Stockholm, 14 August 2025 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) presents the report from the Extraordinary General Meeting which was held today on Thursday 14th of August 2025 at 10:00 at the premises of Foyen Advokatfirma at Södergatan 22, 211 34 in Malmö.
Report from the Extraordinary General Meeting in Eurobattery Minerals AB (publ)
Today, 14 August 2025, an Extraordinary General Meeting was held in Eurobattery Minerals AB (publ), reg. no. 556785-4236. Below is a summary of the decisions that were made. All decisions were made with the required majority. The complete proposal for the decisions is presented in the notice that was published on the 14th of July 2025. This document is available in multiple languages for convenience. In case of any discrepancies or inconsistencies between the different language versions, the English version shall prevail.
The Board’s proposal for a resolution to amend the Articles of Association (item 7)
The general meeting decided to amend the Articles of Association in accordance with the board’s proposal as stated below.
Current wording | Proposed wording |
4. Share Capital The share capital shall be not less than SEK 500,000 and not more than SEK 2,000,000. 5. Number of shares |
4. Share Capital The share capital shall be not less than SEK 670,465.205473 and not more than SEK 2,681,860.821892. 5. Number of shares |
Approval of the board of directors' resolution on a rights issue of shares (item 8)
The meeting approved the board of directors' resolution to increase the company's share capital by a maximum of SEK 50,733.32 through a rights issue of a maximum of 1,268,333 shares.
The issue shall otherwise be subject to the following conditions:
- The issue shall take place with preference for the shareholders of the company. For each existing share, one (1) unit right is obtained. One (1) such unit right entitles to subscription of one (1) unit. One unit consists of three (3) shares.
- The record date of the share register kept by Euroclear Sweden AB for determining which shareholders are entitled to participate in the issue with preferential rights shall be the 21 August 2025. The public may also subscribe in the issue.
- For each subscribed unit 0.18 SEK shall be paid in cash (0.06 SEK per share). Amounts in excess of the quota value shall be added to the free share premium reserve.
- The subscription of shares shall take place during the period from 25 August 2025 until 8 September 2025. Subscription pursuant to preferential rights shall take place through simultaneous cash payment. Subscription not pursuant to preferential rights shall take place on a separate subscription list and payment shall be made no later than the second banking day after the notification of allotment has been sent to the subscriber in the form of a settlement note. The Board shall have the right to prolong the period of subscription and payment.
Stockholm, August 2025
Eurobattery Minerals AB (publ)
BOARD OF DIRECTORS
Stockholm, 11 August 2025 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) today communicates that its Spanish subsidiary Tungsten San Juan S.L. (“TSJ”) has started the work in the open pit mine at the wolfram project San Juan in Galicia, Spain. This work is in line with our investment strategy and is the first step in the process to start wolfram production by the end of 2026.
TSJ has engaged a local, experienced contractor from the Ourense region to perform the earth movements in the mine. With previous experience in mining projects, the local company complies with the strictest occupational health, safety, and environmental regulations.
“As part of our local content policy, we are committed to hiring regional service providers and contractors whenever possible, ensuring that the San Juan project delivers tangible benefits to the local economy and community. We are pleased to collaborate with a skilled local contractor and proud to contribute to regional development as we move closer to responsible tungsten production in Europe,” said Roberto García Martinez, CEO of Eurobattery Minerals.
The work in the mine includes improvement of the infrastructure as well as stripping of waste and ore material, using excavators and trucks. The work in the open pit mine is conducted without the necessity of using blasting, thanks to the soft characteristics of the rock. This marks the beginning for tungsten production, scheduled to commence in Q4 2026.
“Starting the work in the mine with a trusted local partner reflects our commitment to both responsible mining and local engagement. The proximity sourcing policy is a core pillar of our work here at TSJ. This is an important project for Ourense, for Galicia, and Europe, so I am really excited to get things going!” said Agne Ahlenius, Managing Director of TSJ.
The San Juan mine is located near the town of A Gudiña, in the province of Ourense in Galicia, Spain. The first proven ore reserves, that have been confirmed by core drilling at the San Juan project, are an estimated 60,000 tons of ore. The tungsten (WO3) grade is high – 1.3% – contributing to the project's economic viability.
Stockholm, 21 July 2025 – Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) – a growth-oriented mining company focused on critical raw materials for the European green transition – is pleased to announce the appointment of Agne Ahlenius as Managing Director to lead the company’s San Juan Tungsten Project in Galicia, Spain. Mr. Ahlenius brings extensive international experience in the mining industry and previously served as CEO of the Barruecopardo tungsten mine, a project widely recognized as a benchmark for responsible and sustainable mining practices in Spain. In addition to his fluency in Spanish, Mr. Ahlenius has a deep understanding of the Spanish regulatory environment and has successfully collaborated with governmental authorities at various levels. His proven track record and leadership make him ideally suited to advance Eurobattery Minerals’ strategic goals and sustainability ambitions for the San Juan project.
The Company has signed Agne Ahlenius, a senior mining executive with more than 35 years of international experience in mine development and operations, to head the San Juan project. His proven track record across both underground and open-pit mines and his outstanding reputation as a leader in sustainable mining will be pivotal to the success of the San Juan wolfram mine.
Mr. Ahlenius has held top-level positions in leading Spanish and international mining operations, including roles such as Mine Manager at Boliden AB, Operations Manager for MATSA in Spain, and CEO at Lundin Mining for Zinkgruvan Mining AB in Sweden. He holds a Master of Science in Mining Engineering from Luleå University of Technology, Sweden.
