European Metals Holdings Limited (ASX and AIM: EMH, OTCQX: EMHXY/EMHLF) (“European Metals” or the “Company”) is pleased to announce that, subject to completion of administrative processes, Geomet s.r.o. has been informed it has been awarded a grant of up to EUR 360 million (AUD 645 million) under the “Strategic Investments for a Climate-Neutral Economy” programme (the “Programme”), administered by the Ministry of Industry and Trade of the Czech Republic for the development of the Company’s flagship Cinovec Lithium Project (“Cinovec” or “Project”).
The Programme is designed to support significant investments in the production and expansion of equipment, key components, and critical raw materials essential for the transition to a climate-neutral economy. The Programme is aligned with the European Commission’s Temporary Crisis and Transition Framework and aims to accelerate economic development and investment in strategic sectors.
The final amount of the monetary grant will be confirmed upon formal award and may be less than the maximum amount of EUR 360 million.
Executive Chairman, Keith Coughlan, said:
“This is a transformational milestone for European Metals and the Cinovec Project. The Czech Government’s award of a grant of up to EUR 360 million represents one of the largest direct project-level funding commitments to a critical raw materials project within the European Union. Following the previously detailed formal recognition of the Project, the approval of such a significant financial contribution clearly demonstrates the support for and importance of Cinovec in the future of European electromobility.
Coming at a time of renewed positive outlook for lithium and strong geopolitical commitment to Critical Raw Material supply chain security, the grant confirms the significant support at both Czech Government and European Union levels.”
To view the full announcement, visit:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03029930-6A1299887
About us:
Cinovec Lithium Project
Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O containing a combined 7.39 million tonnes Lithium Carbonate Equivalent (refer to the Company’s ASX/ AIM release dated 13 October 2021) (Resource Upgrade at Cinovec Lithium Project).
An initial Probable Ore Reserve of 34.5Mt at 0.65% Li2O reported 4 July 2017 (Cinovec Maiden Ore Reserve – Further Information) has been declared to cover the first 20 years mining at an output of 22,500tpa of lithium carbonate (refer to the Company’s ASX/ AIM release dated 11 July 2018) (Cinovec Production Modelled to Increase to 22,500tpa of Lithium Carbonate).
This makes Cinovec the largest hard rock lithium deposit in Europe and by far the largest hard rock lithium deposit in the European Union.
Contact details:
David Tasker
Chapter One Advisors
M: 0433 112 936
