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The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) is announcing process design for the concentration plant at its battery mineral mine project in Hautalampi. Eurobattery Minerals is the majority owner of the Hautalampi project.
“I am very pleased to see that our battery mineral project in Finland is progressing. Along with finalising the environmental permit process in Q1 2024, the development of the concentration plant is vital in our work to supply responsible battery minerals from our Finnish mine and thus make Europe less dependent on conflict minerals”, said Roberto García Martínez, CEO of Eurobattery Minerals.
The concentrator for refinement will consist of a comminution circuit (crushing and grinding), copper flotation concentrate production, nickel-cobalt flotation concentrate production, sulphur removal and tailings handling. Hautalampi concentration plant is designed to produce annually 21,000 tonnes of Ni 7%/Co 1.9% concentrate and 5,000 tonnes of Cu 25% concentrate during the anticipated 12 years of mining at the site. The designed capacity of the plant is 500,000 tonnes per annum.
To get a visual update of the Hautalampi battery mineral project and the concentration plant, please take a look at the following video:
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The Board of Directors of Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “Eurobattery” or the “Company”) decided on a rights issue of units amounting to approximately SEK 29.3 million (the “Rights issue”) on 22 November 2023, which was approved by the Extraordinary General Meeting on 27 December 2023. The subscription period in the Rights issue commences today and ends on 22 January 2024. Due to the above, the Company invites to a digital investor meeting on 15 January 2024 where the Company’s CEO, Roberto García Martínez, will present Eurobattery and answer questions.
Invitation to the Company’s investor meeting
The CEO of Eurobattery, Roberto García Martínez, will be presenting the Company at an investor meeting on Monday 15 January 2024 between 5:00–6:00 PM CET. Shareholders and other stakeholders have the opportunity to follow the presentation in real-time and ask questions to the Company during the subsequent Q&A session or, alternatively, watch the event afterwards on Financial Hearings’ webcast.
Registrations for the investor meeting are made on the following link: https://ir.financialhearings.com/eurobattery-minerals-2024. The webcast offers availability to ask written questions.
If you wish to ask oral questions through teleconference, please register on the following link: https://conference.financialhearings.com/teleconference/?id=5001875. After the registration, you will be provided with phone numbers and a conference ID to access the conference with the option to ask questions.
Please note that the investor meeting will be held in English.
The terms in brief
- Subscription price: SEK 0.80 per unit (SEK 0.40 per share, the warrants are obtained free of charge).
- Gross volume: Approximately SEK 29.3 million in the event of a full subscription in the Rights issue, and an additional approximately SEK 29.3–36.6 million in the event of full exercise of the corresponding warrants.
- Terms: One (1) share held on the record date gives one (1) unit right. One (1) unit right entitles to subscription for one (1) unit. One (1) unit consists of two (2) shares, one (1) warrant of series TO4 and one (1) warrant of series TO5.
- Trading in unit rights at NGM Nordic SME: 8 January – 17 January 2024.
- Subscription period: 8 January – 22 January 2024.
- Estimated date for announcement of the outcome of the Rights issue: 24 January 2024.
- Securement: 75.0 per cent (approximately SEK 22.0 million) through subscription commitments and underwriting commitments. Neither the subscription commitments nor the underwriting commitments are secured by bank guarantees, escrow funds, pledge or similar arrangements.
The terms and conditions of the Rights issue are included in the Company’s EU growth prospectus, which was published on 3 January 2024. The prospectus and subscription form are available on the Company’s issue site, https://investors.eurobatteryminerals.com/en/rights-issue-2024/, during the subscription period.
Advisers
Augment Partners AB is acting as the financial advisor and Advokatfirman Schjødt is acting as the legal advisor to the Company in connection with the transaction.
IMPORTANT INFORMATION
Publication, release, or distribution of this press release may in certain jurisdictions be subject to legal restrictions and persons 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 in any jurisdiction, either from Eurobattery or from anyone else.
