Member Info for LukasK

Jemesa

If I'm wrong, I'll be more than happy.

With a project like this, almost anything can happen. Trying to predict or expect specific outcomes is extremely difficult.

Sorry for posting the same message twice.

I still believe the Cinovec lithium project will ultimately be developed. However, I think we'll most likely have to revise our expectations regarding the timeline for when the project's value will finally be reflected in our share price.

Lucky Laurie

2. The move to Prunéřov

Has solved major infrastructure issues:

* existing power infrastructure;

* existing industrial land;

* rail connections;

* reduced environmental impact compared with the earlier proposal.

Sometimes a delay creates a much stronger long-term project

my answer

Don't rely on AI to get everything right. If I remember correctly, a site selection study was carried out at the time to determine the most suitable location for the lithium processing plant. The main criteria included the availability of electricity, sufficient water supply, transport infrastructure (rail and road), availability of industrial land, compliance with the local zoning plan, environmental impacts, and the ability to develop the project as quickly as possible.

Based on that assessment, Újezdeček was selected as the preferred location, and the original DFS was based on that site. At that time, around 2021, Prunéřov was still undergoing redevelopment, which is why it was not selected for the project.

In my opinion, what ČEZ significantly underestimated was the level of opposition from local residents. The processing plant was planned to cover approximately 20 hectares. As far as I know, most of the required land in Újezdeček had already been provisionally secured, so acquiring the remaining parcels was unlikely to become a major issue. In addition, there would have been no need to develop a rail connection between Cínovec and the plant, as a RopeCon conveyor system would have been sufficient to transport the ore.

I believe that the strong opposition from local residents was one of the main reasons why the project was eventually moved to Prunéřov. Looking at it today, I think Prunéřov is a better location than Újezdeček. On the other hand, that decision cost the project approximately two and a half years while a new DFS had to be prepared.

Now the DFS will have to be updated once again because of the proposed technological change from rotary kilns to a tunnel kiln. At this stage, it is still unclear what impact this change will have on the EIA process or how long the DFS update will take, as it involves a significant modification to the processing technology. What we do know for certain is that this will lead to another delay, and we will all be hoping that this time it won't take as long. Any change inevitably has consequences for many other aspects of the project, which then have to be revised. From a regulatory and bureaucratic perspective, those revisions usually take a considerable amount of time.

Lucky Laurie

2. The move to Prunéřov

Has solved major infrastructure issues:

* existing power infrastructure;

* existing industrial land;

* rail connections;

* reduced environmental impact compared with the earlier proposal.

Sometimes a delay creates a much stronger long-term project

my answer Don't rely on artificial intelligence to get everything right. If I remember correctly, a site selection study was carried out at the time to determine the most suitable location for the lithium processing plant. The main criteria included the availability of electricity, sufficient water supply, transport infrastructure (rail and road), availability of industrial land, compliance with the local zoning plan, environmental impacts, and the ability to develop the project as quickly as possible.

Based on that assessment, Újezdeček was selected as the preferred location, and the original Definitive Feasibility Study (DFS) was based on that site. At that time, around 2021, Prunéřov was still undergoing redevelopment, which is why it was not selected for the project.

In my opinion, what ČEZ significantly underestimated was the level of opposition from local residents. The processing plant was planned to cover approximately 20 hectares. As far as I know, most of the required land in Újezdeček had already been provisionally secured, so acquiring the remaining parcels was unlikely to become a major issue. In addition, there would have been no need to develop a rail connection between Cínovec and the plant, as a RopeCon conveyor system would have been sufficient to transport the ore.

I believe that the strong opposition from local residents was one of the main reasons why the project was eventually moved to Prunéřov. Looking at it today, I think Prunéřov is a better location than Újezdeček. On the other hand, that decision cost the project approximately two and a half years while a new Definitive Feasibility Study had to be prepared.

Now the DFS will have to be updated once again because of the proposed technological change from rotary kilns to a tunnel kiln. At this stage, it is still unclear what impact this change will have on the EIA process or how long the DFS update will take, as it involves a significant modification to the processing technology. What we do know for certain is that this will lead to another delay, and we will all be hoping that this time it won't take as long. Any change inevitably has consequences for many other aspects of the project, which then have to be revised. From a regulatory and bureaucratic perspective, those revisions usually take a considerable amount of time.

Jemesa, you remind me a little of myself back in 2022.

