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Https://discoveryalert.com.au/european-metals-regional-rezoning-approval-2026/

^Aussie’s on notice

Absolutely - 👍- I was laughing at myself for getting the year wrong - 🙏

Https://www.koreaherald.com/article/10654502

^see mention of lithium here…

Just joining some dots here: South Korean government just announcedon Saturday (Feb 7) - They have increased their lithium stockpiling budget by a massive 526% ($171m) to "secure the supply chain" for their needs.

South Korea is 95% dependent on lithium imports and has zero domestic supply. Cinovec looks like the perfect target for someone like LG Energy Solution or SK because

1. The Koreans already have the world’s biggest gigafactories in Poland and Hungary. Cinovec is on their doorstep.

2. They don't sign deals when projects are in legal limbo but the 38-5-5 rezoning win happened and the political risk is effectively dead.

3. A Korean partner wouldn't just buy the raw ore, they’d likely provide the refining tech for the Prunéřov plant to ensure the lithium hits "Battery Grade" for their high-nickel cells.

Any whispers about a Korean delegation in Prague lately?

They are going to be more dynamic than a German car maker and a binding offtake with a Korean major could contain a significant investment package to push everything on fast forward.

Ha! Indeed, 2026! 😀

That's a great point, and the JTF grant is basically a legal contract with two specific conditions that must be met to secure the total $36 Million:

As we note, the first condition was file the full EIA by 31 Dec 2025. This was done.

The second condition is the one you are pointing to which is Ministry approval of the EIA by 30 June 2026. Making good progress but not "done" - looks like a formality after the rezoning and regional support.

BUT - can part of the JTF be drawn down now and used? A standard feature of EU strategic grants is advance draw downs: "The contract will detail milestones... as well as the conditions for advance payments and reimbursement of costs incurred by the beneficiary." this is from the April 28, 2025 RNS of the JTF.

Geomet (the JV - and remember EMH has confirmed it has fully paid its share) has already spent millions on DFS and EIA studies. Now that the first condition was hit the JV can legally submit "reimbursement claims" for those past costs. This is effectively "drawing down" money they have already spent. This is because the contract specifically allows for Advance Payments. These are tranches of cash given to the project upfront to fund the "critical path items".

There is of course the nagging question - what happens if approval is not met by June 30? Then the grant could be cancelled (contract is voidable) - and advance payments might technically have to be returned or offset by the JV.

So, if we see the announcement of the JTF drawdown now - then it's going to be a big sign that money is flowing and the EIA approval has a high confidence signal. This does all tie in nicely with EMH's announcement - saying - hey we fully paid our share... they know they can get that back soon.

It looks like the next announcement may be the first drawdown of the 36m just transition fund as I think the project may have qualified for that - meaning it won't be EMH announcing it but Geomet/CEZ and then EMH. It looks to me like EMH has just about done their job, pushing the snowball up one side of the mountain, and it's about to be tipped over the other side

I agree with most of this, except would add that the cinovec lithium has a higher value because it is secure, produced under the highest standards in the world, and is not just a lithium mine but a processing plant with an industrial corridor in the heart of the EU with tin and tungsten, and 400m in grants (so far), in a world where security of supply has become a matter of national security, and with EVs increasingly adopted and growing demand, etc. etc. (all of the things that we know that make this so compelling) - so it's not ramping to point out that this is not as simple as a global lithium price - although all the forecasts here are pointing one way

This is a good point and I think it's important for current shareholders to take a step back and realise what they are holding.

The 38-5-5 rezoning decision marks the fundamental de-risking of the Cinovec project and transforms European Metals from a speculative mining interest into a legally permitted industrial developer.

For shareholders (and if you aren't one then think seriously about becoming one and bury the past hurt - act rationally not emotionally) - this means you are no longer holding a "potential" project - you are holding a government-backed national asset with its infrastructure routes, processing sites, and utility corridors formally written into Czech law.

This rezoning decision is the primary trigger for the €360 million (A$645 million) Czech state grant, providing a massive injection of non-dilutive capital that protects your equity while funding the build. As a designated Strategic Project under the EU’s Critical Raw Materials Act, Cinovec is the cornerstone of Europe’s lithium supply chain. With the legal foundation now locked in and the largest resource on the continent moving toward production, the project has reached its most secure valuation point to date.

Sure you can wait for sodium whatever, nuclear fusion this or hydrogen cars, but people need to understand this project is bankable now. The price won't wait. So yes, who's selling and all I can think of is day traders setting limits for shares they don't understand.

My undertanding is that the 37,500 tonnes refers to LCE, not pure lithium metal. A standard 60 kWh EV battery needs roughly 45 kg of LCE. At this rate, Cinovec supports roughly 830,000 EVs annually. While that’s fewer than 4 million, it will meet roughly 35% of VW’s total European requirement from a single, domestic source.

BUT - The DFS specifically factors in Battery Energy Storage Systems (BESS). As the EU trades gas for renewables, the grid needs massive lithium-ion storage to prevent blackouts. This ensures a permanent "demand floor" for Cinovec, shielding the project from EV sales cycles.

Just Transition and The €360m Grant - This is the core of the political protection. The Czech government’s €360 million grant isn't a subsidy for a mine; it's an investment in a Just Transition for the Ústí region, pivoting from coal to high-tech energy. This makes the project "too big to fail" for the Czech state.

When you combine domestic supply, ESG compliance, and government backing, Cinovec becomes the logical cornerstone for any major European OEM.

