REG - European Metals Hldg - Quarterly Activities/Appendix 5B Cash Flow Report
29/04/2025 09:15
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RNS Number : 6086G European Metals Holdings Limited 29 April 2025
For immediate
release
29 April 2025
The information contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation (EU) No.
596/2014 ("MAR") as it forms part of UK domestic law by virtue of the European
Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's
obligations under Article 17 of MAR.
QUARTERLY ACTIVITIES REPORT
31 MARCH 2025
European Metals Holdings Limited (ASX & AIM: EMH, OTCQX and OTCQB: EMHXY
and EMHLF) ("European Metals" or the "Company") is pleased to provide an
update on its activities during the three-month period ending 31 March 2025.
Continued progress with the development of the globally significant Cinovec
Lithium Project ("the Project" or "Cinovec") in the Czech Republic has been
made over this period.
Cinovec Declared a Strategic Project under the European Union (EU) Critical
Raw Materials Act
On 26 March 2025 the Company announced that the European Commission had
declared Cinovec to be a Strategic Project under the April 2024 implemented
Critical Raw Materials Act 1 (#_ftn1) ("CRMA"). This declaration confirms the
importance of Cinovec in supplying battery grade lithium chemicals to the
European Lithium ion Battery ("LiB") supply chain.
1 Document 32024R1252, 03/05/2024, Regulation (EU) 2024/1252 of the European
Parliament and of the Council of 11 April 2024 establishing a framework for
ensuring a secure and sustainable supply of critical raw materials and
amending Regulations (EU) No 168/2013, (EU) 2018/858, (EU) 2018/1724 and (EU)
2019/1020 (Text with EEA relevance), PE/78/2023/REV/1 (Source:
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202401252)
Strategic Project status will bring with it explicit support from European
institutions, including financial institutions. Plus, permitting will be
brought within accelerated and simplified process, and time limits as set out
within the CRMA.
The CRMA's purpose is to strengthen security of critical raw material supplies
from within the EU, reduce dependence on imported materials, and support
innovation in the sustainable sourcing of materials including raw mineral
resources. Lithium is a critical LiB raw material necessary to achieve the
transition to a low-carbon economy, which underpins the development of the
electric mobility sector including the automotive industry and is essential to
renewable energy storage and the transformation of the power sector (refer to
the Company's ASX/AIM releases dated 26/25 March 2025) ("Cinovec Declared a
Strategic Project Under EU Critical Raw Materials Act")
Cinovec Declared a Strategic Deposit
On 7 March 2025 the Company announced that the Czech government had declared
Cinovec a Strategic Deposit for the purposes of the Czech Construction Code,
and as such simplifying and shortening permitting.
The designation of Cinovec is a major step forward for the Project, enabling
Geomet to obtain certain permits and take actions to secure the development of
the Project in a structured, transparent and expedient fashion. This
designation helps accelerate permitting processes in the following ways:
(1) Expedited approval processes - Strategically significant deposits will have
priority in obtaining permits and official approvals, reducing the time
required for project preparation and mining initiation.
(2) Reduced administrative burden - The designation will streamline coordination
between various authorities, eliminating bureaucratic obstacles and minimising
assessment duplication, fulfilling "One Stop Shop" permitting assessment as
required under the EU's CRMA.
(3) Priority environmental impact assessment ("EIA") review - The EIA process may
have accelerated deadlines or be coordinated to minimise delays caused by
complex administrative procedures.
(4) Use of exceptional procedures - Strategically significant deposits may be
eligible for special legislative procedures similar to those used for key
infrastructure projects, potentially limiting blocking possibilities by
certain institutions or civil organisations. Overall, this status will enhance
the predictability and speed of permitting processes, facilitating the timely
extraction of raw materials critical for energy security and industrial needs.
(Refer to the Company's ASX/AIM release dated 7 March 2025) ("Cinovec Declared
a Strategic Deposit by Czech Government").
