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Stockholm, 25 May 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today published its report for the first quarter 2023.

 “With an additional 30% acquisition of the Hautalampi project and the positive results of the pre-feasibility study, we are closer to mining in Finland. In combination with a successful capital raise and positive first results from our research partnership on rare earth elements, we are off to a good start in 2023”, said Roberto García Martínez, CEO of Eurobattery Minerals.

Strategic and operational highlights for the first quarter of 2023

Key financial figures for Q1 2023

Significant events after the period 

Detailed financial information
The Q1 report for 2023 of Eurobattery Minerals AB is available for download at the Company’s website and can be viewed in the attachment of the release (see below).

Stockholm, 23 May 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today published its 2022 annual report.

Please note that this press release is a correction since the previous press release sent out did not include information regarding the specific information in the auditor’s report as included below as well as a comment from the company.

Significant uncertainty regarding the going concern assumption 
Without prejudice to my opinion above, I would like to draw attention to the statement in the Directors’ Report that the company is dependent on further capital injections in 2023 to ensure its continued operation. 

The Board is negotiating with external stakeholders for a long-term solution to strengthen the company’s liquidity and equity. It is the Board’s assessment that there are good opportunities for continued financing. 

The above indicates that there is a material uncertainty, which may cast significant doubt on the company’s ability to continue as a going concern.

Eurobattery Minerals comment to the auditors report
The auditors’ comment is based on the fact that Eurobattery Minerals is a growth company and is financed through external capital. In April 2023, the company announced that it will receive approximately SEK 17.4 million through warrant redemption. Further, in the first quarter of 2023, the company announced the completion of the pre-feasibility study for its Finnish Hautalampi mining project. The study concludes that with a conservative metal price, and a total capital expenditure of EUR 65.1 million (excluding contingency), the payback period is 4.6 years, with an anticipated 12 years of mining operations. Considering the recent development of the company and completed issues, negotiations with potential off-takers and partners in light of and positive results from its project in Finland, the Board of Directors believes that the prospects are very good to continue to develop the business.

“In 2022, we took crucial steps to realise our strategy to mine European and responsible battery minerals to power the electric vehicle and clean energy industry. During 2023 the management and the Board of Directors are negotiating with various external parties and potential off-take partners in order to secure the company’s financial capacity to develop and accelerate the company’s project pipeline and to become a European mining and mineral raw materials supplier”, said Roberto García Martínez, CEO of Eurobattery Minerals. 

Strategic and operational highlights 2022

Finnish Hautalampi mine: Significant advances in preparations for the start of the mine with 40% stake acquisition, the final verdict for mining concession proceeding and an independent report concluding that the mineral resources in the mine project have almost doubled. 

Spanish Corcel mine project: Economic upside as independent report and metallurgical study (covering only 10 % of the whole mine lease) concludes that the nickel in Corcel is sufficient to manufacture half a million 60 kWh car batteries and worth EUR 113.9 million. With the necessary information provided to authorities for environmental and operational permits, the open pit mine project is significantly closer to operations. 

Swedish exploration permits: Research collaboration on rare earth elements and extension of all exploration permits during 2022. 

Detailed financial information
The 2022 Annual Report of Eurobattery Minerals AB is available for download at the company’s website and can be viewed in the attachment of the release (see below).

Stockholm, 23 May 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today published its 2022 annual Report.

 “In 2022, we took crucial steps to realise our strategy to mine European and responsible battery minerals to power the electric vehicle and clean energy industry. During 2023 the management and the Board of Directors are negotiating with various external parties and potential off-take partners in order to secure the company’s financial capacity to develop and accelerate the company’s project pipeline and to become a European mining and mineral raw materials supplier”, said Roberto García Martínez, CEO of Eurobattery Minerals. 

Strategic and operational highlights 2022

Finnish Hautalampi mine: Significant advances in preparations for the start of the mine with 40% stake acquisition, the final verdict for mining concession proceeding and an independent report concluding that the mineral resources in the mine project have almost doubled. 

Spanish Corcel mine project: Economic upside as independent report and metallurgical study (covering only 10 % of the whole mine lease) concludes that the nickel in Corcel is sufficient to manufacture half a million 60 kWh car batteries and worth EUR 113.9 million. With the necessary information provided to authorities for environmental and operational permits, the open pit mine project is significantly closer to operations. 

Swedish exploration permits: Research collaboration on rare earth elements and extension of all exploration permits during 2022. 

Detailed financial information
The 2022 Annual Report of Eurobattery Minerals AB is available for download at the company’s website and can be viewed in the attachment of the release (see below).

