Not sure if this has been posted, but Canaccord are very keen:...

Not sure if this has been posted, but Canaccord are very keen:

	Column 1	Column 2	Column 3
0	Euro Manganese Incorporated
1	Specialty Minerals and Metals	Raising Target Price[/FONT][/COLOR][/B][/P]
2	Czech this out! Increasing target to A$1.30 (from A$0.55)
3
4	Column 1 0 EMN-ASX; EMN-TSX	Price A$0.70	Market Cap A$195.8M[/FONT][/COLOR][/P]SPECULATIVE BUY Unchanged PRICE TARGET A$1.30↑ from A$0.55

Canaccord Genuity (Australia) Limited has received a fee as Lead Manager to the Euro Manganese Inc Capital Raising announced 20 October 2020.

Column 1

0

Column 1 0 EIT InnoEnergy backing an important step to de-risking EMN has announced that it has secured the support of EIT InnoEnergy to assist in the integration the Chvaletice Manganese project into European battery supply chain. The support of the project is vindication of work done by EMN and Chvaletice's expected position within the supply chain. As we recently highlighted, the EV transition has accelerated in Europe and is tracking above market expectations. We have also seen a concerted shift in policy to align with this transition. We have updated our model, lowering our discount rate from 12% to 8% and lifted our risk weighting from 40% to 50%. We lift our price target to A$1.30 (from A$0.55) and maintain SPECULATIVE BUY. EIT InnoEnergy will focus its efforts with EMN on three key areas: 1) Assist EMN with financing of €362m for the commercialisation of the Chvaletice project. Potential sources of finance include economic development banks, European and regional grant programs and project finance banks. This will occur through the Business Investment Platform created by the European Battery Alliance. We have seen the cost of debt fall substantially, in this sector in particular, and this has contributed to our lower discount rate assumption. 2) Assist EMN with securing offtake agreements with customers. Leveraging EIT's industry relationships within European EV, battery and cathode manufacturers. 3) Provide funding, investing €250k over three tranches to support DFS and pilot plant trials. With the three tranches priced on the 10-day VWAP prior to the funding tranche. EIT InnoEnergy – coordinating the European battery supply chain EIT InnoEnergy is an EU-funded organisation with the aim of building a sustainable, long-lasting operational framework amongst industry, research and higher education. It places an emphasis on more efficient and high impact innovation across greater Europe. It has invested in ~380 sustainable energy related start-ups, with over 30 of those related to storage across Europe, including Northvolt, Infinity Lithium Corporation (INF-ASX) and Vulcan Energy Resources (VUL-ASX). EIT has invested €560m since 2010 in sustainable energy innovations and projects, these projects have gone on to raise €2.5b in funding. EIT has been entrusted by the European Commission to promote, provide background data and define key questions, recommendations and actions for the European Battery Alliance. EU battery supply chain stimulus steps up The EU has a high level of co-ordination within the battery supply chain, setting the standard for legislation on batteries and establishing framework for the development of the industry. This received a major boost on 29 January with the EU's approval of a €2.9b European research and innovation project. This builds on a previously Important Project of Common European Interest funding package of €3.2b which was announced in 2019. We anticipate these funds to place a strong emphasis on the battery supply chain. Valuation and recommendation Our NAV has lifted to A$1.30/share after reducing our discount rate from 12% to 8%, in line with our battery materials coverage, and increasing our risk weighting to 50% from 40%. We retain our SPECULATIVE BUY rating.

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