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Thanks Bizzler, this is actually great and as you say 👇

“Always two sides” agreed.

But this isn’t balance, it’s a selective negative spin on a project that’s clearly advancing.

Let’s reality check the article:

Local opposition?

Every major mining project has it.

Cínovec sits in a historic mining region, which materially reduces permitting risk compared to greenfield sites.

Environmental concerns?

The project has already reached full EIA submission in Dec 2025.

That only happens after years of detailed studies, not speculation.

“Flaws in EU transition”?

Strange timing given the EU has just

• Designated Cínovec a CRMA Strategic Project

• Accelerated support for domestic lithium supply

• Prioritised projects exactly like this

That’s not failure, that’s policy alignment.

Economic doubts?

DFS complete ✔️

Backed by ČEZ (state utility) ✔️

Supported by Czech Government and EU funding ✔️

This isn’t some AIM punt hoping for relevance, it’s already been validated at multiple levels.

What the article conveniently ignores:

• EU funding already flowing through JTF and other mechanisms

• Advanced stage compared to most EU lithium peers

• Strategic necessity, Europe needs this supply

• Ongoing industry interest, widely discussed not imagined

Bottom line:

Yes there will be noise, objections and headlines. That’s normal.

But the actual indicators that matter all point one way

• Strategic status

• EIA progress

• Government backing

• Funding support

You don’t get all four unless a project is expected to proceed.

So yes, two sides…

but only one of them is actually grounded in where this ends up.

The EU has now proposed the Industrial Accelerator Act — and this is a major strategic shift.

This isn’t just support… it’s demand creation + protection for EU industry.

Key takeaways:

• “Made in EU” preference

Public procurement and subsidies prioritising EU-made materials

→ Batteries, EVs, net-zero tech and critical raw materials

• Demand is being CREATED

Governments incentivised to buy European low-carbon products

→ Underpins long-term demand for EU lithium

• Faster permitting

Single digital system, clear timelines, streamlined approvals

→ Supports EIA → permits → FID progression

• Strategic investment rules (>€100m)

Must create EU jobs, local value and tech transfer

→ Favours EU-based projects

• Manufacturing target 20% of GDP

→ Requires secure, local raw materials supply

Why this matters for Cínovec:

• 🇪🇺 Located in EU (Czech Republic)

• 🔋 One of Europe’s largest lithium resources

• 📊 DFS completed

• 🤝 Backed by ČEZ

• 💰 Already aligned with EU funding

• ⏳ EIA submitted

👉 Exactly the type of project the EU is now prioritising.

Why this is MASSIVE for EMH 📈

• Reduces demand risk

• Strengthens offtake position

• Supports faster permitting

• Increases strategic asset value

• Reinforces EU lithium independence

Big picture:

The EU is no longer just talking…

👉 It is actively reshaping the market to favour European supply

And Cínovec sits right at the centre of that shift 🚀

Fantastic post by Rpks — great find 👏

This really shows the direction of travel and that the project is progressing exactly as it should.

Key positives:

• 🇪🇺 CRMA Strategic Project status

→ Confirms Cínovec as critical to Europe’s battery supply chain

• 💰 Major grant funding secured

→ Strong government + EU backing already in place

• 🏗️ Geomet (CEZ) actively hiring for build phase roles

→ Clear sign of progression toward construction

• 📄 EIA submitted (Dec 2025)

→ Major permitting milestone achieved, decision expected ~mid-2026

• 🤝 Ongoing strategic partner discussions (incl. Korea chatter)

→ Reinforces global interest in securing supply

• ⚡ Integrated lithium project (mine → processing → products)

→ Full value chain = higher long-term value

• 🇨🇿 Positioned as nationally strategic for Czech economy

→ Jobs, regional transition, long-term revenues

This isn’t standing still

it’s advancing step by step toward build and funding. 🚀

Bannor are you smoking something 😂😂🤦‍♂️

25p takeover for ~49% of Europe’s largest lithium resource? Come on… that’s fantasy.

