The European Lithium Ltd (ASX: EUR) share price has soared into the green during this afternoon's session.
Today's gain comes after an update from the European lithium exploration company regarding its Austrian drilling program.
Let's investigate further.
Image source: Getty Images
What did European Lithium release?
Firstly, European Lithium delivered the update to its Wolfsberg Lithium Project via an investor presentation.
The release detailed results from the company's recently completed pre-feasibility study (PFS), amid other progress points.
European Lithium explained it had several positive findings from the PFS. For instance, the project now has a net present value (NPV) of US$339.4 million, "based on JORC compliant resource" at almost 11 million tonnes.
Moreover, as a "key investment highlight" from the report, European seeks to be "the first local lithium supplier into an integrated European battery supply chain".
In addition, production is "anticipated to commence (in) 2023", potentially leading the company to be "the first battery-grade lithium producer in Europe", as per the release.
Regarding its sustainability and clean energy obligations, European stated:
(European Lithium is) Setting the highest standards to fuel a sustainable future of European electromobility and storage systems, committed to use of cutting-edge technology, for clean production.
Investors are buying the company's shares in droves following the announcement, pushing the European Lithium share price well into the green.
To illustrate, European Lithium shares are at the time of writing exchanging hands at 8.4 cents apiece, up 29.23%.
European Lithium share price snapshot
The European Lithium share price has posted a year to date return of 80%, extending the previous 12 month's climb of 72%.
As a result, these results have outpaced the S&P/ASX 200 Index (ASX: XJO)'s return of around 25% over the past year.
