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The current share price seems pretty robust - because it has taken into account this is pre-permit. While some retail panic is understandable, we are watching the boring and frustrating standard permitting grind.

Today's update (yes disappointing) does provide clear reassurance to the market that the permit is dropping and the team is following a strict legal process to ensure the final permit is legally sound.

Yes Keith and communication aren't what we want - but his hands are tied and what they can say is for institutional investors, commercial lenders, and global strategic entities like POSCO or European auto groups. It's these investors that know that a massive asset requires bullet proof legal paperwork before the big deals are made.

It looks like a prolonged quiet phase until September - perhaps time to go on a Summer Holiday? Although any news about strategic shareholding or a JTF grant extension would be welcomed.

The JTF grant is not lost troll. Stop your hysterical simpering

🖕 back in your imaginary tunnel

While I like the image of Keith sitting at his desk giving himself (as holder of 5m+ shares) the middle finger - I doubt that’s happening right now.

The reality is we’re holding shares in a minority company with a 49% stake in a multi billion dollar strategic project that we have zero control over. Buckle up!

Well I think the truth is that it is disappointing, but it’s not a car crash/disaster. A disaster would be making a huge legal mess of the environmental permit at what is relatively speaking the very last minute of a very long and expensive process with 400m on the line and the centerpiece of the EU’s critical metals future at stake.

It’s like any disappointment, do you curl up and give into the woe is me, everything is against me, cruel world, or do you take stock, realistically assess where things are, and move on knowing that one small setback in the greater scheme of things is all that it is. Sure, short term noise… but that will be replaced by positive news that can now drop at any time.

Some of the cz guys on this chat foreshadowed this outcome some time ago.

What I can tell you is that getting the legal process right is more important than anything at this point.

While we had hoped for 30 June, this is neither the disaster nor the triumph we had hoped.

It provides a strong indication that the environmental approval is progressing in the right way, to avoid legal challenges. After all it would be a pyrrhic victory for a permit to be announced a few days before a legal challenge. The announcement explains no new points were raised - but these points have to be recorded, reviewed and responded to - that takes time. Further neither EMH nor CEZ is in charge of this process - the Ministry of Environment is.

The other point is that it cannot be announced, this should take 3 weeks or 3 months, they have to stay neutral by saying "by the end of the year" - this actually means the permit could be issued at any time - just not likely on or before 30 June. We have been discussing this point because there is provision to extend the JTF grant but I recall that it can be extended to September - somewhere around there - this does provide time to review and issue.

Fundamentally this project remains on track - short term it's going to be frustrating - but this is a slow permitting grind that I expect is not unusual for these types of projects. Not sure what to make of all the DFS cost savings - but they likely mean something to more technical folks.

Of course we will have to deal with the hysterical crowing of our resident troll, who has emerged from his imaginary tunnel because he smells victory for his odd agenda.

The conditions attached to the approval are likely to be comprehensive and a perhaps the cure for insomnia

The troll is wrong, but it’s not worth repeating all of the reasons why. The lack of communication is unfortunate and it’s understandable why this is causing frustration. It shows that CEZ and the Ministry are in charge - but let’s not forget the progress made and where we are - the statutory prescribed consultation has happened, the deadline for comments has closed. The Ministry consultant has approved the Geomet EIA - we are one signature away from a permitted project. The only outstanding question is not If - but - When?

Keith has 5m plus shares - he stands to make millions - I doubt he is distracted.

Back in your imaginary tunnel, troll 🧌

Also, the gnomic nonsense just doesn’t make sense:

“I'm no more inclined to do what you tell me than the people you aim your ramping BS at. Which is why the sp is still 15p”

But good advice for you that you’ve definitely ignored: don’t stand behind horses.

You call people rampers who are just trying to explain the legal process and where things are. You’ve claimed nothing in this chat has any influence on the share price. You spew misinformation and silly points designed to generate fear and you’ve been wrong all year by predicting every milestone would be missed.

None of them have.

Get back in your imaginary tunnel, troll.

Thanks, Rpks, it's amazing how much noise a hundred or so people can make particularly with social media - but it is not suprising how a journalist without a full understanding of the context, the legal process and all the nuances could misinterpret things.

There is Hunter's point that the end of the year could well mean the end of the grant/project/financial year - 30 June. Added to that is what we have seen from the time that the EIA was submitted at the end of December - every deadline has been met in accordance with the law and the CRMA framework - including but not limited to the significant regional rezoning. In short, everything is prepared. The Min of Env's independent consultant has signed off.

What all this comes down to is a legal tightrope that the Min of Env must now walk - to show that the process has been followed (not hard), but harder is to show that every point raised has been taken into account in the final decision process. Again, not rocket science but time consuming.

