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:

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:

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.

First quarter 2021 (same period previous year)

• Net sales amounted to SEK 0 thousand (SEK 0 thousand).
• Operating income after financial items totalled SEK –2,721 thousand (SEK –2,248 thousand).
• Earnings per share after financial items amounted to SEK –0.17 (SEK –0.14).
• Cash flow from operating activities was SEK –2,048 thousand (SEK –2,522 thousand).

Significant events during the first quarter

• Eurobattery Minerals has announced that it intends to expand to Börse Stuttgart, under the ticker symbol EBM, by extending its listing from Nordic Growth Market (NGM) in Sweden. The Company has also announced that it will be opening an office in Berlin. The Company will remain a Swedish public limited company headquartered in Stockholm.
• FinnCobalt Oy, a company that Eurobattery Minerals has the option to gradually acquire in full, has reported the final analysis results from the summer’s drill programme at the Hautalampi Ni-Co-Cu project in eastern Finland. The drillings have confirmed a considerable increase in the resource potential, from 800 to 1,400 metres along the strike direction northeast of the historical mineral resource, and an extension of the westernmost mineralised zone in a south-westerly direction towards the historical mineral resource Hautalampi.
• 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 report ‘Critical raw materials and e-mobility’, which was produced by London-based risk analysis firm Aperio Intelligence. The report provides an overview of supply and demand for critical raw materials within the EU, based on the EU’s goal of increasing the degree of self-sufficiency in terms of raw materials in light of the electric vehicle revolution.

Significant events after the end of the period

• FinnCobalt Oy has engaged leading process consulting company AFRY to produce an estimate of the mineral resources at the Hautalampi project. AFRY will also provide FinnCobalt Oy with additional technical and financial evaluations, along with consulting services. The results are expected in six months. Eurobattery Minerals has the option to gradually acquire 100 percent of FinnCobalt Oy.

Summary of comments from Eurobattery Minerals CEO Roberto García Martínez:

“At the beginning of Q1, we made the strategic move of entering the German market via a parallel listing at the Börse Stuttgart in Germany. I cannot underestimate the importance of the company having a presence in the biggest market in the automotive industry in Europe and globally.

The entry into the German market is also significant from another perspective. We are now present in the biggest financial market in the EU post Brexit. The parallel listing gives easy access to Eurobattery Minerals for potential shareholders from Europe who are interested in investing.

Q1 also gave us the final results from last summer’s drilling campaign at our Hautalampi project in eastern Finland. And we are thrilled to have confirmation that there is a significant resource expansion in this nickel, copper and cobalt project. The next step – and a significant prerequisite in developing a battery mineral mine – is to conduct a resource estimate, and work is underway with results due after the summer.”

Eurobattery Minerals AB’s Interim Report January – March 2021 is attached to this press release and is available to download from the Company’s website: https://eurobatteryminerals.com/en/economic-reports/.

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 20th of May 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 (NGM; “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 publish its annual report for 2020. Eurobattery Minerals AB’s annual report for 2020 is attached to this press release and is available to download from the Company’s website: https://eurobatteryminerals.com/en/economic-reports/.

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 that it has commenced preparation of the updated mineral resource estimate for the Hautalampi Ni-Co-Cu Project, which Eurobattery Minerals has the option to acquire by 100 percent.
• Tier-1 process consulting company AFRY (ÅF Pöyry) will prepare the estimation.
• Results of new resource estimates are expected in 6 months.

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, today announces that FinnCobalt Oy has hired a Tier-1 process consulting company AFRY to prepare a mineral resource estimate for the Hautalampi project (“Hautalampi”; “the Project”). 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. 

“We are very thrilled to see the results of the new resource estimate, it’s an important background factor in developing a battery mineral mine. Our hypothesis’s of the Hautalampi mineralisation extending North-East from the Hautalampi mine was confirmed by last year’s drilling. Now it remains to see the results in numbers”, comments Roberto García Martínez, CEO of Eurobattery Minerals.

The new resource estimate will cover the whole Hautalampi project area including the results from the year 2020 drilling programme 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. 

Also, the already estimated Hautalampi mine mineral resource will be updated using updated metal price forecasts and results from the recent metallurgical test work, which was completed by GTK Mintec and Outotec Oyj during the years 2018-2019.

AFRY (ÅF Pöyry) is a Swedish-Finnish engineering, consulting and design company within the fields of energy, industry, infrastructure and information technology. It was formed in 1895 and is one of the biggest Scandinavian consulting giants with headcount close to 17,500 consultants all over the world. AFRY is the new common brand resulting from the merger between ÅF (originally, Aktiebolaget Ångpanneföreningen (The Steam-Boiler Association) and Pöyry Oyj.

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 raw material critical to the expanding electric vehicle 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.

“Europe needs to move faster to meet the demand”

Eurobattery Minerals AB (Nordic Growth Market: “BAT”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today presents the report, “Critical raw materials and e-mobility” produced on behalf of the company by the London-based corporate risk advisory firm, Aperio Intelligence. The report provides an overview of the supply and demand for critical raw materials within the European Union, based on the EU’s goal of developing its self-sufficiency for raw materials in the context of the electric car revolution.

