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European Metals highlights continued progress at Cinovec project

In an update for the three months ended June 30, 2020, the firm said during the period a €29.1mln investment in Cinovec by conglomerate CEZ Group was completed and project work will commence immediately

European Metals Holdings - European Metals highlights continued progress at Cinovec project

European Metals Holdings Limited (LON:EMH) (ASX:EMH) has highlighted “continued progress” at its Cinovec lithium and tin project in Czechia.

In an update for the three months ended June 30, 2020, the AIM-listed firm said during the period a €29.1mln investment in Cinovec by conglomerate CEZ Group was completed and project work will commence immediately, while a preliminary mining permit for the project has also been granted relating to the eastern part of the deposit for eight years.

WATCH: European Metals' Keith Coughlan hails agreement with KIC InnoEnergy for Cinovec

Post-period, EMH said it has appointed the German Institute for Asset and Equity Allocation and Valuation, one of the leading mining and resource focused European investment banking boutiques, as its Investor and Corporate Relations advisor in Europe.

The company is also in discussions with the Prague Stock Exchange regarding a proposed listing, adding that it has also arranged an interim funding facility to assist in financing new initiatives for ongoing operations.

EMH has also signed a value-added services agreement with KIC InnoEnergy, the principal facilitator and organiser of the European Battery Alliance, to support the sourcing of financing as well as offtake negotiations for the Cinovec project.

Shares in EMH were 3% lower at 16p in early deals on Friday.

Quick facts: European Metals Holdings

Price: 16.75 GBX

AIM:EMH
Market: AIM
Market Cap: £26.21 m
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European Metals back drilling at Cinovec to build confidence ahead of debt...

European Metals Holdings (LON:EMH) Keith Coughlan updates Proactive on developments at their Cinovec lithium project in the Czech Republic. The company has begun resource drilling at the Cinovec Lithium-Tin Project, with a total of 19 resource drill holes to be completed during the campaign...

2 days, 4 hours ago

2 min read