This press release is not a prospectus according to the definition in Regulation (EU) 2017/1129 (the “Prospectus Regulation“) and has not been approved by any regulatory authority in any jurisdiction. A prospectus regarding the Rights issue which is described in this press release has been registered by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) and is available, among other things, on Eurobattery’s website.
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, Switzerland, 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.
In the notice to the Extraordinary General Meeting of Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “Eurobattery” or the “Company”) on 27 December 2023, which was published on 24 November 2023, it was announced that the Company’s shareholder Johan Jonsson (the “Shareholder”) proposes that the number of Board members, for the period until the end of the next Annual General Meeting, shall be four, without any deputy Board members, and that the Shareholder proposes election of a fourth Board member. Today, the Shareholder has notified his proposal to appoint Eckhard Cordes as new Board member in Eurobattery.
Eckhard Cordes, born in 1950, is a highly regarded business leader in Europe with extensive experience in the automotive industry. He holds a doctoral degree in business from the University of Hamburg. His previous positions include various executive roles such as CEO of the Mercedes Car Group and Member of the executive board of Daimler, and Board member of SKF, Rheinmetall, and Volvo AB. Currently, he serves as Partner at Cevian Capital and EMERAM Capital Partners, as well as the Chairman of the Board at Bilfinger SE.
At present, Eckhard Cordes holds 460,000 shares in the Company. According to the Board of Directors’ assessment, Eckhard Cordes is considered independent in relation to the Company, its management, and the Company’s major shareholders.
Stockholm, 26 October 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) is a partner to the research centre “Smart Exploration Research” led by Uppsala University. The research centre has been granted SEK 60 million by the Swedish Foundation for Strategic Research. It is a multidisciplinary centre that will research the exploration and refinement of metals and minerals.
“Collaboration between academia and business is vital in our work to create a more sustainable future. As a provider of battery minerals powering the electric revolution, Eurobattery Minerals is committed to supporting this development and being part of this important research project on strategic metals and minerals”, said Roberto García Martínez, CEO of Eurobattery Minerals.
The research centre ”Smart Exploration Research” is run by Alireza Malehmir, Professor in Geophysics at Uppsala University and includes experts in geological science, nanotechnology, data analysis, drill technology, drones and robot solutions. The project consists of participation from researchers at Lund’s University, Stockholm’s University and Gothenburg’s University, as well as representatives from Epiroc, Nordic Iron Ore, First Quantum Minerals, Tyréns, Samarkand2015, BitSimNow, Eurobattery Minerals and Amkvo.
For additional information see announcement from the Swedish Foundation for Strategic Research – https://strategiska.se/en/uppsala-university-lead-the-center-for-strategic-metals/.
Stockholm, 21 June 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that the Outokumpu town Urban Development Board initiated the zoning and site plan change for the Hautalampi mine project. Eurobattery Minerals owns 40 % of FinnCobalt Oy and Hautalampi project and has decided to acquire additional 30 %.
“I am very pleased with how work progresses in our Finnish battery mineral mine project. Yesterday we got the official listing in the Finnish mining right register, and today, the authorities announced the start of the zoning and site plan change. It is encouraging to see how our team in Finland work in close co-operation with the local authorities to move the project forward,” said Roberto García Martínez, CEO of Eurobattery Minerals.
The land zoning is according to the Land-use and Building Act in Finland and intends to support the site construction of the area in the near future. This includes building permits and supervision by authorities.
Outokumpu town structural services tendered the preparation of the zoning for the area of the Hautalampi mine. Sweco Finland Oy was selected by Outokumpu town as a zoning developer of the site plan for the Hautalampi mine area.
“We are very pleased with the progress made for the zoning by Outokumpu town, and we are looking forward to future co-operations with stakeholders, including landowners and city councils,” says Ilari Kinnunen, Managing Director of FinnCobalt Oy.
Stockholm, 20 June 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that the Safety and Chemicals Agency (Tukes) has entered (9.6.2023) the Hautalampi mining right (K7802) in the mining register according to the Mining Act (503/1965). Hautalampi mining area has the full legal force for its underground mine and its concession.