Most recently, Mr. Ahlenius served as COO and later CEO of the Barruecopardo mine in Spain, a benchmark for responsible and sustainable mining practices within the EU. The project was awarded “The 2024 SME of the Year Award” in Salamanca, something that recognizes its economic contribution, sustainability, and export focus.
Under Mr. Ahlenius´ leadership, the Barruecopardo mine:
- Achieved top environmental and safety standards under EU directives.
- Implemented clean technologies (e.g. environmentally friendly ore separation and closed water circuits).
- Improved mine operations, reducing costs by over 25%.
- Recorded zero lost-time injuries (LTI) over more than two years.
- Contributed to the revitalization of the local region, generating over 200 jobs (80% local), contributing to community initiatives, and receiving national awards for sustainability and economic impact.
Mr. Ahlenius brings a unique blend of Nordic precision and Iberian insight. A Swedish national, he has been living and working in Spain for over 25 years, deeply embedded in the country’s mining sector, regulatory framework, and local culture. He is fluent in Spanish (apart from speaking three other languages) and he brings extensive experience in working with the Spanish administration at all levels – national, regional (autonomous communities), and local – and has deep knowledge of the administrative procedures related to mining projects. This gives him the perfect vantage point to lead the San Juan project in line with both Swedish and Spanish values — safety, transparency, social responsibility, and long-term thinking.
“Agne´s extensive experience, local understanding, and sustainability-driven leadership make him the perfect person to take our San Juan project into the next phase,” said Roberto García Martínez, CEO of Eurobattery Minerals. “This appointment is a cornerstone in our strategy to provide responsibly mined critical raw materials from Europe for Europe — with a strong focus on environmental care, positive community impact, and long-term shareholder value.”
The San Juan wolfram project is set to begin pre-operational work in July 2025, with production scheduled for H2 2026. Eurobattery Minerals recently proposed a SEK 78.5 million rights issue to fund the majority stake acquisition in the project and further develop its battery mineral assets in Finland.
The Company has also signed a Letter of Intent for an offtake agreement with Wolfram Bergbau und Hütten AG, the Austrian tungsten producer owned by Swedish Sandvik Group, underscoring the project’s strategic European alignment.
Agne Ahlenius said: “I am genuinely excited to join Eurobattery Minerals and lead the San Juan project at this pivotal time. Europe urgently needs responsibly sourced raw materials to secure its green transition and industrial resilience. I strongly believe that mining can — and must — be done in a way that respects people, nature, and future generations. At San Juan, we will focus on creating long-term value not just for shareholders, but also for the local community through job creation, environmental stewardship, and transparent, sustainable practices. This is what a social licence to operate looks like — and I am proud to help build it here in Galicia.”
This appointment reflects Eurobattery Minerals’ commitment to building local trust and social licence to operate, while ensuring that Europe's green transition is powered by traceable, responsible, and locally sourced raw materials. By building on Mr. Ahlenius proven track record from the Barruecopardo project — widely recognised as a benchmark for sustainable mining in Spain — we aim to raise the bar even further and deliver excellence across all aspects of the San Juan wolfram project.
A more detailed presentation of Agne Ahlenius and his background is attached as a PDF to this press release.
Stockholm, 14 July 2025 – The shareholders of Eurobattery Minerals AB (publ), 556785-4236, are hereby invited to an Extraordinary General Meeting to be held on 14 August 2025 at 10:00 at the premises of Foyen Advokatfirma at Södergatan 22, 211 34 in Malmö.
Eligibility and registration
Shareholders who wish to participate in the General Meeting shall
- be entered in the share register maintained by Euroclear Sweden AB on 6 August 2025, and
- notify the company no later than on 8 August 2025 by post to Eurobattery Minerals AB, Strandvägen 7A, SE-114 56 Stockholm or by e-mail to ir@eurobatteryminerals.com. The notification should include the full name, personal or organizational number, shareholding, address, daytime telephone number, and, where applicable, information about proxies or assistants (maximum 2). The notification should be accompanied, where applicable, by powers of attorney, registration certificates, and other authorization documents.
Nominee-registered shares
Shareholders whose shares are registered in the name of a nominee must, in order to be entitled to participate in the meeting, have their shares registered in their own name through their nominee, so that they are registered in the share register maintained by Euroclear Sweden AB as of the record date 6 August 2025. Such registration may be temporary (so-called voting rights registration). Shareholders who wish to register their shares in their own name must, in accordance with the respective nominee's routines, request that the nominee make such voting rights registration. Voting rights registration requested by shareholders in such time that the registration has been made by the relevant nominee no later than 8 August 2025 will be taken into account in the preparation of the share register.
Proxy etc.
If a shareholder is to be represented by a proxy, the proxy must bring a written, dated authorization signed by the shareholder to the meeting. The authorization may not be older than one year, unless a longer period of validity (but no longer than five years) has been specified in the authorization. If the power of attorney is issued by a legal entity, the proxy must also bring the current registration certificate or equivalent authorization document for the legal entity. To facilitate registration, a copy of the power of attorney and other authorization documents should be attached to the notification to attend the meeting. Proxy forms are available on the company's website www.eurobatteryminerals.com and will be sent by post to shareholders who contact the company and state their address.
Number of shares and votes
The total number of outstanding shares and votes in the company at the time of this invitation amounts to 436,306,174. The company does not hold any shares.
