FY2021
Exploration resumes
Wolfsberg work resumed after pandemic disruption; Austrian lithium interests were expanded.
ASX: EUR · Five-year financial review
(ASX: EUR) European Lithium Financial Review - FY2021~25
European Lithium’s FY2021-FY2025 accounts span Wolfsberg development, the CRML Nasdaq business combination and new project interests. Cash growth, large accounting losses and derivative liabilities tell different stories; this review keeps those boundaries visible.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 cash
A$20.021m
Not including restricted deposits.
Restricted balances
A$23.661m
Separate from cash equivalents.
Group loss
A$96.791m
Contains substantial non-cash expenses.
Warrant liability
A$62.452m
Fair-value liability, not cash debt.
Five years in context
The early period centred on Wolfsberg exploration and feasibility work. The March 2023 DFS and the later CRML combination expanded the corporate funding structure without establishing a five-year commercial production record.
CRML remains within these consolidated accounts. Tanbreez is described as jointly controlled, while the Leinster acquisition used shares: ownership headlines must not be substituted for cash investment or operating revenue.
Events behind the numbers
FY2022
Cash buffer grows
Net financing inflow built a larger cash balance ahead of later project and transaction spending.
FY2023
DFS and combination agreement
Wolfsberg feasibility work advanced alongside the proposed Sizzle combination.
FY2024
CRML listing
The Nasdaq business combination changed the consolidated group; the next report restated warrant accounting.
FY2025
More interests, more obligations
Leinster was acquired using CRML shares while warrant liabilities and funding requirements remained material.
FINANCIAL REVIEW / 01
Cash availability is narrower than the asset story
The large restricted balances need to stay separate from ordinary cash. Consolidated equity also includes non-controlling interests; it is not a valuation of EUR shareholders’ listed CRML stake.
Available and restricted balances
A$ million
Cash and equivalentsRestricted cash and other deposits
AI-generated presentation · values from Cash, restricted balances and equity; no missing values plotted as zero.
Cash, restricted balances and equity
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and equivalents | 5.422 | 33.001 | 13.145 | 5.779 | 20.021 |
| Restricted cash and other deposits | 0.031 | 0.029 | 0.082 | 22.565 | 23.661 |
| Total consolidated equity | 42.568 | 78.551 | 66.304 | 8.445 | 174.264 |
Restricted balances are not freely available cash. Equity includes non-controlling interests. FY2024 equity uses the restated comparative.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Financing supports a larger consolidated cost base
FY2025 financing inflow exceeded net operating and investing outflows. Historical operating/investing classifications changed in the retained comparative records, so those two lines should be read together rather than as evidence of a clean efficiency trend.
Three cash-flow categories
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Operating, investing and financing cash; no missing values plotted as zero.
Operating, investing and financing cash
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (2.561) | (12.356) | (2.571) | (20.770) | (24.832) |
| Net investing cash flow | (3.239) | (0.608) | (11.498) | 6.017 | (4.020) |
| Net financing cash flow | 10.926 | 40.553 | (5.805) | 7.823 | 42.888 |
FY2022 uses the FY2023 comparative and FY2023 uses the FY2024 comparative. Their operating/investing classifications differ from the original extractions; no claim is made that the original differences are fully resolved.
Restricted-cash movements and foreign exchange prevent treating this chart as a complete cash bridge.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Accounting losses, project costs and funding uncertainty
FY2025 loss includes A$49.072m share-based payments and A$14.497m exploration impairment. Accrued CRML legal fees also differ from immediate cash payments. The restated FY2024 loss is used, not the original warrant valuation.
The auditor identified a material going-concern uncertainty. Proposed subscription capacity and a non-binding offtake letter are not drawn funding or realised sales.
The October 2025 Tanbreez amendment is a subsequent event with approval conditions; it is not backdated to June ownership.
Consolidated net loss
A$ million
Consolidated loss after tax
AI-generated presentation · values from Consolidated loss across a changed group; no missing values plotted as zero.
Consolidated loss across a changed group
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Consolidated loss after tax | (3.965) | (12.320) | (12.209) | (200.278) | (96.791) |
FY2024 is restated for the warrant fair-value measurement correction. The CRML business combination changes group composition; these are not like-for-like mine operating results.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 liability structure
A$ million
| Metric | FY2025 |
|---|---|
| Trade and other payables | 27.798 |
| Short-term loan | 1.902 |
| Warrant liability | 62.452 |
| Total current liabilities | 92.240 |
| Non-current offtake prepayment | 22.894 |
| Total liabilities | 115.156 |
Components and totals are not additive. Warrant fair value is not equivalent to cash principal borrowed.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2022 and FY2023 original versus comparative cash-flow classifications remain a disclosed extraction issue; later comparative records are selected explicitly.
- CRML consolidation, non-controlling interests, joint control and post-year-end Tanbreez changes are distinct boundaries.
- No mineral valuation or implied cash proceeds are derived from share consideration or facility limits.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. Primary-author review, not an independent original-document audit; published.
Annual-report source registry
- European Lithium - Annual ReportExisting annual extraction, including separately identified historical comparatives.
- European Lithium - Annual ReportExisting annual extraction, including separately identified historical comparatives.
- European Lithium - Annual ReportExisting annual extraction, including separately identified historical comparatives.
- European Lithium - Annual ReportExisting annual extraction, including separately identified historical comparatives.
- European Lithium - Annual ReportExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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