Quarterly Activities/Appendix 5B Cash Flow Report

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

QUARTERLY ACTIVITIES REPORT

European Metals Holdings Limited (ASX & AIM: EMH, OTCQX and OTCQB: EMHXY and EMHLF) ("European Metals" or the "Company") is pleased to provide an update on its activities during the three-month period ending 30 September 2025. The Company is advancing the development of the globally significant Cinovec Lithium Project ("the Project" or "Cinovec") in the Czech Republic.

Definitive Feasibility Study (DFS) and Environmental Permitting Progress

During the quarter, the Company made significant progress on the Definitive Feasibility Study (DFS) for the Cinovec Project, led by DRA Global. The DFS continues to be progressed towards finalisation inclusive of assessments of optimisation scenarios identified in earlier studies, with a focus on increasing throughput without expanding the underground mine's surface footprint.

Workstreams continue to be progressed well, and completion is still targeted in line with previous guidance. The DFS is supported by recently secured funding (see the Company's ASX/AIM announcement of 18 August 2025) ("Funding Pathway Secured to Complete Cinovec DFS") and forms a core requirement for final project permitting and investment decisions for the Project.

The Company also progressed the Environmental Impact Assessment (EIA), which remains on track for submission by 31 December 2025, as required under the terms of the USD 36 million Just Transition Fund (JTF) grant. Preparations are being made for stakeholder consultations and the collation of final environmental data for inclusion in the submission.

Preliminary Mining Permit Granted for Cinovec South

On 5 August 2025, the Company was granted a Preliminary Mining Permit for Cinovec South. The permit, valid for a period of 8 years until 2033, covers an area of 1.4807 km². This Preliminary Mining Permit serves as a critical legal prerequisite for obtaining a Final Mining Permit and secures the Company's priority right to apply for and obtain a Final Mining Area and Final Mining Permit. Together with the existing Preliminary Mining Permits for Cinovec Northwest and Cinovec-East (valid until 2028), this permit encompasses the entirety of the Cinovec ore reserve.

This is a critical regulatory milestone which reinforces the strategic nature of Cinovec and underpins future steps toward full mining authorisation.

CORPORATE AND ADMINISTRATION

Change of Company Secretary

During the quarter end the Company announced the resignation of Henko Vos as Company Secretary and the appointment of Ms Sujana Karthik as Company Secretary, effective 14 July 2025. (see the Company's ASX/AIM announcement of 16 July 2025) ("Change of Company Secretary").

Funding Pathway Secured to Complete DFS

On 18 August 2025, the Company announced it had secured a non-dilutive refinancing facility of the Dukla loan and A$3.0m placement of new ordinary shares to fund completion of the DFS, support associated workstreams and general working capital. This funding pathway provides greater flexibility and ensures that key project milestones can be delivered without further shareholder dilution.

This transaction was finalised during the quarter and completed on 12 September 2025.

(see the Company's ASX/AIM announcement of 18 August 2025) ("Funding Pathway Secured to Complete Cinovec DFS").

QUARTERLY CASHFLOW REPORT

In accordance with the ASX Listing Rules, the Company will also today lodge its cashflow report for the quarter ended 30 September 2025. Cash outflows of A$1.223 million were incurred during the quarter in relation to the Cinovec DFS costs, as part of the Company's investment in the Cinovec Lithium Project in the Czech Republic. A$2.796 million was received from capital raisings (net of costs) by the Company.

The Company's total cash is A$1.087 million as at 30 September 2025.

PAYMENTS TO RELATED PARTIES

As outlined in the attached Appendix 5B (section 6.1), during the quarter approximately $241,000 in payments were made to related parties and their associates for director salaries, consultancy fees, superannuation and other related costs. A portion of these expenses was subsequently reimbursed directly from Geomet following the end of the current quarter.

GEOMET TENEMENT SCHEDULE

Table 1: Geomet Tenements

This announcement has been approved for release by the Board.

Geomet s.r.o. ("Geomet") controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O containing a combined 7.39 million tonnes Lithium Carbonate Equivalent (refer to the Company's ASX/ AIM release dated 13 October 2021) (Resource Upgrade at Cinovec Lithium Project).

An initial Probable Ore Reserve of 34.5Mt at 0.65% Li2O reported 4 July 2017 (Cinovec Maiden Ore Reserve - Further Information) has been declared to cover the first 20 years mining at an output of 22,500tpa of lithium carbonate (refer to the Company's ASX/ AIM release dated 11 July 2018) (Cinovec Production Modelled to Increase to 22,500tpa of Lithium Carbonate).

