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Just to clarify something regarding the €1.75m Senegal payment, yes the funds are expected to sit within the local JV rather than appear as unrestricted cash on the plc balance sheet. That’s normal for overseas joint ventures.

But the key point is what the payment actually represents.

That money funds factory setup and project mobilisation locally, meaning Eco doesn’t need to finance expansion itself. So even though the cash stays in the JV, it still reduces funding risk for Eco and allows projects to move into delivery and revenue generation.

In simple terms: the cash may not sit in Eco’s UK bank account, but it enables Eco’s share of future revenues without draining company cash.

More importantly, the payment is confirmation that the partner funding has landed and that the project is moving from plans into execution, and that’s why the market is focused on it.

In my view, the re-rate many are waiting for isn’t about accounting treatment, it’s about proof of execution, and the €1.75m announcement is a key step because it shows the capital-light expansion model is actually working.

That’s why it matters.

This morning’s RNS is exactly what you want from a company transitioning from “potential” to delivery mode:

✅ FY26 revenue now £40m–£43m

➡️ +11% midpoint increase vs previous £35m–£40m

Driven by strong project progress and contributions from recently announced contracts feeding through under PoC accounting.

And that’s the key.

Under percentage-of-completion, revenue is recognised as milestones are actually achieved.

So a guidance upgrade here means:

• Projects are advancing

• Milestones are being hit

• Contracts are converting into revenue

• Execution risk is reducing

Not hope. Not pipeline talk. Actual delivery.

Backlog continues to grow.

Sales activity remains healthy.

Cash and EBITDA guidance unchanged (discipline intact).

That combination matters.

We’re now seeing:

📈 Revenue upgrades

📦 Expanding firm backlog

💰 >£200m cash (sector-leading balance sheet strength)

⚙️ Standardised product platform rolling out

At some point the valuation gap between “execution risk” and “execution proof” closes.

And yes… those building short models around stagnation assumptions may soon need to revisit their spreadsheets.

Momentum + improving visibility + delivery upgrades = a very different risk profile.

This is how turnarounds rerate.

DYOR. 🚀

Anyone seen the shorts 🩳 💩 😱

Oh dear ghin 🤦‍♂️

“Lots of checkmarks” 😂

Says the guy who reposts the same “rampers” routine under every bullish EMH update like it’s copy-paste Friday.

EMH isn’t being “ramped” people are repeating RNS facts because they matter:

✔️ DFS done

✔️ EIA submitted / permitting progressing

✔️ major grant backing

✔️ offtake + project finance advancing

✔️ strategic EU/CRMA relevance = why this is now game on

If any of that is wrong, quote the RNS and correct it.

If it’s right, then your issue isn’t repetition… it’s the facts being positive.

And don’t worry, we can swap the ✔️ for bullet points if that’s what’s hurting your feelings.

Https://www.londonstockexchange.com/news-article/ECOB/humanitarian-house-handover-complete/17461813

Nice RNS this morning and it matters more than people think. Eco has now completed and handed over the pro-bono humanitarian home in Tirana, with the core structure delivered in record time and the finishes now fully complete. That’s real-world proof of what “industrialised housing” looks like: speed + consistent quality + low-carbon build.

Also worth noting: Albani says this was done at the request of a senior government official i.e. Eco is getting visibility at the right level. Reference installs like this are how you unlock government programmes, social housing frameworks and humanitarian rollouts.

In short: not about revenue today, it’s about credibility, proof on the ground, and scaling the platform. 🌍🏗️📈

This is exactly what the market has been waiting for: announced projects converting into funded, executable contracts.

And ITM is doing it from a position of strength:

   •   ~£198m cash (last reported) = resilience + flexibility in a volatile sector 

   •   Factory Acceptance Test first-time pass rates ~99% (previously reported) = bankability + execution credibility 

   •   Founded in 2000 = ~25 years of PEM R&D and hard-earned field learning 

ITM also said it expects to provide further details towards the end of Q1 2026, so there’s more to come. 

In a market where customers are nervous about delivery risk, this is why ITM increasingly becomes the go-to supplier for serious industrials.

Why go anywhere else?

Let the shorts feel the pain 🫢

🙈 Friday 13th 🤸 🤸🏽 🤦‍♂️ that’s all folks but this time next week we will all be Millionaires 🥳🥳🥂🍾🥂📈⬆️

Looks like there’s been a simple mix-up reading the ASIC daily short report.

In the ASIC “Reported Daily Short Positions” file, EMH (European Metals) is not shown with ~1.82m shares short. On the line for EMH, the reported short position is ~30,553 shares (c. 0.01% of stock on issue on that report/date). The ~1,826,574 figure appears on a different ticker (SX2) in the same report, which is probably where the confusion came from.

Eco’s now spelling out the playbook, a geographic roll-out strategy to move from “one-off projects” to repeatable Western market entry.

