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Stockholm, 29th of March 2022 – 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, announces that additional assay results have been received from the drill holes carried out in the 2021 diamond drilling campaign on its Spanish Corcel project, initiated in June 2021 and completed according to the budget in December 2021. Because of Covid-19, the ALS lab is delayed providing the necessary data needed for the Qualified Person to issue the accredited resource certification (Ni 43-101). This is now expected during the second quarter of 2022.
- Results have been received for 5 drill holes (COR005, COR006, COR007, COR008 and COR011) of the 7 drill holes drilled in the 2021 campaign.
- Elevated levels of nickel (Ni), copper (Cu) and cobalt (Co) intersected in all the drill holes for which results are available. Assay highlights from these drill holes include:
- 17.6 m @ 0.27% Ni, 0.03% Cu and 0.01% Co (COR005)
- 24.1 m @ 0.40% Ni, 0.13% Cu and 0.01% Co (COR006)
- 20.1 m @ 0.41% Ni, 0.07% Cu and 0.01% Co (COR007)
- 22.0 m @ 0.30% Ni, 0.05% Cu and 0.01% Co (COR008)
- 18.40 m @ 0.29% Ni, 0.05% Cu and 0.01% Co (COR011)
- These results, together with those obtained in the 2019 campaign, confirm the interest of the Ni-Cu-Co deposit of the Corcel project and, taking into account the size of the anomalous zone, the company may be looking at a deposit of considerable size (around 60 million tonnes with 0.25% Ni).
- The results of the last two drill holes carried out in the 2021 campaign are awaited and are expected at the end of March, according to laboratory forecasts (ALS).
- Due to delays resulting from Covid-19 at the ALS lab in Ireland, the lab has been unable to finalize the necessary data needed for the Qualified Person to issue the accredited resource certification through the NI 43-101 technical report. This was originally planned for the first quarter of 2022 but is now expected during the second quarter of 2022.
“With 70% of the results in hand, I can assure that the results are as satisfactory as we earlier communicated. We are now eagerly awaiting to obtain the accredited resource certification that will enable us to plan for the next step for our nickel project in the heart of Europe. The tragic developments in our region have yet again underlined the importance of our need for European self-sufficiency in these critical battery minerals”, said Roberto García Martínez, CEO of Eurobattery Minerals.
In 2021 a total of 7 diamond drill holes have been completed with a total drilled length of 1,134 meters. Work has focused on the “West Anomaly” where the company’s previous exploration work recorded ground anomalies of up to 0.33% Ni coincident with an increase in the magnetic response of the underlying rocks. DDH COR003 (19DD0001) confirmed the source of the anomaly in this area with an average grade of 69 m @ 0.30% Ni, 0.038% Cu and 0.01% Co from 78 m depth, including 21m @ 0.345% Ni, 0.045% Cu and 0.011% Co from 78 m depth.
To date, the results of five surveys (COR005, COR006, COR007, COR008 and COR011) have been received, and the results of the last two (COR009 and COR010) are expected to be received by the end of March, according to forecasts from the laboratory where the samples are sent (ALS, Ireland).
Laboratory turnaround times are proving to be longer than normal due to the situation caused by the Covid-19 pandemic in early 2022.
“Our laboratory in Ireland found itself in a critical situation in the first weeks of January with increased turnaround times. Our workforce was significantly reduced due to the steady increase in Covid-19 positive cases and close contact isolates”, said David Risueño Romero,Operation Manager at ALS Global.
Due to delays resulting from Covid-19 at the ALS lab in Ireland, the lab has been unable to finalize the necessary data needed for the Qualified Person to issue the accredited resource certification through the NI 43-101 technical report. This was originally planned for the first quarter of 2022 but is now expected during the second quarter of 2022.
Next steps
With 70% of the results of the samples taken from the drillholes, the results are very satisfactory. The company is waiting to obtain the rest of the results to evaluate the real potential of the investigated area and obtain an accredited resource certification (Ni 43-101) in the second quarter of the year 2022.
Please see appendix for further information: Appendix to press release 29th of March 2022 – Additional detailed summary of the drilling results in Corcel.
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 29th of March 2022 at 07:30 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.
