European Energy Metals announce that it has entered into an amended agreement with Capella Minerals Ltd. to now acquire a 100% interest in the lithium Finnish Pegmatite Project. Whereas the Project was currently subject to a two stage 51/80% earn-in agreement (the "Earn-In Agreement") between the Company and Capella, the Purchase Agreement replaces the Earn- In Agreement in its entirety, and, upon completion of the transaction, the Company will hold a 100% interest in the project with no further commitments due to Capella. The Project covers approximately 2,500 km2 within geological terrane that hosts numerous spodumene pegmatite prospects and deposits and is at the center of the development of a 700 million Euro hard rock lithium supply chain complex by Keliber Oy and its parent Sibanye-Stillwater Inc. The company's recently granted Nabba Exploration Licences occur less than 10 km from Keliber's Spodumene Concentrator Plant.

The 2023 inaugural exploration season saw the discovery of multiple occurrences of lithium bearing spodumene pegmatite mineralization. The highlight was the discovery of the Kyrola Prospect, a 350m long by 110m wide spodumene-bearing boulder field, where 49 rock chip grab samples assayed from 3.84% Li2O to 0.003% Li2O, with 15 of the 49 samples returning grades in excess of 0.50% Li2O (Li2O = lithium oxide). The extent of the boulder field is constrained only by low-lying overburden covered areas and farm fields.

The mean assay of these samples was 0.53% Li2O. Fifteen samples assayed greater than 0.50% Li2O, eleven assayed greater than 1.00% Li2O, 4 assayed greater than 2.00% Li2O and 1 assayed greater than 3.00% Li2O. It is interpreted that based on glacial history of the area the boulders have only been transported 300-500 m from source.