Let’s deal in facts:

• Cínovec is a strategic EU project with government backing increasing

• CEZ is already committed, they’re not building this to flip it cheap

• DFS supports a multi-billion $ NPV project, not a £50–60m AIM exit

• EIA submitted, funding + structure being worked, this is moving forward, not “sinking”

This isn’t a distressed asset.

It’s a strategic European lithium project moving toward funding and build.

25p doesn’t get you a conversation… let alone a deal. 🚀

Thanks for posting that Rpks, tells us everything we need to know.

Bottom line:

You’ve got:

✔ Strategic EU project

✔ Government backing increasing (not decreasing)

✔ CEZ front and centre

✔ Permitting + funding pathway actively progressing

And yet the market is still pricing this like an early-stage explorer 🤷‍♂️

Reality check:

When a government starts talking in hundreds of billions / trillions over a 20–25 year life…

this isn’t a “maybe” project.

It’s national infrastructure in the making.

Conclusion:

Cínovec isn’t being questioned…

it’s being positioned, structured, and funded. 🚀

TheBizzler, it may help to separate forum commentary from actual project progress, because the two are not the same thing.

A few factual points based on where the project stands today:

• Forum share price views are simply personal opinions. What ultimately matters are project milestones, and those have continued to advance.

• The EIA has already been submitted (Dec 2025) by European Metals Holdings and its partner ČEZ for the Cinovec Lithium Project. The regulatory review process is now underway with approval during 2026 widely expected.

• Cinovec is not an exploration story, it is a DFS level project, placing it among only a small number of lithium projects in Europe at that stage.

• Binding offtake agreements are typically finalised after key permitting milestones such as the EIA, as buyers want regulatory certainty before committing.

• The project already has a strategic partner in ČEZ, one of Central Europe’s largest energy companies. Strategic partners do not commit capital and engineering resources to projects they consider unrealistic.

• The European policy landscape has shifted significantly, with the EU now prioritising domestic critical mineral supply chains and battery materials.

• Cinovec also benefits from meaningful tin credits, which strengthen project economics and are often overlooked when discussions focus purely on lithium.

• EMH has repeatedly stated it is in advanced discussions with multiple potential offtake partners across the battery and chemical supply chain.

Projects with a completed DFS, strategic partner, government backing and an EIA already in the approval process are extremely rare in Europe.

With Europe now actively seeking secure domestic lithium supply, projects already at the Cinovec stage tend to become strategically important very quickly.

Once key permitting milestones like the EIA are cleared, the pathway to offtakes, project financing and ultimately FID becomes far clearer, that is when markets reassess the value of development projects very quickly. 📈⬆️

Good points Lukas and I agree the local discussions around Dubí have been part of the story for quite some time.

As you say, the concerns from the municipality were one of the reasons the processing plant location was moved from the original Dubí proposal to Prunéřov, and that adjustment is already reflected in the DFS.

In many ways that demonstrates the process working as intended, local concerns being addressed and incorporated into the final project design.

Large infrastructure and mining projects across Europe always go through this stage where municipalities and stakeholders submit comments. Some adjustments are made along the way, but the overall permitting process continues.

In fact, the relocation of the processing plant itself shows the project has already demonstrated the ability to adapt to local concerns while continuing to move forward.

The key development from the mayor’s recent statement is that “we are about to publish the conclusions of the Environmental Impact Assessment.” That wording suggests the review stage is already well advanced and the project is moving toward the next step in the formal approval process, an important milestone ahead of the June grant timeline.

Given the scale and strategic importance of Cínovec for the European battery supply chain, and the repeated references to Korean cooperation around lithium at Cínovec, it’s not surprising that the project attracts strong local interest. That tends to happen with developments of this size.

What matters from an investor perspective is that the project continues to progress through the planning and environmental approval stages, which is exactly what we are seeing.

With the EIA conclusions approaching and discussions around international cooperation already underway, the project appears to be moving steadily toward the next phase of development.

