 16 Oct 2026 reports nil bought in the period after 30 Sep 2026.on-market, not disclosed in documents read

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-30

Arrangements that change EUR's economics as disclosed in the FY26 annual report and the Oct 2026 quarterly: the CRML scheme and the Velta acquisition and debt position.

Court-approved schemes for CRML to acquire all EUR shares and listed options. EUR shareholders receive 0.045 CRML shares each. EUR is suspended and the schemes are effective, with implementation on 5 Nov 2026 subject to remaining conditions.

Other · Conditional
Counterparties
Critical Metals Corp
Applies to
Tanbreez rare earth project (7.5% direct interest) · Rare Earths
Economic direction
Mixed
Period
From 2026-10-27; no end date stated
Key terms
Share consideration: 0.04 CRML shares per EUR share
Implementation date: 2026-11-05 date
How it affects our valuation

No valuation treatment is available for this arrangement.

EUR holds a secured creditor claim over Velta PCC after assignment of the Velta debt on 21 Aug 2026, and has advanced loans to Velta. The acquisition of the Velta equity is pending and not valued as completed.

Other · Conditional
Counterparties
Velta Holding US Inc · Velta Production & Commercial Company LLC
Applies to
Company-wide · Others
Economic direction
Benefit
Period
2026-01-27 to 2027-03-01
Key terms
Secured debt purchased: 21 USD million
Shareholder loans advanced: 15.6 AUD million
How it affects our valuation

No valuation treatment is available for this arrangement.