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European Metals Hldg (EMH)

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Friday 29 October, 2021

European Metals Hldg

3rd Quarter Results

RNS Number : 7321Q
European Metals Holdings Limited
29 October 2021
 

 

For immediate release

29 October 2021

QUARTERLY ACTIVITIES REPORT - SEPTEMBER 2021

European Metals Holdings Limited   ( Company ) (ASX & AIM: EMH, OTC - Nasdaq Intl ADS: EMHXY) ("European Metals" or the "Company") is pleased to provide an update on its activities during the three-month period ending 30 September 2021 highlighting the continued progress in the development of the globally significant Cinovec Lithium/Tin Project ( "the Project" or "Cinovec" ) in Czech Republic.

The quarter was marked by a significant resource upgrade following an extensive drilling programme and considerably higher prices for the Project's two key metals, lithium, and tin.

RESOURCE UPGRADE AT CINOVEC LITHIUM PROJECT

The Company completed a drilling campaign during the quarter at Cinovec South, comprising 22 diamond drill core holes for 6,622 metres. The drilling programme has been systematically undertaken over the year with the primary aim to convert a larger part of the resource to higher JORC classification.

Independent expert Lynn Widenbar of Widenbar and Associates updated the Mineral Resource Estimate of the Cinovec Project, which has been prepared and reported in accordance with the 2012 Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code (2012)).

The additional information resulted in an upgrade of some 28.5 million tonnes (MT) of Inferred Resources to Indicated Resources and the increased drilling density in the southern area has allowed the re-classification of 53.3MT of Indicated material to the Measured category. The total Measured, Indicated and Inferred Resources have increased by 12.3MT to 708.2MT.  

The contained lithium in the resource increased from 7.2 Mt to 7.39 Mt LCE.

The Cinovec Project remains a potential low operating cost, hard rock lithium hydroxide or lithium carbonate producer, due to a number of key advantages:  

By-product credits from the recovery of tin, tungsten, potash and sodium sulphate;

Paramagnetic properties of zinnwaldite allow the use of low-cost wet magnetic processing to produce a lithium concentrate for further processing at relatively high recoveries;

Relatively low temperature roasting at atmospheric pressure utilizing conventional technologies, reagent recycling and the use of waste gypsum; and

Low-cost access to extensive existing infrastructure and grid power.  

MINERAL RESOURCE UPGRADE

A summary of the updated Lithium Resource Estimate is presented in Table 1 below.

Table 1: Cinovec Project Mineral Resource September 2021 (0.1% Li (0.2153% Li 2 O) Cut-off)

CINOVEC SEPTEMBER 2021 RESOURCE SUMMARY

 

Cut-off

Tonnes

Li

Li 2 O

Sn

W

LCE

%

(Millions)

%

%

%

%

MT

MEASURED

0.1  % Li

(0.22% Li 2 O)

53.3

0.22

0.48

0.08

0.02

0.64

INDICATED

0.1  % Li

(0.22% Li 2 O)

360.2

0.20

0.44

0.05

0.02

3.88

MEASURED + INDICATED

0.1 % Li

(0.22% Li 2 O)

413.4

0.21

0.44

0.05

0.02

4.51

INFERRED (approx)

0.1  % Li

(0.22% Li 2 O)

294.7

0.18

0.39

0.05

0.02

2.87

TOTAL

0.1  % Li

(0.22% Li 2 O)

708.2

0.20

0.42

0.05

0.02

7.39

 

Notes :

1.  Mineral Resources are not Reserves until they have demonstrated economic viability based on a feasibility study or prefeasibility study.

2.  Minerals Resources are reported inclusive of any reserves and are prepared by Widenbar in accordance with the guidelines of the JORC Code (2012).

3.  The effective date of the Mineral Resource is 20 September 2021.

4.  All figures are rounded to reflect the relative accuracy of the estimate.

5.  The operator of the project is Geomet s.r.o.s 49% owned by EMH and 51% owned by CEZ a.s. Gross and Net resources attributable to EMH are the same.

6.  Any apparent inconsistencies are due to rounding errors.

7.  MT is million tonnes.

8.  LCE is Lithium Carbonate Equivalent and is equivalent to Li2CO3.

 

APPOINTMENT OF NEW OPERATIONS MANAGER

During the quarter, Geomet s.r.o., the management company of the Cinovec Lithium Project, appointed Mr. Walter Mädel in the role of Operations Manager.