After all, Cínovec remains the largest hard-rock lithium resource in Europe, so it’s not surprising that progress here continues to attract attention at both regional and international levels.

The precise timing will depend on the formal process, but what stood out to me was the mayor’s wording: “we are about to publish the conclusions of the Environmental Impact Assessment.”

That suggests the technical review stage is largely complete and the authorities are preparing to release their conclusions ahead of the consultation phase.

The consultation process is a standard step in large infrastructure and mining developments, allowing local stakeholders to comment before the final opinion is issued.

What matters from an investor perspective is that the EIA process appears to be moving toward its conclusion stage, which is an important milestone for the project.

With the wider discussions around lithium cooperation and the importance of the June timeline for grants, the next phase of the process could arrive sooner than many expect.

Either way, it’s encouraging to see the project continuing to move through the permitting pathway.

Bannor, Fair point on the delayed reporting and the UT size, thanks for clarifying.

My post wasn’t about popping champagne corks over a trade or a £119 auction, it was simply highlighting two factual developments from the mayor’s statement that are quite significant for the project:

• EIA conclusions about to be published

• discussions with Korean partners around lithium cooperation

Both are genuine developments in the progression of the Cínovec project, which is the point I was making.

The trading comment at the end was just an observation that 200k shares changed hands on Friday, which for a stock with this level of liquidity is not insignificant regardless of reporting timing.

Ultimately the market will decide the direction, but the permitting progress and international cooperation discussions are the parts I find most interesting.

Let’s see how things develop.

There are two extremely important comments in the mayor’s statement that deserve closer attention, and both highlight the continued progress of the Cínovec lithium project.

The first is this:

“We are about to publish the conclusions of the Environmental Impact Assessment (EIA)”

This represents a major milestone in the development process. The EIA has already been submitted and reviewed, and the publication of the conclusions marks the transition into the formal consultation stage. For a project of this scale, the largest hard-rock lithium resource in Europe, this is exactly the step you expect to see as permitting advances.

The second key point relates to international cooperation. The mayor referenced the possibility that discussions with Korean partners could result in the state reducing part of its current share in a strategic mining project.

That statement is particularly revealing because the Czech state already holds the majority position through CEZ, meaning any adjustment to that structure would only occur when major industrial partners are being considered for participation in the project.

Strategic partners typically enter at the stage where:

• long-term lithium supply agreements are secured

• project financing structures are formed

• integration with the EV battery supply chain begins

So within one short statement we have confirmation of two major developments:

• EIA conclusions about to be published

• international strategic cooperation discussions underway

Both are exactly what you expect to see as a project moves closer to development.

Then look at what happened in the market on Friday.

Two separate 100,000 share purchases went through late in the session, pushing the closing auction price to 17p, a 13% move higher.

Someone clearly wanted stock before the weekend.

Very interesting timing. 👀📈

Worth remembering EMH traded at 95p in 2020… £1+ looks very achievable again.

Something interesting to consider when you look at the scale of Cínovec.

The DFS production target is roughly 37,000–38,000 tonnes of lithium carbonate equivalent per year. With a typical EV battery requiring around 35–45kg of LCE, that means the project could theoretically supply lithium for close to 1 million EVs annually.

For context, the Hyundai factory in the Czech Republic produces about 350,000 cars per year, meaning a single automotive plant of that size could be comfortably supplied by Cínovec with plenty of lithium still available for other manufacturers.

So when you see Czech ministers talking about Korean industrial cooperation around lithium, and names like POSCO being mentioned, the strategic logic starts to become obvious.

Also worth noting what happened on Friday.

We saw two separate 100,000 share purchases, which pushed the closing auction price up to 17p. Someone clearly wanted stock before the weekend.

Maybe nothing… but that kind of buying often happens when the market starts positioning early.

If a POSCO strategic partnership or offtake were confirmed, the valuation gap here becomes pretty clear.

Remember EMH traded around 95p in 2020 when sentiment was strong.