Key line: they’re assessing opportunities in the UK, Canada and Germany as the next step in expansion.

That matters because it signals:

   •   Targeting regulated, high-value markets (bigger pipelines, bigger re-rates when traction lands)

   •   A repeatable model: prove it → certify it → scale it

   •   Canada (Toronto showhouse) sits neatly inside this as the “demo + approvals” wedge

If they execute, this is exactly how you go from “interesting tech” to serial deployments across multiple jurisdictions.

The momentum is now undeniable. This is a company building a repeatable, global modular platform, and the last run of RNS’ shows execution accelerating across multiple territories.

🇦🇱 Albania = live delivery + revenue conversion

Tirana 18-unit luxury block: groundworks complete and ground floor now underway. Contracted at €2.2m per block with 40% gross margin guidance, and €440k deposits already received. This is real project delivery translating into cash receipts.

🇸🇳 Senegal = JV + real-world reference installs

Eco’s Senegal footprint continues to deepen with partners on the ground. The modular hospital system for Malicounda (with transport/installation funded and managed by the NGO Amigos de Buba, plus local support from G2 Invest) becomes a high-visibility reference site for future government/NGO/development partner programmes.

🇮🇩 Indonesia = partner-funded scaling

Eco is launching Eco Indonesia LLC with a binding MOU and a committed $5m equity subscription for 49% from MCA to fund a new production line. Eco retains 51%, and operational costs/local cashflows are funded by the partner. This is a powerful replication model: scale capacity fast without draining Group cash.

✅ Certification stack is now institutional-grade

Independent EN/ISO testing (BS-equivalent) + ISO 9001 (Quality) and ISO 45001 (H&S) awarded to Eco Albania. This is exactly what governments, major contractors, insurers and lenders want to see when awarding large programmes.

And we already have the flagship: 🇨🇱 Chile 20,000 homes (~€420m) under a government-backed programme.

Valuation 👇👇

With ~£20m-ish market cap, the upside torque is obvious as delivery scales. As Eco converts multi-territory rollout into recurring revenues and cashflow visibility, a move to 40–60p is entirely realistic, with 75p–£1.00+ on the table as the global replication model becomes fully reflected in the share price.

Sustainable. Scalable. Delivering. 🌍📈⬆️

Huge de-risking step for Cinovec just landed: the Ústí nad Labem Regional Assembly has voted to SUPPORT the regional rezoning application. Rezoning is one of those unglamorous but critical “can you legally build and operate here?” approvals, it turns a big project from “concept” into “mapped and designated” reality.

What this rezoning actually covers is exactly what you want to see at this stage: the key mining/industrial areas, utility corridors (water/power/gas), the Prunéřov processing plant location, and tailings management in the Doly Nástup Tušimice region. That’s not fluff , that’s the hard yards of permitting.

Strategic importance is now front and centre. This isn’t a random junior waving a deck: Cinovec is being treated as strategic infrastructure, aligned to Europe’s critical raw materials push. The update also flags the start of major backing (incl. €360m Czech grant funding plus additional EU program support). That macro tailwind matters: it turns the pathway into structured milestones rather than “hope and pray”.

Why this is 👉 GAME ON:

• Rezoning follows a multi-year process (since 2022) with consultation/hearings i.e. scrutiny already absorbed.

• 49/51 JV with ČEZ = state-aligned partner + credibility + execution horsepower.

• Each approval now is another box ticked on the route to offtake/FID.

Markets re-rate on de-risking milestones.

With boxes getting ticked, a brutal re-rate will come quickly.

It really doesn’t get better than this for an investment opportunity of our lifetime.

SNOOZE YOU LOSE ……

Eco launching Eco Indonesia LLC with a binding MOU and $5m equity from MCA for 49% of the sub.

Read the structure carefully:

✅ MCA funds the production line ($5m)

✅ MCA funds day-to-day ops + local cashflows

✅ Eco keeps 51%

✅ Facility targeted operational by end-2026

That’s the dream set-up: global replication without Group cash burn. If this model repeats, dilution risk collapses.

Now zoom out:

🇦🇱 Albania – live project delivery, €2.2m per block, 40% GM guidance, deposits received

🇸🇳 Senegal – JV active, €1.75m deposit pending, reference hospital install (visibility + proof)

🇮🇩 Indonesia – partner-funded line into a country targeting 3,000,000 affordable homes

Plus the platform credibility stack is building fast:

✔ Independent EN/ISO testing (BS-equivalent)

✔ ISO 9001 (quality) + ISO 45001 (H&S)

✔ Repeatable GFRG manufacturing model

And yet the market cap is still only ~£18–19m.

That valuation is basically saying: “we don’t believe they can scale”.

But today’s RNS is exactly what scaling looks like: local capital, local ops, Eco majority stake, repeatable line deployment.

