TIDMEMH
RNS Number : 7297H
European Metals Holdings Limited
31 July 2023
For immediate release
31 July 2023
QUARTERLY ACTIVITIES REPORT - June 2023
European Metals Holdings Limited (ASX & AIM: EMH, OTCQX:
EMHXY, ERPNF and EMHLF) ("European Metals" or the "Company ") is
pleased to provide an update on its activities during the
three-month period ending 30 June 2023 highlighting the continued
progress in the development of the globally significant Cinovec
Lithium/Tin Project ("the Project" or "Cinovec") in the Czech
Republic.
The quarter has been a significant one in the ongoing
development of the project, highlighted by a site visit from the
Czech Prime Minister, further excellent results from ongoing test
work and securing the land required to build the lithium processing
plant.
Subsequent to the quarter end, the Company secured a strategic
investment from the European Bank for Reconstruction and
Development ("EBRD").
Visit by Prime Minister Fiala
In mid-May, Czech Republic Prime Minister, Petr Fiala visited
the Cinovec Project, accompanied by executives from CEZ, our
project partner. PM Fiala spoke of the desire to expedite the
development of significant projects, such as Cinovec. Following the
visit, he continued across the Czech border to the nearby German
city of Dresden, signing a Memorandum of Cooperation on the
potential implementation of cross-border projects of strategic
importance with Saxon Prime Minister, Michael Kretschmer. Refer to
ASX Announcement dated 18 May 2023.
Further excellent results from test work
On 25 May 2023, the Company announced that ongoing test work had
realised continued outstanding lithium recoveries. The exceptional
test work results confirm separation efficiency and capability of
flotation of lithium-bearing zinnwaldite. The updated flotation
test work undertaken at Nagrom Laboratories (Perth) repeatedly
reached >95% lithium recovery from flotation concentrates at
target Li--grades and mass yield. Ongoing test work to confirm the
robust nature of the process and optimise the Definitive
Feasibility Study ("DFS") design has surpassed previous performance
indicators. The results from testing and optimisation of flotation
for the concentration of zinnwaldite in fine ore has exceeded
expectations and further demonstrated the potential for high
overall lithium recoveries when combined with magnetic separation
for the coarse particle size ranges. Refer to ASX Announcement
dated 25 May 2023. The Company anticipates providing a further
update following the completion of this testwork in the next few
weeks.
Land secured for processing plant
On 9 June 2023, the Company announced that Geomet s.r.o.
(49%-held by EMH) ("Geomet") agreed to purchase land at the
industrial site "Dukla" in the Újezdeček Municipality, 6.2 km south
of the planned Cinovec Mine portal area, on which it intends to
construct the lithium plant. The land secured is an integral part
of the Cinovec Project with the close location of Dukla to the mine
site being critical to the minimisation of transport costs and ESG
impact. Refer to ASX Announcement dated 9 June 2023.
Strategic investment from European Bank for Reconstruction and
Development
Subsequent to the reporting period, the Company announced a
strategic investment of EUR6 million by the European Bank for
Reconstruction and Development ("EBRD") to support the development
of the Cinovec Project. The investment will be implemented by way
of a private placement of 12,315,213 shares in the capital of the
Company to be issued to EBRD at a price of GBP0.423 per share (This
equates to AUD0.803 per share). As part of the due diligence
process, EBRD engaged an independent, international mining
consultancy to undertake a technical review of the Cinovec Project.
EBRD also performed a review of the Cinovec Project in respect to
compliance with EBRD's Environmental and Social Policy. Refer to
ASX Announcement dated 21 July 2023.
Cinovec Project Definitive Feasibility Study
A Definitive Feasibility Study ("DFS") is currently being
undertaken on the Cinovec Project managed by DRA Global Limited.
The DFS is on track for completion in Q4 2023. The extension in the
time forecast for the DFS completion plus the development of the
optimised flow sheet have led to additional costs in excess of the
original estimate when CEZ became a shareholder of Geomet in early
2020. The current forecast is for additional overall costs to the
Company of approximately EUR6.86m.
CORPORATE AND ADMINISTRATION
QUARTERLY CASHFLOW REPORT
In accordance with the ASX Listing Rules, the Company will also
today lodge its cashflow report for the quarter ended 30 June 2023.