If you look at the project's history, the only major milestone that was delivered on time was the submission of the EIA application on December 31, 2025. Everything else has been pushed back or delayed. And without the EIA approval, the construction permitting process cannot even begin.

Last year, I genuinely believed and I wrote it here as well that 2025 would finally be the year we've all been waiting for. Looking back, I realize my expectations were too optimistic, and so far it seems I was wrong. Of course, a new grant or some unexpected positive development could still emerge this year and help EMH. But the key milestones remain the EIA approval, the updated DFS, and then the construction permit. None of those are in place yet.

On top of that, CEZ still has not officially confirmed that the Cinovec lithium project will actually go ahead.

Originally, the processing plant was supposed to be built in Ujezdecek, but it was later moved to Prunerov, which caused years of additional delay. Now we've learned that the originally planned kilns also need to be redesigned.

It makes me wonder what the next issue will be.

We're racing against time, and time is something EMH doesn't have. On top of that, it's also running out of money.

This is an interesting announcement. At this point, I honestly don't even know whether to see it as positive or negative.

From the perspective of the project's development, it is clearly positive. From the perspective of timing and the overall schedule, however, it is negative because it represents yet another delay.

It reminds me of when I was writing my master's thesis. I constantly felt the need to improve it. Every time I thought it was finished, new information would emerge that I wanted to include, and the cycle just kept repeating. Fortunately, I had a fixed deadline by which I had to submit it.

I see these technical improvements as a positive because they improve the project's economics. The problem is that all of this is happening against the backdrop of bureaucracy, which means more redesign, more engineering work, and further delays.

From the perspective of EMH shareholders, the downside is that time and cash on the balance sheet are working against us

I must say that I am very disappointed, but as soon as the EIA record appeared in the CENIA system at the end of April, it was already clear at that moment that it would not be completed on time. However, I wrote that I still hoped and believed that if there were no obstacles and everything went 100% according to plan, there was still a chance.

When I later saw the list of requirements from Dubi and Teplice, I must admit that I became somewhat concerned even about the end of 2026. I would hate to experience the same deja vu as with the DFS, where the deadline kept being pushed back again and again.

I am starting to think that CEZ may be trying to financially starve EMH. At the CEZ General Meeting, they were very reserved when it came to providing information about the lithium project at Cinovec. Everything is now in CEZ's hands. They hold the stronger cards and they have time on their side.

Over the past few years, there have been so many predictions here, but it’s nice to speculate, it’s part of human nature. Every year, the only speculation was whether the DFS would finally come, and again it didn’t, and that went on for several years.

Today, the speculation is much more interesting. There are many possible scenarios now involving POSCO, CEZ ......... The worst part is that all scenarios are possible, from a 3x to 10x valuation increase. We just have to trust KC that he genuinely has the shareholders’ best interests in mind, even though this year’s general meeting must have been a bit of a cold shower for him.

In any case, something is finally starting to cook in the pot, and the more milestones that are achieved and the more the timeline is followed, the better it will be for all of us.

Here is quite a nice summary from the general meeting

https://www.hrot24.cz/clanek/valna-hromada-cez-dividenda-uhli-windfall-tax-2026-HLw4q

The general meeting of CEZ takes place on Monday, June 1st, starting at 9 a.m. We will see what kind of information will be presented and whether anything positive for EMH shareholders will be mentioned.

In my opinion, the main topic will still be the potential nationalization and possible split of the company into two parts, which will probably dominate the entire general meeting. Nevertheless, I think lithium should also be discussed. At the very least, the Cinovec project certainly deserves attention.

Yes, a partnership would make sense since the deposit is cross border. From what I have been able to read over the years, most politicians have said they are not really in contact with the people on the German side and that each side is basically following its own path.

There is definitely one advantage in the fact that the German Zinnwald project is also focused on lithium mining, just like the Czech side, so there is at least some shared interest between the two projects.

What I find quite interesting is that back around 2022 there were discussions about which project was actually further ahead, whether Cinovec or Zinnwald. At the time, I honestly felt that the German side seemed to be ahead in several areas. Looking at the situation today, though, it is interesting to see how much things have changed. Even if I often feel that the Czech project is moving painfully slowly, it now seems to be considerably further advanced than the German project.

At the same time, it is true that the EIA process itself is formally independent and runs under Czech jurisdiction and Czech statutory timelines.