If Senegal cash lands and Albania continues converting into recognised revenue, this doesn’t grind higher it reprices. Once the market accepts multi-territory replication is real, you won’t be buying this at a teens market cap.

IMO this is how you go from “AIM story” to “global platform” —and the re-rate can be brutal. 🌍📈

Serious re-rate inbound 60p+++

😂😂🙃 Skelly, you’ve done the usual trick here. Lots of snark, very few specifics.

1. Portugal

Yes, projects can be legally challenged. The Reuters piece (5 Feb 2026) is about NGOs suing the EU Commission over the “strategic project” label for Barroso under the CRMA. That is a challenge to the label and process, not proof that “EU strategic projects get stopped”. 

2. “Locals don’t want Cinovec”

That’s an assertion, not a fact. What is factual is that the Cinovec plan has been tightened to reduce community impact: the processing plant location was moved to the Prunéřov industrial site, alongside existing heavy industry and further from inhabited areas, specifically framed as improving permitting and economics. That is not “denied and forced”, it’s project design de risking. 

3. “Cable car land permission equals project risk”

Even if a surface route needs land permissions or survey timing, that does not equal “one route or bust”. Major projects design logistics with options and mitigation. In Cinovec’s case the published plan includes modern conveyor logistics feeding rail to the Prunéřov site (loaded at the Dukla industrial zone). That’s the core concept. 

So pretending the entire project hinges on one rumoured surface alignment is just more scaremongering.

4. “Quotations” and the AI jibe

If you disagree, quote the actual source and we can discuss facts. Personal digs about “AI echo chambers” are just noise.

Bottom line: Portugal shows challenges can happen. It doesn’t prove Cinovec is blocked. Cinovec is being engineered and permitted with an industrial plant site and defined logistics, not vibes and forum drama. DYOR.

Brilliant RNS this morning. When you stack this on top of the recent independent EN/ISO testing (BS-equivalent) announcements, Eco are building the exact “procurement-ready” foundation that serious counterparties demand.

Eco Albania has now been awarded:

✅ ISO 9001:2015 (Quality Management)

✅ ISO 45001:2018 (Health & Safety)

This isn’t box-ticking, it’s the difference between being viewed as a small AIM “story” and being treated as a repeatable, scalable manufacturing platform.

Why it matters:

• ISO 9001 = consistent output + repeatable production + scalable manufacturing

• ISO 45001 = internationally benchmarked H&S + operational resilience + factory compliance

• Covers the production + sale of prefabricated GFRG load-bearing wall products (i.e. core business)

• ISO compliance is often a prerequisite for government, institutional, insurer, lender and strategic partner procurement

In short: Eco are de-risking execution and removing barriers to bigger contracts. This is exactly what you want to see as they scale Albania and roll into additional territories, a platform that can be replicated without quality slipping.

The market keeps calling for “proof” and “credibility” well, here it is. Step by step Eco is building a genuinely investable, exportable model for high-volume housing delivery.

If they keep stacking milestones like this alongside project delivery and cash receipts… the re-rate won’t be a debate, it’ll be a consequence. 📈

The Gift That Just Keeps Giving

Portugal is being used as a scare headline but it’s a different project in a very different setting. Reuters is about a legal challenge to the EU “strategic” label for Barroso in Portugal. It doesn’t mean “EU strategic projects get stopped”, it means they can still be challenged like anything else.

Cinovec isn’t comparable 1:1. It’s an underground mine with a defined mine-to-chemicals plan and a clear permitting pathway.

On the “cable car / land permission” rumour: it’s not “one route or bust”. The DFS management summary explicitly includes an alternative logistics option in the EIA, often described as a “long adit/tunnel”. 

What does that mean in normal language? An adit is a horizontal mining tunnel driven into the hillside. In this context it’s a long underground tunnel that can carry a conveyor and utilities below ground, instead of taking material across the surface on an aerial/suspended conveyor. Less surface footprint, less visual impact, and it can avoid land/route objections. It’s exactly the kind of practical de-risking you expect to see as projects move through EIA and permitting. 

So yes, locals will always have views and some noise is inevitable. But Cinovec has strategic importance, a long standing mining background in the district, published DFS summary detail, and an EIA pathway that includes options rather than relying on a single surface route. That’s not scaremongering territory, that’s de-risking in action. DYOR.

@bluerill No drama at all 🙂 I got the RNS alert while I was busy and fired a quick post out. I only saw yours afterwards otherwise I wouldn’t have bothered as you’d already covered it perfectly. If there was an “edit/delete” option on the site I’d have pulled mine. Yours nailed it 👍

Interesting Senegal RNS today and (IMO) quietly bullish. Yes it’s philanthropic so no direct revenue impact, but look at the structure: Eco supplies the modular hospital system, while Amigos de Buba fully funds/manages transport + installation, with G2 Invest (Eco’s Senegal JV partner) supporting local delivery. That’s a real “reference site” with municipal backing, minimal Eco cash burn, and maximum visibility.

