European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) shares jumped 9% after the Czech government designated its Cinovec lithium project as a "strategic deposit" - a move expected to speed up development.
The new status streamlines permitting and approvals, reducing red tape and accelerating key processes such as environmental impact assessments.
Cinovec, Europe's largest hard rock lithium deposit, is seen as crucial for the EU’s push for greater energy security and a local supply of battery materials.
The designation is in lock-step with the European Union’s Critical Raw Materials Act, which prioritises key resources for green technologies.
Chairman Keith Coughlan said the decision confirms the project’s importance to the Czech government, the European car industry, and the broader green transition. The news boosts confidence in Cinovec’s path to production.
In early trading, the shares were up 0.51p at 6.26p.