Walter Mädel is an experienced minerals operations and ore processing specialist and has successfully delivered lithium ore processing plants for Altura's Pilgangoora mine and Firefinch's Goulamina hard rock lithium DFS over the last five years.

At Firefinch, Mr Mädel recently led the development of the lithium ore processing facility in the DFS for the Goulamina project, on the back of which Jiangxi Ganfeng Lithium Company Ltd, the world's largest lithium producer (by capacity), committed to invest US$194m in June 2021, substantially funding Goulamina through to production.

At Altura's Pilgangoora project, Mr. Mädel had a leadership role as processing manager in taking the processing facility of the project from early-stage feasibility, through DFS, detailed design, project implementation, commissioning and operational readiness into production.  

ENGAGEMENT OF LCA SPECIALIST

In line with Environmental, Social and Governance (ESG)   adoption, the Company engaged UK-based and globally recognised sustainability and life cycle assessment consultancy, Minviro, to provide an ISO compliant life cycle assessment (LCA) of the Cinovec project. This assessment will cover both battery-grade lithium carbonate and battery grade lithium hydroxide and will be benchmarked against global lithium peers. Minviro has been actively engaged to identify decarbonisation optimisation in the developing feasibility study for Cinovec.

The Company strongly believes that the Cinovec LCAs will demonstrate strong carbon footprint credentials with lower energy use, less intensive reagent application and net carbon credits from mine and process by-products. Minviro has provided the assessment to Geomet and it is currently undergoing external independent QA/QC before publication. The Company expects to be able to release these findings during the month of November.

 

CORPORATE AND ADMINISTRATION

US ADS Programme

The Company announced that its American Depository Share (ADS) program became available for trading in the US on Tuesday 27 July 2021. EMH's ADS will trade in the US over-the-counter (OTC) market under the symbol EMHXY. One EMH ADS represents twenty existing EMH chess depositary instruments. The ADS program does not involve the issuance of new shares or the raising of new capital by the Company. ADSs allow US investors to buy shares in foreign companies through US registered securities without the need for cross-border or cross-currency transactions. They are priced in US dollars and can be traded like shares of US-based companies. EMH will remain a member company of the Nasdaq International Designation and is not listed or traded on the NASDAQ Stock Market, LLC. Deutsche Bank Trust Company Americas is the depositary bank for the program.  There have been a number of issuances of ADS by the depositary bank and the ADS's have traded on the OTC Markets.

 

QUARTERLY CASHFLOW REPORT

In accordance with the ASX Listing Rules, the Company will also today lodge its cashflow report for the quarter ended 30 September 2021. Included in those cashflows are cash receipts from Geomet of $276k and cash outflow for Cinovec associated costs of $303k in respect of the Company's investment in the Cinovec Lithium Exploration Project in the Czech Republic ("the Project").

PAYMENTS TO RELATED PARTIES

As outlined in the attached Appendix 5B (section 6.1), during the quarter approximately $143k in payments were made to related parties and their associates for director salaries, consultancy fees, superannuation and other related costs. A portion of these expenses are to be reimbursed directly from Geomet.

CORONAVIRUS

The potential effects of the Cov-19 pandemic continue to be monitored for impact on the Company's operations. While the second wave has had more of an impact than the initial wave (March - May 2020) the Company has continued to use remote meeting tools (Zoom and MS Teams) to maintain project momentum, albeit not as efficiently as physical meetings would have allowed. The Executive Management team closely monitor the ever-evolving Cov-19 circumstances and have determined that, so far, the pandemic has not had a material impact on the Company's operations although timelines may be slightly longer than envisaged. Further updates will be provided in the event circumstances change.

 

PERFORMANCE SHARES

As at 30 September 2021 the issued performance shares including the terms and conditions were as follows:

Number

Description

Summary Terms & Conversion Hurdles

3,000,000

A Class Performance Shares

Convert into Shares and an equivalent number of CDIs upon the completion of a definitive feasibility study (DFS). For clarity, the DFS must be:

(i)  of a standard suitable to be submitted to a financial institution as the basis for lending of funds for the development and operation of mining activities contemplated in the study;

(ii)  capable of supporting a decision to mine on the Permits; and

(iii)  completed to an accuracy of +/- 15% with respect to operating and capital costs and display a pre-tax net present value of not less than US$250,000,000.