In emerging markets, one delivered school/hospital is often the credibility trigger for much bigger follow-on work (govt/NGO/development partner programmes). This is exactly how you build institutional relationships and prove the tech on the ground, and it ties in neatly with Senegal already being a strategic JV focus.

Fair enough, keep your opinion, nobody’s trying to police that. I’m challenging the premise that nothing meaningful happens until “cast iron” licensing plus FID.

Licensing isn’t a single on/off switch either. It’s a process with visible milestones the market can price in: scope, submissions, consultation, conditions/mitigations, determinations, then final permits. Each step reduces uncertainty and compresses the discount rate. That’s how probability weighted pricing works.

But you’re also missing the elephant in the room: strategic importance. We’re not in a normal commodity cycle where projects sit in a queue and nobody cares. Every major block is now chasing critical minerals security and onshoring supply chains. Cinovec has been framed as a strategic critical raw materials asset and the support mechanism has already started, not “maybe one day”: grants/support lines are being referenced and the project is being progressed through the permitting framework accordingly. That changes behaviour vs the typical AIM “hope and hype” playbook.

The current SP doesn’t prove your thesis, it proves it’s still discounted because some people wait for certainty. That discount doesn’t stay static if milestones keep landing, especially when the macro backdrop is pushing governments and industry to secure supply.

So yes, final licences and FID are big events. But the rerate is a process, and it moves with each de risk step, it doesn’t wait for the final stamp. If you want guaranteed returns, this isn’t Premium Bonds territory. Equities price risk. The point here is the risk is reducing, and the upside gets repriced before “irrevocable”. DYOR.

Fair enough, we can agree to differ. But your bar of “cast iron guarantees” is basically the point at which most of the rerate has already happened. Markets don’t wait for certainty, they price changing probability.

This isn’t a typical AIM punt any more. Cinovec is a defined mine to chemicals project with a DFS management summary in the public domain, a clear production plan, and explicit support lines already referenced. Add the strategic critical minerals designation and you’ve got a very different backdrop to the average “hope and hype” story.

Spikes and drops will happen, that’s normal. But the idea that the price can’t materially rerate until “irrevocable” permits or FID ignores how real money invests. Institutions and strategic players position on bankability milestones: credible offtake, a clear financing framework, and the permitting pathway moving through the system. Those steps compress the discount rate and drive rerates long before the ribbon cutting.

Also, “if I’m wrong I’m wrong” is fine, but it’s not an argument. The question is what’s most likely given the direction of travel: strategic status, stated support, and a project that has moved from narrative to numbers. Nobody is claiming guarantees in life, but “nothing until certainty” is just another way of saying “I’ll buy after the value has been repriced”.

Time will tell, but the valuation moves with each de risk step, it doesn’t wait for the final stamp at FID. DYOR.

Bannor you’re right on one point: DFS/EIA aren’t “cast iron”. But the leap from that to “nothing meaningful happens until FID/licences are irrevocable” isn’t how markets price major strategic projects.

Markets rerate on probability shifts, not binary end states. Every de risk step compresses the discount rate: DFS, EIA submission/review, strategic status and grant support, offtake progress, financing pathway, then FID. If you wait for “irrevocable”, you’re usually paying for most of the upside already.

Cinovec also isn’t a random AIM punt anymore. It’s a defined mine to chemicals plan with a published DFS management summary, explicit support lines already referenced (CZK800m JTF infrastructure and up to €350m for the plant), and a strategic critical minerals framing. That puts it in a different risk class to the usual “jam tomorrow” AIM story.

EIA being iterative is normal. The point is whether mitigations and alternatives are properly built in and taken through the process. That’s what de risking looks like.

The rerate trigger is bankability: credible offtake plus a clear financing framework. Those two steps make FID a formality rather than a leap of faith, and the market moves well before the ribbon cutting.

Nobody is claiming guarantees. But “nothing until FID” is fear framing. Probability weighted value rises with each milestone and the SP reflects that. DYOR.

Offtake is the rerate trigger because it turns “DFS on paper” into financeable cashflows. On that step alone, fair value typically moves to roughly 70p–110p depending on the quality of the counterparty and terms (floor/price sharing, duration, volume, any prepay).

FID is the next step change because funding is locked and the build decision is made, so the market discount rate compresses again. With FID, fair value can sit around 110p–160p, with the swing factor being dilution. Heavy equity raises cap the upside, while a funding mix weighted to grants, debt and strategic capital supports the top end.

Key point: today the market is still applying a big “uncertainty discount”. Offtake reduces that discount, FID removes most of it.

We should be at **** 50p - 70p **** Today

DYOR etc.