Proposal for the agenda
- Opening of the meeting
- Election of the chairman of the meeting
- Preparation and approval of the voting list
- Approval of the agenda
- Election of one or two persons to verify the minutes
- Determination of whether the meeting has been duly convened
- The Board’s proposal for amending the articles of association
- Resolution on a rights issue of shares
- The meeting is closed
Proposed decision in brief:
The Board’s proposal for amending the articles of association (item 7)
The Board of Directors proposes that the Extraordinary General Meeting resolves that the Articles of Association be amended in accordance with below.
Current wording | Proposed wording |
4. Share Capital The share capital shall be not less than SEK 500,000 and not more than SEK 2,000,000. 5. Number of shares The number of shares shall be not less than 365,300,000 and not more than 1,461,200,000. |
4. Share Capital The share capital shall be not less than SEK 670,465.205473 and not more than SEK 2,681,860.821892. 5. Number of shares The number of shares shall be not less than 490,000,000 and not more than 1,960,000,000. |
A valid resolution requires that it has been supported by shareholders representing at least two-thirds of both the votes cast and the shares represented at the Extra General Meeting. The decision is conditioned by the Extra General Meetings approval of the Board's proposal for a resolution on a rights issue.
The Board of Directors or the person appointed by the Board of Directors is authorized to decide on minor corrections required for registration with the Swedish Companies Registration Office.
Resolution on a rights issue of shares (item 8)
That through a preferential rights issue increase the share capital with at the most 1,790,988.42 SEK through a new share issue of at the most 1,308,918,522 shares to a subscription price of 0.06 SEK per share.
For the issue, the following terms shall otherwise apply:
- The issue shall take place with preference for the shareholders of the company. For each existing share, one (1) unit right is obtained. One (1) such unit right entitles to subscription of one (1) unit. One unit consists of three (3) shares.
- The record date of the share register kept by Euroclear Sweden AB for determining which shareholders are entitled to participate in the issue with preferential rights shall be the 21 August 2025. The public may also subscribe in the issue.
- For each subscribed unit 0.18 SEK shall be paid in cash (0.06 SEK per share). Amounts in excess of the quota value shall be added to the free share premium reserve.
- The subscription of shares shall take place during the period from 25 August 2025 until 8 September 2025. Subscription pursuant to preferential rights shall take place through simultaneous cash payment. Subscription not pursuant to preferential rights shall take place on a separate subscription list and payment shall be made no later than the second banking day after the notification of allotment has been sent to the subscriber in the form of a settlement note. The Board shall have the right to prolong the period of subscription and payment.
- In the event not all units are subscribed for pursuant to preferential rights as set out above, the Board shall, within the maximum amount of the issue, decide on allotment of units to others who subscribed for units not pursuant to preferential rights and decide how distribution among subscribers shall take place.
Firstly, the allotment of new units subscribed not pursuant to unit rights shall be made to subscribers who have also subscribed for new units pursuant to unit rights, irrespective of whether or not the subscriber was a shareholder on the record date, and in the event that allotment to them may not take place in full, allotment shall be made pro rata in relation to the number of unit rights used to subscribe for new units and, where this is not possible, through a drawing of lots.
Secondly, the allotment of new units subscribed not pursuant to unit rights shall be made to others who subscribed not pursuant to unit rights, and in the event that allotment to them may not take place in full, allotment shall be made pro rata in relation to the number of new units each of them subscribed and, where this is not possible, through a drawing of lots.
Thirdly, new units subscribed for without unit rights shall be allocated to potential underwriters in proportion to the size of the underwriting commitments, and to the extent that this cannot be done, by drawing lots.
- The new shares shall entitle the holder to dividends for the first time at the record date for dividends that occurs closest after the day that the new shares are registered at the Swedish Companies Registration Office and entered in the share register maintained by Euroclear Sweden AB.
- The decision requires that the general meeting decides on amending the articles of association.
- The Board or whomever the Board appoints is authorized to decide on smaller corrections that are needed for registration at the Swedish Companies Registration Office and Euroclear Sweden AB.
Personal data
Personal data obtained from the share register maintained by Euroclear Sweden AB, notification of attendance at the meeting and information about representatives, proxies and assistants will be used for registration, preparation of the voting list for the meeting and, where applicable, minutes of the meeting.
Other
The required documents, complete proposals for resolutions and proxy forms will be available at the company's office at Strandvägen 7a, 114 56 Stockholm, Sweden, and on the company's website www.eurobatteryminerals.com no later than two weeks prior to the general meeting and will be sent to shareholders who so request and state their postal address.
Shareholders have the right to request information in accordance with Chapter 7, Section 32 of the Swedish Companies Act (2005:551).
