Home » Cadence Minerals (KDNC) » Cadence Minerals #KDNC – European Metals Holdings #EMH – Cinovec Project Update

Cadence Minerals #KDNC – European Metals Holdings #EMH – Cinovec Project Update

Cadence Minerals (AIM: KDNC; OTC: KDNCY) is pleased to note the announcement by European Metals Holdings Limited (“European Metals” or “EMH”) (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) in regard to the Cinovec Lithium Project (“Cinovec” or the “Project”).

Geomet (“Geomet”), 49% owned by European Metals and the owner of 100% of the Cinovec Project in the Czech Republic, is in the process of completing the Project Definitive Feasibility Study (“DFS”). DRA Global Limited (“DRA”) was appointed to complete the DFS in February 2023.

EMH has previously advised in the announcement to the market on 22 December 2023 that the delivery of the DFS for the Project had been pushed back and was expected to be completed in Q1 2024.

As a result of the engineering work and social and environmental engagement work subsequently performed as part of the DFS process, several material matters have been highlighted that may significantly improve the lithium processing component of the DFS.

The Geomet management team, in conjunction with DRA, is reviewing these matters. The Company expects to make a further announcement before the end of April 2024 detailing some of the more significant issues. Further, the Company reiterates that the process flowsheet remains as announced on 31 October 2022 and confirmed in pilot testing results announced on 9 November 2023. This review process could significantly improve the economic and social/community outcomes. Geomet considers this to be an important development in the Project and makes a further delay in the DFS well justified.

Importantly, as previously reported, the Company does not expect that the extension of the study period will impact the overall Project timeline, with the permitting process expected to be effectively coordinated pursuant to the enactment of the European Union’s Critical Raw Materials Act.

In other matters concerning the DFS Process, EMH is pleased to announce that previously published physical and hydrometallurgical process flowsheets have been confirmed to be viable for engineering and construction purposes with high levels of lithium recovery from run-of-mine ore to battery-grade end-products.

As previously noted, engineering test work programmes continue to improve process outcomes in various stages of both the physical and hydrometallurgical processing, and current test work programmes include:

  • Gangue removal from zinnwaldite concentrate to enable a higher-grade roast mix to be processed by the rotary kilns, thus maximising the throughput of lithium units in the roasting without an increase in the size of the plant;
  • recycling and regeneration of reagents in both the roasting and hydrometallurgical stages to reduce the consumption of fresh reagents and decrease opex per tonne of end-product, and
  • simplification of precipitation/crystallisation processes to reduce energy and water costs, aiming at producing end-products with the lowest economic carbon footprint.

Executive Chairman, Keith Coughlan, commented on the update: “Whilst it is unfortunate not to be able to provide a fully completed DFS at this stage, I am confident that the developments currently being finalised will add significantly to the Project. In particular, permitting and timelines are expected to be positively impacted by the team’s additional work. The Cinovec Project remains an important part of the drive to improve critical materials security in the EU.”

Link here to view the full EMH announcement

Cinovec Lithium/Tin Project

Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and 0.05% Sn and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O and 0.05% Sn containing a combined 7.39 million tonnes Lithium Carbonate Equivalent and 335.1kt of tin.

Cadence Minerals holds approximately 4.9% percent of the equity in European Metals Holdings.

For further information contact:

 

Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 20 7220 1666
James Joyce
Darshan Patel
Fortified Securities – Joint Broker +44 (0) 20 3411 7773
Guy Wheatley
Brand Communications +44 (0) 7976 431608
Public & Investor Relations      
Alan Green

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