 

The A Class Performance Shares shall convert into the number of Shares and equivalent number of CDIs equal to 3,000,000 multiplied by 0.5 and divided by the greater of: (A)$0.50 per CDI; and (B) the volume weighted average price of CDIs (expressed as a decimal of $1.00) as calculated over the 5 ASX trading days prior to date of receipt of the completed DFS.

 

GEOMET TENEMENT SCHEDULE

Permit

Code

Deposit

Interest at beginning of Quarter

Acquired / Disposed

Interest at end of Quarter

 

Exploration Area

Cinovec

 

N/A

100%

N/A

100%

Cinovec II

100%

N/A

100%

Cinovec III

100%

N/A

100%

Cinovec IV

100%

N/A

100%

Preliminary Mining Permit

Cinovec II

Cinovec South

100%

N/A

100%

Cinovec III

Cinovec East

100%

N/A

100%

Cinovec IV

Cinovec NorthWest

100%

N/A

100%

 

This announcement has been approved for release by the Board.

 

BACKGROUND INFORMATION ON CINOVEC

PROJECT OVERVIEW

Cinovec Lithium/Tin Project

Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by European Metals and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS.

An initial Probable Ore Reserve of 34.5MT at 0.65% Li2O and 0.09% Sn reported 4 July 2017(Cinovec Maiden Ore Reserve - Further Information) has been declared based on stope optimizing model to cover the first 20 years mining at an output of 22,500tpa of lithium carbonate reported 11 July 2018 (Cinovec Production Modelled to Increase to 22,500tpa of Lithium Carbonate). 

This makes Cinovec the largest hard rock lithium deposit in Europe, the fourth largest non-brine deposit in the world and a globally significant tin resource.

The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation for the extraction of tin.

In June 2019 EMH completed an updated Preliminary Feasibility Study, conducted by specialist independent consultants, which indicated a return post tax NPV of USD1.108B and an IRR of 28.8% and confirmed that the Cinovec Project is a potential low operating cost, producer of battery grade lithium hydroxide or battery grade lithium carbonate as markets demand (refer Company's ASX release dated 17 June 2019). It confirmed the deposit is amenable to bulk underground mining. Metallurgical test-work has produced both battery grade lithium hydroxide and battery grade lithium carbonate in addition to high-grade tin concentrate at excellent recoveries. Cinovec is centrally located for European end-users and is well serviced by infrastructure, with a sealed road adjacent to the deposit, rail lines located 5 km north and 8 km south of the deposit and an active 22 kV transmission line running to the historic mine. As the deposit lies in an active mining region, it has strong community support.

The economic viability of Cinovec has been enhanced by the recent strong increase in demand for lithium globally, and within Europe specifically.

There are no other material changes to the original information and all the material assumptions continue to apply to the forecasts. 

BACKGROUND INFORMATION ON CEZ

Headquartered in the Czech Republic, CEZ a.s. is an established, integrated energy group with operations in a number of Central and Southeastern European countries and Turkey. CEZ's core business is the generation, distribution, trade in, and sales of electricity and heat, trade in and sales of natural gas, and coal extraction. CEZ Group has 33,000 employees and annual revenue of approximately EUR 8.3 billion.

The largest shareholder of its parent company, CEZ a.s., is the Czech Republic with a stake of approximately 70%. The shares of CEZ a.s. are traded on the Prague and Warsaw stock exchanges and included in the PX and WIG-CEE exchange indices. CEZ's market capitalization is approximately EUR 15.7 billion.

As one of the leading Central European power companies, CEZ intends to develop several projects in areas of energy storage and battery manufacturing in the Czech Republic and in Central Europe.

CEZ is also a market leader for E-mobility in the region and has installed and operates a network of EV charging stations throughout Czech Republic. The automotive industry in Czech is a significant contributor to GDP and the number of EV's in the country is expected to grow significantly in coming years.

CONTACT

For further information on this update or the Company generally, please visit our website at www.europeanmet.com or see full contact details at the end of this release.

COMPETENT PERSON

Information in this release that relates to exploration results is based on information compiled by Dr Pavel Reichl. Dr Reichl is a Certified Professional Geologist (certified by the American Institute of Professional Geologists), a member of the American Institute of Professional Geologists, a Fellow of the Society of Economic Geologists and is a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and a Qualified Person for the purposes of the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009. Dr Reichl consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. Dr Reichl holds CDIs in European Metals.