Included in those cashflows is a cash outflow for Cinovec
associated costs of $71k in respect of the Company's investment in
the Cinovec Lithium Exploration Project in the Czech Republic ("the
Project"), in addition to funds loaned for the Dukla land
acquisition.
The Company's total cash is $ 8.9 million as at 30 June 2023.
The Company has paid an initial cash call from Geomet in July 2023
of $5.65m and anticipates paying a further cash call of
approximately the same amount in August 2023. The Company has
entered into an agreement with EBRD in respect to a EUR6 million
(approximately $9.8 million) placement, expected to complete in
August 2023.
PAYMENTS TO RELATED PARTIES
As outlined in the attached Appendix 5B (section 6.1), during
the quarter approximately $183k in payments were made to related
parties and their associates for director salaries, consultancy
fees, superannuation, and other related costs. A portion of these
expenses are to be reimbursed directly from Geomet.
CORPORATE ACTIVITY
On 20 April 2023, the Company announced the appointment of
Shannon Robinson as Company Secretary following the resignation of
Mr David Koch.
GEOMET TENEMENT SCHEDULE
Table 1: Geomet Tenements
Permit Code Deposit Interest at Acquired / Interest at
beginning of Disposed end of Quarter
Quarter
Cinovec N/A 100% N/A 100%
------------ ---------------------------------- ------------- ---------- ---------------
Cinovec II 100% N/A 100%
-------------------------------- -------------- ------------- ---------- ---------------
Cinovec III 100% N/A 100%
-------------------------------- ------------- ---------- ---------------
Exploration
Area Cinovec IV 100% N/A 100%
-------------------------------- ------------- ---------- ---------------
Preliminary
Mining Permit Cinovec II Cinovec South 100% N/A 100%
------------ ------------------ ------------- ---------- ---------------
Cinovec III Cinovec East 100% N/A 100%
------------ ---------------------------------- ------------- ---------- ---------------
Cinovec IV Cinovec NorthWest 100% N/A 100%
------------ ---------------------------------- ------------- ---------- ---------------
This announcement has been approved for release by the
Board.
BACKGROUND INFORMATION ON CINOVEC
PROJECT OVERVIEW
Cinovec Lithium/Tin Project
Geomet s.r.o. controls the mineral exploration licenses awarded
by the Czech State over the Cinovec Lithium/Tin 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%
Li(2) O and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at
0.44% Li(2) O and 0.05% Sn and an Inferred Mineral Resource of
294.7Mt at 0.39% Li(2) O and 0.05% Sn containing a combined 7.39
million tonnes Lithium Carbonate Equivalent and 335.1kt of tin (
refer to the Company's ASX release dated 13 October 2021) (Resource
Upgrade at Cinovec Lithium Project).
An initial Probable Ore Reserve of 34.5Mt at 0.65% Li(2) O and
0.09% Sn 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 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, the fifth largest non-brine deposit in the world and a
globally significant tin resource.
On 19 January 2022, EMH provided an update to the 2019 PFS
Update, conducted by specialist independent consultants which,
based upon the production of 29,386tpa of lithium hydroxide ,
indicates a post-tax NPV of USD1.938B and a post-tax IRR of 36.3%
and confirmed that the Cinovec Project is a potential low operating
cost producer of battery-grade lithium hydroxide or battery grade
lithium carbonate as markets demand. It confirmed the deposit is
amenable to bulk underground mining (refer to the Company's ASX
release dated 19 January 2022) ( PFS Update delivers outstanding
results ). Metallurgical test-work has produced both battery-grade
lithium hydroxide and battery-grade lithium carbonate in addition
to high-grade tin concentrate at excellent recoveries. Cinovec is
centrally located for European end-users and is well serviced by
infrastructure, with a sealed road adjacent to the deposit, rail
lines located 5 km north and 8 km south of the deposit, and an
active 22 kV transmission line running to the historic mine. As the
deposit lies in an active mining region, it has strong community
support.
The economic viability of Cinovec has been enhanced by the
recent strong increase in demand for lithium globally, and within
Europe specifically.
There are no other material changes to the original information
and all the material assumptions continue to apply to the
forecasts.
BACKGROUND INFORMATION ON CEZ
Headquartered in the Czech Republic, CEZ a.s. is an established,
integrated energy group with operations in a number of Central and
South-eastern European countries and Turkey. CEZ's core business is
the generation, distribution, trade in, and sales of electri city
and heat, trade in and sales of natural gas, and coal extraction.
