European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) rocketed in Monday’s early deals after announcing final approval for a $36 million (CZK 800 million) grant from the European Union’s Just Transition Fund.
The grant funding for the Cinovec Project in the Czech Republic, remains subject to submission of an environmental impact assessment (EIA) by 31 December 2025 and its approval by 30 June 2026.
The Cinovec Project is designated as a strategic deposit by the Czech government, and under the EU Critical Raw Materials Act is a strategic project.
“The grant funding will be utilised to fast track a number of critical path items with regards to the Cinovec project,” said executive chair Keith Coughlan.
This confirmation builds on recent project momentum, and is another clear indicator of the support the European Union and the Czech government is willing to provide to assist in getting Cinovec into production in the timeliest manner possible."
Reaching 15p in opening deals, European Metals added around 50% - before coming back somewhat.
At 13p, the price was up 2.5p or 23.8% after an hour of trade.