Stocks of the Hour: European Metals, Carbon Revolution, Nuheara

Company News

by Abbey Phillipps

European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) announced significant developments in the processing flowsheet for the Cinovec vertically integrated battery metals project (“Cinovec”) in Czech Republic. The simplified extraction process delivered an exceptional clean battery-grade lithium product with improved economical features. Some highlights include: a significant reduction in the Lithium Chemical Plant (“LCP”) extraction process from 15 to 7 and the capability to deliver very high purity lithium hydroxide, lithium carbonate, lithium sulphate or lithium phosphate. In response to the news, Keith Coughlan, Executive Chairman, stated, “The completion of flowsheet development work in both the FECAB and LCP is a significant milestone for the Cinovec Project. Testwork to confirm optimised FECAB and LCP flowsheets is now complete and production of significant quantities of battery grade lithium chemicals is expected to be available for distribution to long term European offtake partners early next year.” Shares are trading 5.3 per cent higher at 80 cents.

Carbon Revolution (ASX:CBR) whose lightweight carbon fibre wheels are used on some of the world’s best and most-sought after cars provided a business update for Q1 FY23. Highlights include Q1 FY23 revenue of $10.4 million, delivering strong revenue growth of 66.2% over the previous corresponding period. In a customer program update the company announced that Ford is launching a new Mustang core vehicle program with the option of Carbon Revolution’s wheels, the first time the Company’s wheels have featured on a Ford core vehicle program. The company has a current cash position of $10.7m following committed expenditure on new wheel programs and the Mega-line project with emerging challenges in delivering anticipated financing. And lastly, a Modern Manufacturing Initiative grant approved by the new labour government with the first tranche of $4.8m expected in November or December 2022. Shares are trading 62.8 per cent higher at 35 cents.

Medical device and consumer electronics manufacturer, Nuheara (ASX:NUH) (Company or Nuheara) announced that they will be receiving US Food and Drug Administration (FDA) clearance for its Self-Fitting OTC Hearing Aid. Nuheara’s HP Hearing PRO has been cleared by the FDA for both 874.3325 self fitting and the 800.30 OTC hearing aid classifications under a new product classification code “QUH”. Following the landmark law establishing a regulatory category for over-the-counter (OTC) Hearing Aids in the United States (enacted on 17 October 2022) Nuheara plans to bring to market its first medical device as the HP Hearing PRO under its worldwide Trademark License Agreement for use of HP trademarks on Nuheara’s hearing aids, personal sound amplification devices and accessories. Shares are trading 24.2 per cent higher at 21 cents.

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