TIDMEMH
European Metals Holdings Limited
10 November 2022
For immediate release
10 November 2022
EUROPEAN METALS HOLDINGS LIMITED
Experienced Lithium Project Delivery Specialist Marc Rowley to
join European Metals and the Cinovec Project
European Metals Holdings Limited ( ASX & AIM: EMH, OTCQX:
EMHXY, ERPNF and EMHLF ) ("European Metals" or the "Company") is
pleased to announce Marc Rowley will lead its Definitive
Feasibility Study ( DFS ) team to progress the Cinovec Project in
the Czech Republic.
Executive Chairman Keith Coughlan said:
"I am very pleased to have Marc Rowley join European Metals.
Marc will significantly enhance the Company's expertise in relation
to delivery of the DFS for the Lithium Chemical Plant at the
Cinovec Project.
"Marc managed the delivery of the DFS for the Goulamina Project,
in Mali, West Africa for Leo Lithium (recently spun out from
Firefinch Limited) which was completed in October 2020 and
subsequently updated in December 2021. A final investment decision
was made based on the update and the project is now under
construction.
Prior to his work at Leo Lithium and Firefinch, Marc worked for
Altura Mining Limited where he was responsible for the management
and delivery of the Pre -- Feasibility Study (PFS) and DFS and the
engineering, procurement, construction and commissioning for the
Pilgangoora Lithium mine in the Pilbara region of Western
Australia.
"European Metals is well positioned for the rising demand in
battery materials, developing the Cinovec project, the largest hard
rock lithium project in the EU, which is centrally located on the
Czech Republic's border with Germany. The project possesses
excellent ESG credentials which will enable the production of
battery grade lithium hydroxide and carbonate with potentially one
of the lowest CO(2) emissions, globally."
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 fourth largest non-brine deposit in the world and a
globally significant tin resource.
The deposit has previously had over 400,000 tonnes of ore mined
as a trial sub-level open stope underground mining operation.
On 19 January 2022, EMH provided an update to the 2019 PFS
Update, conducted by specialist independent consultants, which
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
Southeastern 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 has 33,000 employees and annual revenue of approximately
EUR 7.24 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 22.1 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.
WEBSITE
A copy of this announcement is available from the Company's
website at www.europeanmet.com.
ENQUIRIES:
European Metals Holdings Limited Tel: +61 (0) 419 996 333
Keith Coughlan, Executive Chairman Email: keith@europeanmet.com
Kiran Morzaria, Non-Executive Director Tel: +44 (0) 20 7440 0647
David Koch, Company Secretary Tel: +61 (0) 418 925 212
Email: david@europeanmet.com
WH Ireland Ltd (Nomad & Joint Broker)
James Joyce/ Darshan Patel Tel: +44 (0) 20 7220 1666
(Corporate Finance)
Harry Ansell (Broking)
Panmure Gordon (UK) Limited (Joint Tel: +44 (0) 20 7886 2500
Broker)
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.
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