Member Info for Lions2021

I guess we wait and see (plus ca change). A real company would properly update its shareholders - RNS, interview etc. But I've long since given up any hope that Keith will act like a real CEO. It doesn't help that the chocolate teapots at AIM regulations or whatever the AX equivalent is - they never hold companies properly to account. It just leaves PIs at the mercy of management

In the normal course of business, I would probably agree with your rationale on an extension. But what we don't know is whether the local authorities have just had enough of the delays. They set the Dec and Jan deadlines all the way back in April last year. And now there is another 6 months (maybe at least).

Do the other projects that applied for these JTF funds and were overlooked in favour of Cinovec, now get a chance to go "wait a minute, we are ready to go and can spend those funds - why are you waiting for this other project, you have already pledged a different grant that helps it anyway."

I guess theoretically if you put an RNS out on 24 June, you can legally get round the statement in the Annual Accounts from April that says

"The JTF grant was provided conditional on the Project EIA being submitted by 31 December 2025 (which was confirmed by the Company subsequent to the end of the period) and approval of the EIA by the Czech Ministry of Environment by 30 June 2026." There is still 6 days left.

Depressingly I think the 6-12 months delay is already baked in. We know Geomet has needed €13m since the start of Jan and has not got it yet. If Geomet had done anything other than the computer modelling or EIA work since the DFS was published - eg: engineering work - then they would be trumpeting that in this RNS. But it's crickets. Just look at that table in the DFS on when work streams were due to start to hit that end 2031 production date and ask yourself hand on heart, if you think any of the ones for 2026 are on track.

You are referring to a computer simulation - they haven't done any testwork to substantiate these savings. If they do the test work, they then can't start the detailed engineering design to get to FID. So how long is that delay the project timeline - 6 months, 1 year, longer. That DFS stated start of production in late 2031 is now looking like 2032, 2033. It's always smoke and mirrors.

I have to admire your chin-up ability to put a positive spin on this RNS. But it reads to me as a car crash from start to finish. It’s theoretical waffle followed by zero clarity on what really matters - funding, timelines, grants etc

Do you think someone should tell Keith that there was a meeting yesterday? Perhaps CEZ have lost his email address

Your second point is almost surreal. Someone is going to invest billions in construction costs and somehow only takes a tiny percentage of the company

The pulling of the Keith and Employee Plan incentives is pretty funny - although who knew that EMH even had any employees.

But way more importantly, did anyone go to the meeting itself. Was there any real "new" news? Has Geomet found its €13m of funding? We genuinely should get some kind of update as shareholders. Its pretty bloody important.

This is a touchingly naive post. I would point you to EMH's 2023 AGM. Keith waited until after the AGM was held at 4pm on Friday 22nd December and all the resolutions were passed (including new incentives) and then announced that the DFS that he had been promising all year - including to the EBRD who invested in June / July on that premise - that it was no longer coming out. We then had to wait 2 long years.

So there are rules and there are rules