On the other hand, I would not completely dismiss the possibility of cross border disputes within the EU. A more extreme example would be the Turów mine case on the Czech Polish border. Poland wanted to extend mining operations near the Czech border, while the Czech side argued that the project threatened Czech groundwater resources and that Poland had breached EIA procedures and European law.

In the end, the whole situation was resolved through an interstate agreement in 2022, when Poland paid around EUR 45 million to the Czech Republic. Part of that money also went to the Liberec Region, which borders the mine.

Of course, I am not saying that something similar will happen here. I only want to point out that within the EU there are legal mechanisms that allow affected countries or regions to defend themselves if they believe a cross border project could have negative impacts. The German side does not control the Czech EIA process or Czech laws, but certain legal options under European law do exist. That said, I personally see the Turów case as more of an extreme example rather than something that would automatically threaten this project as well.

Pages 23–27

Https://www.cez.cz/webpublic/file/edee/2023/12/tezba-a-zpracovani-lithia-na-cinovci.pdf

Some modelling has already been done regarding rainfall and water flows, including where the water drains and what impact it could have on the surrounding area. One of the studies I send you a link, but I think there have been several studies overall. I already saw some of them back in 2022. The EIA follows precise legal procedures, but it is entirely possible that some parts may still need to be supplemented or expanded.

In 2022, I was buying shares at AUD 0.86. Where we are with the share price after 4 years, we all know. Judging someone by where we have managed to get in 4 years says a lot in itself. Honestly, I would rather fire KC for his years of poor communication and for where he has led this.

I even remember how for several months we were discussing here on the forum the mandatory applications for the Critical Raw Materials Act. Back then the deadline was August 2024, and we were wondering whether KC had even submitted it at all. Until March 2025, when the official announcement came, we were waiting nervously to see how it would turn out, even though there were some behind the scenes indications that the application had been submitted in August 2024.

Already back then I was thinking, my God, this cannot be real. And when someone here recently wrote about how many different roles KC holds everywhere, it all started to make a lot more sense to me.

Jemesa

But this is the standard procedure. First it appears in the CENIA system and only afterwards it is published on the official notice boards of the affected municipalities.

The hardest part is now beginning for us, namely the public comment phase, and then, in my opinion, the most difficult part of all will be processing all comments and issuing the final EIA statement between June 11 and June 30.

If the comments only contain issues that have already been addressed procedurally in the past, that is good for us.

However, if something genuinely new appears during the comment period, and of course that will depend on how substantial and well supported it is, for example an unexpected impact study or a newly identified environmental issue, which cannot be ruled out, then we can be almost certain that June becomes unrealistic and we would be happy with September instead.

Let us believe and remain optimistic, but truly very big optimists.

2014

Your theory is quite interesting, and I have to admit it has a logical foundation. When I read that RNS back then, the same thought also crossed my mind that you are describing now. But KC, even though he does not have much of my sympathy, is a bigger player than that. After so many years of waiting, 200% is simply far too little. On the other hand, I have to admit that we all feel here that the game is starting. Part of EMH, or the entire stake, will be sold, but personally I still think there is a little more time left.

We are here, except for Skelly, as shareholders, and I believe we will all be rewarded. There are as many possible scenarios as our imagination allows. Maybe in the end we will all be surprised. Personally, I think there will be some additional financial support from the EU, and I believe it could come quite soon.

Gsdsitgs

The person who has been a major problem and something of a troublemaker from the very beginning is the mayor of Dubí, because Cinovec falls under the cadastral area of Dubi. I’ve listened to him several times, and my impression is always the same: he says, “I personally have nothing against the mine, but…” and then follows a long long long list of every possible problem. On one hand, he says that the town of Dubi will receive only a small share of the mining revenues (which is determined by law), but on the other hand, if all of his objections and demands were accepted, the entire project would become significantly more expensive.

The answer to your question is that he is the one who keeps talking about a tunnel instead of a cableway. I would guess that the mayor of Dubí is behind the alternative proposal to build a tunnel

Stringer01

Europe is, in a certain sense, the opposite of Africa. Europe is so bureaucratic and so protectionist that you can hardly build anything there, which is exactly why the CRMA was created, to speed up the processes, and as you can see, it is still moving at a turtle’s pace. At some point, a revaluation will come. Our virtue must be patience. Of course I would also like to see the share price higher, but at the moment it reflects the uncertainty, the risk, and EMH’s almost empty treasury.