Stockholm, 14 July 2025 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) announces today, that the Company has entered an agreement with the Spanish company Tungsten San Juan S.L. (“TSJ”) – owner of the San Juan wolfram project in Galicia, in northern Spain – regarding a planned initial investment from Eurobattery Minerals totalling EUR 1.5 million for a 51 per cent ownership stake in TSJ on a fully diluted basis. The investment is structured as primary shares in TSJ and payable by Eurobattery Minerals in four-tranches – where EUR 100,000 was paid upon signing of the agreement, EUR 100,000 is to be paid in the third and the fourth quarter of 2025, and EUR 1.2 million is to be paid in the first quarter of 2026. As per the agreement, Eurobattery Minerals controls 51 per cent majority stake in the San Juan wolfram project since the first-tranche payment. The planned investment totalling EUR 1.5 million in TSJ will be allocated for construction of a pilot processing plant and the start of mining operations. The San Juan wolfram project has all the necessary licences and contracts to commence mining production, including a letter of intent for an off-take agreement with Wolfram Bergbau und Hütten AG, an Austrian world-leading tungsten producer within the Swedish Sandvik Group. Given that TSJ has already secured a specialized and reliable European buyer for the extracted mineral, TSJ will be able to start delivering tungsten material to Europe in 2026. With this investment, TSJ is expected to start to generate positive cash flow in H2 2026. The agreement with TSJ is part of the previous non-binding letter of intent between Eurobattery Minerals and TSJ which was communicated on May 7, 2024, but with renegotiated and more favourable terms of the investment for the Company.
"Finally entering into an agreement for a short-term cash-flow-generating project marks a game-changing moment for Eurobattery Minerals. For the first time, we move from a pure exploration and development company to a company with real future revenue potential. This shift not only strengthens our financial foundation but also accelerates our ability to reinvest in our core battery mineral assets. It is a major step toward delivering long-term value for our shareholders and establishing ourselves as a more resilient, growth-oriented mining company", said Roberto García Martínez, CEO of Eurobattery Minerals.
The "San Juan" mine is located near the town of A Gudiña, in the province of Ourense in Galicia, Spain. This wolfram deposit has been known since the 1970 but began to be investigated in the mid-1980s when extensive field work was conducted in the area, including geological cartography and outcrop-trenches. This work revealed high grades of tungsten trioxide (WO3), of the order of 2 per cent in the recognized outcrops.
The proven ore reserves that have been confirmed by core drilling at the deposit are an estimated 60,000 tons of ore, grading 1.3% WO₃. The geological potential for a much larger reservoir is high, but any additional resources need to be confirmed by further explorations.
Introduction and key points of the TSJ investment and the project:
On May 7, 2024, Eurobattery Minerals announced that the Company had signed a non-binding letter of intent with Tungsten San Juan S.L. concerning an investment in TSJ. As part of the previous non-binding letter of intent with TSJ, Eurobattery Minerals can today announce that the Company and TSJ have entered an agreement, on revised terms from the previous letter of intent, which concerns a four-tranche investment in TSJ totalling EUR 1.5 million for an ownership stake of 51 per cent on a fully diluted basis in TSJ.
- Eurobattery Minerals will make an investment of EUR 1.5 million in TSJ for an ownership stake of 51 per cent on a fully diluted basis. The first initial payment of EUR 100,000 was made when the agreement was signed.
- The Company controls 51 percent of the votes in TSJ from the first initial tranche payment of EUR 100,000.
- The investment is structured as primary shares in TSJ and the full investment amount would primarily be used for the design and construction of a pilot processing plant as well as working capital for the start of mining operations, including production.
- With the EUR 1.5 million investment, TSJ is expected to start to generate positive cash flow in H2 2026. No further explorations or drilling are needed to start to generate positive cash flow.
- The San Juan wolfram mining project has all the necessary licences and contracts in place to commence mining production, including a letter of intent for an off-take agreement with Wolfram Bergbau und Hütten AG, an Austrian world-leading tungsten producer within the Swedish Sandvik Group.
- Eurobattery Minerals´ investment, in combination with the letter of intent for an off-take agreement with Wolfram Bergbau und Hütten AG, will enable TSJ to start delivering tungsten material to Europe in H2 2026.
- The Company´s cash investment is payable in four-tranches. The first initial EUR 100,000 has already been executed in conjunction with signing of the agreement with TSJ. The remaining three tranche-payments will be paid as follows:
– Q3-2025: EUR 100,000
– Q4-2025: EUR 100,000
– Q1-2026: EUR 1.2 million - The Company intends to complete the final tranche-payment of EUR 1.2 million in January of 2026.
- Tungsten is a critical raw material with several unique properties like high density, hardness, and heat resistance. Tungsten is used widely in industrial applications and in many other important sectors, e.g. defence-, aerospace-, electronics- and energy applications. With tungsten being a critical raw material for the defence industry, it is important for Europe to develop domestic or allied sources of tungsten to safeguard critical defence capabilities, to offset supply disruption vulnerabilities that directly could compromise national security and defence readiness. The mineral’s exceptional physical properties makes it an absolute vital resource for the contemporary industrial economy.
- Tungsten is a highly lucrative monetary commodity and has maintained a stable price between USD 250 and USD 350 per metric ton unit (“MTU”) during the period between 2023-2025, contributing to the project's economic viability. Since January of 2025, the price of tungsten has increased by more than 40 per cent, currently standing at USD 460/MTU (as of July 2025).
Pre-operational work in the San Juan wolfram mine will begin in July of 2025. The mining operation does not involve blasting and modern technology based on gravimetric processes will be utilized. Existing facilities will be used for the construction of a pilot processing plant. The industrial facilities will be refurbished, and operations are expected to begin in H2 2026.
The Company wants to be a part of a fully traceable supply chain for responsibly extracted minerals, produced in Europe, for Europe. In all the Company’s projects, Eurobattery Minerals is committed to the highest standards of sustainability and responsibility and the San Juan mining project will be no exception.
For further information, a detailed technical report is attached to this press release.