Stockholm, 22nd of February 2022 – Eurobattery Minerals started and completed a new drilling campaign in its Finnish Hautalampi project in the fourth quarter. In addition, the company completed a drilling campaign in the Spanish Corcel project and, at the beginning of Q1 2022, obtained initial results from the same battery mineral project, indicating a 60 million tonnes mineral reserve with 0.25% nickel. Further to this, the company joined two important sustainability collaborations. With this, the company continues to realize its business strategy providing European mined battery minerals to the electric vehicle and green energy solutions industries. Eurobattery Minerals target is to produce and deliver battery minerals in medium term.
Fourth 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 -4,160 thousand (SEK -5,336 thousand).
- Earnings per share after depreciation/amortisation and financial items amounted to SEK -0.26 (SEK -0.34).
- Cash flow from operating activities was SEK -5,392 thousand (SEK -5,786 thousand).
Full-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 -16,623 thousand (SEK -14,028 thousand).
- Earnings per share after depreciation/amortisation and financial items amounted to SEK -1.06 (SEK -0.89).
- Cash flow from operating activities was SEK -22,287 thousand (SEK -14,071 thousand).
Significant events during the fourth quarter (October–December 2021)
- 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.
- Eurobattery Minerals AB 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.
- Eurobattery Minerals announced the completion of the drilling campaigns in its Hautalampi project in Finland and its Corcel project in Spain. The campaigns have been completed on schedule and on budget. The drill cores have been dispatched to a laboratory operated by ALS to verify the resources. Due to delays at the lab because of the Covid-19 pandemic, the results will be presented in the first quarter of 2022.
Significant events after the period
- Eurobattery Minerals announced that the first assay results have been received from the drill holes carried out as part of the 2021 diamond drilling campaign on its Spanish Project (Corcel Project), initiated in June 2021 and completed on time and on budget. With an estimated 60 million tonnes with 0.25% nickel, the company believes the results are highly satisfactory for the continued projection of the Corcel resource.
- Eurobattery Minerals AB announced that FinnCobalt Oy has informed the company about its expansion in eastern Finland with a new granted reservation for applying an exploration permit over the highly prospective Varislahti prospect. The prospect covers over 23.6 km2 of ground highly prospective for Outokumpu-type deposits (cobalt-copper-nickel-zinc-gold). 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:
“Q4 concludes another eventful year for Eurobattery Minerals. In this quarter, we focused fully on our battery minerals projects in Finland and Spain, with drilling campaigns finalised on time and according to budget in both projects.
The two campaigns completed as part of the Hautalampi project and the Corcel project in the last quarter of 2021 are particularly significant. The world-leading ALS lab is still analysing the results from the two campaigns. Furthermore, and this is the significant part, the results will also be certified in accordance with two different but similar mining standards. In Corcel, the certification will be the National Instrument (NI) 43-101. This is a codified set of rules and guidelines for reporting and displaying information related to mineral properties. In Hautalampi, the JORC Code will be applied, which is a professional code of practice that sets minimum standards for public reporting of minerals exploration results. With results from these two in hand, Eurobattery Minerals will gain an even better overview of the mineral potential, thereby allowing us to decide the next steps for the two projects.
We announced preliminary results from our drilling operations in Corcel at the beginning of this year. With analyses ready from two of seven drill cores, results suggest that the Corcel battery mineral deposit consists of at least 60 million tonnes with a nickel grade as high as 0.25 per cent. The results confirm that an open-pit mine is possible in Corcel, which is much more cost efficient than an underground mine.
I am happy to say that in Q4, we also joined the Finnish government-sponsored project BATTRACE. The research project focuses on traceability and sustainable processing of battery metals. We also joined the “Leaders for climate action,” an action-driven climate community comprising more than 1,600 member organisations across 36 countries – Eurobattery minerals is one of them.
Eurobattery Minerals AB’s Year-end Report January – December 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 22nd of February 2022 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.
Stockholm, 8th February 2022 – 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 has informed the company about its expansion in eastern Finland with a new granted reservation for applying an exploration permit over the highly prospective Varislahti prospect (“the Varislahti prospect”). The prospect covers over 23.6 km2 of ground highly prospective for Outokumpu-type deposits (cobalt-copper-nickel-zinc-gold). Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
“To meet Europe’s high and ever-increasing demand for battery minerals, the region needs to open more mines for these critical raw materials. Based on this demand, exploring new mineral deposits is a fundamental part of our business and I am very pleased that we are expanding our operations further in Finland, one of the most mining friendly countries in Europe”, said Roberto García Martínez, CEO of Eurobattery Minerals.