In the right scenario £1+ valuations are entirely possible again.

With the auction finishing at 17p, Monday might get very interesting… 👀📈

Hard not to start thinking about the new ISA allowance at these levels.

Medium-term this story will look very different when the rollout begins to convert into delivery.

Exciting times ahead 🥳

@TheBizzler

No problem with people sharing information, discussion boards would be pretty dull otherwise. My point was simply that the comparison being made isn’t particularly relevant.

Viridian Lithium was a stand-alone lithium refinery dependent on importing concentrate. That model carries very different risks.

By contrast Cinovec Lithium Project, via European Metals Holdings, is an integrated mine + processing project, controlling its own feedstock and developed alongside ČEZ Group, a major Czech state-linked utility. Those structural differences matter.

Regarding the DFS and share performance, lithium developers globally have been through a brutal commodity cycle over the last couple of years. That hasn’t been unique to EMH.

What ultimately determines success for development projects is progress through the key stages:

• permitting / EIA

• offtake agreements

• financing

• construction

Cinovec continues to move through those milestones and remains one of the largest and most advanced lithium development projects inside the EU.

As Europe pushes harder to secure domestic battery materials, there are very few projects capable of supplying meaningful lithium volumes within the region. Cinovec is one of them, which is precisely why it keeps appearing in discussions about Europe’s future battery supply chain.

Some posters have mentioned the liquidation of Viridian Lithium as evidence the EU is failing to support lithium projects. In reality the comparison with European Metals Holdings / Cinovec Lithium Project is weak and actually highlights why Cinovec is in a stronger position.

1️⃣ Viridian was not a lithium mine

Viridian was a stand-alone lithium refinery (~€300m capex) that relied on importing lithium concentrate from third parties. Without secure feedstock supply, conversion plants are highly exposed to price volatility and supply risk.

Cinovec is fundamentally different.

2️⃣ Cinovec is an integrated project

Cinovec combines mine + processing, meaning it controls its own lithium supply rather than relying on imported material.

It also hosts one of the largest lithium resources in Europe with an expected mine life of around 26 years in the DFS.

3️⃣ Strong industrial partner

The project is developed through the Geomet JV with ČEZ Group, the Czech state-linked energy utility. That provides industrial backing and aligns the project with Czech national strategy.

4️⃣ EU lithium supply reality

Europe urgently needs domestic lithium supply. Several projects have already stalled or disappeared:

• Jadar Lithium Project (Serbia – politically stalled)

• Viridian refinery (now liquidated)

• various smaller processing proposals

That leaves very few large advanced lithium projects inside the EU.

5️⃣ Fewer projects increases strategic importance

Europe likely needs a handful of large domestic lithium sources. As projects drop away, the remaining advanced projects become more strategically important.

Cinovec is widely regarded as one of the most advanced lithium development projects in Europe.

Conclusion

Viridian’s failure highlights the risk of stand-alone refineries, not integrated mining projects. If anything, it reinforces the importance of large European lithium resources capable of supplying the battery supply chain.

Cinovec remains one of the key projects capable of delivering that supply.

Ginandmilk, I didn’t say you explained why Sirius Minerals failed, you mentioned SXX as an example in a discussion about investing behaviour, so I responded to the reference.

My point was simply that Sirius was a financing story, which makes it a poor comparison for ITM Power, given the very different balance sheet and business model.

On the broader point though, we’re actually in agreement, taking loans or going all-in on any share is never a good idea.

Ginandmilk, I didn’t twist anything, I simply responded to the SXX reference, which inevitably gets used as a warning whenever investors discuss risk.

For clarity, I completely agree with your underlying point: no one should go all-in or take loans to invest in a share, that said I have exceeded my normal percentage holding in any one investment but I understand the risk and the potential reward!

Where I disagreed was the Sirius comparison, because that collapse was primarily caused by a $3–4B funding requirement that the company simply could not secure, and arguably the arrogance of management believing they could effectively hold the UK Government to ransom to support the project, governments simply don’t work like that.