The information in this release that relates to Mineral Resources and Exploration Targets has been compiled by Mr Lynn Widenbar. Mr Widenbar, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Widenbar and Associates and produced the estimate based on data and geological information supplied by European Metals. Mr Widenbar has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Widenbar consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company's business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company's control.

Although the company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

LITHIUM CLASSIFICATION AND CONVERSION FACTORS

Lithium grades are normally presented in percentages or parts per million (ppm). Grades of deposits are also expressed as lithium compounds in percentages, for example as a percent lithium oxide (Li2O) content or percent lithium carbonate (Li2CO3) content.

Lithium carbonate equivalent ("LCE") is the industry standard terminology for, and is equivalent to, Li2CO3. Use of LCE is to provide data comparable with industry reports and is the total equivalent amount of lithium carbonate, assuming the lithium content in the deposit is converted to lithium carbonate, using the conversion rates in the table included below to get an equivalent Li2CO3 value in percent. Use of LCE assumes 100% recovery and no process losses in the extraction of Li2CO3 from the deposit.

Lithium resources and reserves are usually presented in tonnes of LCE or Li.

The standard conversion factors are set out in the table below:

Table: Conversion Factors for Lithium Compounds and Minerals

 

Convert from

 

Convert to Li

Convert to Li2O

Convert to Li2CO3

Convert to LiOH.H2O

Lithium

Li

1.000

2.153

5.325

6.048

Lithium Oxide

Li2O

0.464

1.000

2.473

2.809

Lithium Carbonate

Li2CO3

0.188

0.404

1.000

1.136

Lithium Hydroxide

LiOH.H2O

0.165

0.356

0.880

1.000

Lithium Fluoride

LiF

0.268

0.576

1.424

1.618

 

WEBSITE

A copy of this announcement is available from the Company's website at www.europeanmet.com.

 

The information contained within this announcement is considered to be inside information, for the purposes of Article 7 of EU Regulation 596/2014, prior to its release. 

 

The person who authorised for the release of this announcement on behalf of the Company was Keith Coughlan, Executive Chairman.

 

Appendix 5B

 

Mining exploration entity or oil and gas exploration entity quarterly cash flow report 

 

Name of entity 

European Metals Holdings Limited (ASX: EMH) 

ABN 

 

 

Quarter ended ("current quarter") 

55 154 618 989 

 

30 September 2021

 

Consolidated statement of cash flows 

Current quarter 
$A'000 

Year to date 

(3 months) 
$A'000 

1. 

Cash flows from operating activities 

276 

276 

1.1 

Receipts from associate 

1.2 

Payments for 

 

a.  exploration & evaluation 

 

b.  development 

 

c.  production 

 

d.  staff costs 

(162) 

(162) 

 

e.  administration and corporate costs 

(348) 

(348) 

1.3 

Dividends received (see note 3) 

1.4 

Interest received 

1.5 

Interest and other costs of finance paid 

1.6 

Income taxes paid 

1.7 

Government grants and tax incentives 

1.8 

Other (Cinovec associated costs) 

(303) 

(303) 

1.9 

Net cash from / (used in) operating activities 

(537) 

(537) 

 

2. 

Cash flows from investing activities 

2.1 

Payments to acquire or for: 

 

a.  entities 

 

b.  tenements 

 

c.  property, plant and equipment 

 

d.  exploration & evaluation 

 

e.  investments 

 

f.  other non-current assets 

2.2 

Proceeds from the disposal of: 

 

a.  entities 

 

b.  tenements 

 

c.  property, plant and equipment 

 

d.  investments 

 

e.  other non-current assets 

2.3 

Cash flows from loans to other entities 

2.4 

Dividends received (see note 3) 

2.5 

Other (provide details if material) 

2.6 

Net cash from / (used in) investing activities 

- 

- 

 

3. 

Cash flows from financing activities 

3.1 

Proceeds from issues of equity securities (excluding convertible debt securities) 

3.2 

Proceeds from issue of convertible debt securities 

3.3 

Proceeds from exercise of options 

100 

100 

3.4 

Transaction costs related to issues of equity securities or convertible debt securities 

3.5 

Proceeds from borrowings 

3.6 

Repayment of borrowings 

3.7 

Transaction costs related to loans and borrowings 

3.8 

Dividends paid 

3.9 

Other (Loan CDIs received) 

3.10 

Net cash from / (used in) financing activities 

100 

100 

 

4. 

