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Where is the troll?

Indeed @Greenmachine67 the EU will reveal their plan for the RESourceEU initiaitive. Some of the (many) EU bureaucrats have promised a JOGMEC style function, so as long as it has some teeth to get things done, I think this can only be good for EMH.

Gsdsitgs - yes that came out this morning. very encouraging of a grant that size made possible as a result of the modification of state aid rules. I have no doubts that a CZ gigafactory or perhaps Cinovec will be a beneficiary of another grant in due course.

Thanks for posting @NikNaks - good to see that process underway

Perhaps he read the incoming governments economic strategy?

https://www.anobudelip.cz/file/edee/2025/09/hospodarska-strategie.pdf

They seek him here, they seek him there

Those Frenchies seek him everywhere

Is he in heaven or is he in hell?

That damned elusive Pimpernel!

I think we're aligned NikNaks - certainly looks to be the start of the process and no spades in the ground just yet, but certainly cause for mild encouragement

NikNaks - did happen to spot on dates in the documents for contract award or work start date? It looks as though the tender closed on the 10th so appears as though they want to hit the ground running once the EIA is submitted, presumably on schedule and by the end of the year.

Lets see what the next 6 weeks bring

Https://x.com/i/grok/share/dkDnKMOtArrRjW7rqzWdNawTm

Looks to me that the mine shafts work is covered under the JTF funds

NikNaks - thanks for posting, yes very interesting, I was going to mention as you have noted that i though this might be covered under the works from the JTF funds, I will take a look back at this during the morning and see what i can find, if anyone else finds it please post

I think its fair to assume the costs will be alot higher given how much inflation there has been since the PFS. Lithium prices are on the move and back up to 12k/tonne. I think there is a good chance we see 15k/tonne pretty early into next year.

With the Serbia project shelved, it makes it even more likely IMO that Cinovec goes ahead, there is only one other mining to processing project in Europe (sibayne), the AMG refinery in Germany is bringing in material from outside Europe. So, if the EU has any hope of reaching its CRM act targets, all roads lead all roads lead to Cinovec IMO.

"Baker Hughes’ prior work with Pantheon demonstrates technical confidence in Pantheon’s discoveries. That history makes it highly unlikely they would align with Glenfarne if they thought Pantheon’s Dubhe well was going to fail. Instead, the partnership reflects a strategic bet on Pantheon’s success and the role its resources will play in Alaska LNG development."

Baker Hughes($48 billion market cap and $28 billion revenue) is engaging in the full LNG project and would be involved regardless of if/when prove that we can supply gas. I would suggest there is likely to be no connection with AHS's work with us and their decision to get involved. can I suggest you do just a very small bit of research on AHS/Baker Hughes.

Rpks, thanks for posting. I think the author has been part of some shareholder activist activities on CEZ over the last few years, specifically on the proposed nationalisation, so not surprised there is a slightly bearish slant generally on the article. Very good to read though the CEZ spokesman, which is right in line with my expectations and the timeline dependency being the new government being in place. GLA

Interesting comments over the weekend from Doug Gurgum in the US about allies (presumably G7) stockpiling rare earths. Certainly appears as though the penny is dropping and level of urgency from the US at least about standing up home grown supply chains.

We have yet to hear from the EU on their RESourceEU initiative that was recently announced but I believe there is a chance of more intervention on top of the critical raw materials act/strategic projects which would be be of benefit to Cinovec. Turning that into something tangible the sticking point of course but I am sure Babis and his government will be keen to get his hands on EU funds to drive Economic activity

Lithium chemical futures are up 7% overnight

Minevalueinvest - A warm welcome. Great first post on the risks and bear case on EMH, always good to examine this, there is much merit in what you have laid out. Equally, IMO the market has massively discounted EMH relative to these risks vs my investment thesis. On your points:

1) Yes, agreed I am 100% expecting an uplift in capex and opex from the PFS. To be fair to KC he as given investors advanced warning of this a number of times. Current spot prices are not incentivising new supply to come on line. We have seen a recovery in pricing in recent months but there is a long way to go. Equally, I welcome further intervention from the G7/EU in CRM offtakes, please see recent action by US and Canada. It would not surprise me if the EU followed suit as a way to accelerate development/financing (RESourceEU). I would also draw your attention to the comments by the incoming ANO deputy PM in relation to Cinovec "I'm monitoring it quite responsibly, through the internal rate of return and the return on the price of lithium on the stock exchange, and we compare it with the total investment expenditure. The project is coming out positive," Also remember potential debt funding from the EIB or other sources which is a benefit of our strategic project status.

2) I dont think anyone would disagree on the points raised in relation to missed deadlines/overpromise and under deliver. I think it's up to each investor to come to a conclusion on the underlying reasons for that and manage their investments accordingly. I dont believe his compensation to be excessive.

3)Dependency on CEZ, i think a blessing and a curse. This article re enforces the incoming governments support for Cinovec and given CEZ is majority state owned, I would be surprised if there was a lack of alignment between CEZ and the new government. We also know that USTI governor is from the ANO party. On the giga factory, i think it would make a great deal of sense for a giga factory to be located on the Prunerov site, Time will tell if the EU/CZ can incentivise this, I would imagine if there is a pot of money available to support this, Babis and his government would pursue it given the economic benefit this would bring.

https://www.irozhlas.cz/ekonomika/cena-elektriny-klesne-lidem-i-firmam-asi-o-desetinu-20-miliard-na-dotace-jsem-uz_2510280900_jaf

4)Government headwinds - see article above, Babis drove the JV deal with EMH on Geomet so from my POV that was resolved. Absolutely clear the coalition could try to revisit that into the future, but their support for the project is not in question IMO. As it relates to the motorists group, whilst they are pro ICE, they are also pro resource extraction and pro economic growth, so on balance pro cinovec IMO. We have the EBRD as a shareholder so some risk mitigation IMO

5) Short cash runway - no debate, fundraising expected from my side at the end of Q4. EBRD participation a big plus

GLA

Good to see some progress yesterday with Coalition agreement signed. It looks like Motorists party will have the MoE portfolio (if approved by the President), they are pro resource extraction in CZ but against phasing out ICE. On balance it looks as though the new government will be supportive of cinovec (per the article posted at the end of last week) but I think a few more weeks before everyone is in place. There is plenty of material on the web for investors to get themselves up to speed if they are not already. GLA

Lots of green boxes today, looks like the troll is in overdrive. All I can say troll is, I hope you are getting paid by the message or overtime, fair play you're fully dedicated to your cause!

@Tomcoves ...form is temporary, class is permanent.

Despite the delay(again with the DFS), like you my investment thesis is as strong, if not stronger than ever. Time will tell if this conviction is well placed or delusional. A little bit of research on the status of the new government status offers a plausible explanation for the delay, investors can easily do this and make up their own minds.

I will certainly be back in the market in the coming days to back up my conviction. GLA

@Rpks, thanks for posting very insightful view from one of the leaders in the new government, i think this is the first time I have seen someone from ANO coming out in such unequivocal fashion regarding Cinovec.

Keatzt I don’t CEZ buying us out is the best outcome, they won’t want to pay very much and I think they will find it hard to get what they need to force a bid through. Further, I don’t think it will been seen that positively in CZ for them to be writing a cheque for us. I agree with where fingers is coming from that of more value to them will be an experienced partner with mining and processing experience and the operating capability to train and scale their local workforce. My opinion, as it has been for a while is AMG would be the natural consolidator of the ore bodies and also have mined for a number of years (albeit spod) and recently stood up their processing plant. However this would be a big step up for them too. The other player would be POSCO given Korean links to CZ.