- European Metals Holding Limited (DI)
- 23 December 2025 16:35:47
Source: Sharecast
The AIM-traded company said the update followed discussions with the ASX, which did not permit inclusion of the final four years of the original 27-year production schedule.
As a result, the pre-tax net present value at an 8% discount rate for Cinovec was reduced to $1.455bn from $1.712bn, while the pre-tax internal rate of return had edged down to 14.8% from 15.3%.
European Metals said it remained confident that inferred resources underpinning years 24 to 27 would be converted to indicated resources through further infill drilling, adding that it was working with consultants to revise the mine plan in a JORC-compliant manner to restore the full 27-year schedule in a future DFS update.
Based on the first 23 years of production and a flat lithium carbonate price assumption of $26,000 per tonne, the updated DFS confirmed steady-state output of 37,500 tonnes per annum of battery-grade lithium carbonate, equivalent to around 5.2% of projected EU demand in 2030 and sufficient to supply up to 1.3 million 60kWh electric vehicle batteries annually.
Life-of-mine C1 costs were estimated at $12,621 per tonne, with all-in sustaining costs of $13,879 per tonne.
The project was underpinned by a JORC-compliant resource of 747.54 million tonnes at 0.19% lithium, equivalent to 7.45 million tonnes of lithium carbonate equivalent, and a JORC reserve of 54.4 million tonnes at 0.27% lithium.
Initial capital expenditure was estimated at $1.72bn, including contingency and net of approved grants, with sustaining capital expenditure of $498m over the life of the mine.
European Metals highlighted significant government backing for Cinovec, including approval for up to €360m in grants from the Czech government and a further $36m from the EU Just Transition Fund.
Completion of the DFS would allow the group to advance project financing discussions, continue engagement with EU stakeholders on additional grant and debt support, and progress advanced offtake negotiations, the board said.
Cinovec, which hosts Europe’s largest hard-rock lithium resource, is fully located within the Czech Republic and sits within 200 to 350 kilometres of multiple operating, under-construction or planned EU gigafactories.
At 1554 GMT, shares in European Metals Holdings were down 12.5% at 17.5p.
Reporting by Josh White for Sharecast.com.