Member Info for sporazene

Blond-ad the most traded GFEX future is already at $26k/t

I am pleased that the cash balance has been topped up. More than enough G+A funds for the rest of this year and certainly to take us through to the EIA approval by mid year where we can start to draw down on those funds. Depending on the timing of FID, it looks to me as though we probably have enough G+A funds to take us through to FID.

The one bigger ticket item to be funded will be FEED, but i would expect the priority for H1 to be EIA approval and progressing offtakes. Presumably once the EIA is approved, there are no further changes that would impact FEED so they can crack on with that.

With a solid looking lithium macro and the EU likely to put more meat on the bones of their plan for critical raw marterials grants and funding we now look well set for a decent H1 IMO, given this weeks news.

I'm not against the idea of cinovec being a processing "hub" for 3rd party ore, but i think that concept is much less likely to develop before we are in production with at least one and probably two phases from this orebody. In addition, we have lots of exploration potential within the immediate vicinity and there is the much more likely topic of the consolidation EMH and Zinnwald. It makes no sense to me to spend another 1 billion euros on a processing facility 50kms away for the same orebody. It would a surprise to me if AMG didnt make a move on EMH pre-FID so i think there is potentially 75-100K of annual LCE production from this orebody to be developed before we can realistically consider 3rd party ore processing

Has anyone seen the new portal for managing the EIA approval? I have only seen the EIA screening procedure and nothing new since the submission of the EIA. TIA

Ciaran C - AMG are in Europe and they have 20% of Zinnwald, they are also in the process of commissioning their refinery in Saxony.

The other option would be Korea; Posco would be ideal. they have more experience than AMG and deeper pockets. CZ and Korea already working closely.

Given the likely grants coming our way in 2026, as well as progress with Offtakes, I dont think EMH will get much cheaper, especially if the Lithium price continues to run. Forecasts are for it to continue to be strong in 2026, if this were to be true, a rising tide lifts all boats.

If parties are interested in EMH, I would say it makes sense for them to move sooner rather than later to get EMH for the best price and also from a practical point of view before FEED starts so they are able to guide/oversee that process. It will be completed by a 3rd party of course but neither CEZ or EMH have done FEED for a lithium refinery before...

Just to clarify on this folks, the capital intensity number I quoted was the gross value. Capital intensity net of grants so far, we drop down to just under $44/t. Any further grants received from those available would improve that number further.

Dear all.

I am pleased to see the DFS out. As usual, i was out and about when the news came out, typical!

I've had a quick skim though. My initial thoughts:

- Capex came in about 12% higher than I had estimated,

- Opex came in considerably higher than I expected, key to this was the absence of tin and tungsten credits, there is no explanation for this

- Despite this EMH still materially undervalued vs peer group I am tracking on both capital intensity and C1 cash margin multiple.

Specifically compared to Vulcan and using a 20k lithium price and the capex and opex in the respective DFS's:

Capital Intensity - Cinovec/EMH $56/t vs Vulcan $106/t, mine life 26 Cinovec, Vulcan 30

5x annual C1 cash margin as % of market cap - EMH 9.12% vs Vulcan 82.97%

Lots to get after in 2026, so great that we have the DFS in the rear view mirror now and we have such a supportive Tier 1 jurisdiction that is desperate to stand up supply chains

LuckyLaurie & fingerxed- do you remember a few weeks ago when the news of the $400m grant came through and the trolls disappeared? Well I am sure they will go away again when the DFS comes. In comparison to earlier this year when the volume of daily posts was completely dominated by the trolls, we have recently seen that already tailing off, it looks like the trolls can already see the writing on the wall and are having one last hurrah.

Note, i say WHEN the DFS arrives and not if. We had the Chairman of Geomet confirming earlier this week it is a case of when and not if on both the DFS and EIA submission, so I am relaxed things and very much looking forward to seeing the content so we can see where cinovec stacks up on key metrics.

Based on the already announced grants I am expecting to see a project with bottom quartile capital intensity. The key question for me is on opex. we know that we wont be as competitive as the brine projects but we do benefit from tin and tungsten credits when prices of both those metals are on the move much higher than the PFS.

Looks like this DFS release is going down to the wire but what a great 2026 we have in store.

Thanks for sharing gsdsitgs - at least we have the confirmation of the DFS and EIA submission to be released this year.

I didnt know you are/speak/understand Czech gsdsitgs, good to know.

Sorry correction, it only starts at 14

You can scroll back to agenda item 12

https://www.publicwire.eu/regions/ustecky/stream/stream.php

LuckyLaurie - the fun starts when you at some of the end to end lithium projects that have hit FID and look at their market valuations as a % of NPV. All those I am looking at are well in excess of 50%

Ghin - it seems like you are the new guardian of the bear case here now that skelly has pretty much upped sticks and left. Not so long ago, dear old skelly would not let a post pass with parroting the same stuff. It seemed to centre on the DFS delays and EMH's CEO missing previously committed deadlines. No debate from me, that wasnt handled that well in terms of communication to EMH shareholders, but certainly from my point of view, 400m euro towards the capex bill has cushioned the blow. Do we take it that you are picking up Skelly's mantle?

LuckyLaurie - indeed, the DFS will give investors a chance to compare cinovec against a number of other projects that have recently achieved FID or completed their DFS. I have been working on building a basic format for that valuation comparison and look forward to plugging Cinovec/EMH numbers into it

FYI our re-zoning approval for the mining site to processing site area is up for regional approval on Monday. It has already got support by 8-0 from the level below from what I can make out. I would think if/when this comes through it means the rest of the permitting process can move forward fairly quickly. I still have in my own thoughts FID by the end of 2026.

Skelly - you are yesterdays news, totally blind sided by the grant news but obsessed by the past. Did you check how much Vulcan got in terms of grant money in their FID package and compared to EMH already? How much do you think EMH will get from 1billion+ of grants that were announced by the EU last week? Actually our FID timing could just be about perfect to tap into all this free money.

You are welcome on discord but if you continually make statements like you made recently which I called you out for that are completely incorrect without then owning up to it, you will be removed from the discord server

We will shortly be hosting a bulls vs bear webinar, after the DFS is released and I welcome ALL questions.

Come and join 3500 other investors:

hTTps://x.com/sporazene2/status/1997698778321834091

discord.gg/zQdJRhTfRs

In terms of a potential take out, IMO I dont think anyone will be making decisions until they have seen capital intensity and opex numbers in the DFS. With the government support we have I think the permitting/EIA has been de-risked to an extent and the mood must on financing CRM projects in Europe looks very positive.

My hope/expectation is the Cinovec capital intensity is much lower than the Vulcan finance package. Note, RIO's capital intensity for their in flight dev projects including acquisition is more the benchmark i am looking at, then we net off our grants.