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- FinnCobalt Oy has joined BATTRACE, a Finnish research project focusing on traceability and sustainable processing of battery metals. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
- FinnCobalt’s role in the project will be the delivery of nickel-cobalt concentrate material from the Hautalampi mine development project for further traceability studies.
- The BATTRACE project, which will extent over three years, involves several industry partners, of which FinnCobalt Oy is one.
Stockholm,22 November 2021. Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart “EBM”), today announced that FinnCobalt Oy has informed the company that it has joined BATTRACE, a Finnish research project focusing on traceability and sustainable processing of battery metals. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
“Identification of the geographical origin of battery minerals, and the ability to track this along the value chain – from mine to battery cell – will create a competitive edge for future battery manufacturing. Joining this project will help our acquisition target FinnCobalt Oy and the Hautalampi mine project to participate in and monitor developments in this important area,” said Roberto García Martínez, CEO of Eurobattery Minerals.
FinnCobalt’s role in the project will be the delivery of nickel-cobalt concentrate material from the Hautalampi mine development project for further traceability studies. FinnCobalt has obtained this battery metals concentrate from its earlier extensive process development testing work, which was conducted by GTK Mintec and Outotec Oyj metallurgical laboratories, Finland.
The three-year BATTRACE project (Sustainable processing and traceability of battery metals, minerals, and materials), run by research partners VTT Technical Research Centre of Finland and Geological Survey of Finland (GTK), focuses on the traceability of battery metals, minerals and materials, and the optimisation of production processes. The project involves several industry partners, of which FinnCobalt Oy is one.
The traceability of raw materials is becoming increasingly important as the raw materials produced by the mining industry are required to come from well-known and responsibly operated sources. At present, it is not clear to what extent different analytical methods could be used to verify the origin of the metals used in the production of batteries. Verification of the origin of metals is important in the sustainable production of batteries. Each ore deposit has its own fingerprint based on its mineralogical and geochemical composition. The BATTRACE project identifies this fingerprint and investigates its preservation along the value chain. Improving the sustainability of battery production also requires optimised production processes that recover metals from ores and process them into raw materials for responsible battery producers.
For more information about BATTRACE, visit https://bit.ly/3CZd4g6.
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
Stockholm, 18th of November 2021 – With a new drilling campaign in its Spanish Corcel project, mineral resource calculations and drilling under way in its Finnish Hautalampi project, as well as investigations of several battery mineral opportunities in Germany, Eurobattery Minerals has during the third quarter taken several important steps in delivering on its business strategy to provide the automotive industry with sustainable battery minerals mined exclusively in Europe. The target for the company is to produce and deliver battery minerals by 2023.
Third quarter 2021 (corresponding period last year)
- Net sales amounted to SEK 0 thousand (SEK 0 thousand).
- Operating income after depreciation/amortisation and financial items totalled SEK -5,621 thousand (SEK -3,510 thousand).
- Earnings per share after depreciation/amortisation and financial items amounted to SEK -0.36 (SEK -0.25).
- Cash flow from operating activities was SEK -5,406 thousand (SEK -4,777 thousand).
First nine months of 2021 (corresponding period last year)
- Net sales amounted to SEK 0 thousand (SEK 0 thousand).
- Operating income after depreciation/amortisation and financial items totalled SEK -2,463 thousand (SEK -8,692 thousand).
- Earnings per share after depreciation/amortisation and financial items amounted to SEK -0.79 (SEK -0.74).
- Cash flow from operating activities was SEK -10,604 thousand (SEK -8,423 thousand).
Significant events during the third quarter (July–September 2021)
- Eurobattery Minerals announced the availability of the mineral resource report from the Hautalampi project in Finland. The Mineral Resource Report provides an update for the Hautalampi deposit and adjoining Mökkivaara deposit resources. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
- Eurobattery Minerals presented a new survey on end consumer perspectives on electric cars and sustainability. The survey was conducted in Sweden and Germany by the research company YouGov in August 2021 targeting Swedes and Germans who currently own or lease, or are interested in buying or leasing, an electric or hybrid car.
Significant events after the period
- Eurobattery Minerals announced the start of a new drilling campaign at its Finnish battery mineral project targeting the Hautalampi project resource increase. The campaign will cover the previously non-drilled gap area between the Hautalampi deposit and the north-eastern extension of the Mökkivaara deposits, and aims to verify resources between these already established deposits. An earlier drilling campaign in 2020 confirmed a resource increase of approximately 100%. With a target of approximately 5,000 metres of new drilling, the campaign will be finalised in early 2022.
