Not Gunna Be Enough Lithium, page-611

Agree, capex will need to materially increase above the PFS to achieve 'upwards of 50,000tpa' but this is where an offtaker, like VW/Skoda, could look to forward payment for offtake.

All options would be on the table. Another approach could be a new corporate structure to enable a third party to take an equity stake in just the chemical plant (ie Cinovec Resource Holding Company - CEZ 51% and EMH 49% and then Cinovec Chemicals HC - CEZ 51%, EMH 30% and VW or LG Energy 19%).

US$300m to US$500m would be a drop in the ocean for an OEM, the EU or chemical major like LG Energy desparately needing to secure a low carbon European based lithium supply for their multi billion €, EV transformation.

I keep coming back to the €1T Green Deal. There is nothing in EMHs league in the EU.

Keith keeps saying they've been deferring offtakes as terms keep getting better for EMH/CEZ.

As they say, 'good things come to those who wait'. There's been a lot of waiting going on around here, so good news hopefully by year end.