CEZ Group is one of the ten largest energy companies in Europe, has
more than 28,000 employees and annual revenue of approximately EUR
11.39 billion.
The largest shareholder of its parent company, CEZ a.s., is the
Czech Republic with a stake of approximately 70%. The shares of CEZ
a.s. are traded on the Prague and Warsaw stock exchanges and
included in the PX and WIG-CEE exchange indices. CEZ's market
capitalization is approximately EUR 20.5 billion.
As one of the leading Central European power companies, CEZ
intends to develop several projects in areas of energy storage and
battery manufacturing in the Czech Republic and in Central
Europe.
CEZ is also a market leader for E-mobility in the region and has
installed and operates a network of EV charging stations throughout
Czech Republic. The automotive industry in the Czech Republic is a
significant contributor to GDP, and the number of EV's in the
country is expected to grow significantly in the coming years.
CONTACT
For further information on this update or the Company generally,
please visit our website at www.europeanmet.com or see full contact
details at the end of this release.
COMPETENT PERSON
Information in this announcement relating to the FECAB
metallurgical testwork is based on technical data compiled or
supervised by Mr Walter Mädel, a full-time consultant to Geomet
s.r.o the Cinovec project company. Mr Mädel is a member of the
Australasian Institute of Mining and Metallurgy (AUSIMM) and a
mineral processing professional with over 27 years of experience in
metallurgical process and project development, process design,
project implementation and operations. Of his experience, at least
5 years have been specifically focused on hard rock pegmatite
Lithium processing development. Mr Mädel consents to the inclusion
in the announcement of the matters based on this information in the
form and context in which it appears. Mr Mädel is a participant in
the long-term incentive plan of the Company.
Information in this release that relates to exploration results
is based on information compiled by Dr Vojtech Sesulka. Dr Sesulka
is a Certified Professional Geologist (certified by the European
Federation of Geologists), a member of the Czech Association of
Economic Geologist, and a Competent Person as defined in the JORC
Code 2012 edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Dr Sesulka
has provided his prior written consent to the inclusion in this
report of the matters based on his information in the form and
context in which it appears. Dr Sesulka is an independent
consultant with more than 10 years working for the EMH or Geomet
companies. Dr Sesulka does not own any shares in the Company and is
not a participant in any short- or long-term incentive plans of the
Company .
Information in this announcement relating to the LCP
metallurgical testwork is based on technical data compiled or
supervised by Mr Grant Harman (B.Sc Chem Eng, B.Com). Mr Harman is
an independent consultant with in excess of 7 years of lithium
chemicals experience. Mr Harman supervised and reviewed the
metallurgical test work and the process design criteria and flow
sheets in relation to the LCP. Mr Harman is a participant in the
long-term incentive plan of the Company.
The information in this release that relates to Mineral
Resources and Exploration Targets is based on, and fairly reflects,
information and supporting documentation prepared by Mr Lynn
Widenbar. Mr Widenbar, who is a Member of the Australasian
Institute of Mining and Metallurgy and a Member of the Australasian
Institute of Geoscientists, is a full-time employee of Widenbar and
Associates and produced the estimate based on data and geological
information supplied by European Metals. Mr Widenbar has sufficient
experience that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity that he is
undertaking to qualify as a Competent Person as defined in the JORC
Code 2012 Edition of the Australasian Code for Reporting of
Exploration Results, Minerals Resources and Ore Reserves. Mr
Widenbar has provided his prior written consent to the inclusion in
this report of the matters based on his information in the form and
context that the information appears. Mr Widenbar does not own any
shares in the Company and is not a participant in any short- or
long-term incentive plans of the Company .
The information in this report is extracted from ASX
announcements made by EMH on 13 October 2021 "Resource Upgrade at
Cinovec Lithium Project", 19 January 2022 "PFS Update delivers
outstanding results" and 31 October 2022 "Simplified Extraction
Process delivers exceptionally-clean battery-grade lithium product
with improved economics" which are available to view on the
Company's website: europeanmet.com. The Company confirms that it is
not aware of any new information or data that materially affects
the information included in the original market announcement and,
in the case of estimates of Mineral Resources or Ore Reserves, that
all material assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue to apply and
have not materially changed. The Company confirms that the form and
context in which the Competent Person's findings are presented have
not been materially modified from the original market
announcement.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
The Company has concluded that it has a reasonable basis for
providing the forward-looking statements and the forecast financial
information included in this ASX release. While the Company
considers the assumptions to be based on reasonable grounds, there
is no certainty that they will prove to be correct or that the
range of outcomes indicated by LCA will be achieved. This ASX
release has been prepared in compliance with the current JORC Code
(2012) and the ASX Listing Rules.