The clear path for the Min of Env is to provide a permit that is subject to conditions that ensures voices have been heard, but the integrity of the final decision is ensured. The best card that the CZ govt has is the CRMA status of cinovec - that already makes the approval overwhelmingly in the public interest - not to mention the economic interest of the region, CZ and the strategic interest of the EU - all of that lines up.

It is isn't easy to predict what will happen - given the potential "misquote" or "misspeak" of the CEZ spokesperson - and what that meant - BUT - If we look at how CEZ and CZ has perfectly executed the timeline from 31 December - plus the conditions that can be used to ensure voices have been taken into account - then it should be a green light on or before 30 June.

If an extension is required then we are looking at 31 August - I can't recall the exact reason now - but there's a good reason why the JTF grant cannot be extended beyond this point. The point was well made that nobody with a serious mindset doubts that the project will proceed - we are just in the weeds of legal permitting decision making - and when that gets complicated there are short time extensions. However, it is just as likely that this can done on or before 30 June - in the public interest.

Https://www.miningsee.eu/cinovec-lithium-project-advances-from-dfs-to-permitting-phase-as-czech-republic-tests-europes-critical-minerals-strategy/

Nothing new but effectively frames this as we’ve been discussing - it’s all done - but will the CRMA framework be effective? Can CZ rise to the occasion?

Useful analysis of the significance of that regional rezoning too…

I agree with much of what you say, it also wasn’t the minister but a CEZ spokesperson who may have misspoke or been misquoted from an earlier 2025 article. In any event, the decision and process is with the Ministry not CEZ and so it looks like we just have to wait and see what happens on or before 30 June.

I agree entirely with the other post that says nobody serious thinks this project won’t proceed - there’s too much behind it - and EMH valuation is ludicrous - due to time slippage / loss of faith / poor communication. But we are there or thereabouts - either imminently or over the next few months.

Buckle up for jolts either way

Blame it on the weather or the English cricket team.

Snatching defeat from the jaws of victory seems natural.

Let’s see.

I hope you're right, sir. Let's hope we see a positive RNS soon.

Very true. Did you just see that open market trade of 231k shares? Looks like someone believes in the future performance. Interesting share trades today.

Get back in your imaginary tunnel, troll. Nobody understands why you so desperately want the project to fail.

But you've been wrong about everything - which is good for those of us who are genuinely following the procedural steps.

As Lucky explains, you are jumping on one corporate statement, and exploiting an information deficit - which usually prompts your outlandish claims and lies - like the cross border tourist tunnel from the 16th century that is nowhere near the mining area subject to the EIA. The only sensible response to your BS is to laugh at you.

But for the more seriously minded - we now have to see how the Min of Env decides it wants to proceed - if the comments from the public hearing are already taken care of in the EIA there's a quick response, others can be dealt with by conditions. The Min has control over the permitting timeline - not the CEZ spokesperson - but where people have legitimate cause for complaint - is at Keith and EMH for failing to provide sufficient updates or information to the people who actually own the company - shareholders.

If you are not a shareholder - you have no business here and should disappear back into your dark tunnel asap.

By the end of the year is a little vague. It could mean by 30 June, but I don't think so. It looks like there's a bit more work to do to record the public objections and counter them. So more delay, but legal processes will be followed.

It would be good to get some clear guidance from EMH on what's happening.

If there have been any significant changes based on the public hearing - then we should expect a RNS soon. EMH really does need to provide an update - as someone pointed out they explained in the last one at the beginning of May they would update on timelines in due course.

I agree - it's a bit confusing trying to piece this together, and particularly whether the 30 June timeline will be met. I have read something that suggests it has moved, but again there's a lack of clarity on this.

I think this is a link to a story about the public hearing: https://www.enviweb.cz/133562

I don't know anything about the source - how reliable etc. but there will probably be more information coming out soon.

According to this report - the presentation by Geomet outlined the massive scale: 42B CZK ($1.8B+) investment, 2,000 direct jobs, and 37,500 tonnes of battery-grade lithium carbonate annually for 30 years. In terms of local safety the 81 built-in mitigation measures were explained, including enclosed, recycled water loops designed to isolate mining completely from local spa aquifers.

Most encouragingly - it is confirmed that the overarching Regional Authority did not attent the meeting because they already formally signed off on the paperwork. High-level regional political backing is confirmed.

Various small town mayor's did not try to block the mine but as predicted raised the concerns of local people looking for mitigation measures to reduce impacts like noise, transport, vibrations etc. These are things that the Ministry can determine if they are reasonable - and if they are what sort of conditions could be attached to the permit.

There were zero surprise environmental or legal roadblocks, and no mankini wearing endangered trolls found living in imaginary tunnels claiming to be Keith's ex wife.

So at this meeting the Ministry stated the hearing's sole job was to gather baseline data for conditions, not hold a referendum.

While I don't think the decision will be made on Friday - there is a clear pathway to meet the 30 June deadline.