European Lithium (ASX:EUR) announced financial results for the full-year ended 30 June 2022.

The principal activity of the Company during the financial year was Lithium exploration in Austria.

The Company reported a net loss of $12,319,670 for the financial year (2021: $3,964,922 net loss).

The directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend to the date of this report.

During the year there were no significant changes in the state of affairs of the Company other than as disclosed in this report or in the Financial Report.

On 4 July 2022, the Company advised that it has listed 173,076,970 options on the ASX under the code EUROB. The options have an excess price of $0.18 each and an expiry date of 31 March 2024.

On 7 July 2022, the Company issued 1,466,666 shares upon the exercise of options ($0.075 each expiring 31 July 2022).

On 31 July 2022, a total of 3,333,333 unlisted options ($0.075 each expiring 31 July 2022) lapsed.

On 1 August 2022, the Company issued 8,515,254 shares upon the exercise of options ($0.075 each expiring 31 July 2022).

On 5 August 2022, the Company announced that it had entered into a non-binding memorandum of understanding with European auto manufacturer BMW AG to secure the Company's first offtake of battery grade Lithium Hydroxide.

On 8 August 2022, the company issued 7,232,508 shares upon the exercise of options ($0.05 each expiring 31 July 2022) representing the shares underwritten by ADKSK Superfund Pty Ltd.

No other matters or circumstances have arisen since the end of the financial year which significantly altered or may significantly alter the operations of the Company.

The Company is aware of its environment obligations with regards to its exploration activities and ensures that it complies with all regulations when carrying out any exploration work.

Following the announcement the company?s share price rose 3.191%.