“I am very pleased that the Hautalampi mining right has now been registered in Finland’s official mining register. This is an important step in our preparations for starting the mine”, said Roberto García Martínez, CEO of Eurobattery Minerals AB.
Stockholm, 19 June 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) has received an additional report from the scientists in the research partnership with Uppsala University in collaboration with AGH University of Science and Technology in Krakow, Poland.
The new report further confirms the viability of the new method for large-scale extraction of rare earth elements in Eurobattery Minerals Fetsjön project in Sweden. The method allows recovery of rare earth elements through chemical treatment at low temperatures, thus avoiding costly and time-consuming mechanical treatment. Low-temperature treatment allows for the circular use of the chemicals. In addition, the scientists conclude that the method, patented in Poland, can also be used to extract these critical raw materials from other geological formations.
“To mine rare earth elements from Europe is a key priority for the region. It would secure our supply of these critical minerals for the green transition and release us from our unhealthy dependency on conflict minerals. This new method for very effective extraction allows for exploration of European minerals deposits, such as our project in Fetsjön”, said Roberto García Martínez, CEO of Eurobattery Minerals.
The research project Eurobattery Minerals is supporting is conducted by Prof. Jaroslaw Majka at Uppsala University and Prof. Maciej Manecki at AGH University of Science and Technology in Krakow, supported by Ph. D. candidate Julia Sordyl representing both universities. The parties are investigating the opportunity for a large-scale pilot.
More information about the project: https://investors.eurobatteryminerals.com/en/press-releases/new-ground-breaking-method-allows-nearly-100-recovery-of-rees-in-fetsjoen/.
Stockholm, 15 May 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that the FinnCobalt Oy’s Hautalampi ore reserves and minerals resources reserves have been classified in the highest categories as viable mining projects in the United Nations Framework Classification for Resources (UNFC). Eurobattery Minerals owns 40 % of FinnCobalt Oy and Hautalampi project and has decided to acquire additional 30 %.
“Achieving the highest UN classification is a very significant proof of the potential of our Hautalampi project to supply the European market with responsibly mined battery minerals”, said Roberto García Martínez, CEO of Eurobattery Minerals.
UNFC is an international scheme for the classification, management and reporting of energy, mineral, and raw material resources. The UNFC classification complies with the European Commission’s Raw Materials Proposal: The Critical Raw Materials Act published by the European Commission on 16th of March 2023. The proposal suggests that each EU country should classify its minerals reserves according to the United Nations Framework Classification for Resources. The Hautalampi UNFC actual classification was originally done by Geological Survey of Finland (GTK).
The information in the report “Hautalampi Ore Reserves and Mineral Resources classification according to UNFC-2019 and bridging to the JORC 2012-Code” refers to ore reserves and mineral resources statement prepared by AFRY Finland Oy (7th of March 2023) transferred to the UNFC-classification.
The report is prepared by Dr. Hannu Makkonen (EurGeol), Suomen Malmitutkimus Oy who has also been team member preparing the guidance documentation (180212_A_guidance_for_the_application_of_the_UNFC) for UNFC. Dr. Makkonen owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
The complete Hautalampi UNFC report is available in Eurobattery Minerals website: https://eurobatteryminerals.com/en/projects/hautalampi/.
Stockholm, 28 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today announces that the Company’s chairman of the board Henrik Johannesson, board member and CEO Roberto García Martínez, and CFO Mattias Modén as well as future shareholder Eckhard Cordes are exercising a total of 792,299 warrants of series TO3 (the “Warrants”), corresponding to approximately 6.3 percent of the total number of outstanding Warrants, for the subscription of shares in Eurobattery amounting to a total of approximately SEK 1.9 million. The last day of trading in Warrants is today, 28 March 2023.
Eurobattery has received indications that the following members of the Board of Directors and management are exercising Warrants for the subscription of shares in the Company:
- Henrik Johannesson – 159,000 Warrants, corresponding to approximately SEK 388.0 thousand.