This makes Cinovec the largest hard rock lithium deposit in Europe and the fifth largest non-brine deposit in the world.

The deposit has previously had over 400,000 tonnes of ore mined as a trial sub-level open stope underground mining operation.

On 19 January 2022, EMH provided an update to the 2019 PFS Update. It confirmed the deposit is amenable to bulk underground mining (refer to the Company's ASX/ AIM release dated 19 January 2022) (PFS Update delivers outstanding results). Metallurgical test-work has produced both battery-grade lithium hydroxide and battery-grade lithium carbonate at excellent recoveries. In February 2023 DRA Global Limited ("DRA") was appointed to complete the Definitive Feasibility Study ("DFS").

The Cinovec processing plant comprises of a Front-End Comminution and Beneficiation circuit ("FECAB") and Lithium Chemical Plant circuit ("LCP") in combination producing Lithium Hydroxide or Lithium Carbonate end products and will be located on the Prunéřov 1 Power Station site located approximately 59km by rail from the Cinovec mine site. (refer to the Company's ASX/ AIM releases dated 26 April 2024 (New Lithium Plant Site Expected to Improve Project Permitting and Economics) and 27 November 2024 (Cinovec Project Update)).

The economic viability of Cinovec has been enhanced by the recent push for supply security of critical raw materials for battery production, including the strong increase in demand for lithium globally, and within Europe specifically, as demonstrated by the European Union's Critical Raw Materials Act ("CRMA").

BACKGROUND INFORMATION ON CEZ

The largest shareholder of its parent company, CEZ a.s., is the Czech Republic with a stake of approximately 70%. The shares of CEZ a.s. are traded on the Prague and Warsaw stock exchanges and included in the PX and WIG-CEE exchange indices. CEZ's market capitalisation is approximately EUR 20.3 billion.

COMPETENT PERSONS

Information in this release that relates to exploration results is based on, and fairly reflects, information and supporting documentation compiled by Dr Vojtech Sesulka. Dr Sesulka is a Certified Professional Geologist (certified by the European Federation of Geologists), a member of the Czech Association of Economic Geologist, and a Competent Person as defined in the JORC Code 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Sesulka has provided his prior written consent to the inclusion in this report of the matters based on his information in the form and context in which it appears. Dr Sesulka is an independent consultant with more than 10 years working for the EMH or Geomet companies. Dr Sesulka does not own any shares in the Company and is not a participant in any short- or long-term incentive plans of the Company.

Information in this release that relates to metallurgical test work and the process design criteria and flow sheets in relation to the LCP is based on, and fairly reflects, information and supporting documentation compiled by Mr Grant Harman (B.Sc Chem Eng, B.Com). Mr Harman is an independent consultant and the principal of Lithium Consultants Australasia Pty Ltd with in excess of 14 years of lithium chemicals experience. Mr Harman has provided his prior written consent to the inclusion in this report of the matters based on his information in the form and context that the information appears. Mr Harman is a participant in the long-term incentive plan of the Company.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

LITHIUM CLASSIFICATION AND CONVERSION FACTORS

Lithium resources and reserves are usually presented in tonnes of LCE or Li.

The standard conversion factors are set out in the table below:

Conversion Factors for Lithium Compounds and Minerals

WEBSITE

A copy of this announcement is available from the Company's website at www.europeanmet.com/announcements/.

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

Name of entity

European Metals Holdings Limited (ASX: EMH)

Amounts paid to directors as director remuneration.

Answer: The Company expects to have similar operating cashflows for the foreseeable future as it continues development of the globally significant Cinovec Lithium Project.

Answer: The Company will require additional capital to support its operating costs as well as capital requirements of the project company Geomet. The Company completed a successful capital raise during the quarter to support its operational activities until post DFS. The Board is continuing to assess a range of future funding options available to the Company, including potential equity or debt funding, during the period after finalisation of the DFS. Based on recent market engagement and the success of the most recent capital raise, the Company is confident that it would be able to secure additional funding when appropriate.

Answer: The Company expects to be able to continue its activities, noting that the directors are aware that the Group has the option, if necessary, to defer certain expenditure or to reduce administration costs in order to minimise cash outflows. The directors are also remain confident that ,when required, the Company will be successful in raising additional funds through the issue of new equity.

Compliance statement

2 This statement gives a true and fair view of the matters disclosed.

Date: 31 October 2025

Authorised by: The Board

(Name of body or officer authorising release - see note 4)

Notes