Member Info for Jemesa

EMH’ers Assemble:

There’s been silence for months, except for an RNS from EMH confirming that the project cannot proceed without EMH’s permission via a unanimous veto. The geopolitical context is at fever pitch, and the project is now a matter of national and regional security. The final big hurdle is the environmental approval based on the EIA already submitted to the State. The JV project company, Geomet, is owned by ČEZ (which is ~70% state-owned) and EMH.

But - Regarding the endgame for EMH, there are now two possible paths forward (plus various permutations of the two):

1. The JV project company Geomet obtains debt financing to proceed after FID and enjoys decades of returns in the billions—with 49% going to EMH; or

2. EMH accepts a buyout offer for fair value - most likely from CEZ who does a deal with POSCO. Right now, £1.20–£1.50 a share is fair value (guaranteed by EU law, EBRD shareholder, Czech constitution), but seeing the news of the European Lithium buyout, that now seems cheap. European Lithium’s primary resource is roughly 12.9Mt, while the resource at Cínovec is 708Mt. The European Lithium buyout was valued at £665m ($835m).

Of the two options, the second seems very likely—now or in the next few months. The EBRD is a shareholder, and the EU is positioned to provide cheap finance as well as a +30% price premium for EU-passported lithium from a vertically integrated mine with tin and tungsten credits.

At £2 a share for EMH, CEZ would be getting a good deal- and EMH is set up as an explorer not a long term miner - EMH expertise has done the heavy lifting to now - funded by battle weary shareholders - mostly who believe in the project and deserve to come out of this as successful investors. The EU can then use this as an example of a successful investment opportunity and use of private capital to transition the EU and CZ’s industrial/coal legacy - the EU needs a win here too - otherwise they won’t be able to write millions of reports nobody reads.

All of this is my conjecture - I don’t have Dr Strange’s crystal ball, but it does make use of a logic stone.

Apologies if this has already been posted: https://www.mining.com/critical-metals-now-sole-owner-of-tanbreez-with-835m-deal-for-european-lithium/

Humble apologies my brothers, no more posting / responses from me unless I’ve got something new / worth posting and no responses to the troll.

Mickey Mouse - you don't sell the asset to fund the asset—you use your $32.2m audited equity stake as the collateral required to secure non-dilutive third-party debt, exactly as the DFS and the bankable execution phase now allow. You continue to ignore the 15 April RNS, which grants EMH a legal unanimous veto over all funding, you’re missing the fact that the "dilution" era is dead.

If you own a house, and you want a new kitchen, you don’t need to sell the house, you can get a loan based on your equity/collateral. Hopefully by making it this simple, you’ll understand and cease your fear mongering and misinformation campaign

I am laughing my arse off because the fact that you read a paragraph that appears in every single listed company on the planet—from Apple to Shell—that includes that exact same boiler plate section and somehow that's supposed to be a point. Go back to potting geraniums Grandad.

More misleading conduct by Mickey Mouse - who is conflating "Cash" with "Assets."

The $32.2m Net Asset figure in the March 31 report is EMH’s 49% stake in Geomet.

Mickey Mouse only has a mouse sized brain but hoping this gets through. EMH owns a multi-million dollar equity stake in a Tier-1 asset.

This isn't buying a block of cheese in Aldi - where you leverage cash.

In this situation - you leverage equity (like this $32m stake) to secure the third-party debt the project is now seeking.

You get 3rd party debt so that you do not need to dilute your shareholding.

Notice how Mickey Mouse refuses to respond to anything that is positive relating to EMH.

The 15 April RNS from EMH confirms that all funding requires unanimous shareholder approval. This "Veto" means that CEZ cannot force a dilutive cash call on EMH - meaning CEZ and EMH have to agree on a funding route.

CEZ has already taken over the loan obligations to clean EMH's balance sheet, and the project has a $1.455bn NPV and now has EU +30%, cheap power, and lithium prices are rising.

Remember how Mickey Mouse was worried about electricity costs that would derail the project? Same misleading fear mongering.

So the partners of Geomet - have moved to independent debt financing rather than shareholder dilution.

But don't take my word for it - and definitely don't listen to Mickey Mouse - but listen to world class auditors Deloitte - If EMH was "broke," Deloitte would never have signed off on their "Ability to Pay" on March 31st.

Mickey Mouse is trying to get everyone to look in the wrong place - deliberately misleading or plain stupid - we just don't know.

The materially false part of what Mickey Mouse has said today (just today as it's a habit) is that EMH have no assets to leverage.