In December 2024 and in a subsequent clarifying announcement on 31 January
2025, the Company announced the outcomes of a Concept Study into the potential
to increase the planned annual production of lithium chemicals from the
Cinovec Project (see the Company's ASX/AIM announcements of 20 December 2024
"Significant Increase in Planned Lithium Production") and 31 January 2025
("Clarification of Concept Study Results"). The Concept Study assessed
potential scenarios to increase ROM ore processing capacity compared to the
PFS, without significantly impacting processing plant head grade, life of mine
or plant recovery.
If supported and confirmed as part of the current Definitive Feasibility Study
("DFS"), scenarios were identified that could represent an increase to the
possible annual production rates previously announced in the PFS of 29,386
tpa. The Concept Study indicated that this potential increase in ROM ore
could be achieved without expanding the surface footprint of the underground
mine and that the DFS could be based upon the increased ROM capacity. In
addition, utilising increased production level scenarios is not expected to
delay the DFS.
The Company notes however that the potential increase in production remains
conceptual and the economic viability of the Project based on the variables
considered is currently unknown. However, the potential increase in production
would enable the Project to benefit from significant economies of scale which
are expected to be confirmed in the DFS, due for completion in mid-2025.
USD 36 million Just Transition Fund Grant Approved for Cinovec Project
After the quarter end, the Company announced the final approval by the Czech
selection panel of the managing authority for the EU Just Transition Fund
("JTF") of a CZK 800 million (US$ 36 million) grant to the Cinovec Project
(see the Company's ASX/AIM announcement of 28 April 2025) ("USD 36 million JTF
Grant Approved for Cinovec Project").
The JTF grant is conditional on the Project Environmental Impact Assessment
being submitted by 31 December 2025 and approval of the EIA by the Czech
Ministry of Environment by 30 June 2026.
The terms and conditions of the JTF grant will be detailed in the contract
between the grant provider (Czech Ministry of Environment) and the
beneficiary, the Cinovec Project holding company, Geomet s.r.o. The contract
will detail milestones, including the EIA and construction permitting
timetable, as well as the conditions for advance payments and reimbursement of
costs incurred by the beneficiary. The conditions will also include how the
Project's progress will be reported to the Czech Ministry of Environment which
is the managing authority for JTF projects.
CORPORATE AND ADMINISTRATION
QUARTERLY CASHFLOW REPORT
In accordance with the ASX Listing Rules, the Company will also today lodge
its cashflow report for the quarter ended 31 March 2025. There were cash
inflows of $1.487 million and no cash outflows for Cinovec associated costs in
respect of the Company's investment in the Cinovec Lithium Project in the
Czech Republic during the quarter.
The Company's total cash is $4.3 million as at 31 March 2025.
PAYMENTS TO RELATED PARTIES
As outlined in the attached Appendix 5B (section 6.1), during the quarter
approximately $239,000 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 is to be reimbursed directly from
Geomet.
GEOMET TENEMENT SCHEDULE
Table 1: Geomet Tenements
Permit Code Deposit Interest at beginning of Quarter Acquired / Disposed Interest at end of Quarter
Cinovec N/A 100% N/A 100%
Exploration Area
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.
CONTACT
For further information on this update or the Company generally, please visit
our website at www.europeanmet.com (http://www.europeanmet.com) or see full
contact details at the end of this release.
BACKGROUND INFORMATION ON CINOVEC
PROJECT OVERVIEW
Cinovec Lithium Project
Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech
State over the Cinovec Lithium 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 EMH and 51% by CEZ a.s. through its wholly owned
subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium
deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li(2)O,
Indicated Mineral Resource of 360.2Mt at 0.44% Li(2)O and an Inferred Mineral
Resource of 294.7Mt at 0.39% Li(2)O containing a combined 7.39 million tonnes
Lithium Carbonate Equivalent (refer to the Company's ASX/ AIM release dated 13
October 2021) (Resource Upgrade at Cinovec Lithium Project).
An initial Probable Ore Reserve of 34.5Mt at 0.65% Li(2)O reported 4 July 2017
(Cinovec Maiden Ore Reserve - Further Information) has been declared to cover
the first 20 years mining at an output of 22,500tpa of lithium carbonate
(refer to the Company's ASX/ AIM release dated 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 and the
fifth largest non-brine deposit in the world.
