European Metals extends all four Cinovec licences

The AIM-traded firm said the licences encompass all three granted preliminary mining permits (PMPs) for the Cinovec Project.

It said the extension came after a thorough evaluation by relevant state authorities, taking into account the progress made in exploring the deposit, future exploration plans, including resource drilling, and adherence to conditions stipulated by the Czech Environment Ministry.

The necessity for the extension arose from the limitations of the granted PMPs, which, although granting sole and exclusive rights to apply for a final mining permit, did not permit further drilling until the final mining area was granted.

Given the company's intentions to conduct additional metallurgical and measured resource drilling, an extension for the licences, originally set to expire in December 2023, was sought and granted.

The extension of the licences pertains to the Cínovec, Cínovec II, Cínovec III, and Cínovec IV exploration areas, effectively covering the East, South, and Northwest PMPs, ensuring continuity in the exploration and development of the Cinovec Project.

At 1609 GMT, shares in European Metals Holdings were down 1.33% at 15.54p.

Reporting by Josh White for Sharecast.com.