The problem is we just don't know if Mr Mouse doesn't understand or he's being deliberately misleading. But today the project's finances are restructured. CEZ has recently and effectively cleaned EMH’s balance sheet, leaving the company with robust net assets of approximately $32.2 million signed off in the latest financial report (https://www.investegate.co.uk/announcement/rns/european-metals-holding-limited-di---emh/annual-financial-report-/9498596) - It also has the buffer from the January placement at 16.5 p

But most importantly (and the part Mickey Mouse just can't get his mouse brain around) is that the project has now transitioned into a bankable execution phase where Geomet s.r.o. is positioned to seek independent third-party debt financing.

In other words for Mickey - EMH doesn't need to dilute shareholding any more so stop spreading fear and misinformation you muppet.

This structural shift, is also legally protected by the unanimous veto rights confirmed in the April 15th RNS - which again for Mr. Mouse means that EMH cannot be diluted and holds significant strategic value as the project enters this self-sustaining commercial stage.

One (only one) of the things in our favour here is how aligned shareholders are including the EMH management team. In essence they would hate dilution too. At the present time, I am sure they think, hey, we've done our dash, the project is bankable, lithium is rising, the strategic importance is extreme, the EIA is filed - time to bail with a decent buyout.

It’s, of course, completely normal that these type of administrative decisions take time. That time is needed to ensure the proper process and all laws are followed, and the EU understands this. In fact it wouldn’t want grants to be allocated to projects that don’t follow the legal framework. The main reason time is required is to ensure adequate consultation. That being said the political will is there, and so there are always other options like conditional approval subject to x or y.

As you say, grant deadlines can and will be moved to accommodate lawful processes, and while EMH has no control over this, it won’t stop the histrionics from certain quarters.

Fair enough, and agree with that being a timely exit.

I'm also happy to wait if what looks like the perfect storm of swirling billions, massive restructures and Chairman Chang's "Overwhelming Execution" for 2026 don't take off this week. But there is a clear sovereign resolution showing a clear path of least resistance that makes perfect sense for EMH. It all makes sense to me, but there are a lot of players and even more opportunities for confusion.

But for EMH and for those with patience - whether its a swift buyout or a steady walk through the EIA, EMH shareholders remain in a unique position because we hold the keys to Europe’s most strategic resource. So, as I see it, it's a violent re-rate Vs a slow but steady uptick towards the same end goal.

Intransparent - is not a word. Opaque is usually used.

I was also taken by you claiming last week that a lowball offer would be made for EMH.

Interesting because by using the term lowball - you have implicitly acknowledged the true value of EMH.

Stop pretending.

Good points and that pivot also successfully secured the €396m EU grants.

The urgent question for me is whether CEZ/POSCO will wait for the EIA. Waiting only increases the price they must pay for the Golden Acre. I use the analogy of the golden acre (when a person owns the last plot the developer wants and has to pay extra for) because as the minority holder, EMH has the veto, the blueprints (DFS), and the technical know-how that makes the project bankable. With POSCO’s global update this Thursday, the State is staring at a potential early choice pay a 'Fair Price' now while there's still a discount, or wait for the re-rate with the EIA.

waiting for an EIA that would add 50% plus to the buyout would be an interesting move.

People who think CZ is Mexico and Geomet is a Chinese investment - need to go back to school because they clearly missed a few lessons. Apart from anything else in the EU, you don't seize assets that are being funded by the same bank (EBRD) that manages your region's development. The sums are laughably small even if EMH is offered £1.50 per share - Vs - branding your country as a delinquent pariah State run by narcos!

CEZ/The State hold the keys to the EIA and it would be a rather suicidal politician who managed to lose $400m in free money to develop a resource of strategic and national importance at a time of great transition.

Remember - EMH has been funded by its own shareholders for 12 years —thousands of regular investors and big City institutions who bought shares to pay for the drilling and studies. Thankfully the European Bank for Reconstruction and Development (EBRD), which put in its own cash at 40p plus — because the project is vital for Europe’s car industry and security. On top of that, the Czech state utility, has paid millions to buy its 51% stake in the project, which covered much of the recent engineering costs.

The value isn't just about the money spent - it's about the fact that these investors and the state have already paid for the difficult work of proving the lithium is there and can be processed. Because the project is now backed by the EU's own bank and the Czech government, it has a solid financial foundation supported by a very friendly eu incentive/protectionist framework. This makes the project a ready-to-go asset that is worth far more than the current low share price suggests. So low it’s a total joke. But it’s there simply because AIM has low liquidity and retail has lost patience (playing the man not the ball)

You know this. But you refuse to see it. You’d be arguing the science if you thought there was a chance someone would listen.

You don’t grasp the bigger picture and legal framework around this and the implications of what you think should happen, which is much bigger than just EMH, but is good for EMH shareholders.

Constitutional property rights and international law mandate a fair price that rewards the private investors who took the risk. Since private money spent a decade proving this resource exists, the buyout must reflect its genuine value, not a depressed share price. A fair offer is the only legal way to satisfy these protections, preserve the state's reputation, and ensure the multi-billion dollar POSCO deal proceeds.

