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Alliance News


European Metals Loss Widens On Fees As Cinovec Development Continues

Fri, 15th Mar 2019 12:13


LONDON (Alliance News) - European Metals Holdings Ltd posted a widened loss in the first half of its year due to higher professional and directors fees as it continued to develop its Cinovec project in the Czech Republic.

The lithium exploration and development firm recorded a pretax loss of AUD2.1 million, about GBP1.1 million, for the six months to December 31, widened from AUD1.9 million, about GBP1.0 million, for the year ago period.

Professional fees more than trebled to AUD565,398 from AUD167,288 and the company also paid directors fees totalling AUD30,000 having paid no such fees the year before.

The company had no revenue from its operations, although its interest income was AUD1,296 compared to AUD1,592 previously.

The company said its is pleased with the results of its drilling programme at Cinovec thus far, including those in 2019, as it develops its definitive feasibility study.

In January, the company received a letter from Krupa Global Investments, on behalf of Ceske Litihium Co - a member of the KGI group - which made an indicative offer for the lithium mining and processing project at Cinovec.

"Considering the absence of any details with regards to price, terms or conditions, the company was unable to provide any further information to the market and was unable to fully consider the purported offer," European Metals said.

Shares in European Metals were up 2.9% at 18.00 pence on Friday.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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