Summary of comments from Eurobattery Minerals CEO Roberto García Martínez:
“With the Q3 report in hand, I can conclude that we have taken several important steps in delivering on our business model to provide the automotive and battery industry with clean and sustainable battery minerals from Europe. Our solid and experienced team across Sweden, Germany, Finland and Spain aims to produce and deliver battery minerals by 2023, with our first sales the same year.
Since our dual listing in Germany earlier this year, we have been busy investigating different battery mineral opportunities with representatives from several key German vehicle component manufacturers. We are looking at various opportunities in Germany, in the country that is the key automotive producer in Europe. With the need to source locally and sustainably, the mining industry and politicians in Germany are showing solid support for such initiatives.
We recently started a new drilling campaign at our Hautalampi project in Finland. With this drilling campaign, we aim to investigate the intersection between Hautalampi and the Mökkivaara deposit. We hope that the two ore bodies are connected. We hope to verify that the two ore bodies are connected, which would increase the exploration target whilst at the same time render economies of scale with one single larger ore body.
In combination with our Spanish Castriz project, where drilling is progressing according to plan, I can conclude that Eurobattery Minerals is in a good position, and we are running our operations according to our time plan”.
Eurobattery Minerals AB’s Interim Report January – September 2021 is attached to this press release and is available to download from the Company’s website: https://eurobatteryminerals.com/en/economic-reports/.
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above on 18th of November 2021 at 08:00 CEST.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
- The new drilling campaign, starting in mid-October 2021, will target the Hautalampi project resource increase
- The campaign will cover the previously non-drilled gap area between the Hautalampi deposit and the north-eastern extension of the project known as the Mökkivaara deposits aiming to verify resources between these already established deposits.
- Previous drilling campaign in 2020 confirmed a resource increase of approximately 100%
- With a target of approximately 5,000 meters of new drilling, the campaign will be finalized in early 2022
Stockholm, 14th October 2021. Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart “EBM”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announces that FinnCobalt Oy is about to commence drilling at the Hautalampi nickel (Ni), cobalt (Co), copper (Cu) project (“Hautalampi”; “the project”) in Outokumpu, eastern Finland. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition. Eurobattery Minerals is assuming the full cost for this drilling campaign as part of the option agreement between Eurobattery Minerals and FinnCobalt Oy.
“We are pleased to start a new drilling campaign at our nickel-copper and cobalt Hautalampi-project. Last year’s drilling campaign verified a 100% increase in the mineral resources of the area. We are now excited to see, if the Hautalampi and the Mökkivaara deposits are connected to each other as anticipated. This connection would make the production from Mökkivaara deposit economically more feasible as development works could be done in ore body,” said Roberto García Martínez, CEO of Eurobattery Minerals.
A diamond drill rig and crew are scheduled to arrive at the site on Wednesday 13th October with drilling to commence immediately. The experienced Finnish drilling contractor, Northdrill has previously worked on the project in 2017-2018 and 2020.
The main goals of this drilling campaign are:
- Converting inferred resource to indicated resource at the Hautalampi resource area through drilling the most important gaps in the currently existing indicated resource zone (Hautalampi-Resource conversion).
- Extending the Hautalampi resource area further to the NE (Central-Resource extension).
- Filling the drilling gap between the existing Hautalampi resource area and the north-eastern extension known as the Mökkivaara resource area (Central-Gap fill).
- Creating an indicated mineral resource of the Mökkivaara resource through increasing the drilling density.
Figure 1. Location map of Hautalampi Project, eastern Finland
Figure 2. Plan view of Hautalampi and Mökkivaara resources highlighting proposed drill hole collar locations (red dots).
About the Hautalampi project
The Hautalampi Project is located at the same site as the famous Keretti (Outokumpu) copper mine (Figure 1). Approximately 28.5Mt @ 3.8% Cu was mined at Keretti from 1912 – 1989. The Hautalampi Ni-Co-Cu orebody is located parallel and above the exploited copper deposit. Existing surface and underground infrastructure, including a high voltage power line, concrete foundations and roads, provide significant location advantages to the project. Approximately €10-15M has been invested in Hautalampi by previous owners, including 26,000m of core drilling, a decline and additional underground mine development works (2,100m), mineral resource and reserve estimates, multiple mineral processing studies and a feasibility study. The previous investment enables FinnCobalt Oy and BAT to fast-track the project to an updated feasibility study status.
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
Stockholm, 21. September 2021, Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart “EBM”), today announced the result of a new survey on electric cars and sustainability. The survey is conducted in Sweden and Germany by the research company YouGov in August 2021 targeting Swedes and Germans who currently owns or leases, or are interested in buying or leasing, an electric or hybrid car.
