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European Metals

Quarterly Activities/Appendix 5B Cash Flow Report

European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) (“European Metals” or the “Company”) is pleased to provide an update on its activities during the three-month period ending 31 March 2023 highlighting the continued progress in the development of the globally significant Cinovec Lithium/Tin Project (“the Project” or “Cinovec”) in the Czech Republic.

During the reporting period, the Company made two very significant announcements with respect to the delivery of the Cinovec Project.

Firstly, European Metals was pleased to announce that the Cinovec Project had been declared a Strategic Project by the Just Transition Fund (‘JTF’) (refer to the Company’s ASX and AIM announcement dated 30 January 2023) (European Union’s Just Transition Fund approves Cinovec as a Strategic Project). Geomet s.r.o (the Cinovec project company) will apply for JTF Grant funding for the maximum amount of CZK 1.2bn (approximately €49m).

Secondly, European Metals announced the appointment of DRA Global Limited (“DRA”) to complete the Definitive Feasibility Study (“DFS”) for the Cinovec Project in the Czech Republic (refer to the Company’s ASX and AIM announcement dated 2 February 2023).

DRA is a recognised leader in the delivery of lithium projects globally with over 30 years’ experience in the development and execution of projects. DRA has the necessary capacity, expertise and track record to deliver the Cinovec DFS in a timely and efficient manner and will be working to build on all of the optimisation work that the Cinovec team completed over the course of 2022 with a view to completion of the DFS in Q4 2023.

DRA’s appointment for this vital piece of project development work is testament to both the Company’s and its joint-venture partner CEZ s.a. commitment to, and the tremendous prospectivity and value of, the Cinovec Project. The Cinovec Project’s in-house team continue to work closely with DRA to develop and finalise the DFS.



In accordance with the ASX Listing Rules, the Company will also today lodge its cashflow report for the quarter ended 31 March 2023. Included in those cashflows is a cash outflow for Cinovec associated costs of $130k in respect of the Company’s investment in the Cinovec Lithium Exploration Project in the Czech Republic (“the Project”).

The Company’s total cash is in excess of AUD 16 million as at 31 March 2023.

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This article includes content from European Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.


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