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Stockholm, July 14, 2025 – The board of directors in Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: ”Eurobattery Minerals” or the “Company”) has today, on July 14, 2025, decided to propose that an extraordinary general meeting in the Company on August 14, 2025, decides on a new issue of units (“Units”) each Unit containing three (3) new shares in the Company, with preferential right for the Company’s existing shareholders of approximately SEK 78.5 million (the “Rights Issue”). The subscription period for the Rights Issue runs from and including August 25, 2025, up to and including September 8, 2025. The subscription price in the Rights Issue amounts to SEK 0.18 per unit, corresponding to a subscription price of SEK 0.06 per share. If fully subscribed, the Rights Issue will provide Eurobattery Minerals with approximately SEK 78.5 million before transaction costs and subscription with way of payment through set-off. Eurobattery Minerals has, in conjunction with the Rights Issue, received subscription undertakings of approximately SEK 3.7 million corresponding to approximately 4.7 per cent of the Rights Issue with way of payment through set-off of outstanding claims. The main purpose of the board’s proposal of the Rights Issue is to finance the EUR 1.5 million majority stake investment in Tungsten San Juan S.L. (“TSJ”) – a Spanish entity controlling the San Juan Wolfram mine in Galicia, Spain. The TSJ investment was communicated in a separate press release today. The Board of Directors´ proposal of the Rights Issue is subject to the extraordinary general meeting on August 14, 2025, deciding on the Rights Issue. The Rights Issue is also subject to and conditional upon that the extraordinary general meeting on August 14, 2025, resolves to amend the articles of association in accordance with the Board of Directors´ proposal to the extraordinary general meeting. Notice to the extraordinary general meeting will be announced through a separate press release.
Comment from CEO
“As was communicated today in a separate press release, we are thrilled that Eurobattery Minerals has finally entered into an agreement with Tungsten San Juan S.L. – a Spanish entity controlling the San Juan wolfram mine in Galicia, Spain – regarding a EUR 1.5 million majority stake investment in TSJ. Through this strategic majority-stake investment, Eurobattery Minerals will venture into extraction and processing, which has for long been an integral part of the Company’s long-term strategy and vision. Tungsten is a critical raw material with several unique properties like high density, hardness and heat resistance making it ideal for the defence, aerospace, electronics and energy sectors. Given its broad defence industry applications, it is important that Europe ensures domestic production of tungsten to offset supply disruption vulnerabilities that directly could compromise national security and defence readiness capabilities.
The proposed Rights Issue to the extraordinary general meeting would, among other things, enable Eurobattery Minerals to complete this planned strategic investment in TSJ and ensure our long-term strategy and vision to be part of a fully traceable supply chain for responsibly extracted minerals, such as tungsten, that are produced in Europe, for Europe”, said Roberto García Martínez, CEO of Eurobattery Minerals.
Terms of the Rights Issue
The Rights Issue is subject to the decision of the extraordinary general meeting on August 14, 2025. The Rights Issue is also subject to and conditional upon that the extraordinary general meeting on August 14, 2025, resolves to amend the articles of association in accordance with the Board of Directors´ proposal to the extraordinary general meeting.
- Anyone who is registered as a shareholder in Eurobattery Minerals on the record date August 21, 2025, receives one (1) unit right for each share in the Company. One (1) unit right entitles subscription of one (1) Unit in the Rights Issue. One (1) Unit contains three (3) new shares in the Company.
- The Rights Issue entails an issue of maximum 436,306,174 units, corresponding to an issue of maximum 1,308,918,522 shares in the Company.
- The subscription price in the Rights Issue amounts to SEK 0.18 per Unit, corresponding to a subscription price of SEK 0.06 per share.
- The Rights Issue can, if fully subscribed, provide Eurobattery Minerals with approximately SEK 78.5 million before transaction costs, which Eurobattery Minerals estimates to a maximum of approximately SEK 5.0 million, before set-off of outstanding claims amounting to approximately SEK 3.7 million and, if deemed appropriate, before early repayment of the outstanding convertible loan to Fenja Capital II A/S amounting to approximately SEK 4.0 million.
- The subscription period in the Rights Issue runs from and including August 25, 2025, up to and including September 8, 2025.
- The Rights Issue is covered by subscription undertakings of approximately SEK 3.7 million, corresponding to approximately 4.7 per cent of the Rights Issue, with way of payment through set-off of outstanding claims against the Company.
Background and rationale of the Rights Issue
Eurobattery Minerals is a mining and exploration company that conducts targeted mineral exploration in Europe with a focus on raw materials for the ongoing electrification. The Company currently has two flagship projects focusing on nickel, cobalt and copper located in the eastern part of Finland and the northwestern part of Spain.
On May 7, 2024, Eurobattery Minerals announced that the Company had signed a non-binding letter of intent with Tungsten San Juan S.L. concerning an investment in TSJ for an ownership stake of 51 per cent on a fully diluted basis in TSJ. As part of the previous non-binding letter of intent with TSJ, Eurobattery Minerals today announced in a separate press release that the Company and TSJ have entered an agreement, on revised terms from the previous letter of intent, concerning a planned four-tranche investment in TSJ totaling EUR 1.5 million, through which Eurobattery Minerals will obtain an ownership stake of 51 per cent on a fully diluted basis in TSJ.
TSJ is a Spanish mining entity located in Ourense, Galicia, Spain, engaging in tungsten production in the San Juan wolfram mine, which has all the necessary licenses and contracts in place to commence mining production, including a letter of intent for an off-take agreement with Wolfram Bergbau und Hütten AG, an Austrian world-leading tungsten producer within the Swedish Sandvik Group.