Information included in this release constitutes forward-looking
statements. Often, but not always, forward looking statements can
generally be identified by the use of forward looking words such as
"may", "will", "expect", "intend", "plan", "estimate",
"anticipate", "continue", and "guidance", or other similar words
and may include, without limitation, sta tements regarding plans,
strategies and objectives of management, anticipated production or
construction commencement dates and expected costs or production
outputs.
Forward looking statements inherently involve known and unknown
risks, uncertainties and other factors that may cause the company's
actual results, performance, and achievements to differ materially
from any future results, performance, or achievements. Relevant
factors may include, but are not limited to, changes in commodity
prices, foreign exchange fluctuations and general economic
conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development,
including the risks of obtaining necessary licences and permits and
diminishing quantities or grades of reserves, political and social
risks, changes to the regulatory framework within which the company
operates or may in the future operate, environmental conditions
including extreme weather conditions, recruitment and retention of
personnel, industrial relations issues and litigation.
Forward looking statements are based on the company and its
management's good faith assumptions relating to the financial,
market, regulatory and other relevant environments that will exist
and affect the company's business and operations in the future. The
company does not give any assurance that the assumptions on which
forward looking statements are based will prove to be correct, or
that the company's business or operations will not be affected in
any material manner by these or other factors not foreseen or
foreseeable by the company or management or beyond the company's
control.
Although the company attempts and has attempted to identify
factors that would cause actual actions, events or results to
differ materially from those disclosed in forward looking
statements, there may be other factors that could cause actual
results, performance, achievements or events not to be as
anticipated, estimated or intended, and many events are beyond the
reasonable control of the company. Accordingly, readers are
cautioned not to place undue reliance on forward looking
statements. Forward looking statements in these materials speak
only at the date of issue. Subject to any continuing obligations
under applicable law or any relevant stock exchange listing rules,
in providing this information the company does not undertake any
obligation to publicly update or revise any of the forward looking
statements or to advise of any change in events, conditions or
circumstances on which any such statement is based.
LITHIUM CLASSIFICATION AND CONVERSION FACTORS
Lithium grades are normally presented in percentages or parts
per million (ppm). Grades of deposits are also expressed as lithium
compounds in percentages, for example as a percent lithium oxide
(Li(2) O) content or percent lithium carbonate (Li(2) CO(3) )
content.
Lithium carbonate equivalent ("LCE") is the industry standard
terminology for, and is equivalent to, Li(2) CO(3) . Use of LCE is
to provide data comparable with industry reports and is the total
equivalent amount of lithium carbonate, assuming the lithium
content in the deposit is converted to lithium carbonate, using the
conversion rates in the table included below to get an equivalent
Li(2) CO(3) value in percent. Use of LCE assumes 100% recovery and
no process losses in the extraction of Li(2) CO(3) from the
deposit.
Lithium resources and reserves are usually presented in tonnes
of LCE or Li.
The standard conversion factors are set out in the table 4
below:
Table 2: Conversion Factors for Lithium Compounds and
Minerals
Convert Convert Convert Convert Convert
from to Li to Li2O to to
Li2CO3 LiOH.H2
O
Lithium Li 1.000 2.153 5.325 6.048
----------------- ------------------ ------------------ ------------------ ------------------
Lithium Li(2)
Oxide O 0.464 1.000 2.473 2.809
----------------- ------------------ ------------------ ------------------ ------------------
Lithium Li(2)
Carbonate CO(3) 0.188 0.404 1.000 1.136
----------------- ------------------ ------------------ ------------------ ------------------
LiOH.