Key points:
- FinnCobalt expands its footprint in eastern Finland being granted a reservation for exploration over the highly prospective Varislahti project.
- Located ~10km west from the FinnCobalt Hautalampi project, Varislahti contains similar prospective rocks known to contain Co-Cu-Ni-Zn deposits.
- In the area there is already one known deposit, Riihilahti deposit with historical mineral resources defined at total 0.7 Mt @ Cu 0.72 %, Co 0.09 %, Ni 0.03 %, Zn 0.09 %, Au 0.3 ppm, Ag 6 ppm, S 3.84 %
- In addition, the area has historical drilling with some very interesting battery metals drill core intersections including:
- Usi-11 8.6m @ Cu 0.23 %, Co 0.25 % inc. 1.25m @ Cu 0.46 %, Co 0.61 %
- Usi-10 0.95m @ Cu 0.59 %, Co 0.09 %
- FinnCobalt Oy will commence works in the area by compiling existing geological information and will prepare a plan for future exploration in the area.
The Varislahti cobalt-copper-nickel-zinc prospect is ideally located to infrastructure and FinnCobalt’s current base of operations being approximately 10 km west of the Hautalampi project (Fig. 1).
Importantly, the prospective Outokumpu-type rock formations occur in the reservation area. The same formation hosts the Hautalampi Ni-Co-Cu deposit and other major mineral prospects and deposits. A reservation gives priority right to FinnCobalt to apply for an exploration permit over the area.
Figure 1. Varislahti reservation area (green area) in relation to Hautalampi project (red).
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, 17 January 2022 – 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, announces that the first assay results have been received from the drill holes carried out as part of the 2021 diamond drilling campaign on its Spanish Project (Corcel Project), initiated in June 2021 and completed on time and on budget. The company believes the results are highly satisfactory for the continued projection of the Corcel resource.
- The first assay results have been received from the first two drill holes (COR005 and COR006) of the seven drill holes carried out in 2021 in the Corcel Project.
- Elevated levels of nickel (Ni), copper (Cu) and cobalt (Co) intersected in drill holes COR005 & COR006. Assay highlights from the first two drill holes include:
- 17.6 m @ 0.27% Ni, 0.03% Cu and 0.01% Co (COR005)
- 23.2 m @ 0.24% Ni, 0.03% Cu and 0.01% Co (COR006)
- The first assay results of this campaign verify the interesting potential of the “West Anomaly”, where drill hole COR003 (19DD001) confirmed at depth the good results obtained in the geochemical campaign, with an average of 69 m @ 0.30% Ni, 0.04% Cu and 0.01% Co.
- Assay results pending from the remaining drill holes. Results anticipated in the first months of 2022 to obtain the accredited resource certification (Ni 43-101) in the first quarter of 2022.
- Based on the results obtained in the 2019 campaign and the first results received this year, and taking into account the size of the anomalous zone, there is potentially a deposit of considerable size (around 60 million tonnes with 0.25% Ni).
“The results from this and the previous drilling campaign indicate the excellent potential of establishing a solid nickel project in the south of Europe,” commented Roberto García Martínez, CEO of Eurobattery Minerals.
In 2021, a total of seven diamond drill holes were completed with a total drilled length of 1,134 meters. Work focused on the “West Anomaly” where the company’s previous exploration work recorded ground anomalies of up to 0.33% Ni coincident with an increase in the magnetic response of the underlying rocks. DDH COR003 (19DD0001) confirmed the source of the anomaly in this area with an average grade of 69 m @ 0.30% Ni, 0.038% Cu and 0.01% Co from 78 m depth, including 21 m @ 0.345% Ni, 0.045% Cu and 0.011% Co from 78 m depth.
Summary of the first drilling results
The 2021 drilling campaign was designed to define – from surface to a depth of approximately 150 metres – the existing resources of Ni, Cu and Co in an area that is approximately 150 metres in length along the western anomaly defined in the 2019 campaign, which has a North-South length of approximately 1,200 meters and an East-West width of approximately 375 meters.
