European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF), a group primarily involved in the exploration of the Cinovec lithium project in the Czech Republic, outlined key operational highlights in the six months ending 31 December 2023.
Company developments in the period included a strategic investment of €6 million (£5.1 million) from the European Bank for Reconstruction and Development (EBRD) to support the Cinovec Project's development.
This collaboration with EBRD is expected to enhance the project's development as it advances through permitting, project financing, and the completion of its Definitive Feasibility Study (DFS).
European Metals also highlighted the successful extension of all four Cinovec Exploration Licences until 31 December 2026, facilitating further exploration work including resource drilling and environmental studies.
Corporate and administrative updates included the issuance of shares and CDIs on the exercise of options, raising a total of $1,120,080.
European Metals’ cash position as of 31 December showed cash and cash equivalents of $5.67 million, a decrease from $8.89 million at the beginning of the financial year, reflecting the group's ongoing investments in its core project development and operational expenditures.
The interim report was met was a positive market reaction, with shares gaining 5% on Friday morning.