“We wanted to conduct this survey to get better insights on how the end consumer value sustainability in connection to electric cars and batteries and it’s clear that sustainability is really a top priority for most people thinking about an electric car. The results are also somewhat challenging for the automotive industry as a large proportion of the respondents would refrain from buying the car if the battery minerals are sourced in an unsustainable way. Today many car companies are struggling with sustainable sourcing and its obvious that we need more battery minerals mines in Europe as well as increased traceability about the production process”,says Roberto García Martínez, CEO of Eurobattery Minerals
The report with the results of the survey can be found here https://eurobatteryminerals.com/pdf/bat-survery-swe-ger.pdf.
About the survey
The survey was conducted by the analysis institute YouGov simultaneously in Sweden and Germany. A total of 2,017-computer assisted web interviews took place of Swedes and a total of 2,129 of Germans aged 18+ between 11–16 August 2021 targeting individuals who currently own or lease – or are interested in buying or leasing – an electric or hybrid car.
In the survey “sustainability” has been defined using the UN definition: meeting the needs of the present without compromising the ability of future generations to meet their own needs.
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Please visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
Second quarter 2021 (same period previous year)
- Net sales amounted to SEK 0 thousand (SEK 0 thousand).
- Operating income after depreciation/amortisation and financial items totalled SEK –4,121 thousand (SEK –2,934 thousand).
- Earnings per share after depreciation/amortisation and financial items amounted to SEK –0.26 (SEK –0.53).
- Cash flow from operating activities was SEK –3,150 thousand (SEK –1,124 thousand).
First half year 2021 (same period previous year)
- Net sales amounted to SEK 0 thousand (SEK 0 thousand).
- Operating income after depreciation/amortisation and financial items totalled SEK –6,842 thousand (SEK –5,182 thousand).
- Earnings per share after depreciation/amortisation and financial items amounted to SEK –0.44 (SEK –0.53).
- Cash flow from operating activities was SEK –5,198 thousand (SEK –3,646 thousand).
Significant events during the first half year
- Eurobattery Minerals announced that it is expanding to Börse Stuttgart, under the ticker EBM, via an extension of its listing on Nordic Growth Market in Sweden. The Company also announced that it is opening an office in Berlin. The Company will remain a Swedish public limited company (AB) with its head office in Stockholm.
- FinnCobalt Oy, the company that Eurobattery Minerals has the option to acquire 100% of in a staged acquisition, updated Eurobattery Minerals on the final assay results from last summer’s drilling programme at the Hautalampi Ni-Co-Cu Project in eastern Finland. Drilling confirmed a significant extension of the resource potential from 800 to 1400 metres along the strike northeast of the historical mineral resource, as well as an extension of the westernmost mineralised zone in a south-westerly direction towards the historical Hautalampi mineral resource.
- The Company has recorded positive initial results from its cooperation with AGH University of Science and Technology in Krakow on the development of optimal technology for the extraction of vanadium and rare earth elements (REE) from minerals in black shales. The technology that has been developed enables sustainable and cost-effective enrichment of vanadium and REE at relatively low temperatures without the use of chemicals. The research has concluded that the previously confirmed large quantities of vanadium in the Fetsjön black shales is partly tied to the minerals rutile and mica, and partly to certain clay minerals
- Eurobattery Minerals presented the ‘Critical raw materials and e-mobility’ report produced by London-based risk analysis firm Aperio Intelligence. The report provides an overview of the supply and demand of critical raw materials in the EU, based on the EU’s goal of increasing the level of self-sufficiency in raw materials in the context of the electric car revolution.
- Eurobattery Minerals announced that FinnCobalt Oy has hired the Tier-1 process consulting company AFRY to prepare a mineral resource estimate for the Hautalampi project in Finland. AFRY will also provide other technical and economical evaluations and guidance for FinnCobalt Oy. The results are expected in 6 months. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
- FinnCobalt Oy informed Eurobattery Minerals that it will participate in BATCircle 2.0, a Finnish research project focusing on circular ecosystems for battery metals. FinnCobalt’s own subproject will use materials from the former Outokumpu Keretti copper mine tailings area, part of the Hautalampi mine development project. The tailings area sampling will also be incorporated into the current Environmental Impact Assessment (EIA) report for the Hautalampi project, which will be published in the autumn. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
- Eurobattery Minerals announced the start of a new drilling campaign that will target the Castriz prospect zone. Castriz is one of three primary prospects in the larger Corcel project in Spain, together with Monte Mayor and Monte Castello. With a target of approximately 1,000 metres of new drilling, the campaign – along with an estimate of inferred resources as stipulated in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC code) – will be finalised in December 2021.
