The Board of European Lithium Limited announced that it has agreed to drawdown a further AUD 2 million from its existing finance facility with Winance Investment LLC (Winance) (Finance Facility). Funds received under the drawdown will be used to progress the Company's definitive feasibility study on its Wolfsberg lithium project (anticipated to be $1,565,000 in the forthcoming quarter) and for general working capital (anticipated to be $435,000 in the forthcoming quarter). The Company intends to repay notes issued under the drawdown through either conversion and/or further equity and/or debt raisings. The drawdown is independent of debt funding introduced by H120 AG (in corporation) late last year. The Company has yet to draw on the H120 AG loan as outstanding security issues relating to the loan require finalisation. The company have been informed that a legal advisor in Australia has been appointed to complete the security agreement, and that it is intended that drawdown will be due within the next months.

The Company announced that Mr. Tim Turner is appointed as a Non-Executive Director of the Company to commence on 4 March 2020. Mr. Turner is the senior partner of accounting and advisory Firm, HTG Partners. Mr. Turner heads the audit and assurance division and is responsible for the issue of audit opinions for self-managed superannuation funds through to full reporting entities. He also has in excess of 30 years' experience in business development, structuring and general business consultancy. Mr. Turner also sits on the Board of Cape Lambert Resources Limited. Mr. Stefan Müller has resigned and the Board would like to take this opportunity to thank Stefan for his service to the Company since his appointment.