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PRAGUE - European Metals Holdings Limited (ASX & AIM:EMH) reported significant progress on its Cinovec Lithium Project in the Czech Republic during the quarter ended September 30, according to a press release statement.
The company secured a Preliminary Mining Permit for Cinovec South on August 5, valid until 2033, covering an area of 1.4807 km². This regulatory milestone gives the company priority rights to apply for a Final Mining Permit and, together with existing permits, now encompasses the entire Cinovec ore reserve.
European Metals continues to advance the Definitive Feasibility Study (DFS) for the project, led by DRA Global. The study is progressing toward completion in line with previous guidance and is exploring optimization scenarios to increase throughput without expanding the underground mine’s surface footprint.
The Environmental Impact Assessment remains on track for submission by December 31, as required under the terms of the $36 million Just Transition Fund grant. The company is preparing for stakeholder consultations and finalizing environmental data for the submission.
On the corporate front, European Metals secured a non-dilutive refinancing facility of the Dukla loan and a A$3.0 million placement of new ordinary shares to fund completion of the DFS. This transaction was finalized on September 12.
Cash outflows of A$1.223 million were incurred during the quarter related to DFS costs. The company received A$2.796 million from capital raisings and reported a total cash position of A$1.087 million as of September 30.
Cinovec is the largest hard rock lithium deposit in Europe and has been designated a Strategic Project by the European Union under the Critical Raw Materials Act and a Strategic Deposit by the Czech Government.
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