Net increase / (decrease) in cash and cash equivalents for the period 

 

 

4.1 

Cash and cash equivalents at beginning of period 

7,881 

7,881 

4.2 

Net cash from / (used in) operating activities (item 1.9 above) 

(537) 

(537) 

4.3 

Net cash from / (used in) investing activities (item 2.6 above) 

4.4 

Net cash from / (used in) financing activities (item 3.10 above) 

100 

100 

4.5 

Effect of movement in exchange rates on cash held 

4.6 

Cash and cash equivalents at end of period 

7,452 

7,452 

 

5. 

Reconciliation of cash and cash equivalents 
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts 

Current quarter 
$A'000 

Previous quarter 
$A'000 

5.1 

Bank balances 

2,452 

2,881 

5.2 

Call deposits 

5.3 

Bank overdrafts 

5.4 

Term deposit less than 3 months 

5,000 

5,000 

5.5 

Cash and cash equivalents at end of quarter (should equal item 4.6 above) 

7,452 

7,881 

 

 

6. 

Payments to related parties of the entity and their associates 

Current quarter 
$A'000 

6.1 

Aggregate amount of payments to related parties and their associates included in item 1 

143 

6.2 

Aggregate amount of payments to related parties and their associates included in item 2 

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 

 

Amounts paid to directors as director remuneration. A portion of these expenses are to be reimbursed directly from Geomet. Included in 6.1 are also payments to Everest Corporate, a company controlled by the spouse of a director for accounting and bookkeeping services of $33k. 

 

7. 

Financing facilities 
Note: the term "facility' includes all forms of financing arrangements available to the entity. 

Add notes as necessary for an understanding of the sources of finance available to the entity. 

Total facility amount at quarter end 
$A'000 

Amount drawn at quarter end 
$A'000 

7.1 

Loan facilities 

7.2 

Credit standby arrangements 

7.3 

Other (please specify) 

7.4 

Total financing facilities 

 

 

 

7.5 

Unused financing facilities available at quarter end 

7.6 

Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 

 

 

 

8. 

Estimated cash available for future operating activities 

$A'000 

8.1 

Net cash from / (used in) operating activities (item 1.9) 

(537) 

8.2 

(Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) 

8.3 

Total relevant outgoings (item 8.1 + item 8.2) 

(537) 

8.4 

Cash and cash equivalents at quarter end (item 4.6) 

7,452 

8.5 

Unused finance facilities available at quarter end (item 7.6) 

8.6 

Total available funding (item 8.4 + item 8.5) 

7,452 

 

 

 

8.7 

Estimated quarters of funding available (item 8.6 divided by item 8.3) 

13.88 

Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as "N/A". Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 

8.8 

If item 8.7 is less than 2 quarters, please provide answers to the following questions: 

 

8.8.1  Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? 

 

Answer: N/A 

 

 

8.8.2  Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? 

 

Answer: 

N/A 

 

8.8.3  Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? 

 

Answer: 

N/A 

 

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. 

 

Compliance statement 

1  This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 

2  This statement gives a true and fair view of the matters disclosed. 

 

 

Date:  29 October 2021 

 

Authorised by:  The Board 

(Name of body or officer authorising release - see note 4) 

 

Notes 

1.  This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 

2.  If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 

3.  Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 

4.  If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee". 

5.  If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. 

 

ENQUIRIES:

European Metals Holdings Limited

Keith Coughlan, Executive Chairman

 

 

Kiran Morzaria, Non-Executive Director

 

Dennis Wilkins, Company Secretary

 

Tel: +61 (0) 419 996 333

Email: [email protected]

 

Tel: +44 (0) 20 7440 0647

 

Tel: +61 (0) 417 945 049

Email: [email protected]

 

 

WH Ireland Ltd (Nomad & Joint Broker)

James Joyce/Darshan Patel

(Corporate Finance)

Harry Ansell/Jasper Berry (Broking)

 

 

Tel: +44 (0) 20 7220 1666

 

Shard Capital (Joint Broker)

Damon Heath

Erik Woolgar

 

Tel:  +44 (0) 20 7186 9950

Blytheweigh (Financial PR)

Tim Blythe

Megan Ray

 

Chapter 1 Advisors (Financial PR - Aus)

David Tasker

 

Tel: +44 (0) 20 7138 3222

 

 

 

 

Tel: +61 (0) 433 112 936

 

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