European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTC:EMHLF) reported narrower interim losses as the company continued to advance the Cinovec lithium/tin project in the Czech Republic.
It noted that the Coronavirus (COVID-19) pandemic had a negative impact on the project’s timelines.
“Travel logistics globally have improved since the end of the period, however it is difficult to estimate the ongoing potential impact,” the company said.
Losses for the six months to end-December 2021 shrank to A$1.95mln (£1.08mln) from A$2.32mln in the year-earlier period. The company’s only revenue so far comes from providing services for the development of Cinovec.
Since the year end, European Metals has announced an updated preliminary feasibility study for Cinovec and a capital raising of about A$14.4mln.
READ: European Metals hails 'outstanding' update to Cinovec feasibility study
The company also noted that the economic viability of Cinovec has been enhanced by the recent strong increase in lithium and tin prices.