The results of the sample assays from the current drilling campaign are mostly pending. To date, only those corresponding to hole COR005 and part of hole COR006 have been received.
The assay results available to date are highly satisfactory and corroborate the interesting potential of the “West Anomaly” as can be seen in the table below, which presents the intersections of these drill holes determined at a 0.15% Ni cut-off grade (normally applied in Ni open-pit mines).
|
HOLE |
|
FROM (m) |
TO (m) |
INT (m) |
Ni (%) |
Cu (%) |
Co (%) |
|
COR005 |
|
17,05 |
122,80 |
105,75 |
0,200 |
0,024 |
0,012 |
|
incl. |
41,50 |
45,50 |
4,00 |
0,230 |
0,055 |
0,014 | |
|
and |
85,20 |
103,20 |
18,00 |
0,246 |
0,040 |
0,011 | |
|
incl. |
88,20 |
91,20 |
3,00 |
0,311 |
0,059 |
0,012 | |
|
and |
105,20 |
122,80 |
17,60 |
0,268 |
0,029 |
0,011 | |
|
incl. |
105,20 |
110,20 |
5,00 |
0,345 |
0,059 |
0,013 | |
|
COR006 |
|
5,90 |
10,60 |
4,70 |
0,414 |
0,117 |
0,015 |
|
|
54,40 |
77,60 |
23,20 |
0,236 |
0,027 |
0,011 | |
|
incl. |
57,40 |
65,60 |
8,20 |
0,290 |
0,049 |
0,012 | |
|
incl. |
58,40 |
61,40 |
3,00 |
0,396 |
0,083 |
0,013 |
Table 1. Initial assay highlights. Average grades have been determined with a cut-off grade of 0.15% Ni.
In drill hole COR005, all the results of which are available, several intersections with high Ni grades (above 0.2%) have been identified:
- 4 m @ 0.230% Ni, 0.055% Cu and 0.014% Co from 41.50 m depth.
- 18 m @ 0.246% Ni, 0,040% Cu and 0.011% Co from 85.20 m depth (which includes an intersection of 3 m @ 0.311% Ni, 0.059% Cu and 0.012% Co).
- 17.60 m @ 0.268% Ni, 0.029% Cu and 0.011% Co from 105.20 m depth (which includes an intersection of 5 m @ 0.345% Ni, 0.059% Cu and 0.013% Co).
These intersections were within a broader intersection of 105.75 m @ 0.200 % Ni, 0.024% Cu and 0.012% Co from 17.05 m depth.
For drill hole COR006, only partial results are available for two sections, where the following mineral intersections have been identified:
- 4.70 m @ 0.414% Ni, 0.117% Cu and 0.015% Co, from 5.90 m depth.
- 23.20 m @ 0.236% Ni, 0.027% Cu and 0.0115 Co, from 54.40 m depth. This includes 3 m @ 0.396% Ni, 0.083% Cu and 0.013% Co from 58.40 m depth.
The Ni mineralisation present is mainly Pentlandite (see Figure 1). This mineralisation is closely linked to Ultramafic and Ultrabasic rocks consisting of Pyroxenites and Peridotites, which are amphibolitised to varying degrees of intensity in the vicinity of the mineralisation.
Figure 1. Pentlandite mineralisation in drill hole COR005 (61.25 m depth).
Figure 2 shows the “looking North” section according to drill holes COR003, COR005 and COR006, where the mineralised zones intersected by these drill holes can be seen. Here, large orange-coloured zones can be observed corresponding to mineralisation with samples displaying values between 0.2% Ni and 0.25% Ni. These mineralised zones are located around other red-coloured zones that represent samples with Ni values above 0.25%, reaching values of 0.6% Ni.
In view of this section, albeit incomplete and taking into account a possible cut-off grade of 0.15 % Ni for an exploitable deposit in open pit, indications suggest a mineralised body with a width of between 90 m and 120 m from the surface elevation of 380 m to the elevation of 250 m, which was the depth investigated.
The western limit of the mineralisation is comprised of a fault, with apparent strengths of between three and five metres, with the result that from here to the west, all the drill holes cut gabbroic rock with intercalations of amphibolite layers and whose analytical results never exceed 950 ppm Ni (sterile area).