Lithium H(2)
Hydroxide O 0.165 0.356 0.880 1.000
----------------- ------------------ ------------------ ------------------ ------------------
Lithium
Fluoride LiF 0.268 0.576 1.424 1.618
----------------- ------------------ ------------------ ------------------ ------------------
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
-----------------------------------------------------
European Metals Holdings Limited (ASX: EMH)
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
55 154 618 989 30 June 2023
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows
$A'000 (12 months)
$A'000
1. Cash flows from operating
activities
1.1 Receipts from associate 1,113 1,664
1.2 Payments for
(a) exploration & evaluation - -
(b) development - -
(c) production - -
(d) staff costs (137) (785)
(e) administration and corporate
costs (507) (2,679)
1.3 Dividends received (see note - -
3)
1.4 Interest received 171 398
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Government grants and tax - -
incentives
Other (Cinovec associated
1.8 costs) (71) (426)
--------------------- --------------------
Net cash from / (used in)
1.9 operating activities 569 (1,828)
----------------- ----------------------------------- --------------------- --------------------
2. Cash flows from investing
activities
2.1 Payments to acquire or for:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - (4)
(d) exploration & evaluation - -
(e) investments (8,432) (8,432)
(f) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) entities - -
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other - -
entities
2.4 Dividends received (see note - -
3)
2.5 Other (provide details if - -
material)
--------------------- --------------------
Net cash from / (used in)
2.6 investing activities (8,432) (8,436)
----------------- ----------------------------------- --------------------- --------------------
Item in 2.1(e) relates to funds loaned to Geomet for the Dukla
land acquisition (refer ASX Announcement dated 9 June 2023)
3. Cash flows from financing
activities
3.1 Proceeds from issues of equity
securities (excluding convertible
debt securities) - -
3.2 Proceeds from issue of convertible - -
debt securities
3.3 Proceeds from exercise of - -
options
3.4 Transaction costs related - -
to issues of equity securities
or convertible debt securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related - -
to loans and borrowings
3.8 Dividends paid - -
3.9 Other (Lease Payments) (9) (49)
--------------------- --------------------
Net cash from / (used in)
3.10 financing activities (9) (49)
----------------- ----------------------------------- --------------------- --------------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 16,715 19,055
Net cash from / (used in)
operating activities (item
4.2 1.9 above) 569 (1,828)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (8,432) (8,436)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (9) (49)
Effect of movement in exchange
4.5 rates on cash held 50 151
--------------------- --------------------
Cash and cash equivalents
4.6 at end of period 8,893 8,893
----------------- ----------------------------------- --------------------- --------------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 6,758 12,655
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Term deposit less than 3 months 2,135 4,060
------------------ -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 8,893 16,715
----------------- ----------------------------------- ------------------ -----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related
parties and their associates included in
6.1 item 1 183
----------------
6.2 Aggregate amount of payments to related -
parties and their associates included in
item 2
----------------
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly
activity report must include a description of, and an explanation
for, such payments.
Amounts paid to directors as director remuneration. A portion
of these expenses are to be reimbursed directly from Geomet.
Included in 6.1 are also payments to Nexia Perth Pty Ltd for
company secretarial support, accounting and bookkeeping fees
of $26.1k, being a company of which a spouse of a director
is key management personnel.
7. Financing facilities Total facility Amount drawn
Note: the term "facility' amount at quarter at quarter end
includes all forms of financing end $A'000
arrangements available to $A'000
the entity. Add notes as necessary
for an understanding of the
sources of finance available
to the entity.
7.1 Loan facilities - -
------------------- ----------------
7.2 Credit standby arrangements - -
------------------- ----------------
7.3 Other (please specify) - -
------------------- ----------------
7.4 Total financing facilities - -
------------------- ----------------
7.5 Unused financing facilities available at -
quarter end
----------------
7.6 Include in the box below a description of each facility
above, including the lender, interest rate, maturity date
and whether it is secured or unsecured. If any additional
financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing
details of those facilities as well.
----------------- ---------------------------------------------------------------------------
8. Estimated cash available for future operating $A'000
activities
Net cash from / (used in) operating activities
8.1 (item 1.9) 569
8.2 (Payments for exploration & evaluation classified
as investing activities) (item 2.1(d)) -
8.3 Total relevant outgoings (item 8.1 + item
8.2) 569
8.4 Cash and cash equivalents at quarter end 8,893
(item 4.6)
8.5 Unused finance facilities available at quarter -
end (item 7.6)
--------------------------
8.6 Total available funding (item 8.4 + item 8,893
8.5)
--------------------------
Estimated quarters of funding available
8.7 (item 8.6 divided by item 8.3) 15.629
--------------------------
Note: if the entity has reported positive relevant outgoings
(ie a net cash inflow) in item 8.3, answer item 8.7 as
"N/A". Otherwise, a figure for the estimated quarters
of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers
to the following questions:
8.8.1 Does the entity expect that it will continue to
have the current level of net operating cash flows for
the time being and, if not, why not?
