page 7 " country risk is low"11 Mar 2019 16:41
....... We feel the country risk for the project is a low to moderate. The Czech Republic is an
established democracy in the European Union. There have been some issues at a
government level which led to an MOU signed between European Metals Holdings and the
Czech ministry to explore downstream processing being cancelled, but this has no effect on
European Metals Holdings permitting in the country. This cancellation of the MOU seems
to have been tied to a change in government and a domestic agenda on foreign-owned
companies. We do not expect this to continue or to hinder the award of further permits to
European Metals Holdings, and indeed drilling permits have been issued, but there is
always a possibility this may delay developments slightly.