This strategic investment marks a transformational step for Eurobattery Minerals and makes an integral part of the Company’s long-term strategy and vision to contribute to European independence from non-European supply of critical raw materials. The issue proceeds from the Rights Issue, after deduction of transaction costs, which Eurobattery Minerals estimates to a maximum of approximately SEK 5.0 million, and after subscriptions with way of payment through set-off approximating to SEK 3.7 million, are planned to be allocated according to below in order of priority:
- Financing of the initial planned investment in TSJ, approximately 24 percent.
- Commence a drilling campaign in the San Juan wolfram mine to increase the ore reserves for TSJ, approximately 15 percent.
- Increase the TSJ plant capacity from 5 tons ore extraction / hour to 20 tons ore extraction / hour, approximately 15 percent.
- Complete the bankable feasibility study and start basic engineering at the Company’s subsidiary FinnCobalt Oy, approximately 30 percent.
- Working capital expansion intended to hire more experts at TSJ, FinnCobalt Oy and Eurobattery Minerals, approximately 10 percent.
- If deemed appropriate, early repayment of outstanding convertible loan, approximately 6 percent.
Change in number of shares and share capital and dilution
Upon full subscription in the Rights Issue, the number of shares in the Company will increase by a maximum of 1,308,918,522 shares, from 436,306,174 shares to 1,745,224,696 shares and the share capital will increase by a maximum of SEK 1,790,988.42 from SEK 596,996.14 to SEK 2,387,984.56. For existing shareholders in Eurobattery Minerals who does not participate in the Rights Issue, will undergo a dilution of their shareholding in the Company by 75.0 per cent, assuming full subscription in the Rights Issue.
Information document
The complete terms and conditions of the Rights Issue, along with instructions for subscription, and additional information about the Company and subscription undertakings, will be set forth in the information document (the “Information document”) that will be published by the Company prior to the start of the subscription period. The information document will be prepared according to what is prescribed in Article 1.4 (db) of Regulation (EU) 2017/1129 of the European Parliament and of the Council (the "Prospectus Regulation").
Subscription undertakings
The Company has received subscription undertakings of approximately SEK 3.7 million, corresponding to approximately 4.7 per cent of the Rights Issue with way of payment through set-off of outstanding claims against the Company. The subscription undertakings have been made by Roberto García Martinez (CEO of Eurobattery Minerals) privately and through associated company, Mattias Modén (CFO of Eurobattery Minerals) through associated company, and Eckhard Cordes and Jan-Olof Arnbom, both members of the Board of Directors in Eurobattery Minerals.
No compensation is paid for the subscription undertakings in the Rights Issue. The subscription undertakings are not secured by bank guarantees, blocked funds, pledges or similar arrangements.
A subscription of units in the Rights Issue (other than by exercising preferential rights) which result in an investor acquiring a shareholding corresponding to or exceeding a threshold of ten (10) per cent or more of the total number of votes in the Company following the completion of the Rights Issue, must prior to the investment be filed with the Inspectorate of Strategic Products (Sw. Inspektionen för strategiska produkter). To the extent any subscription undertaker’s fulfilment of their subscription undertaking entails that the investment must be approved by the Inspectorate of Strategic Products in accordance with the Swedish Screening of Foreign Direct Investments Act (Sw. lagen (2023:560) om granskning av utländska direktinvesteringar), such part of the subscription undertaking is conditional upon notification that the application of the transaction is left without action or that approval has been obtained from the Inspectorate of Strategic Products.
Preliminary timetable for the Rights Issue
Extraordinary general meeting | August 14, 2025 |
Last day of trading in the Company's shares on NGM Nordic SME, including the right to receive unit rights in the Rights Issue | August 19, 2025 |
First day of trading in the Company's shares on NGM Nordic SME, excluding the right to receive unit rights in the Rights Issue | August 20, 2025 |
Record date to receive unit rights in the Rights Issue | August 21, 2025 |
Estimated date for publication of the Information document | August 21, 2025 |
Subscription period in the Rights Issue | August 25, 2025 – September 8, 2025 |
Trading in unit rights (UR) on NGM Nordic SME | August 25, 2025 – September 3, 2025 |
Trading in paid subscribed units (BTU) on NGM Nordic SME | August 25, 2025 – week 41, 2025 |
Preliminary date for publication of the outcome in the Rights Issue | September 10, 2025 |
Extraordinary general meeting
The Board of Directors´ proposal of the Rights Issue is subject to the extraordinary general meeting on August 14, 2025, deciding on the Rights Issue. The Rights Issue is also subject to and conditional upon that the extraordinary general meeting on August 14, 2025, resolves to amend the articles of association in accordance with the Board of Directors´ proposal to the extraordinary general meeting. Notice to the extraordinary general meeting will be announced through a separate press release.
Advisors
Mangold Fondkommission AB is financial advisor and Foyen Advokatfirma i Sverige KB is legal advisor to the Company in connection with the Rights Issue.
Important information
Publication, release or distribution of this press release may in certain jurisdictions be subject to legal restrictions and people in the jurisdictions where this press release has been made public or distributed should be informed of and follow such legal restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer or solicitation to buy or subscribe for any securities in Eurobattery Minerals in any jurisdiction, either from Eurobattery Minerals or from anyone else.