Figure 2. “Looking North” section according to drill holes COR003, COR005 and COR006.
Next steps
The company is satisfied with the results obtained in the first two drill holes of the 2021 campaign and is awaiting the remaining results to assess the potential of the area investigated during this campaign and obtain an accredited resource certification (Ni 43-101) in the first quarter of 2022.
As indicated in Figure 3, which shows the geology of the area and the drill holes with the mineral intersections, it is evident that – despite many assay values yet to be received – we are beginning to see a section of a deposit that could potentially be of a considerable dimension. This is supported by the drill holes carried out in 2019, further north of the area investigated in 2021 at some 600 metres distance (COR001 and COR002), which also cut mineralisation with values in the same order as those obtained in this campaign. Considering the size of the anomalous zone, there is potentially a deposit of some 60 million tonnes with a nickel grade of 0.25%.
Figure 3. Geological map and drill holes
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 17 January 2022 at 08:00 CET.
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, 28 December 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 the completion of the drilling campaigns in its Hautalampi project in Finland and its Corcel project in Spain. The campaigns have been completed on schedule and on budget. The drill cores have been dispatched to a laboratory operated by ALS to verify the resources. Due to delays at the lab because of the Covid-19 pandemic, the results will be presented in the first quarter of 2022.
“We are pleased to announce the completion of the drilling campaigns in both the Hautalampi and Corcel projects, where we see great potential for mining battery minerals on European soil. We are now eagerly awaiting the results from the lab,” comments Roberto Garcia, CEO of Eurobattery Minerals.
About the Hautalampi project drilling campaign
FinnCobalt Oy has informed Eurobattery Minerals that the recent core drilling campaign at the Hautalampi Mine development project (“Phase 2”) has been completed on schedule and on budget. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
FinnCobalt Oy commenced a new drilling campaign in mid-October 2021 in the Hautalampi mine project development area. The campaign covered the previously non-drilled gap area between the Hautalampi deposit and the north-eastern extension of the project, known as the Mökkivaara deposits, and aimed to verify resources between these already established deposits.
In total, 45 holes have been completed totalling 4,606 metres in length. The Phase 2 drilling campaign will continue with core logging and assaying, which is expected to be completed during the first quarter of 2022. This will be followed by the mineral resource update to be completed in the second quarter of 2022.
The main goals of the Phase 2 drilling campaign were:
- Convert 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).
- Extend the Hautalampi resource area further to the north-east (Central-Resource extension).
- Fill the drilling gap between the existing Hautalampi resource area and the north-eastern extension known as the Mökkivaara resource area (Central-Gap fill).
- Create an indicated mineral resource of the Mökkivaara resource by increasing the drilling density.
Based on the visual observations of the drill cores, the campaign is expected to reach all the goals set.
Map of the drilling operations in the Hautalampi project
About the Corcel project drilling campaign
The diamond drilling campaign in Eurobattery Minerals’ Spanish Corcel project initiated in June 2021 has been completed on budget and on schedule.
Key points from the 2021 drilling campaign:
- The drilling campaign initiated in June 2021 at the Corcel Project has been completed.
- A total of seven diamond drill holes were completed at a total drilled length of 1,134 metres.
- Work in this campaign focused on the “West Anomaly,” where drill hole COR003 (19DD001) confirmed at depth the favourable results obtained in the geochemical campaign, with an average of 69m @ 0.30% Ni, 0.038% Cu, 0.01%.
A total of seven diamond drill holes were completed at a total drilled length of 1,134 metres. Work focused on the “West Anomaly,” where the company’s previous exploration work recorded ground anomalies of up to 0.33% Ni coincident with an increase in the magnetic response of the underlying rocks. 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. Work will continue with the logging and sampling of the drill holes and is expected to be completed in the first quarter of 2022.
The objective of this campaign was to fully recognise this anomaly and obtain a resource estimate in this area. Based on the core observations in the boreholes, the campaign is expected to achieve its objective and a proven resource estimate in accordance with National Instrument 43-101 – Standards for Disclosure for Minerals Projects (“NI 43-101”) is expected in the first quarter of 2022.
Image 1. DDH realised in the 2021 campaign.
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.
- 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.