But the key thing that adds to this discussion (and what is being missed by most) is the DFS and what's being permitted provides for Cinovec to scale up massively. Clearly this isn't something being widely discussed now - but this is what makes it so compelling for Europe's supply chain - just what it could do with reserves this big over 27 years - the DFS figures really are just the tip of the iceberg.

We’ve all seen Skelly’s manifesto. It’s a textbook case of investor scar tissue. She admits it herself:

"I was actually positive and invested in EMH for many years... I too followed the carrot on the stick... Holding the shares while the price dropped and dropped."

She isn't a troll; she’s a "broken bull" who has turned her own financial trauma into a moral crusade. She needs the project to fail to justify why she sold at the bottom. She's become a bitter bear.

But while she’s been busy fighting the "crook" narrative, the administrative reality has moved on. Today’s 38-5-5 landslide vote in the Czech Republic didn't just approve zoning—it nuked her "permitting limbo" thesis. By clinging to a three-year-old grudge, she’s become a Double Loser: she lost money on the way down, and she's now missing the institutional rerate on the way up.

The big money is looking forward. Skelly is still looking back.

When a man points at the moon, the fool looks at the finger

I’m not so sure, it looked like there was a strong rumble today, a precursor to something bigger happening.

Did someone just light the touch paper, and do we have lift off?

Interesting that lithium is back being talked about in boom terms. Following the signs it looks like a high probability that there will be a number of positive announcements for the cinovec project within the next 7 days, and then I expect to see more articles about the project in the mainstream news.

Guardian article here and UK project that frankly they better get cracking with:

https://www.theguardian.com/environment/2026/feb/03/lithium-boom-cornwall-mine-largest-deposit-europe

Interesting to see where the money that will leave the AI bubble goes, and I'd expect logically this would start following state supported industry plays that fit within our new world order.

If I was, I would ask him to give me some of his shares...

As they say, it's a game of two halves, and I would respectfully suggest we've seen a good first half that has set up the groundwork for a stellar second half.

While it appears like nothing much has happened, yes, there have been major milestones met, but for a more impressive picture and to demonstrate what's building, look at today's result. Today, 11 Million new shares became tradeable, but perhaps none of these were actually sold given the low volume today. What that means is the most sophisticated investors who bought in at 16.5p are sitting tight because they know the value of the project far exceeds the current price.

Yes, there is the ill informed chant: Your company was low on cash at the end of December / set to the tune of Keir Starmer is a wa****r

But it's important to understand that's what EMH is - it used up its cash to finish the DFS (Definitive Feasibility Study) and submit the EIA (Environmental Impact Assessment). These are major milestones, and with that it has secured a €360 million grant waiting in the wings. Talk about an incredible transfer deal.

Now for the placement of 11m new shares that has not brought in new sophisticated investors EMH is fully funded to reach the finish line via EIA permitting etc.

Our coach (or should that be centre forward) Keith's keeping a bit quiet, but that's because the referees given him a warning - EMH is in a regulatory blackout. EIA was submitted on December 31 2025 (despite the chant by some: You missed the deadline, only to realise to their horror the goal was allowed). By law, the Czech Ministry has 30 days to respond.

Right now if Keith says anything he could be seen as trying to influence a government decision, which is a massive legal no-no.

If the EIA RNS drops tomorrow the project is officially "de-risked" in the eyes of big European banks. It moves the project from a "plan" to a "reality" and a promotion to the big leagues awaits.

Give me a K.... give me a E... give me an I... give me a T.... give me a H... etc

It’s of secondary importance, won’t hold up the funding and will be sorted out as the project progresses - and before the mining starts - But yes it’s important in the sense it will lead to further savings/efficiency.

For an analogy it’s like worrying at the start of the football season that we have found a referee for the last game of the season because they’re all arguing. One would not postpone the season but expect to find the answer and the DFS has already proposed a viable alternative.

I’m not disagreeing with you, but just add the project has already reached the status: Too important to fail

Thanks! It's important because it's easy for someone to "research" and find an issue, but context is everything to understand whether this is a problem.

As you say there is a standard legal tool in the Czech Republic for projects of Strategic National Importance - and land can be compulsorily acquired, but it could be 12 months of wrangling. But this "land issue" for the conveyor is a secondary efficiency problem, it is not a 'project-stop' problem.

Any analyst will look past this issue because for a project with over €1 Billion in CAPEX, projected annual profits (EBITDA) in excess of €500 Million, plus the creation of 1,000 high-skilled jobs AND in the context of the EU’s Green Deal and Czech energy security, a conveyor belt survey delay isn't going to derail the largest lithium deposit in Europe nor its debt financing package (the immediate thing we are all looking for).

The Definitive Feasibility Study (Dec 2025) has already solved the logistics bottleneck. While the Ropecon (conveyor) is the preferred long-term efficiency play, the DFS confirmed that the mine can proceed using existing rail and road infrastructure. The mine can start producing and transporting ore while the secondary conveyor system is fast-tracked or negotiated in the background.

Let's not forget how well located this mine is.

Plus CEZ is the 51% partner, the administrative 'long process' for land appraisal and legal steps mentioned can be significantly compressed under the Critical Raw Materials Act and the Czech Line Construction Act.

Right now, the only thing that's holding the price where it is, is waiting for the 'Notice of Completeness' for the EIA (due by Friday)

I am not sure why anyone is focused on the transport logistics because this is an engineering and negotiation exercise that the DFS has already de-risked. By the time the mine opens the conveyor issue will be solved, and EMH will have accepted a fair value buyout from a major EU based OEM.