The report also analyses current and future market volumes of electric and plug-in hybrid vehicles and e-bikes – with a focus on Europe and China – and their associated demand for copper, nickel and cobalt.

“The report clearly shows the need to scale up mining production and the sourcing of raw materials within the EU. We need to act quickly to enable the electric car revolution and ultimately reach the Agenda 2030 targets outlined by the UN. From the report it is clear that Europe needs to move faster to meet the demand for these materials. A sustainable car industry cannot continue to rely on unsustainable mining”, says Roberto García Martínez, CEO of Eurobattery Minerals.

Some conclusions from the report:

Global annual copper demand was around 28 million tonnes in 2020, and consumption is expected to grow by approximately 38% by 2030 to about 38 million tonnes annually. In 2019 Europe’s mined production represented 13% of total world production.

The Democratic Republic of Congo dominates global mine production of cobalt, with the EU producing just 0,9% – or 1,377 tonnes – of the world’s total annual production. [1] According to the European Commission, cobalt demand within the EU will increase by five times by 2030. 

A recent study commissioned by the European Commission from the consultancy Roskill indicates that automotive electrification is expected to represent the single largest growth sector for nickel demand globally over the next 20 years. In the EU, specifically, annual demand is expected to increase by 543,0000 tonnes by 2040, from the present 17,000 tonnes (2020).

To report download please visit https://eurobatteryminerals.com/pdf/aperio-intelligence-critical-materials-and-e-mobility.pdf.

About Aperio Intelligence

Aperio Intelligence is an independent corporate intelligence and financial crime advisory firm, head quartered in London.  Founded in 2014, today there are 39 members of staff, speaking 24 languages in house, with offices in Paris, Bucharest and Cluj. Aperio has four service lines: due diligence, ESG, investigations and strategic intelligence. These complementary service offerings allow us to provide a range of solutions designed to address multi-faceted financial crime, regulatory, reputation and governance risks, and to provide well-sourced, objective and robust intelligence and insights to support critical business decisions.

Aperio works around the world and, beyond the UK and Europe, we have particular experience in Russia & the former Soviet Union, MENA, Africa, East Asia and Latin America’s larger economies. Since inception, Aperio Intelligence has completed over 4,000 reports, in around 130 countries and territories. Our clients include a wide range of leading international financial institutions, multi-nationals and law firms.

For further information, please contact:

Roberto García Martínez, CEO, Eurobattery Minerals

roberto@eurobatteryminerals.com

https://eurobatteryminerals.com/en/

Simon Jennings, Head of ESG, Aperio Intelligence

Simon.Jennings@aperio-intelligence.com

https://www.aperio-intelligence.com/

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 raw material critical to the expanding electric vehicle battery market. Please visit www.eurobatteryminerals.com for more information.

Augment Partners AB, e-mail: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor.

[1] According to 2018 figures, World Mining Data.

Fourth quarter 2020 (same period previous year)

• Net sales amounted to SEK 0 thousand (SEK 0 thousand).
• Operating income after depreciation/amortisation and financial items totalled SEK –5,336 thousand (SEK –2,939 thousand).
• Earnings per share after depreciation/amortisation and financial items amounted to SEK –0.34 (SEK –0.30).
• Cash flow from operating activities was SEK –5,786 thousand (SEK –3,493 thousand).

Full year 2020 (same period previous year)

• Net sales amounted to SEK 0 thousand (SEK 0 thousand).
• Operating income after depreciation/amortisation and financial items totalled SEK –14,028 thousand (SEK –11,809 thousand).
• Earnings per share after depreciation/amortisation and financial items amounted to SEK –0.89 (SEK –1.26).
• Cash flow from operating activities was SEK –14,203 thousand (SEK –12,317 thousand).

