European Metals Holdings (ASX:EMH) has secured Strategic Project status for its Cinovec lithium project under the European Union’s Critical Raw Materials Act, a move that could accelerate permitting and unlock access to institutional funding.
The declaration by the European Commission recognises Cinovec’s importance to the EU’s battery supply chain and low-carbon energy goals. The project, located in the Czech Republic, is the largest hard rock lithium deposit in Europe and the fifth largest non-brine deposit globally.
Strategic status offers several benefits, including streamlined permitting with strict time limits—24 months for mining projects—and a one-stop-shop administrative process. It also enhances eligibility for EU funding programs such as InvestEU, improves access to long-term supply agreements with industrial users, and increases the project’s appeal to private and public financiers including the European Investment Bank.
Executive Chairman Keith Coughlan described the recognition as “a significant milestone” that increases confidence in both project financing and the permitting path. A definitive feasibility study is due mid-2025, with the Environmental Impact Assessment to follow by year-end.
Geomet, the project company owned 51% by Czech utility CEZ and 49% by European Metals, must now agree a binding permitting timeline with the Czech Government, in line with CRMA requirements.
CEZ Deputy Chairman Pavel Cyrani said the project was one of the most important transition initiatives in the Ústí nad Labem Region and could create around 1,800 jobs, including for workers transitioning from coal-fired plants.
Cinovec has an estimated 7.39 million tonnes of lithium carbonate equivalent across measured, indicated, and inferred resources, with an initial probable ore reserve sufficient for 20 years of production at 22,500 tonnes per annum.
Shares are trading 105.88% higher at 35 cents.