Stockholm, 15 May 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that the FinnCobalt Oy’s Hautalampi ore reserves and minerals resources reserves have been classified in the highest categories as viable mining projects in the United Nations Framework Classification for Resources (UNFC). Eurobattery Minerals owns 40 % of FinnCobalt Oy and Hautalampi project and has decided to acquire additional 30 %.

Achieving the highest UN classification is a very significant proof of the potential of our Hautalampi project to supply the European market with responsibly mined battery minerals”, said Roberto García Martínez, CEO of Eurobattery Minerals.

UNFC is an international scheme for the classification, management and reporting of energy, mineral, and raw material resources. The UNFC classification complies with the European Commission’s Raw Materials Proposal: The Critical Raw Materials Act published by the European Commission on 16th of March 2023. The proposal suggests that each EU country should classify its minerals reserves according to the United Nations Framework Classification for Resources. The Hautalampi UNFC actual classification was originally done by Geological Survey of Finland (GTK).

The information in the report “Hautalampi Ore Reserves and Mineral Resources classification according to UNFC-2019 and bridging to the JORC 2012-Code” refers to ore reserves and mineral resources statement prepared by AFRY Finland Oy (7th of March 2023) transferred to the UNFC-classification.

The report is prepared by Dr. Hannu Makkonen (EurGeol), Suomen Malmitutkimus Oy who has also been team member preparing the guidance documentation (180212_A_guidance_for_the_application_of_the_UNFC) for UNFC. Dr. Makkonen owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.

The complete Hautalampi UNFC report is available in Eurobattery Minerals website: https://eurobatteryminerals.com/en/projects/hautalampi/.

Stockholm, 10 May 2023. The Board of Directors of Eurobattery Minerals AB (“Eurobattery” or the “Company”) has decided to reschedule the Company’s Annual General Meeting for Tuesday, 13 June 2023. The meeting had previously been scheduled for Thursday, 15 June 2023.

Stockholm, 4 April 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) carried out a rights issue of units with subscription period from 7 December to 21 December 2022 (the “Rights issue”) consisting of shares and warrants of series TO3 (the “Warrants”). Those who subscribed in the Rights issue during the subscription period thereby received for each (1) unit one (1) new share in the Company and one (1) Warrant. Each (1) Warrant entailed the right to subscribe for one (1) new share in Eurobattery at a subscription price of SEK 2.44 per share. The subscription period extended until 31 March 2023 and a total of 7,134,746 Warrants were used for subscription of shares in the Company, corresponding to a subscription rate of approximately 57.1 per cent. The Company will thereby receive proceeds of approximately SEK 17.4 million before issue costs. The issue proceeds will be used for further investments in the Corcel and Hautalampi projects as well as for financial flexibility to enable future potentially interesting M&A possibilities.

Number of shares and share capital
Through the share issue the Company will receive gross proceeds of approximately SEK 17.4 million. The number of shares will increase by 7,134,746 shares, from 26,012,240 shares to 33,146,986 shares, when the new shares are registered by the Swedish Companies Registration Office. The share capital will increase by SEK 7,134,746, from SEK 26,012,240 to SEK 33,146,986, which implies a dilution of approximately 21.5 per cent.

“We are pleased and grateful for the trust bestowed upon us by our shareholders and warrant holders. With the capital we have just raised, we intend to turn vision in to action and continue the successful development of Hautalampi and Corcel, with the end goal to start mining and supplying Europe with ethical and fully traceable battery minerals”, says Roberto García Martínez, CEO of Eurobattery.

Advisers
Augment Partners AB acted as financial adviser and Bird & Bird Advokat KB acted as legal adviser in the transaction.

Stockholm, 28 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today announces that the Company’s chairman of the board Henrik Johannesson, board member and CEO Roberto García Martínez, and CFO Mattias Modén as well as future shareholder Eckhard Cordes are exercising a total of 792,299 warrants of series TO3 (the “Warrants”), corresponding to approximately 6.3 percent of the total number of outstanding Warrants, for the subscription of shares in Eurobattery amounting to a total of approximately SEK 1.9 million. The last day of trading in Warrants is today, 28 March 2023.

Eurobattery has received indications that the following members of the Board of Directors and management are exercising Warrants for the subscription of shares in the Company:

The Company also announces that board member and CEO Roberto García Martínez has acquired an additional 232,940 Warrants and will transfer a total of 460,000 Warrants to the German business executive Eckhard Cordes. Cordes, who among other things is active as chairman of the board of Bilfinger SE and former member of the Board of Management of Daimler AG as well as former board member of Volvo AB, will be exercising the 460,000 Warrants for the subscription of shares in the Company amounting to approximately SEK 1.1 million. Cordes will thereby become a shareholder in Eurobattery with the intention to increase his holdings in the Company in the future.

