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Pin to quick picksEuropean Metals Holdings Share News (EMH)

Share Price Information for European Metals Holdings (EMH)

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Share Price: 12.75
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European Metals Annual Loss Narrows On Prior-Year Impairment

Mon, 30th Sep 2019 12:41

(Alliance News) - European Metals Holdings Ltd on Monday said its loss narrowed slightly in its most recent financial year thanks to a sizeable and non-repeating impairment expense the year before.

The miner controls the exploration licences for the Cinovec lithium/tin project in the Czech Republic. It posted a USD3.3 million pretax loss for its financial year ended June 30, narrowed from USD4.7 million the year before.

This was primarily the result of a USD1.9 million impairment expenses the previous year, which did not repeat.

Revenue - derived entirely from interest income as the firm is still in its exploration stage - remained negligible - just USD1,461 in financial 2019 versus USD1,599 in financial 2018.

Chair David Reeves said: "The deposit is uniquely located, being in the centre of the Czech and European car industry and only 90 kilometres from the first VW EV factory located in Zwickau, Germany which is due to commence production in November of this year. VW have also recently announced the construction of a 16 [gigawatt hour] battery cell factory with Northvolt to service this rapidly growing aspect of their business which will require a steady state of battery materials to satisfy demand.

"Subsequent to the year end, we were delighted to announce the potential partnership with CEZ Group one of central and eastern Europe's largest power utilities that is 70% owned by the Czech government. Due diligence and partnership negotiations have continued since the announcement and we look forward to updating the market in the near term on the outcome of these discussions.

The company is now entering into detailed engineering, permitting and offtake discussions as it moves towards development on Europe's largest lithium resource for the benefit of all stakeholders."

Shares in European Metals were down 2.2% at 15.65 pence in London on Monday.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

More News
27 Mar 2024 12:50

European Metals confident in timeline of Cinovec feasibility study

(Sharecast News) - European Metals Holdings updated the market on progress at the Cinovec Project in the Czech Republic on Wednesday, owned by its 49% subsidiary Geomet, focusing on the ongoing definitive feasibility study.

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27 Mar 2024 12:20

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European Metals extends all four Cinovec licences

(Sharecast News) - European Metals Holdings announced the extension of all four Cinovec exploration licences on Monday, until 31 December 2026.

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29 Jan 2024 14:06

European Metals extends exploration licences for Cinovec project

(Alliance News) - European Metals Holdings Ltd on Monday said it had granted an extension to all four Cinovec exploration licences.

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22 Dec 2023 11:44

IN BRIEF: European Metals shares fall 20% as Cinovec work delayed

European Metals Holdings Ltd - Czechia-focused mineral exploration and development company - Says delivery of definitive feasibility study for the Cinovec lithium project in the Czech Republic is now scheduled for the first quarter of 2024. Says approval granted for timetable extension so Geomet and project study team, DRA Global and Bara Consulting, can complete capital and operating cost estimation, and project implementation scheduling. Says process of obtaining sufficient and diverse proposals, from "numerous" external suppliers and contractors, will take longer than originally planned. Company "believes it is prudent to allow the necessary time to complete the study to the highest standard". Says it does not expect extension to impact the overall project timeline, and that permitting is "already well underway". Cadence Minerals PLC, which holds approximately 5.3% of the equity in European Metals, is "pleased to note" the announcement.

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Copyright 2023 Alliance News Ltd. All Rights Reserved. 

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IN BRIEF: European Metals reports narrowed annual loss

European Metals Holdings Ltd - Czechia-focused mineral exploration and development company - On Friday, reports a pretax loss of USD5.9 million in the year ended June 30, narrowed from a loss of USD6.8 million the year prior. Loss narrows as company records finance income of USD479,783 in the year, up from USD44,783 the previous year and its share based payments reduce to USD1.9 million from USD2.9 million. Also swings to a foreign exchange gain of USD145,858 from a loss of USD16,544 the year prior.

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21 Jul 2023 10:06

IN BRIEF: European Metals wins EUR6m investment for Cinovec project

European Metals Holdings Ltd - Perth, Australia-based mineral exploration and development company - European Bank for Reconstruction & Development agrees to invest EUR6 million to support European Metals' Cinovec lithium project north-west of Prague. Company will issue 12.3 million shares to EBRD at AUD0.803 or GBP0.423 each.

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27 Jun 2023 13:51

Cadence Minerals results hurt by European Metals Holdings share slide

(Alliance News) - Cadence Minerals PLC on Tuesday reported a wider annual loss, caused by unrealised loss on financial investments.

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9 Jun 2023 11:58

European Metals upbeat on lithium project land purchase

(Sharecast News) - European Metals Holdings announced on Friday that Geomet has reached an agreement to acquire a parcel of land at the industrial site 'Dukla' in the Újezdeček Municipality.

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9 Jun 2023 11:37

European Metals secures industrial land near Cinovec mine in Czechia

(Alliance News) - European Metals Holdings Ltd on Friday said its subsidiary Geomet SRO has agreed to buy land at the industrial site Dukla in the Ujezdecek municipality in Czechia.

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