If you bought in and lost money, along the way that’s unfortunate but now is a time where those who lost out should have their funds restored at a fair value.

I think the last thing that anyone will be thinking about is a few investors like me who invested sub 10p. It’s just what is fair value, based on the NPV, cost of lithium, eu policy +30%, and sunk costs of EMH, plus half of 400m grants secured.

Indeed. This is all quite fast moving and I’m seeing a number of articles in Czech that I don’t understand, but this is interesting:

"Havlicek stated that the government had not yet discussed the planned buyout of CEZ with its minority shareholders, but assured them they would receive fair treatment."

https://energynews.oedigital.com/power-markets/2026/04/24/minister-czech-government-supports-spinoff-of-cez-as-first-step-towards-state-takeover

I don’t think you need to be classified as a “bull” just to expect the legal framework to be respected, and for the Czech govt to act in a way that supports and encourages foreign investment but takes over when it’s in the overwhelming national interest. This only works if investors receive fair value.

Posco will be watching closely (as a foreign investor) as will EBRD, and others like financiers who will be interested in receiving a clear understanding of what 49% of a project is worth - given they’re going to finance it. You don’t undervalue something you need to raise 100s of millions on.

I’m not sure why this is seen as being a bull when it’s what’s happening - obviously with a few logic leaps that are all based on very clear signposting.

Great points and I think this is what it means:

The state is splitting the business to separate the power lines from the high-value production side - basically they don’t want to be doing the boring retail side - that is better left to private sector and competition regulators.

The exciting stuff is the industrial future - where Geomet is. By selling off a stake in the distribution networks, they are raising the billions needed to take full control of the core production business. Crucially, the lithium project stays in the part of the company the state intends to own entirely - Geomet. This restructuring is a massive fundraising exercise to pay for the takeover of these strategic assets. It confirms that the cash for a fair buyout is being prepared right now.

Posco comes in because it wants to deal directly with the State and not have EMH (and Keith) as a 3rd wheel

A Mickey Mouse low ball offer would tank the State’s credit rating costing billions (why you don’t listen to Mickey Mouse).

The Czech government’s main concern will to keep its strong credit rating, as acting unfairly would make it much more expensive for them to borrow money in the future. To protect the €400 million in EU grants, they must stay on good terms with Brussels, especially as the EU’s own bank is a shareholder. Their Korean partner, POSCO, needs a clean and undisputed deal before putting in its $1.8 billion investment. Standard accounting rules for state-owned firms also mean they have to pay a fair market price that reflects the project's progress. Since the government has already raised a massive cash fund specifically for these buyouts, they have the capital ready to complete the takeover properly.

As you note - hooray for EBRD - this was the tick box I needed to invest - but even without it CZ govt is not Mickey Mouse. 🐁

Indeed they’re no Mickey Mouse.

It will be a low ball offer but if push comes to shove I’d say yes to a £1.35 with regrets

Thanks. Buyout offer incoming…

Ok when Mickey Mouse provides a comment its logical that they are Mickey Mouse comments.

Everything you say is garbage - but this is where you fail hardest. EMH is currently trading at a 95% discount to its project NPV - which is itself undervalued given the break out price of lithium. The DFS is a serious document and not something for Mickey Mouse - but its for financiers.

The market is where it is because of the excessive delays people have lost faith with Keith - but it's pure Mickey Mouse to play the man and not the ball.

What is happening is that EMH is currently valued at only 4.3% of the project's value. There's no way that CEZ thinks this project is worth 4.3% of the NPV

So where things get interesting is when the market rerates EMH to 50% of its NPV which is standard for a project with financing and EIA in hand.

You went pure Mickey Mouse by claiming the EIA hadn't been filed.

But with an EIA approval the Share Price has to rise to ~190p. The only relevant question at the moment is whether a buyer/CEZ thinks hey we should act now before the EIA, as we may be able to pick EMH for £1 a share instead of £2 a share.

So the interesting thing is you have been wrong on all the stages that have been ticked off towards the end of last year and this year - and you are now desperately hoping that the EIA flounders. If the EIA passes we won't see you again, so I take this opportunity now to ensure you know that you are a total Mickey Mouse.

Anyone else watching what happens with Posco on 30 April - with the publications of the Q1 Provisional Earnings and Business Plan

The reason this could be interesting stems from this: https://www.czechtradeoffices.com/kr/news/czech-republic-to-discuss-possible-cooperation-with-korea-on-lithium-mining-at-cinovec

POSCO has made some big changes recently including how they will shift capital quickly. If they release anything related to cinovec it could be very interesting - not to mention timely.