This press release is not a prospectus according to the definition in the Prospectus Regulation and has not been approved by any regulatory authority in any jurisdiction. No prospectus will be prepared in connection with the Rights Issue. The Company will prepare and publish an information document in accordance with what is prescribed in Annex IX of the Prospectus Regulation before the subscription period in the Rights Issue begins.
This press release does not constitute an offer or solicitation to buy or subscribe for securities in the United States. The securities mentioned herein may not be sold in the United States without registration, or without an exemption from registration, under the U.S. Securities Act from 1933 ("Securities Act"), and may not be offered or sold within the United States without being registered, covered by an exemption from, or part of a transaction that is not subject to the registration requirements according to the Securities Act. There is no intention to register any securities mentioned herein in the United States or to issue a public offering of such securities in the United States. The information in this press release may not be released, published, copied, reproduced or distributed, directly or indirectly, wholly or in part, in or to Australia, Hong Kong, Japan, Canada, New Zealand, Singapore, South Africa, the United States or any other jurisdiction where the release, publication or distribution of this information would violate current rules or where such an action is subject to legal restrictions or would require additional registration or other measures beyond those that follow from Swedish law. Actions in contravention of this instruction may constitute a violation of applicable securities legislation.
Forward-looking statements
This press release contains forward-looking statements related to the Company’s intentions, estimates or expectations with regard to the Company’s future results, financial position, liquidity, development, outlook, estimated growth, strategies and opportunities as well as the markets in which the Company is active. Forward-looking statements are statements that do not refer to historical facts and can be identified by the use of terms such as "believes," "expects," "anticipates," "intends," "estimates," "will," "may," "implies," "should," "could" and, in each case, their negative, or comparable terminology. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on further assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there is no guarantee that they will occur or that they are correct. Since these assumptions are based on assumptions or estimates and involve risks and uncertainties, actual results or outcomes, for many different reasons, may differ materially from those what is stated in the forward-looking statements. Due to such risks, uncertainties, eventualities and other significant factors, actual events may differ materially from the expectations that expressly or implicitly are contained in this press release through the forward-looking statements. The Company does not guarantee that the assumptions which serve as a basis for the forward-looking statements in this press release are correct, and each reader of the press release should not rely on the forward-looking statements in this press release. The information, opinions and forward-looking statements that expressly or implicitly are stated herein are provided only as of the date of this press release and may change. Neither the Company nor any other party will review, update, confirm or publicly announce any revision of any forward-looking statement to reflect events that occur or circumstances that arise with respect to the contents of this press release, beyond what is required by law or Nordic Growth Markets' rules.
Stockholm, 1 July 2025 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) announces that its Finnish subsidiary FinnCobalt Oy (“FinnCobalt”) has submitted the supplementary documentation package to the Environmental Permit Application (EPA) for the Hautalampi battery mineral project in eastern Finland.
Eurobattery Minerals has submitted the requested supplementary documentation for the environmental permit application of the Hautalampi project, marking another key milestone. This proactive step not only advances the permitting process, but also strengthens the project’s alignment with the strategic requirements of the EU Critical Raw Materials Act – reinforcing Hautalampi’s role as a future-proof, responsible source of critical battery metals.
This follows a request issued by the Regional State Administrative Agency (AVI) for clarifications and additional information related to the EPA, specifically concerning requirements under Finland’s Environmental Protection Act and Water Act. The response package addresses the authority’s questions and legal considerations regarding the permitting framework for the project.
“Our team, together with expert consultants from Envineer Oy, has worked intensively to finalise the supplementary material. The updated water modelling and related documentation are crucial for the continued review process and reflect our commitment to science-based and responsible project development,” said Ilari Kinnunen, Managing Director of FinnCobalt.
The updated submission includes among other things:
- Detailed groundwater and surface water modelling,
- Leaching potential assessments,
- An extractive waste management plan, and
- Natura 2000 assessment.
"This is a decisive milestone in the permitting process for our flagship Hautalampi project," said Roberto García Martínez, CEO of Eurobattery Minerals. "It demonstrates real progress and adds further momentum to the project as we move towards production. I want to acknowledge our Finnish team and consultants for delivering a high-quality submission that reflects our environmental commitment and operational excellence. With Europe in urgent need of responsible raw materials, Hautalampi stands out as a strategically vital asset—one that positions us to generate significant long-term value for our shareholders."
Eurobattery Minerals and FinnCobalt will continue to follow the authority’s review process closely and remain available to provide any further clarifications if needed. We are hopeful that this submission will allow the permitting process to advance toward the next phase.
Stockholm, 30 June 2025 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) informs that the annual general meeting 2025 in the Company was held today, 30 June 2025, whereby the shareholders passed the following resolutions. The notice to the general meeting and complete proposals are available on the Company's website, investors.eurobatteryminerals.com.
Adoption of the income statement and balance sheet
The annual general meeting resolved to adopt the income statement and balance sheet as well as the consolidated income statement and consolidated balance sheet.
Allocation of result
The annual general meeting resolved that all funds available to the annual general meeting shall be carried forward.
Discharge from liability
The members of the board of directors and the CEO were discharged from liability for the financial year 2024.
Election of the board of directors and auditor and remuneration
The annual general meeting resolved, in accordance with the proposal from the shareholder DH Invest AB, that the board of directors shall consist of three board members without deputy board members. It was further resolved that the Company shall have a registered accounting firm as auditor.