Cinovec has been designated a Strategic Project by the European Union under
the Critical Raw Materials Act. (refer to the Company's ASX/ AIM release dated
26/25 March 2025) (Cinovec declared a Strategic Project under EU Critical Raw
Materials Act) and a Strategic Deposit by the Czech Government (refer to the
Company's ASX/ AIM release dated 7 March 2025) (Cinovec declared Strategic
Deposit by Czech Government).
The deposit has previously had over 400,000 tonnes of ore mined as a trial
sub-level open stope underground mining operation.
On 19 January 2022, EMH provided an update to the 2019 PFS Update. It
confirmed the deposit is amenable to bulk underground mining (refer to the
Company's ASX/ AIM release dated 19 January 2022) (PFS Update delivers
outstanding results). Metallurgical test-work has produced both battery-grade
lithium hydroxide and battery-grade lithium carbonate at excellent recoveries.
In February 2023 DRA Global Limited ("DRA") was appointed to complete the
Definitive Feasibility Study ("DFS").
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. The deposit lies in an active mining
region.
The Cinovec processing plant comprises of a Front-End Comminution and
Beneficiation circuit ("FECAB") and Lithium Chemical Plant circuit ("LCP") in
combination producing Lithium Hydroxide or Lithium Carbonate end products and
will be located on the Prunéřov 1 Power Station site located approximately
59km by rail from the Cinovec mine site. (refer to the Company's ASX/ AIM
releases dated 26 April 2024 (New Lithium Plant Site Expected to Improve
Project Permitting and Economics) and 27 November 2024 (Cinovec Project
Update)).
The economic viability of Cinovec has been enhanced by the recent push for
supply security of critical raw materials for battery production, including
the strong increase in demand for lithium globally, and within Europe
specifically, as demonstrated by the European Union's Critical Raw Materials
Act ("CRMA").
BACKGROUND INFORMATION ON CEZ
Headquartered in the Czech Republic, CEZ a.s. is one of the largest companies
in the Czech Republic and a leading energy group operating in Western and
Central Europe. 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. The foundation of power generation at CEZ Group are emission-free
sources. The CEZ strategy named Clean Energy for Tomorrow is based on
ambitious decarbonisation, development of renewable sources and nuclear
energy. CEZ announced that it would move forward its climate neutrality
commitment by ten years to 2040.
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 capitalisation is approximately EUR 20.3
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 the Czech Republic is a significant contributor to GDP,
and the number of EV's in the country is expected to grow significantly in the
coming years.
COMPETENT PERSONS
Information in this release that relates to the FECAB metallurgical testwork
is based on, and fairly reflects, technical data and supporting documentation
compiled or supervised by Mr Walter Mädel, a full-time employee of Geomet
s.r.o an associate of the Company. Mr Mädel is a member of the Australasian
Institute of Mining and Metallurgy (AUSIMM) and a mineral processing
professional with over 27 years of experience in metallurgical process and
project development, process design, project implementation and operations. Of
his experience, at least 5 years have been specifically focused on hard rock
pegmatite Lithium processing development. Mr Mädel consents to the inclusion
in the announcement of the matters based on this information in the form and
context in which it appears. Mr Mädel is a participant in the long-term
incentive plan of the Company.
Information in this release that relates to exploration results is based on,
and fairly reflects, information and supporting documentation compiled by
Dr Vojtech Sesulka. Dr Sesulka is a Certified Professional Geologist
(certified by the European Federation of Geologists), a member of the Czech
Association of Economic Geologist, and a Competent Person as defined in the
JORC Code 2012 edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves. Dr Sesulka has provided his prior
written consent to the inclusion in this report of the matters based on his
information in the form and context in which it appears. Dr Sesulka is an
independent consultant with more than 10 years working for the EMH or Geomet
companies. Dr Sesulka does not own any shares in the Company and is not a
participant in any short- or long-term incentive plans of the Company.
Information in this release that relates to metallurgical test work and the
process design criteria and flow sheets in relation to the LCP is based on,
and fairly reflects, information and supporting documentation compiled by Mr
Grant Harman (B.Sc Chem Eng, B.Com). Mr Harman is an independent consultant
and the principal of Lithium Consultants Australasia Pty Ltd with in excess of
14 years of lithium chemicals experience. Mr Harman has provided his prior
written consent to the inclusion in this report of the matters based on his
information in the form and context that the information appears. Mr Harman is
a participant in the long-term incentive plan of the Company.
