TIDMEMH
RNS Number : 7321Q
European Metals Holdings Limited
29 October 2021
For immediate release
29 October 2021
EUROPEAN METALS HOLDINGS LIMITED
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) Sn W LCE
O
------------ ----------- ----- ------- ----- ----- -----
% (Millions) % % % % MT
------------ ----------- ----- ------- ----- ----- -----
0.1 % Li
(0.22% Li
MEASURED (2) O) 53.3 0.22 0.48 0.08 0.02 0.64
------------ ----------- ----- ------- ----- ----- -----
0.1 % Li
(0.22% Li
INDICATED (2) O) 360.2 0.20 0.44 0.05 0.02 3.88
------------ ----------- ----- ------- ----- ----- -----
0.1 % Li
(0.22% Li
MEASURED + INDICATED (2) O) 413.4 0.21 0.44 0.05 0.02 4.51
------------ ----------- ----- ------- ----- ----- -----
0.1 % Li
(0.22% Li
INFERRED (approx) (2) O) 294.7 0.18 0.39 0.05 0.02 2.87
------------ ----------- ----- ------- ----- ----- -----
0.1 % Li
(0.22% Li
TOTAL (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 Li(2) CO(3) .
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 Acquired / Interest at
beginning of Disposed end of Quarter
Quarter
Cinovec 100% N/A 100%
-------------------------------- -------------- ------------- ---------- ---------------
Cinovec II 100% N/A 100%
-------------------------------- ------------- ---------- ---------------
Cinovec III 100% N/A 100%
-------------------------------- ------------- ---------- ---------------
Exploration
Area Cinovec IV N/A 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
(Li(2) O) content or percent lithium carbonate (Li(2) CO(3) )
content.
Lithium carbonate equivalent ("LCE") is the industry standard
terminology for, and is equivalent to, Li(2) CO(3) . 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
Li(2) CO(3) value in percent. Use of LCE assumes 100% recovery and
no process losses in the extraction of Li(2) CO(3) 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 Convert Convert
from Convert to to
Convert to Li(2) LiOH.H(
to Li Li(2) O CO(3) 2) O
Lithium Li 1.000 2.153 5.325 6.048
----------------- ------------------ ------------------ ------------------ ------------------
Lithium Li(2)
Oxide O 0.464 1.000 2.473 2.809
----------------- ------------------ ------------------ ------------------ ------------------
Lithium Li(2)
Carbonate CO(3) 0.188 0.404 1.000 1.136
----------------- ------------------ ------------------ ------------------ ------------------
LiOH.
Lithium H(2)
Hydroxide O 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 Current quarter Year to date
flows
$A'000 (3 months)
$A'000
1. Cash flows from operating activities
1.1 Receipts from associate 276 276
1.2 Payments for
a. exploration & evaluation - -
b. development - -
c. production - -
d. staff costs (162) (162)
e. administration and corporate
costs (348) (348)
Dividends received (see note
1.3 3) - -
1.4 Interest received - -
Interest and other costs of
1.5 finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (Cinovec associated costs) (303) (303)
--------------- ------------
Net cash from / (used in)
1.9 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 - -
Cash flows from loans to other
2.3 entities - -
Dividends received (see note
2.4 3) - -
2.5 Other (provide details if material) - -
--------------- ------------
2.6 Net cash from / (used in) - -
investing activities
---- ------------------------------------ --------------- ------------
3. Cash flows from financing
activities
Proceeds from issues of equity
securities (excluding convertible
3.1 debt securities) - -
Proceeds from issue of convertible
3.2 debt securities - -
3.3 Proceeds from exercise of options 100 100
Transaction costs related to
issues of equity securities
3.4 or convertible debt securities - -
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
Transaction costs related to
3.7 loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (Loan CDIs received) - -
--------------- ------------
Net cash from / (used in)
3.10 financing activities 100 100
---- ------------------------------------ --------------- ------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents at
4.1 beginning of period 7,881 7,881
Net cash from / (used in) operating
4.2 activities (item 1.9 above) (537) (537)
Net cash from / (used in) investing
4.3 activities (item 2.6 above) - -
Net cash from / (used in) financing
4.4 activities (item 3.10 above) 100 100
Effect of movement in exchange
4.5 rates on cash held 8 8
--------------- ------------
Cash and cash equivalents
4.6 at end of period 7,452 7,452
---- ------------------------------------ --------------- ------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $A'000 $A'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
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
--------------- ----------------
Cash and cash equivalents
at end of quarter (should equal
5.5 item 4.6 above) 7,452 7,881
--- ---------------------------------- --------------- ----------------
6. Payments to related parties of the entity Current quarter
and their associates $A'000
Aggregate amount of payments to related parties
6.1 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 Total facility Amount drawn at quarter end
Note: the term "facility' amount at quarter $A'000
includes all forms of financing end
arrangements available to the $A'000
entity.
Add notes as necessary for
an understanding of the sources
of finance available to the
entity.
7.1 Loan facilities - -
------------------ ---------------------------
7.2 Credit standby arrangements - -
------------------ ---------------------------
7.3 Other (please specify) - -
------------------ ---------------------------
7.4 Total financing facilities - -
------------------ ---------------------------
Unused financing facilities available at
7.5 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 $A'000
activities
Net cash from / (used in) operating activities
8.1 (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 (537)
8.2)
Cash and cash equivalents at quarter end
8.4 (item 4.6) 7,452
8.5 Unused finance facilities available at quarter -
end (item 7.6)
-------
Total available funding (item 8.4 + item
8.6 8.5) 7,452
-------
Estimated quarters of funding available
8.7 (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 Tel: +61 (0) 419 996 333
Email: keith@europeanmet.com
Kiran Morzaria, Non-Executive Director Tel: +44 (0) 20 7440 0647
Dennis Wilkins, Company Secretary Tel: +61 (0) 417 945 049
Email: dennis@europeanmet.com
WH Ireland Ltd (Nomad & Joint Broker)
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(Corporate Finance)
Harry Ansell/Jasper Berry (Broking)
Shard Capital (Joint Broker) Tel: +44 (0) 20 7186 9950
Damon Heath
Erik Woolgar
Blytheweigh (Financial PR) Tel: +44 (0) 20 7138 3222
Tim Blythe
Megan Ray
Chapter 1 Advisors (Financial PR
- Aus) Tel: +61 (0) 433 112 936
David Tasker
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END
QRTEANENAFAFFEA
(END) Dow Jones Newswires
October 29, 2021 05:16 ET (09:16 GMT)
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