Furthermore, it was resolved, in accordance with the proposal from the shareholder DH Invest AB, that an aggregate annual fee of SEK 420,000 shall be paid to the board members, of which SEK 180,000 to the chairman of the board of directors and SEK 120,000 to each of the other board members elected by the annual general meeting. It was resolved, in accordance with the proposal from the shareholder DH Invest AB, that the auditor's fee shall be paid in accordance with approved invoice.
The annual general meeting resolved, in accordance with the proposal from the shareholder DH Invest AB, to re-elect Eckhard Cordes, Jan Olof Arnbom and Roberto Garcia Martinez as members of the board of directors. Jan Olof Arnbom was elected chairman of the board of directors.
GO Revision & Consulting Stockholm AB was elected as auditor. GO Revision & Consulting Stockholm AB has informed the Company that the authorised public accountant Johan Isbrand will be the auditor in charge.
Resolution to issue performance shares to the Company's CEO
The annual general meeting resolved, in accordance with the board of directors' proposal, to issue performance shares to the Company's CEO, Roberto Garcia Martinez. The complete proposal is included in the notice to the annual general meeting which was published on 28 May 2025.
Resolution on incentive program for the Company's CEO
The annual general meeting resolved, in accordance with the board of directors' proposal, on an incentive program for the Company's CEO. The complete proposal is included in the notice to the annual general meeting which was published on 28 May 2025.
Issue authorization
The annual general meeting resolved, in accordance with the board of directors' proposal, to authorize the board of directors to, on one or more occasions before the next annual general meeting, with or without deviation from the shareholders' preferential rights, against cash payment, contribution in kind or set-off, resolve on new issues of shares, convertibles and/or warrants.
Stockholm, 26 June 2025 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) today published its Annual Report for 2024.
The auditor’s report, which is attached to the annual report for 2024, deviates from what is common as a remark is stated by the auditor relating to a significant uncertainty regarding the going concern, as presented below.
Material uncertainty regarding the going concern assumption
Without qualifying my opinion above, I draw your attention to the statement in the Directors' Report that in order for the company to continue to exploit its projects and develop its medium-and-term strategy, additional capital will be required in the short term. If capital raising fails, the projects may need to be divested before they are fully developed. The Board and management are negotiating with various external parties and potential off-takers to secure the Company's financial capacity to develop the Company's projects and to become a European mining and mineral commodity supplier. It is the Board's judgement that there are opportunities for continued financing and thus opportunities for continued operations.
The above indicates that there is a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern
Eurobattery Minerals comment to the Auditor´s Report
The comment from the auditor is based on the fact that Eurobattery Minerals is a growth company and is financed through external capital. During 2024 and 2025, the operations are being financed by using the warrant series TO6. Since last summer, the Company has entered into off-take agreements and off-take programs, with big industry players like Boliden AB and Terrafame Ltd. Good progress is also being made in the Environmental Permit Application for the Finnish battery mineral project Hautalampi. In light of the above and negotiations with other potential off-takers and external partners – and taking into account the positive trend for the project in Finland – the Board of Directors believes that the prospects are very good to continue to develop the business.
“During 2024, Eurobattery Minerals took many important steps forward. With full ownership of the Hautalampi project in Finland, a submitted environmental permit, and a long-term offtake agreement with Boliden, we’ve taken concrete steps toward becoming a European producer of critical raw materials. Our collaboration with local partners also ensures we are building a future-proof, sustainable mining operation aligned with Europe´s green transition,” says Roberto García Martínez, CEO of Eurobattery Minerals AB
Strategic and operational highlights 2024
For the Finnish Hautalampi Battery Mineral Project:
- March: Bedrock analysis confirmed highly favourable geological conditions for mining at the Hautalampi battery mineral project in Finland.
- April: The environmental permit application for the Hautalampi mine was submitted, marking a key milestone towards production.
- May: An MoU was signed with Okun Energia Oy to develop local solar power, supporting future carbon-zero mineral production.
- July: Eurobattery Minerals acquired the remaining 30% of FinnCobalt Oy, securing 100% ownership of the Hautalampi project.
- August: A 10-year offtake agreement was signed with Boliden AB for copper concentrate from Hautalampi.
For the Spanish Corcel Project:
- The Company submitted all necessary information for environmental and operating permits for Corcel in August 2022. No new public developments occurred in 2024. As demand for European-sourced raw materials intensifies, Corcel continues to represent a strategically significant long-term asset aligned with EU goals for responsible and regional mineral supply. The Company continues to await a positive decision from the Energy and Mining Authority of Galicia and we remain fully committed to the Corcel battery mineral project.
Detailed financial information
The 2024 Annual Report of Eurobattery Minerals AB is available for download at the Company’s website and can be viewed in the attachment of the release (see below).
Stockholm, 10 June 2025 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) today announces that the publication of the Company's Annual Report for the financial year 2024 is delayed. The new expected date of publication is 19 June 2025.
The publication of the Annual Report for the financial year 2024 of Eurobattery Minerals – which was scheduled for June 9, 2025 – is delayed. The reason for the delay is that the Company and its auditors need more time to finalize the annual report and complete the audit.
The reason for the postponement is that the accounts for the year 2024 are much more complex than previous years, given the vast amount of data from one of the subsidiaries. This is due to the fact that a large part of the Group´s business is conducted in Finland and that Eurobattery Minerals completed the last step of the acquisition of FinnCobalt Oy in 2024.
The Company and its auditors are working to finalize and publish the Annual Report as soon as possible. The new expected date of publication is 19 June 2025.