European Lithium (EUR) H2 2025 earnings summary

Executive summary

• Achieved significant progress in project portfolio, including completion of the Leinster Lithium Project acquisition in Ireland and expansion of equity stakes in emerging battery metals developers.

• Monetised a portion of CRML holdings, raising US$8.425m, while retaining a ~60% stake valued at A$671m as of September 2025.

• Advanced the Tanbreez rare earths project in Greenland, with a US EXIM Bank LOI for up to US$120m in non-dilutive funding and robust scoping study economics.

• Progressed downstream strategy with a JV in Saudi Arabia for a lithium hydroxide plant and received a US$15m prepayment from BMW under a long-term supply agreement.

Financial highlights

• Reported net loss of $96.8m for FY25, a significant improvement from the restated $200.3m net loss in FY24.

• Share-based payment expense surged to $49.1m (FY24: $1.2m), mainly due to CRML securities issuance and vesting.

• Exploration expenditure impairment of $14.5m (FY24: nil), primarily related to the Leinster and Austrian Lithium Projects.

• Finance expenses dropped to $1.1m (FY24: $45.7m), and gain on fair value of warrants was $76.5k (FY24: $31.5m loss).

• No dividends declared or paid.

Outlook and guidance

• Targeting completion of a Definitive Feasibility Study for Tanbreez by end of 2025, with potential development funding from US EXIM Bank.

• Ongoing progress on the Saudi lithium hydroxide plant JV, supporting downstream integration and BMW offtake.

• Continued optimisation of CRML holdings and project portfolio to maintain funding flexibility and long-term value.

• Strategic investments in CLE, CUF, and MOM to broaden exposure to battery metals and resource development.