13th Mar 2020 10:37
(Alliance News) - European Metals Holdings Ltd on Friday reported a narrowed first half loss, as the explorer continues to focus on its Cinovec project.
In the six months to December 31, the mineral resources explorer recorded a USD1.5 million pretax loss, narrowed from the USD2.1 million loss seen in the same period the year before.
This is despite the company's professional fee costs doubling to USD1.0 million from USD565,398.
The narrowed loss can be explained by European Metals' share based payment expenses dropping to USD45,230 in the first half from USD909,898 the year before.
"During the period the company focused on continued progress in the development of the globally significant Cinovec lithium/tin project in Czech Republic. The most significant step in the ongoing development of the Cinovec project is the potential partnership with CEZ Group, one of Europe's largest power utilities. This potential partnership was announced early in the period and has been the primary focus of the company since then," European Metals said.
Czech-headquartered CEZ holds an option to acquire 51% of the Cinovec project, but this option expires on March 31. European Metals has expressed confidence CEZ will proceed with the transaction and become an "integral part" of the development of Cinovec in the future.
European Metals has an exploration licence for the project until December 31.
Shares in European Metals were 2.1% lower in London on Friday morning at 11.50 pence each.
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
European Metals Holdings