- Eurobattery Minerals AB has been informed that FinnCobalt Oy received new maiden mineral resources estimate results from its Hautalampi mine development project. The new resource estimate includes the newly estimated Hautalampi area and its North-Eastern extension known as the Mökkivaara deposit area, which was the target of the 2020 core drilling campaign. Compared to earlier estimates, the total tonnage in the measured, indicated and inferred resource categories has increased by approximately 100% and contained metal totalling approximately 50% in the mine lease area.
- FinnCobalt Oy informed Eurobattery Minerals about the next steps for the Hietajärvi project in Finland, where the company has been granted a reservation notification for applying for an exploration permit. Located ~40km south of FinnCobalt’s Hautalampi Project, Hietajärvi contains similar prospective rocks known to contain Co-Cu-Ni-Zn deposits. Following the review of historical exploration data and developing a new prospectivity map of the area, fieldwork will commence in June 2021. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
Summary of comments from Eurobattery Minerals CEO Roberto García Martínez:
“In this quarter, my team and I have continued our work with our projects in Spain, Finland, and Sweden. At the same time, we have continued our work to influence decision-makers and policymakers in the EU to enable Europe to cater to its own needs for battery minerals. By doing this, we will be less dependent on supply from countries with poor labour conditions, unsustainable mining methods, and lack of traceability.
During this quarter, I would specifically like to put your focus on the recent mineral resource report we released about our Finnish Hautalampi-project. We have known for some time that the mineral potential in the area is good, and following a new analysis conducted by consultancy AFRY the mineral resource potential has doubled. Close to Hautalampi we have also started field activities this summer to assess the potential of the Hietajärvi resource area.
In Spain and our Corcel project I am pleased to be starting a new drilling campaign. Later this year, we will receive a JORC-compliant mineral resource estimate that will enable us to assess the opportunities for an open pit mine in the region”.Eurobattery Minerals AB’s Interim Report January – June 2021 is attached to this press release and is available to download from the Company’s website: https://eurobatteryminerals.com/en/economic-reports/.
On behalf of the Board of Directors, Eurobattery Minerals AB
Roberto Garcia Martinez, CEO
For further information, please contact the Company at:
ir@eurobatteryminerals.com www.eurobatteryminerals.com
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above on 20th of August 2021 at 08:00 CEST.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Please visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
Eurobattery Minerals AB (Nordic Growth Market: “BAT”; “the company”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, has been informed that FinnCobalt Oy has received a complete JORC 2012 compliant Mineral Resource report entitled “Hautalampi Ni-, Cu-, Co-Deposit Mineral Resource Estimate, Outokumpu, Finland” for the Hautalampi Mine development project. The Mineral Resource Report provides an update for the Hautalampi deposit and adjoining Mökkivaara deposit resources. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
The report has been prepared by AFRY Finland Oy and can be found from:
https://eurobatteryminerals.com/en/projects/hautalampi/
The resource estimate is based on the database containing ca. 82 000 meters, 457 holes of core drilling including 3 768 meters, 29 holes which were drilled during 2020.
The new resource estimate covers the whole Hautalampi project area including the results from the year 2020 drilling program at the project, in eastern Finland. The drilling confirmed significant resource expansion from 800m to 1 400m along strike to the northeast of the historical Hautalampi mineral resource to the Mökkivaara area.
“With the report in hand we are now planning for an additional core drilling campaign in the next months to close the gap between Hautalampi and Mökkivaara resource area. We believe that with this additional drilling the tonnage will increase also in the future. The next step will be to use this robust resource base for the technical and economical evaluations of the project viability”, said Roberto García Martínez, CEO of Eurobattery Minerals.
The map of the mine lease area including Hautalampi and Mökkivaara deposit resource areas is presented below.
