European Energy Metals announced it has submitted applications for two Exploration Licenses ("EL's") covering an area of 4,550 hectares within the 11,690 hectare (ha) Nabba Reservation. The Nabba EL (2,812 ha) and Nabba 2 EL (1,738 ha) are located on the northern half of the Nabba Reservation and adjacent to the Keliber Projects of Sibanye-Stillwater. Under an Exploration License or EL, the Company would be permitted to undertake more advanced exploration such as detailed base-of-till (BoT) sampling, trenching and diamond drilling.

An estimated EUR600 million investment by Keliber's parent company Sibanye-Stillwater Limited in partnership with the Finnish Minerals Group is underway and will see the development of open-pit and underground mining from several deposits, construction of a central Spodumene Concentrator Plant and a Lithium Hydroxide Chemical Plant at tidewater in Kokkola. When completed, this complex will comprise a complete hard-rock spodumene pegmatite lithium supply chain. The Nabba ELs lie <8 km west of Keliber's Spodumene Concentrator plant and several previously known Li-spodumene pegmatite prospects/deposits occur within 1 km of the Nabba licences, including the Emmes Deposit which hosts NNW-SSE trending Li-bearing, spodumene pegmatites, and a resource of 1.08 Mt grading 1.22% Li2O (Geological Survey of Finland).

The Nabba EL's also cover historical Base of Till ("BoT") lithium anomalies which are interpreted by the Company to be relatively close to source. Pursuant to an earn-in agreement with Capella Minerals Ltd., European Energy has the right to earn an 80% interest in the Finnish Pegmatite Project by issuing 1,750,000 shares, paying CAD 500,000 and incurring CAD 2,500,000 dollars in exploration expenditures staged over a 4 year earn in period. A detailed assessment of the historic and government exploration data compiled by the Finnish Geological Survey ("GTK") identified a series of permissive tracts for LCT pegmatites.

The concessions comprising the Finnish Pegmatite Project were identified as a result of this pegmatite research.