(Alliance News) - European Metals Holdings Ltd on Monday said it had granted an extension to all four Cinovec exploration licences.
The Czechia-focused mineral exploration and development company said the licences fully cover all three granted preliminary mining permits comprising the Cinovec project in the Czech Republic.
All four licences have been extended until December 31, 2026.
The granting of this extension follows a comprehensive evaluation in exploring the deposit. Plans for future exploration work, including further resource drilling, and compliance with conditions set by the Czech Ministry of Environment were also assessed.
The extension was necessary as the granted PMP's do not allow for further drilling until the final mining area is granted, European Metals explained.
Cadence Minerals PLC, a London-based investor backing mineral resource assets, on Monday noted European Metals' announcement regarding the granting of an extension to all four Cinovec exploration licences.
Cadence owns a 5.6% stake in European Metals.
Cadence on Monday also noted that Hastings Technology Metals Ltd had signed a non-binding memorandum of understanding with the Estonian government for the potential development of downstream rare earth processing.
Hastings continues to assess the potential to capture more of the rare earth value chain through downstream processing of its concentrate to produce a mixed rare earth carbonate, Cadence said.
Cadence holds approximately a 1.4% stake in Hastings.
Hastings is a Perth-based rare earths company.
Shares in European Metals were down 0.8% at 15.62 pence each in London on Monday afternoon, while Cadence shares were trading 4.6% higher at 5.75 pence each.
By Sabrina Penty, Alliance News reporter
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European Metals Holdings (EMH)
Cadence Mineral (KDNC)