The information in this release that relates to Mineral Resources and
Exploration Targets is based on, and fairly reflects, information and
supporting documentation prepared by Mr Lynn Widenbar. Mr Widenbar, who is a
Member of the Australasian Institute of Mining and Metallurgy and a Member of
the Australasian Institute of Geoscientists, 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 has provided his prior written consent to the inclusion
in this report of the matters based on his information in the form and context
that the information appears. Mr Widenbar does not own any shares in the
Company and is not a participant in any short- or long-term incentive plans of
the Company.
The Company confirms that it is not aware of any new information or data that
materially affects the information included in the original market
announcement and, in the case of estimates of Mineral Resources or Ore
Reserves, that all material assumptions and technical parameters underpinning
the estimates in the relevant market announcement continue to apply and have
not materially changed. The Company confirms that the form and context in
which the Competent Person's findings are presented have not been materially
modified from the original market announcement.
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:
Conversion Factors for Lithium Compounds and Minerals
Convert from Convert to Li Convert to Li(2)O Convert to Li(2)CO(3) Convert to LiOH.H(2)O
Lithium Li 1.000 2.153 5.325 6.048
Lithium Oxide Li(2)O 0.464 1.000 2.473 2.809
Lithium Carbonate Li(2)CO(3) 0.188 0.404 1.000 1.136
Lithium Hydroxide LiOH.H(2)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/announcements/ (http://www.europeanmet.com/announcements/)
.
ENQUIRIES:
European Metals Holdings Limited
Keith Coughlan, Executive Chairman
Kiran Morzaria, Non-Executive Director Tel: +61 (0) 419 996 333
Email: keith@europeanmet.com
Henko Vos, Company Secretary
Tel: +44 (0) 20 7440 0647
Tel: +61 (0) 400 550 042
Email: cosec@europeanmet.com
Zeus Capital Limited (Nomad & Broker)
James Joyce / Darshan Patel/ Gabriella Zwarts Tel: +44 (0) 203 829 5000
(Corporate Finance)
Harry Ansell (Broking)
BlytheRay (Financial PR) Tel: +44 (0) 20 7138 3222
Tim Blythe
Megan Ray
Chapter 1 Advisors (Financial PR - Aus)
David Tasker Tel: +61 (0) 433 112 936
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 31 March 2025
Consolidated statement of cash flows Current quarter Year to date
$A'000
(3 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for - -
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (388) (388)
(e) administration and corporate costs (536) (536)
1.3 Dividends received (see note 3) - -
1.4 Interest received 191 191
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 income/(costs)) 1,487 1,487
1.9 Net cash from / (used in) operating activities 754 754
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 - -
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 - -
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 (Lease Payments) (13) (13)
3.10 Net cash from / (used in) financing activities (13) (13)
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 3,524 3,524
4.2 Net cash from / (used in) operating activities (item 1.9 above) 754 754
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) (13) (13)
4.5 Effect of movement in exchange rates on cash held 76 76
4.6 Cash and cash equivalents at end of period 4,341 4,341
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts
$A'000
$A'000
5.1 Bank balances 2,575 1,768
5.2 Call deposits 1,766 1,756
5.3 Bank overdrafts - -
5.4 Term deposit less than 3 months - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 4,341
3,524
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 239
in item 1
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. Included in 6.1 are also
payments to Nexia Perth Pty Ltd (a company in which a spouse of a director is
a key management personnel), for company secretarial support, accounting,
bookkeeping and tax fees of $47k.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements available to the entity.
$A'000
$A'000
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 - -
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) 754
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) 754
8.4 Cash and cash equivalents at quarter end (item 4.6) 4,341
8.5 Unused finance facilities available at quarter end (item 7.6) -
8.6 Total available funding (item 8.4 + item 8.5) 4,341
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 5.76
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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 April 2025
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.
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. END STREAPLNAELSEEARecent news on European Metals Holdings
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