- Nazgero Consulting Services LTD (Roberto García Martínez) – 153,318 Warrants, corresponding to approximately SEK 374.1 thousand.
- Mattias Modén – 19,981 Warrants, corresponding to approximately SEK 48.8 thousand.
The Company also announces that board member and CEO Roberto García Martínez has acquired an additional 232,940 Warrants and will transfer a total of 460,000 Warrants to the German business executive Eckhard Cordes. Cordes, who among other things is active as chairman of the board of Bilfinger SE and former member of the Board of Management of Daimler AG as well as former board member of Volvo AB, will be exercising the 460,000 Warrants for the subscription of shares in the Company amounting to approximately SEK 1.1 million. Cordes will thereby become a shareholder in Eurobattery with the intention to increase his holdings in the Company in the future.
“Our 2023 has started off strong with positive results, particularly from our Finnish Hautalampi project. We look forward with confidence to the rest of the year and are proud that Eckhard Cordes – a reputable business executive within the European financial sector – has chosen to become a shareholder in Eurobattery Minerals”, says Roberto García Martínez, CEO of Eurobattery.
Terms for the Warrants in brief
- Holders of Warrants have the right to subscribe for one (1) new share in the Company for each (1) held Warrant at a subscription price of SEK 2.44 per share.
- The subscription price corresponds to a discount of 30 percent to the volume-weighted average price of the Company’s share on NGM Nordic SME during the period from 6 March through 17 March 2023.
- The number of outstanding Warrants is 12,505,435, which upon full subscription would imply an increase of 12,505,435 shares in the Company, from 26,012,240 shares to 38,517,675 shares, and an increase in the share capital of SEK 12,505,435, from SEK 26,012,240 to SEK 38,517,675.
- Upon full exercise of the Warrants, the Company will receive a maximum of approximately SEK 30.5 million before issue costs.
- The subscription period runs from 20 March to 31 March 2023.
- The last day of trading in Warrants is today, 28 March 2023.
- The outcome is expected to be published on 4 April 2023.
- For existing investors who do not participate in the issue of shares by exercising Warrants, the dilution will be approximately 32.5 percent upon full exercise of the outstanding Warrants.
For more information about the Warrants, please see the complete terms which are available on the Company’s issue site, investors.eurobatteryminerals.com/en/warrants-series-to3/.
Advisers
Augment Partners AB acted as financial adviser and Bird & Bird Advokat KB acted as legal adviser in the transaction.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se
Stockholm, 19 December 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM“; in short: “EBM”, “Eurobattery” or “the Company”) today announced a new research collaboration with the University of Uppsala on mining for rare earth elements (REE) in its Swedish Fetsjön project. The partnership aims to investigate the opportunity for large-scale extraction of REE using existing methods. REE are critical components for electric vehicles and other electric equipment and raw materials classified as “critical” by the European Union.
“We are excited to start this new phase in our battery mineral project in Fetsjön with a renewed collaboration with the University of Uppsala. Removing Europe’s dependency on REE is a top priority for European industries and politicians. In this context, Eurobattery Minerals aims to meet this need with responsibly mined battery minerals,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Together with the University of Uppsala in Sweden, Eurobattery Minerals will engage and co-sponsor a new research initiative focusing on the large-scale extraction of REE from the mineral monazite. As opposed to other minerals where REE occurs, monazite doesn’t include uranium, thus enabling REE to be extracted without the risk of unwanted side effects.
According to samples from previous extensive drilling campaigns carried out from 2006 to 2007 in 52 drill holes, the monazite in Fetsjön has proven to consist of REE with as high occurrences as 30%. In addition to Fetsjön, Eurobattery Minerals also holds an exploration permit for the much larger Rönnberget. Located close to Fetsjön, Rönnberget has a similar geology. Test drilling and analysis conducted in 2016 indicate that monazite is available in several locations in Rönnberget.
The research project commences immediately and will be headed by Jaroslaw Majka, Professor at the Department of Earth Sciences at the University of Uppsala.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se.