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PERTH - European Metals Holdings Limited (ASX & AIM: EMH, OTCQX and OTCQB: EMHXY and EMHLF) has released its Transitional Financial Year Report for the six-month period ending December 31, 2024, showcasing continued development of the Cinovec Lithium Project amid a challenging global lithium market.
Despite persistent market difficulties, the company has made significant strides in project advancement, particularly in improving the project’s economics. European Metals has refined the Front-End Comminution and Beneficiation circuit and the Lithium Processing Plant, yielding positive outcomes in recoveries, reagent use, and potential project scale increases.
The Cinovec Project, located in the Czech Republic, has been formally recognized as both a Strategic Deposit under Czech law and a Strategic Project under the European Union’s Critical Raw Materials Act. This recognition underscores the project’s importance in supplying lithium chemicals to the European Union, offering potential for substantial battery manufacturing projects and addressing raw material supply gaps.
European Metals’ efforts to enhance the project’s Environmental, Social, and Governance (ESG) credentials have also seen progress, particularly in stakeholder engagement.
The company’s financial position includes a net loss of $1,250,604 for the reporting period. However, European Metals maintains a strong support system from the Czech and EU governments, positioning it well to assist in the EU’s raw materials security. With the Just Transition Fund’s backing, the project may also benefit from large-scale funding opportunities through European banking institutions.
The Definitive Feasibility Study (DFS) for the Cinovec Project is underway, with results expected in mid-2025. A Concept Study has indicated the possibility of increasing annual lithium chemical production without expanding the mine’s surface footprint or delaying the DFS.
The company’s share price and market performance reflect the ongoing efforts to realize the Cinovec Project’s potential. European Metals Holdings Limited continues to focus on advancing the project, with the aim of becoming a significant local supplier of lithium chemicals to the European market.
This article is based on a press release statement.
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