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    EMH   AU000000EMH5

EUROPEAN METALS HOLDINGS LIMITED

(EMH)
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European Metals : Cadence Minerals Plc - European Metals, Resource Upgrade at Cinovec Lithium Project

10/14/2021 | 08:23am EST

Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited ('European Metals' 'EMH') has announced final drill results and an upgraded mineral resource estimate for the lithium and tin resources in the Cinovec Lithium-Tin deposit in the Czech Republic.

EMH has recently completed a drilling campaign at Cinovec South, comprising 22 diamond drill core holes for 6,622 metres, with the goal of increasing resource certainty in the existing resource model in and around the initial planned mining areas and upgrading part of the resource from the Indicated category to the higher confidence Measured category.

Highlights

Re-classification of 53.3 million tonnes (MT) into Measured resource category grading 0.47% Li2O and 0.08% Sn.

28.5 MT of Inferred resource upgraded to Indicated resource category

The Measured and Indicated resource has increased from 372.4 to 413.4 MT @ 0.47% Li2O and 0.05%Sn.

The total Measured, Indicated and Inferred resources have increased by 12.3MT to 708.2MT @ 0.43% Li2O and 0.05% Sn (0.1% Li (0.2153% Li2O) Cut-off).

Increase in overall resource to 7.39 MT LCE

Analysis received for final 10 diamond core holes in the Geomet s.r.o. drilling program including: Hole CIS-16 returned 101.7m averaging 0.59% Li2O, incl. 11.35m @ 0.85% Li2O

Hole CIS-32 returned 61m averaging 0.66% Li2O and 0.17% Sn, incl. 30.5m @ 0.30% Sn

Hole CIS-33 returned 113.3m averaging 0.54% Li2O, incl. 14.7m @ 0.60% Li2O

Hole CIS-34 returned 111.4m averaging 0.54% Li2O and 0.13% Sn, incl. 21.15m @ 0.71% Li2O and 0.57% Sn

European Metals Executive Chairman Keith Coughlan commented; 'The primary stated aim of this drilling program was to convert a larger portion of the resource to the measured category to provide greater certainty of the financial model and security to financiers. The results clearly indicate that the program has been successful and the robustness and consistency of the Cinovec resource further demonstrated. As we move closer to ultimate financing and offtake discussions, this higher degree of certainty provides more funding options for the project. Results from the final drill holes of the program have been in line with or better than expected.

'As we have reported previously, because zinnwaldite is paramagnetic, wet magnetic separation, the first stage of the ore processing has the effect of greatly increasing the grade of lithium oxide in the concentrate to approximately 2.85%. The zinnwaldite concentrate produced from Cinovec requires only roasting, compared to the calcination and roasting required of processing spodumene. This not only improves the economics, it will also have the effect of considerably reducing greenhouse gas emissions of the Project when compared to spodumene projects.'

Cadence CEO Kiran Morzaria added; 'Today's resource upgrade for total Measured, Indicated and Inferred resources adds greater value to Cinovec's already exceptional potential as a future battery grade lithium supply hub for Europe and the rest of the world. Cadence are pleased to remain shareholders and supporters of EMH, and we look forward to further developments.'

Cadence Minerals Holding in EMH

Cadence holds approximately 9.7% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. ('Geomet'), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

Contact:

Tel: +44 (0) 7879 584153

Forward-Looking Statements

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as 'believe' 'could' 'should' 'envisage' 'estimate' 'intend' 'may' 'plan' 'will' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 1,17 M 0,83 M 0,83 M
Net income 2021 -3,96 M -2,83 M -2,83 M
Net cash 2021 7,79 M 5,56 M 5,56 M
P/E ratio 2021 -64,2x
Yield 2021 -
Capitalization 253 M 180 M 181 M
EV / Sales 2020 194x
EV / Sales 2021 223x
Nbr of Employees -
Free-Float 82,8%
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Managers and Directors
Keith Dudley Coughlan Executive Chairman, CEO & Managing Director
Wendy Lim Chief Financial Officer
Walter Mńdel Manager-Operations
Kiran Caldas Morzaria Non-Executive Director
Richard PavlÝk Executive Director