Member Info for Sags89

My takeaway was a few other areas of comments from the Teplice region which can be found here https://www.teplice.cz/mesto-teplice-podalo-vyjadreni-k-dokumentaci-eia-k-planovane-tezbe-a-zpracovani-rud-na-cinovci

Not sure on how influential they are in the whole process but there may be some further actions to address their comments

@LukasK have you heard anything regarding the EIA submission? I appreciate the company noted its lodgement on the 31st of December but the fact it is yet to appear on the portal yet is slightly concerning on the 30 June target for approval given the public notice requirements..

Then an Independent Expert Report would likely be conducted as is standard practice for ASX listed shares which would have to reference the mechanism in the SHA so again I can’t see that flying at the current number of shares on issue. Even if significant dilution occurs, the total value to be paid by Cez doesn’t change it just means less per share x more shares.

The SHA protects EMH with a fair value clause that would no doubt be linked to the DFS NPV (I’m sure some discounts applied but not to the extent that the share price currently reflects. The main risk to EMH share price is dilution but that would imply a positive FID and EMH progressing to funding its share of equity required which you would hope / expect a rise in share price ahead of any major capital raise.

EMH also has veto rights on certain funding conditions to prevent Cez forcing a highly dilutive raise so I think a mid 20s buyout is incredibly unlikely.

I think everyone is understandably disappointed with the headline results - Capex and AISC certainly came in higher than I had expected but I think there is still opportunity for further refinement and believe they have gone with a more technically simplistic DFS focussing on lithium extraction rather than by-product / value maximisation. That being said, I would not expect more than a 5-10% reduction in AISC pre-FID (if they get to operation then this is a scalable asset that could bring costs down more meaningfully further down the line).

Let's not forget the strategic relevance of this asset to the EU and the signalled support to date. I would imagine some further support via grants (not in the magnitude of what has been provided to date) and tranches of debt at more favourable terms (i.e. lower interest rate, potential repayment holidays or extended loan etc.). The big question is at what price will they need to raise equity and how much - to date, dilution has been reasonable for a potential mine getting to DFS. I would imagine a working capital only raise early 2026 of maybe £10-20m with the bulk being done once / if a financing package is pulled together.

This isn't the DFS many of us had been waiting for but I don't think it's as disastrous as some are making out - plenty of further catalysts early 2026 that could further support the share price ahead of any raise.

Thanks Ghin - not a great look!

What figures are worse? As far as I can tell they are consistent with the RNS with the ASX being the full DFS?

Anyone else cannot see the trade history today? Only shows 1 share trade for 1,131 shares despite my platform showing >1m volume?

Can I ask where you saw CEZ come out and confirm commitment to getting it done?