Significant events during the period

• Eurobattery Minerals joined the Initiative for Responsible Mining Assurance (IRMA). As a member, Eurobattery Minerals will participate in, and support credible independent third-party verification and certification against a comprehensive best-practice standard that addresses the range of environmental and social issues related to industrial-scale mines. [1]
• FinnCobalt Oy, a company Eurobattery Minerals has the option to acquire to 100% in a staged acquisition, informed the Company about its expansion in eastern Finland with a new reservation permit granted for exploration over the highly prospective Hietajärvi Project. The Project covers over 289km2 of ground highly prospective for cobalt, copper, nickel and zinc deposits. [2]
• In June and July 2020, the Company carried out a rights issue of units, consisting of shares and warrants. The exercise period for the warrants ended on 16 October, and a total of 1,895,819 warrants were exercised, corresponding to a subscription rate of approximately 96 per cent. The Company thereby received proceeds of approximately SEK 22.7 million before issue costs. [3]
• The Company extended its ongoing collaboration with Uppsala University, supporting the university’s application to the Swedish innovation agency, Vinnova, for funding for a project focusing on new, modern methods of extracting REE from the shale in Fetsjön and other apatite rich discoveries in Sweden. Vinnova is expected to announce a decision at the beginning of spring 2021. [4]
• Eurobattery Minerals and AGH University of Science and Technology in Krakow, Poland, extended its existing collaboration with a project that aims to identify the main mineral carriers of the battery mineral vanadium, and to come up with efficient extraction methods. In this research project, scientists will use black shale rock material from Eurobattery Minerals’ exploration project Fetsjön in northern Sweden. Previous results from 52 exploration boreholes and chemical analyses confirm that the black shale at Fetsjön includes large quantities of vanadium. [5]  
• FinnCobalt Oy has updated Eurobattery Minerals on assay results from last summer’s drilling programme at the Hautalampi Ni-Co-Cu Project (“Hautalampi”; “the Project”), eastern Finland. Drilling has confirmed significant extensions to the known mineralisation from 800 metres to 1,400 metres along a strike to the northeast of the historical resource. The mineralisation remains open along strike and down dip. [6]
• Eurobattery Minerals announced that FinnCobalt Oy has submitted the Hautalampi project’s EIA-Programme to the North Karelia Centre for Economic Development, Transport and the Environment. [7]
• Eurobattery Minerals announced that FinnCobalt Oy has received a decision on a EUR 630,000 (SEK 6.4 million) development grant for its Finnish Hautalampi mine and processing plant project from the South Savolax Centre for Economic Development, Transport and the Environment (“ELY-centre”). The European Regional Development Fund (ERDF) programme granted the funds. [8]

Significant events after the period

• The Company announced its expansion to the Börse Stuttgart, under the ticker EBM, via an extension of its listing on Nordic Growth Market (NGM) in Sweden. The Company also announced that it will open an office in Berlin during the first quarter of 2021. The Company will remain a Swedish public limited company (AB) headquartered in Stockholm. [9]
• FinnCobalt Oy updated Eurobattery Minerals on the final assay results from last summer’s drilling programme at the Hautalampi Ni-Co-Cu Project in eastern Finland. The drilling has confirmed significant resource expansion potential from 800 metres to 1,400 metres along a strike to the northeast of the historical mineral resource, as well as continuity of the westernmost mineralised horizon in a southwesterly direction towards the historic Hautalampi mineral resource. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition. [10]
• The Company announced a positive initial result from its collaboration with AGH University of Science and Technology in Krakow on developing an efficient method of extracting vanadium and rare earth elements (REE) from minerals in black shale. The technology used in the experiment allows cost-effective and sustainable enrichment of vanadium and REE at relatively low temperatures, without the use of any chemicals. The research further concludes that the previously confirmed large quantities of vanadium in the Fetsjön black shale is partly tied to the mineral rutile and partly to clays and mica fraction. [11]

Summary of comments from Eurobattery Minerals CEO Roberto García Martínez:

“Q4 rounds of a very active year for Eurobattery Minerals and I am proud of the progress the company made in 2020 in delivering on our vision of being the foundation of the battery and electric vehicle value chain by producing ethical and fully traceable battery minerals in Europe.

Specifically, I’d like to highlight our progress in Finland during the quarter where we have received the final assays from our drilling campaign in Hautalampi project that confirmed a significant resource expansion. Further to this the same project has been awarded a development grant and we have also submitted the EIA-programme for it – in all, we are ready for the next step in Hautalampi”.

Eurobattery Minerals AB Year-end Report January – December 2020 is attached to this press release and is available to download from the Company’s website:

https://eurobatteryminerals.com/en/economic-reports/

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 25th of February 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 raw material critical to the expanding electric vehicle battery market. Please visit www.eurobatteryminerals.com for more information.

Augment Partners AB, e-mail: info@augment.se, phone: +46 8 505 651 72, is the company’s Mentor.

[1] Eurobattery Minerals becomes memeber of global responsible mining initative. Press release 07/10/20

[2] New granted reservation permit for exploration in Finland. Press release 14/10/20.

[3] Eurobattery Minerals receives approximately SEK 22.7 million through warrant redemption. Press release 16/10/20.

[4] Eurobattery Minerals supports Uppsala University’s Vinnova application for new scientific approach to extracting battery minerals. Press release 19/11/20.

[5] Research on vanadium enters next phase in Eurobattery Minerals’ Fetsjön project. Press release 25/11/20.

[6] Assays confirm resource expansion at the Hautalampi project, Finland. Press release 30/11/20.

[7] Finncobalt OY’s Hautalampi mine development project environmental assessment (“EIA”) programme published and submitted. Press release 14/12/20.

[8] Finnish Hautalampi project awarded a development grant of SEK 6.4 million. Press release 16/12/20.

[9] Eurobattery Minerals expands to Germany via dual listing and new office. Press release 15/01/21.

[10] Resource upside at Hautalampi-Project in Finland. Press release 25/01/21

[11] Sustainable and cost-effective method of Fetsjön vanadium enrichment identified in research collaboration. Press release 01/02/21

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