The resource estimate and estimation principles have been tabulated below:
| Hautalampi | Tonnes | Ni | Cu | Co | S | Ni Eq | Cu Eq |
| (t) | % | % | % | % | % | % | |
| Measured | 2,582,000 | 0.38 | 0.28 | 0.08 | 2.18 | 0.72 | 1.67 |
| Indicated | 2,701,000 | 0.31 | 0.20 | 0.08 | 3.22 | 0.61 | 1.42 |
| total | 5,283,000 | 0.35 | 0.24 | 0.08 | 2.71 | 0.66 | 1.54 |
| Contained Metals | tonnes | 18289 | 12783 | 4337 | |||
| Hautalampi | Ni | Cu | Co | S | Ni Eq | Cu Eq | |
| Tonnes | % | % | % | % | % | % | |
| Inferred | 195,000 | 0.26 | 0.14 | 0.05 | 2.14 | 0.45 | 1.04 |
| Contained Metals | tonnes | 505 | 267 | 98 | |||
| Hautalampi Mineral resource as of 21st June 2021. @ 0.3 Ni Equivalent Cut-off | |||||||
| Mökkivaara | Ni | Cu | Co | S | Ni Eq | Cu Eq | |
| Tonnes | % | % | % | % | % | % | |
| Inferred | 2,186,000 | 0.25 | 0.16 | 0.06 | 2.60 | 0.46 | 1.07 |
| Contained Metals | tonnes | 5410 | 3509 | 1218 | |||
| Mökkivaara Mineral resource as of 21st June 2021. @ 0.3 Ni Equivalent Cut-off |
Mineral resource notes and assumptions:
(1) The mineral resource estimate has an effective date of June 21, 2021. (2) Mineral resources do not have demonstrated economic viability. (3) The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). (4) Exchange rate used: USD/EUR 1.18. (5) Base case cut-off grade for the estimate of the mineral resources is 0.3 % NiEq. (6) NiEq = nickel equivalent percentage. NiEq grade calculated using (USD prices of) nickel US $17,500 /t, copper US$ 7,500 /t and cobalt US$ 45,000 /t. No metallurgical or recovery factors have been assumed at this early stage of the Project. NiEq grade calculation = Ni% + (Co%*45000+Cu%*7500)/17500. (7) It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration. (8) FinnCobalt is not aware of any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources. The Ordinary Kriging method (“OK”) algorithm for grade interpolation was used for the Hautalampi Mineral Resource using an experimental variogram models created for the elements Ni, Cu, Co, S, Fe, and Zn. Mökkivaara Mineral Resource estimation was carried out using the Inverse Distance Squared method (“ID2”) algorithm using a search ellipsoid oriented to the average strike, plunge and dip of the mineralised zone.
Samples within the wireframes were composited to 1.5 m intervals. The estimate is based on a block size of 5 m (X)by 5 m (Y) by 5m (Z), with sub-blocks of 2.5m by 2.5m by 2.5m. The block model is rotated -45 degrees around Z -axis to match the general strike of the mineralization. A bulk density value of 2.82t/m³ was assigned to all materials (ore and waste).
Competent Person’s Statement
The Information in this release that relates to Mineral Resources is based on information compiled by Mr. Ville-Matti Seppä, a Competent Person who has an EurGeol qualification. Mr. Seppä is a full-time employee of AFRY Finland Oy. Mr. Seppä has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves”. Mr. Seppä has reviewed, verified, and approved the contents of this news release as they relate to the mineral resource estimate. Mr. Seppä owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
For further information, please contact:
Roberto García Martínez, CEO
E-mail: roberto@eurobatteryminerals.com
Website: https://eurobatteryminerals.com/en/
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Please visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
- FinnCobalt Oy has informed Eurobattery Minerals about the next steps for the Hietajärvi project in Finland, where the company has been granted a reservation notification for applying for an exploration permit.
- Located ~40km south of FinnCobalt’s Hautalampi Project, Hietajärvi contains similar prospective rocks known to contain Co-Cu-Ni-Zn deposits.
- Following the review of historical exploration data and developing a new prospectivity map of the area, fieldwork will commence in June 2021.
Eurobattery Minerals AB (Nordic Growth Market: “BAT”; “the company”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, has been informed about the next steps for FinnCobalt Oy´s granted reservation permit for the Hietajärvi project with fieldwork starting this summer. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
“I am very pleased that we now are ready for the fieldwork in our new Finnish battery minerals project in Hietajärvi. We know since earlier activity in the area that the mineral potential is good, investigations this summer will give us hands-on indication for the prospectivity of the project,” said Roberto García Martínez, CEO of Eurobattery Minerals.
During the winter months FinnCobalt has reviewed historical exploration data frorm its 290 km2 Hietajärvi reservation area. The area is allready known to include two Outokupu-type mineral deposits – Hietajärvi: 0.341 Mt @ 0.71 % Cu, 0.15 % Co, 0.18 % Ni and Kettukumpu: 0.4 Mt @ 0.44 % Cu, 0.07 % Co and 0.18 % Ni.
Together with the Geological Survey of Finland, FinnCobalt and its consultants have used novel technology and prepared a new prospectivity map of the area. During the coming field season, FinnCobalt will do fieldwork on the previously unknown exploration targets generated in the area.Below is a map illustrating where the Hietajärvi project is located in relation to the Hautalampi project.
