European Metals Holdings (LSE:EMH), in its quarterly results statement, highlighted that it had cleared two regulatory milestones for the Cinovec lithium project during the period.
It saw the firm lodge the full Environmental Impact Assessment for Cinovec, as well as obtaining regional rezoning, clearing two regulatory milestones tied to previously announced state and EU support worth up to EUR360 million.
The EIA was submitted on 31 December and the rezoning was approved by the regional assembly on 10 February, with Geomet s.r.o., the vehicle that holds the Cinovec licences (49% owned by EMH and 51% by CEZ), driving the applications, the company said. The submission completes the two‑stage EIA process, supports the outcomes of the December DFS and satisfies a key condition of the EU Just Transition Fund grant.
The rezoning defines mining and processing areas, utility corridors, material storage and treatment at the Prunéřov processing site and tailings management in the DNT mining area, following extensive public consultation since March 2022.
During the quarter, EMH completed a placement to raise approximately A$3.46 million before costs via the issue of 10.81 million shares, receiving A$3.23 million net to be applied to Cinovec development and general working capital.
There were no Cinovec‑related cash outflows in the quarter, total cash at 31 March was $1.77 million, and payments to related parties totalled approximately $206,000 with part to be reimbursed by Geomet.
The DFS underpins a long‑life, large‑scale operation with steady‑state production of ~37,500 tpa battery‑grade lithium carbonate, a Proven and Probable Ore Reserve of 54.4Mt at 0.58% Li2O covering the first 26 years, and a total resource set equivalent to 7.45 million tonnes LCE.
CEZ, EMH’s majority partner via SDAS, is a leading Czech energy group active in generation, distribution, e‑mobility and plans for energy storage and battery projects across Central Europe.
