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Skelly85

KDNC Public Equity, Passive

European Metals Holdings Limited (“European Metals”)

Interest – 7.0% at 31/12/2023 and 2.96% on 30/06/2024

https://www.cadenceminerals.com/wp-content/uploads/2024/09/Cadence-interims-2024-FINAL.pdf

The proposed legislation has a positive impact on the business environment of the Czech Republic. Investment in the construction of a new production plant brings opportunities for companies in the Czech Republic and for companies in the Ústí Region that participate in the construction as subcontractors. The increase in sales in the economy from the realization of investments, from the operation of the investment and from the increase in the purchasing power of employees will bring the Czech Republic 10,382 million. CZK per year, of which 5,338 million should go to the Ústí Region. CZK per year.

The project envisages the retraining of the workers of the existing coal operations and the offer of jobs in the new industry. As part of the project, a memorandum on cooperation in the field of education and retraining of workers in the battery chain has already been concluded with Jan Evangelista Purkyně University in Ústí nad Labem.

As part of the acquisition of the 6th update of the Territorial Development Principles of the Ústí Region, an assessment of the effects of the concept on the environment and public health (SEA) was carried out. The evaluation shows that the fulfillment of the concept, which defines the areas and corridors of the location of the project, can be associated with potentially significantly negative effects on the population, surface and underground waters, forests, rock environment and landscape, and even significantly positive effects on the population. Chapters 8 and 11 stated that identified potentially significant negative impacts can be minimized by adopting proposed measures that will be specified at the project level and evaluated in a separate EIA process.

Experiences from other projects are carefully analyzed and, together with experts from all over the world, ways are being sought to make ore processing as ecological as possible by contributing to circular economy practices so that as many raw materials as possible can be used, for example in the construction or ceramic industry.

It is not expected that the implementation of mining projects in this area will affect the underground and spa waters. However, it is assumed that the implementation of these mining projects will not exceed the legally prescribed emissions (especially noise, dust). Dustiness should not change from the current state as wet material will be handled throughout transport and processing. Dusty products will be stored in closed silos, filters and other anti-dust measures, covered conveyors and sprinklers will be applied.

The submitted draft government regulation was prepared in the context of ensuring the raw material security of the state and with regard to the fact that lithium in battery quality, which it undoubtedly achieves in the subject location, is a strategic and also critical raw material according to Annexes I and II in the sense of Regulation 2024 of the European Parliament and Council /1252, which establishes a framework for ensuring safe and sustainable supplies of raw materials. The future mining of the Cínovec deposit will thus fulfill one of the basic objectives set out in the regulation of the European Parliament and the Council, which is to reduce the risk of supply disruptions in connection with critical raw materials, which could distort economic competition and fragment the internal market.

Lithium is considered a critical raw material due to its high economic importance. Given its role in bringing about the green transformation and the need for its utilization, demand for it is likely to increase exponentially in the coming decades. It is therefore in the interest of the Czech Republic and also of the European Union to create conditions for its extraction and processing in such a way as to reduce dependence on its supplies from third countries.

The proposed legislation has a positive effect on the total income of public budgets. The expected direct income is given by the sum of the payment for mined minerals, payment for mining area, levy for employees, personal income tax, VAT, corporate income tax and real estate tax. Estimated direct income to public budgets is 3,155 million. CZK per year, of which 2,324 million The income of the state budget will be CZK 68 million per year. CZK annual income of municipalities in the Ústí Region, 18 mil. CZK annual income of the Ústí Region and 745 mil. CZK income of other municipalities and regions in the Czech Republic.

The subject of the government decree is the designation of deposits of critical reserved minerals in the Cínovec area as a deposit of strategic importance.

The amendment to the Government Regulation is expected to enter into force on February 1, 2025.

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