Additional information in Finnish:
https://www.finncobalt.com/tutkimushankkeet-hietajarvi/
For further information, please contact:
Roberto García Martínez, CEO
E-mail: roberto@eurobatteryminerals.com
Website: https://eurobatteryminerals.com/en/
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Please visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
Highlights
- Compared to earlier estimates, the total tonnage in the measured, indicated and inferred resource categories has increased approximately 100% and contained metal approximately 50% in the mine lease area
- The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC-code)
- Hautalampi deposit measured and indicated mineral resource:
- 5.3 million tonnes (Mt) at an average grade of 0.35% Ni, 0.24%Cu and 0.08%
- Contained metal Ni 18 300 tonnes, Cu 12 800 tonnes and Co 4 300 tonnes in the measured and indicated category
- Additional inferred resources at Hautalampi area 0.2 Mt at an average grade 0.26% Ni, 0.14 Cu and Co 0.05%
- Newly established NorthEastern extension of Hautalampi project, known as “the Mökkivaara deposit” with following inferred resource:
- 2.2 Mt at an average grade 0.25%Ni, Cu 0.16% and Co 0.06%
- Contained metal Ni 5 400 tonnes, Cu 3 500 tonnes and Co 1200 tonnes
- The mineral resource is estimated using a database containing approximately 82 000 m of diamond core drilling including 3 768 meters drilled during the 2020 campaign
- An additional drilling campaign is planned for in the coming months. It is expected that the majority of the inferred mineral resources could be upgraded to indicated with this additional drilling
Eurobattery Minerals AB (Nordic Growth Market: “BAT”; “the company”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, has been informed that FinnCobalt Oy has received a new maiden mineral resources estimate results from its Hautalampi mine development project. The new resource estimate includes newly estimated Hautalampi area and its North-Eastern extension known as the Mökkivaara deposit area, which was the target of the year 2020 core drilling campaign. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
“We are very pleased for the outcome of this now completed JORC-compliant mineral resource estimate of the Hautalampi project. Compared to earlier, historical resource estimates from the area, we can observe that the total resource tonnage has doubled and contained metal tonnes increased some 50%”, comments Roberto Garcia, CEO of Eurobattery Minerals AB.
The resource estimate is based on database containing ca. 82 000 meters, 457 holes of core drilling including 3 768 meters, 29 holes which were drilled during 2020.
The resource estimate and estimation principles have been tabulated below:
| Hautalampi project | Tonnes | Ni | Cu | Co | S | Ni Eq | Cu Eq |
| (t) | % | % | % | % | % | % | |
| Measured | 2,582,000 | 0.38 | 0.28 | 0.08 | 2.18 | 0.72 | 1.67 |
| Indicated | 2,701,000 | 0.31 | 0.20 | 0.08 | 3.22 | 0.61 | 1.42 |
| total | 5,283,000 | 0.35 | 0.24 | 0.08 | 2.71 | 0.66 | 1.54 |
| Contained Metals | tonnes | 18289 | 12783 | 4337 | |||
| Hautalampi area | Ni | Cu | Co | S | Ni Eq | Cu Eq | |
| Tonnes | % | % | % | % | % | % | |
| Inferred | 195,000 | 0.26 | 0.14 | 0.05 | 2.14 | 0.45 | 1.04 |
| Contained Metals | tonnes | 505 | 267 | 98 | |||
| Hautalampi Mineral resource as of 21st June 2021. @ 0.3 Ni Equivalent Cut-off | |||||||
| Mökkivaara area | Ni | Cu | Co | S | Ni Eq | Cu Eq | |
| Tonnes | % | % | % | % | % | % | |
| Inferred | 2,186,000 | 0.25 | 0.16 | 0.06 | 2.60 | 0.46 | 1.07 |
| Contained Metals | tonnes | 5410 | 3509 | 1218 | |||
| Mökkivaara Mineral resource as of 21st June 2021. @ 0.3 Ni Equivalent Cut-off |
For details about mineral resource notes and assumptions, please see further down.
Mineral resource notes and assumptions:
(1) The mineral resource estimate has an effective date of June 21, 2021. (2) Mineral resources do not have demonstrated economic viability. (3) The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). (4) Exhange rate used: USD/EUR 1.18. (5) Base case cut-off grade for the estimate of the mineral resources is 0.3 % NiEq. (6) NiEq = nickel equivalent percentage. NiEq grade calculated using (USD prices of) nickel US $17,500 /t, copper US$ 7,500 /t and cobalt US$ 45,000 /t. No metallurgical or recovery factors have been assumed at this early stage of the Project. NiEq grade calculation = Ni% + (Co%*45000+Cu%*7500)/17500. (7) It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration. (8) FinnCobalt is not aware of any legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
The Ordinary Kriging method (“OK”) algorithm for grade interpolation was used for the Hautalampi Mineral Resource using an experimental variogram models created for the elements Ni, Cu, Co, S, Fe and Zn. Mökkivaara Mineral Resource estimation was carried out using the Inverse Distance Squared method (“ID2”) algorithm using a search ellipsoid oriented to the average strike, plunge and dip of the mineralised zone.
