European Metals Holdings (LON: EMH), the developer of the Cinovec lithium project in the Czech Republic, widened its half-year loss and drew an auditor warning over its ability to fund the project.
Shares closed at 12.75p on Thursday, unchanged on the day and down from a 52-week high near 18p in early June. Trading was too thin either side of Friday’s results to show how the market has judged them.
The interim results, covering the six months to 30 June, showed a loss after tax of A$3.19m, up from A$2.75m a year earlier, with no revenue as the company remains in development. Auditor BDO Audit Pty Ltd flagged a material uncertainty over going concern tied to the risk of future cash calls from Geomet, the joint venture through which EMH holds its 49% economic interest in Cinovec.
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The warning sits alongside genuine technical progress. During the period EMH submitted the full Environmental Impact Assessment and secured regional rezoning approval, while preliminary engineering pointed to savings against the December 2025 definitive feasibility study, the study that had confirmed the project’s economics. Combined with separately announced tunnel kiln testwork, the company said potential savings could reach up to US$110m in capital costs and US$64m a year in operating costs versus that study, though these are not yet reflected in an updated feasibility study.
Cash stood at A$720,802 at the end of June, up from A$397,473 six months earlier, after EMH repaid a A$750,000 loan in full, narrowing its working capital deficit to A$531,217 from A$2,336,778. The auditor’s review conclusion was not modified, but for a pre-revenue developer still reliant on its joint-venture partner and outside capital, the funding question remains unresolved.
