European Metals Holdings provided an update on the progress of the Cinovec Project in the Czech Republic, owned by its subsidiary Geomet, focusing on the ongoing definitive feasibility study. The study, conducted by DRA Global, has seen significant advancements, particularly in engineering work and social and environmental engagement efforts, which could notably enhance the lithium processing component of the study.

Geomet and DRA Global are reviewing the findings, with an announcement expected before the end of April outlining significant improvements and developments. Despite the extended study period, European Metals anticipates that the overall timeline of the Cinovec Project will remain unaffected, aligning effectively with the European Union’s Critical Raw Materials Act in the permitting process.

The board emphasized the importance of legislative development for the project, which would facilitate shorter and simplified permitting processes, as well as provide political and financial support for designated ‘strategic projects.’

Recent advancements in the definitive feasibility study process have confirmed the viability of previously published physical and hydrometallurgical process flowsheets, ensuring high levels of lithium recovery from ore to battery-grade end-products.

Ongoing engineering test work programs aim to further improve process outcomes, including gangue removal, recycling and regeneration of reagents, and simplification of precipitation and crystallization processes to reduce energy and water costs.

Executive chairman Keith Coughlan expressed confidence in the developments, stating that despite the incomplete definitive feasibility study, the additional work being finalized would significantly benefit the project, particularly in permitting and timelines, which are expected to be positively impacted.

The Cinovec Project remains important for improving critical materials security in the EU. As of 1233 GMT, European Metals Holdings shares were down 2.83% at 12.88p.