Samples within the wireframes were composited to 1.5 m interval. The estimate is based on a block size of 5 m (X)by 5 m (Y) by 5m (Z), with sub-blocks of 2.5m by 2.5m by 2.5m. The block model is rotated -45 degrees around Z -axis to match the general strike of the mineralization. A bulk density value of 2.82t/m³ was assigned to all material (ore and waste).
The new resource estimate covers the whole Hautalampi project area including the results from the year 2020 drilling program at the project, in eastern Finland. The drilling confirmed significant resource expansion potential from 800m to 1 400m along strike to the northeast of the historical mineral resource, as well as continuity of the westernmost mineralised horizon in a southwest direction towards the historic Hautalampi mineral resource.“We have a plan for an additional core drilling campaign in the next months to close the gap between Hautalampi and Mökkivaara resource area. We believe that with this additional drilling the tonnage will increase also in the future. The next step will be to use this robust resource base for the technical and economical evaluations of the project viability”, said Roberto Martinez Garcia.The map of the mine lease area including Hautalampi and Mökkivaara deposit resource areas is presented below.
The complete Hautalampi and Mökkivaara deposit project mineral resources estimate report will be published on the Eurobattery Minerals AB and FinnCobalt Oy web pages immediately when the companies receives the report. This is expected to happen during July 2021.
Competent Person’s Statement
The Information in this release that relates to Mineral Resources is based on information compiled by Mr. Ville-Matti Seppä, a Competent Person who has an EurGeol qualification. Mr. Seppä is a full-time employee of AFRY Finland Oy. Mr. Seppä has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves”. Mr. Seppä has reviewed, verified, and approved the contents of this news release as they relate to the mineral resource estimate. Mr. Seppä owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
For further information, please contact:
Roberto García Martínez, CEO
E-mail: roberto@eurobatteryminerals.com
Website: https://eurobatteryminerals.com/en/
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above on 21th of June 2021 at 08:00 CEST.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Please visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
- A new drilling campaign starting in June 2021 will target the Castriz prospect zone. Castriz is one of three primary prospects in the larger Corcel project in Spain, together with Monte Mayor and Monte Castello.
- With a target of approximately 1,000 metres of new drilling, the campaign – along with an estimate of inferred resources as stipulated in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC code) – will be finalised in December 2021.
- The previous drilling campaign in 2019 confirmed a larger-than-expected mineralised zone and demonstrated the existence of extensive Ni-Cu-Co anomalies with higher grade values than initially anticipated (especially in Ni).
Eurobattery Minerals AB (Nordic Growth Market: “BAT”; “the company”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, hereby announces the start of a new drilling campaign as part of its Spanish Corcel project. The new drilling campaign will target the Castriz prospect zone. Castriz is one of three primary prospects in the larger Corcel project, together with Monte Mayor and Monte Castello. The aim of the drilling campaign is to obtain an estimate of inferred resources, as stipulated in the JORC code. The drilling campaign and the JORC resource estimate will be finalised in December 2021. The Corcel project is located in northwest Spain, some 50 kilometres from the city of La Coruña.
“I am excited about the start of the new drilling campaign in our Spanish battery minerals project. We already know that the Corcel project has significant potential. This year’s drilling and subsequent JORC will give us a more precise calculation of the ore potential. With this in hand, we will be able to take the next step in preparing for an open-pit mine for European-mined battery minerals, which is our objective in Corcel,” says Roberto García Martínez, CEO of Eurobattery Minerals.
The drilling campaign will begin in June and be finalised in December 2021, with a target of carrying out new drilling totalling approximately 1,000 metres. The aim of the new campaign is to define an accredited resource estimation using the JORC code. The code sets out the minimum standards, recommendations and guidelines for estimating and public reporting of exploration results, mineral resources and ore reserves.
The previous drilling campaign in 2019 demonstrated extensive Ni-Cu-Co anomalies with higher grade values than initially expected (especially in Ni). The final results of the work carried out in 2019 showed that the mineralised area prospected was more significant than initially expected. The drilling results considerably increased the size of the prospective resource, confirmed the grade and demonstrated the continued potential for large tonnage resource. The results of the mineral test conducted by SGS Lakefield in Canada and ALS GLOBAL in Perth, Australia, confirmed the economical grade nickel sulphide found in the Corcel Project1:
- The results from the analytical method utilised by ALS Global (ME-ICP09) confirmed that 75-85% of the nickel in the samples submitted is attributable to nickel sourced from economic sulphide minerals.