------------------------------------------------------------------------------
Answer: As at 30 June 2023, the Company has ongoing funding
commitments for an estimated EUR6 million for the completion
of the Cinovec Project DFS. The Company has entered into
an agreement with EBRD for a strategic investment of EUR6
million (approximately A$9.8 million) placement, anticipated
to complete in August 2023 (refer to ASX announcement
dated 21 July 2023).
------------------------------------------------------------------------------
8.8.2 Has the entity taken any steps, or does it propose
to take any steps, to raise further cash to fund its operations
and, if so, what are those steps and how likely does it
believe that they will be successful?
------------------------------------------------------------------------------
Answer: The Company has entered into an agreement with
EBRD for a strategic investment of EUR6 million (approximately
A$9.8 million) placement, anticipated to complete in August
2023 (refer to ASX announcement dated 21 July 2023).
------------------------------------------------------------------------------
8.8.3 Does the entity expect to be able to continue its
operations and to meet its business objectives and, if
so, on what basis?
------------------------------------------------------------------------------
Answer: The Company will have sufficient cash going forward
following completion of the strategic investment by EBRD.
The Company's associate company, Geomet s.r.o. will be
required to raise addition project funds in early 2024
as it proceeds towards final FID.
------------------------------------------------------------------------------
Note: where item 8.7 is less than 2 quarters, all of
questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
----------------- ------------------------------------------------------------------------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 31 July 2023
Authorised by: The Board
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity
report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and
the effect this has had on its cash position. An entity that wishes
to disclose additional information over and above the minimum
required under the Listing Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of
Mineral Resources and AASB 107: Statement of Cash Flows apply to
this report. If this quarterly cash flow report has been prepared
in accordance with other accounting standards agreed by ASX
pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market
by your board of directors, you can insert here: "By the board". If
it has been authorised for release to the market by a committee of
your board of directors, you can insert here: "By the [name of
board committee - eg Audit and Risk Committee]". If it has been
authorised for release to the market by a disclosure committee, you
can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the market
by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance
Council's Corporate Governance Principles and Recommendations, the
board should have received a declaration from its CEO and CFO that,
in their opinion, the financial records of the entity have been
properly maintained, that this report complies with the appropriate
accounting standards and gives a true and fair view of the cash
flows of the entity, and that their opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
WEBSITE
A copy of this announcement is available from the Company's
website at www.europeanmet.com.
ENQUIRIES:
European Metals Holdings Limited
Keith Coughlan, Executive Chairman Tel: +61 (0) 419 996 333
Email: keith@europeanmet.com
Kiran Morzaria, Non-Executive Director Tel: +44 (0) 20 7440 0647
Shannon Robinson, Company Secretary Tel: +61 (0) 418 675 845
Email: shannon@europeanmet.com
WH Ireland Ltd (Nomad & Broker)
James Joyce/Darshan Patel / Isaac Tel: +44 (0) 20 7220 1666
Hooper
(Corporate Finance)
Harry Ansell (Broking)
Panmure Gordon (UK) Limited (Joint
Broker) Tel: +44 (0) 20 7886 2500
John Prior
Hugh Rich
James Sinclair Ford
Harriette Johnson
Blytheweigh (Financial PR) Tel: +44 (0) 20 7138 3222
Tim Blythe
Megan Ray
Chapter 1 Advisors (Financial PR
- Aus) Tel: +61 (0) 433 112 936
David Tasker
The information contained within this announcement is considered
to be inside information, for the purposes of Article 7 of EU
Regulation 596/2014, prior to its release. The person who
authorised for the release of this announcement on behalf of the
Company was Keith Coughlan, Executive Chairman.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DOCZZGFNRMFGFZG
(END) Dow Jones Newswires
July 31, 2023 04:26 ET (08:26 GMT)
European Metals (LSE:EMH)
Historical Stock Chart
From Mar 2024 to Apr 2024
European Metals (LSE:EMH)
Historical Stock Chart
From Apr 2023 to Apr 2024
