https://www.europeanmet.com/wp-content/uploads/2019/03/FN-EMH-110...

https://www.europeanmet.com/wp-content/uploads/2019/03/FN-EMH-110319.pdf

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we fee the country risk for the project is a low to moderate. The Czech Republic is anestablished democracy in the European Union. There have been some issues at agovernment level which led to an MOU signed between European Metals Holdings and theCzech ministry to explore downstream processing being cancelled, but this has no effect onEuropean Metals Holdings permitting in the country. This cancellation of the MOU seemsto have been tied to a change in government and a domestic agenda on foreign-ownedcompanies. We do not expect this to continue or to hinder the award of further permits toEuropean Metals Holdings, and indeed drilling permits have been issued, but there isalways a possibility this may delay developments slightly.

NPV 8% 970m