That’s a very different situation from ITM Power, which has ~£200m cash, disciplined cash management, a growing commercial order pipeline and ~500MW of projects built or under construction globally.

There is also additional upside through Hydropulse’s BOO (Build-Own-Operate) hydrogen model, which could create recurring revenue streams rather than purely one-off equipment sales.

I’m invested here because ITM has a strong product line-up, disciplined cash management and an excellent leadership team. I was fortunate enough to be one of 25 investors invited to tour the Sheffield facility and attend a comprehensive presentation, which exceeded expectations and gave real insight into the scale of the technology and manufacturing capability.

It’s also worth noting the electrolyser sector is already consolidating, with players such as Cummins Inc. stepping back from the space, which only strengthens the position of established, well-capitalised suppliers like ITM.

So we probably agree more than you think, just looking at it from slightly different angles.

The real lesson from Sirius Minerals wasn’t retail investors…

Sirius needed billions just to survive , 💧ITM💧already has the cash💰💵💵 🏦 and is delivering projects.

I see people bringing up Sirius Minerals (SXX) as a warning for ITM Power investors, but the comparison really doesn’t stand up when you look at the fundamentals.

I know this because I was actually invested in SXX myself.

By pure chance I ended up sitting next to a gentleman on a flight back from Morocco and we got chatting about mining companies. The conversation moved from Emmerson PLC to Sirius. When he confidently said SXX would have “absolutely no problem raising £1B”, I asked a few more questions. His view was that the UK Government had no option but to back the project.

That set alarm bells ringing.

The next morning I got up early and started selling my entire holding. Within 48 hours I had cleared the lot. I made around £6k, which for the size of my investment at the time felt like a disaster , but it turned out to be one of the best decisions I’ve ever made.

Friends and family told me I’d got it wrong… we all know how that ended.

But here’s the key point: Sirius failed because of financing risk, not because investors “fell in love with a share”.

SXX required $3–4 billion to complete the Woodsmith mine. It had no secured banking facility and ultimately tried to issue $500m bonds at a 13.5% coupon, which the market quite rightly saw as desperation. When that failed, the company ran out of options and was eventually sold to **Anglo American for 5.5p per share.

Compare that with ITM today.

ITM has £200m+ cash, no requirement to raise billions in project finance, and sells modular electrolysers into multiple projects globally. It isn’t dependent on a single mega-project getting funded. Its technology — PEM electrolysers — sits at the heart of the global green hydrogen build-out.

Whether you’re bullish or cautious on ITM is up to each investor.

But comparing it to Sirius is like comparing a single mega-mine needing $4B to survive with a cash-rich clean-tech manufacturer selling into a growing industrial market.

They’re simply not the same situation.

Momentum is quietly building.

Execution + backlog + service revenues = a very different company to the one many still assume.

The UK hydrogen economy is starting to move from strategy to infrastructure and ITM is right at the centre of it.

DYOR 🚀

Truro, I share and understand your frustration, you raise fair points and I think most shareholders would welcome more operational updates as things progress.

That said, the model ECOB is building isn’t really about one central factory scaling slowly, it’s about regional production hubs tied to specific housing programmes.

So the progression tends to look like:

1️⃣ secure local partners / housing pipeline

2️⃣ establish production hub funded locally

3️⃣ deploy the system and scale housing delivery

We’ve already seen the first stages of that with:

• Senegal JV now moving into implementation with the €1.75m capital contribution

• $5m partner-funded production line announced for Indonesia

• Albania development progressing

So the strategy seems to be building multiple regional platforms rather than relying on one production line to supply everything.

More updates on Albania or additional production hubs would obviously be welcome, but the pieces of the rollout model do appear to be gradually falling into place.

The Indonesia announcement may actually be one of the most strategically important RNSs ECOB has released, and many people on the board seem to have underestimated it.

Hopefully we will get some more updates soon

A £16m company building a global housing platform…

That’s the bit worth thinking about.