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European Lithium Ltd ASX:EUR

1 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20 Apr 2026 to today

Commentary Showing 2 of 3

DateManagerActionSummary

21 Jul 2026Raper CapitalInitiatedRaper Capital states it has taken a position in European Lithium, viewing it as a near-busted merger trading not far from cash backing where the manager believes investors get paid in most states of the world. The announced all-scrip acquisition by Critical Metals Corp, struck at an implied ~58c per EUR share, is now worth only ~32c per share at current CRML prices, versus a standalone sum-of-the-parts in the mid/high 40c range, of which around 18c per share is hard net cash. The manager argues Critical Metals needs the deal far more than European Lithium does, since it is effectively acquiring EUR's ~A$306mm cash pile to fund development of its Tanbreez rare earths project in Greenland, and expects either a recut deal at materially better terms or, if the deal breaks entirely, a capital return via a restarted buyback under pressure from a disgruntled register.

Rare EarthsArticle, price recorded $0.27

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1 May 2026Raper CapitalInitiatedRaper Capital initiated a position in European Lithium Ltd because the stock is trading at approximately 42 cents against a sum-of-the-parts valuation of approximately 92 cents — comprising net cash of approximately 18 cents per share, listed investments of approximately 1 cent, a 37.5% stake in Critical Metals Corp valued at approximately 47 cents, a direct 7.5% stake in the Tanbreez project worth approximately 17 cents, and the Wolfsburg project in Austria estimated at a further contribution. Raper Capital notes the current scheme offer of 0.035 Critical Metals Corp shares per European Lithium share implies consideration of approximately 61 cents, and views the spread to terms — currently approximately 32% — as reflecting the unhedgeable nature of Critical Metals Corp, while believing Critical Metals needs the deal more than European Lithium given the latter has nearly 20 cents per share in net cash. The fund is partially hedging exposure by selling three-month calls on Critical Metals Corp.

Critical MineralsPost, price recorded $0.43

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Articles

21 Jul 2026European Lithium's Merger Trades Well Below Its Sum-of-the-Parts Value

About European Lithium Ltd

Materials, Metals and Mining

European Lithium (ASX:EUR), a lithium developer with a large stake in Critical Metals Corp, is seen by fund managers as a special situation. In July 2026, Raper Capital described European Lithium as a near-busted merger trading not far from its cash backing, where it believes investors get paid in most scenarios. In May, Raper said it held a medium-sized position pending a merger with Critical Metals Corp, acknowledging it is more speculative than usual. Phoenix Growth Fund bought in for its strong cash backing, noting European Lithium and Critical Metals Corp announced a merger in April. European Lithium operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 3 comments from 2 fund managers, Raper Capital and Phoenix. Founded in 2010 and headquartered in Perth, European Lithium holds a large shareholding in Nasdaq-listed Critical Metals Corp, which owns the Wolfsberg lithium project in Austria and the Tanbreez rare earths project in Greenland.

Market cap: $591m
Price to earnings: 0.6x
Return on equity: 146.3%
Dividend yield: 0.0%
Price to book: 0.50x
Net margin: 116274.7%
52-week range: $0.14 to $0.50

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in European Lithium Ltd (ASX:EUR)?

Fund managers including Raper Capital and Phoenix Growth Fund have invested in European Lithium Ltd (ASX:EUR).

What opportunities or catalysts do fund managers highlight for European Lithium Ltd?

Raper and Phoenix highlight strong cash backing relative to market value and the proposed merger with Critical Metals Corp, offering favourable outcomes in most scenarios.

What are the key risks to the European Lithium Ltd investment thesis, according to fund managers?

Raper describes the merger as near-busted and the position as speculative, with value dependent on Critical Metals Corp's share price.

What does European Lithium Ltd (ASX:EUR) do?

European Lithium Ltd. is a mining exploration and development company focused on the Wolfsberg Lithium project. Founded on March 10, 2010, the company is headquartered in West Leederville, Australia. This profile provides a concise overview for investors reviewing company commentary, with emphasis on European Lithium Ltd., lithium exploration, and development activities.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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