- The mineral studies conducted by SGS Lakefield in Canada (QEMSCAN and EPMA) determined the predominant Ni-sulphide mineral pentlandite with very minor millerite and violarite. Silicate minerals, iron oxides and chromite contain relatively low nickel concentrations.
The 2021 drilling works will focus on the “western anomaly,” in the vicinity of the DDH COR003 (19DD0001), where the company’s previous exploration activities recorded soil anomalies up to 0.33% Ni coincident, with an increase in the magnetic response of the underlying rocks. The DDH COR003 (19DD0001) confirmed the source of the anomaly in this area with an average grade of 69m @ 0.30% Ni, 0.038% Cu, 0.01% Co from 78m, including 21m @ 0.345% Ni, 0.045% Cu, 0.011% Co from 78m depth. Due to the results obtained during the last campaign, the objective of the work in 2021 is to fully recognise the anomaly and to be able to obtain resources from this area by the end of the year. In order to carry out the drilling work, an agreement has been reached with the owners of the land where the anomaly is located.
Image 1. Work area during 2021
The leading infrastructure contractor GEONOR will perform the drilling campaign. GEONOR previously drilled the 2019 diamond drill holes in the Corcel project and is thus familiar with the characteristics of the terrain to be drilled during this campaign.
For further information, please contact:
Roberto García Martínez, CEO
E-mail: roberto@eurobatteryminerals.com
Website: https://eurobatteryminerals.com/en/
This information is such that the company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above at 8:30 a.m. CEST on June 15, 2021.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Please visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
1 Mineral tests confirm economical grade nickel sulphide at Corcel, Press release 20 September 2020
- FinnCobalt Oy has informed Eurobattery Minerals that it will join BATCircle 2.0, a Finnish research project focusing on circular ecosystem of battery metals. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
- FinnCobalt’s own subproject will use materials from the former Outokumpu Keretti copper mine tailings area, part of the Hautalampi mine development project.
- The tailings area sampling will also be incorporated into the current Environmental Impact Assessment (EIA) report for the Hautalampi project, which will be published in autumn.
Eurobattery Minerals AB (Nordic Growth Market: “BAT”; “the company”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, has been informed that FinnCobalt Oy will join BATCircle 2.0. BATCircle 2.0 is a Finnish governmental-sponsored research project focusing on mitigating the effects of climate change, developing materials recycling, and contributing to sustainability in all steps of the battery metals and materials value chain.
BATCircle 2.0 aims to improve the manufacturing processes of the mining industry, metals industry, and battery chemicals and increase the recycling of lithium-ion batteries, where cobalt is one of the major metals. The goal of the project is to strengthen the cooperation between the participating companies and research organisations. Furthermore, by creating increased understanding and potential in circularity, it is expected that new business opportunities will come out of the project.
“One important cornerstone of sustainable mining is to make the most out of the material that we have already extracted. Therefore, it’s great that the Finnish government initiates this project, and we are happy to contribute. Further to the environmental aspect, there is also a potentially big financial upside. Extracting battery minerals from the material from the tailing areas can add several years of operational activity at a future Hautalampi mine,” said Roberto García Martínez, CEO of Eurobattery Minerals.
FinnCobalt’s role will be sampling and delivering material from the former Outokumpu Keretti copper mine tailings area. From the historical production data, these tailing areas contain cobalt-bearing pyrite material. Some areas have even been subject to the reprocessing and production of copper concentrate during earlier decades. Sampling will commence during the following weeks, and samples will be delivered to Aalto University, Finland, where suitable processing methods will be tested aiming to produce cobalt chemicals.
If successful, the reprocessing of old tailings can add several years of operational time for the Hautalampi mine project and improve project economics. Also, reprocessing of old tailings will reduce and rectify environmental issues in the area.
As a result of the BATCircle 2.0 project, the company has decided to include the tailing areas sampling in the EIA. The Geological Survey of Finland Mintec Laboratories is also currently doing the test work to reduce environmental issues regarding tailings sulphur grades of the planned Hautalampi mine project. The final EIA report will also incorporate these results and will be presented in Autumn 2021. All these works will reduce the time needed for the final Environmental Permit Application.
For further information, please contact:
Roberto García Martínez, CEO
E-mail: roberto@eurobatteryminerals.com
Website: https://eurobatteryminerals.com/en/
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market. Please visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.