European Metals Holdings updates on cash position

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European Metals Holdings Limited (LON:EMH) ended its quarter to end September 2020 with cash of A$350,000 and undrawn loan facilities of A$500,000.

The junior is a 49% holder in the Cinovec lithium project in the Czech Republic, where its partner and majority holder is the local group CEZ.

CEZ is 70% owned by the Czech state, employs 33,000 people and has an annual revenue of approximately €7.2bn.

CEZ intends to develop several projects in areas of energy storage and battery manufacturing in the Czech Republic and in Central Europe, said European Metals.

It is also a market leader for E-mobility in the region and has installed and operates a network of EV charging stations throughout the Czech Republic.

To encourage local interest in the project, European Metals announced in July that it intends to list on the Prague stock exchange. The proposed listing is expected to be completed this quarter.

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