“Our 2023 has started off strong with positive results, particularly from our Finnish Hautalampi project. We look forward with confidence to the rest of the year and are proud that Eckhard Cordes – a reputable business executive within the European financial sector – has chosen to become a shareholder in Eurobattery Minerals”, says Roberto García Martínez, CEO of Eurobattery.

Terms for the Warrants in brief

For more information about the Warrants, please see the complete terms which are available on the Company’s issue site, investors.eurobatteryminerals.com/en/warrants-series-to3/.

Advisers

Augment Partners AB acted as financial adviser and Bird & Bird Advokat KB acted as legal adviser in the transaction.

About Eurobattery Minerals

Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.

Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se

Stockholm, 28 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today announces that the Company’s chairman of the board Henrik Johannesson, board member and CEO Roberto García Martínez, and CFO Mattias Modén as well as future shareholder Eckhard Cordes are exercising a total of 792,299 warrants of series TO3 (the “Warrants”), corresponding to approximately 6.3 percent of the total number of outstanding Warrants, for the subscription of shares in Eurobattery amounting to a total of approximately SEK 1.9 million. The last day of trading in Warrants is today, 28 March 2023.

Eurobattery has received indications that the following members of the Board of Directors and management are exercising Warrants for the subscription of shares in the Company:

The Company also announces that board member and CEO Roberto García Martínez has acquired an additional 232,940 Warrants and will transfer a total of 460,000 Warrants to the German business executive Eckhard Cordes. Cordes, who among other things is active as chairman of the board of Bilfinger SE and former member of the Board of Management of Daimler AG as well as former board member of Volvo AB, will be exercising the 460,000 Warrants for the subscription of shares in the Company amounting to approximately SEK 1.1 million. Cordes will thereby become a shareholder in Eurobattery with the intention to increase his holdings in the Company in the future.

“Our 2023 has started off strong with positive results, particularly from our Finnish Hautalampi project. We look forward with confidence to the rest of the year and are proud that Eckhard Cordes – a reputable business executive within the European financial sector – has chosen to become a shareholder in Eurobattery Minerals”, says Roberto García Martínez, CEO of Eurobattery.

Terms for the Warrants in brief

For more information about the Warrants, please see the complete terms which are available on the Company’s issue site, investors.eurobatteryminerals.com/en/warrants-series-to3/.

Advisers

Augment Partners AB acted as financial adviser and Bird & Bird Advokat KB acted as legal adviser in the transaction.

About Eurobattery Minerals

Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.

Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se

Stockholm, 27 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM“; in short: “EBM”, “Eurobattery” or “the Company”) received the first results from the research partnership with Uppsala University in collaboration with AGH University of Science and Technology in Krakow, Poland. The results outline new methods for large-scale extraction of rare earth elements (REEs) in its Fetsjön project in Sweden. REEs are critical raw materials for the battery industry & new energy solutions. With almost 100% imports from outside the EU, the region has set a target to increase its self-sufficiency.

Key points

“These are extremely exciting results from our joint research project. According to previous analyses, we know that our Fetsjön project, and bordering Rönnberget, have large occurrences of REEs. As these first results suggest, with a close to 100% recovery rate, this would mean that we have a very significant rare earth elements deposit in hand, where we could apply a new revolutionary recovery method,” said Roberto García Martínez, CEO of Eurobattery Minerals.  

Based on drill core samples from Eurobattery Minerals Fetsjön prospect area in northern Sweden (see appendix 1 for more details about Fetsjön and Rönnberget), the scientists have performed a detailed mineralogical and geochemical study of shales and identified the minerals carrying REEs, mainly apatite. Due to its composition, the Fetsjön carbonate-apatite shale is particularly well suited for leaching REEs by modern methods according to the scientists.

The Uppsala-Krakow team has developed a new, low-cost, and efficient method for beneficiation of REEs from apatites and similar mineralization (please see appendix 2 for more details) to obtain as high as 100% of the REEs from the Fetsjön deposits containing apatites, carbonate minerals, and other REE carriers. Further to this, the process identified is very efficient both from a cost and time perspective as it enables the extraction of REEs using only chemical treatment at low temperatures, thus avoiding the step of mechanical pretreatment and heating. Furthermore, the low-temperature treatment means that the chemical can be recycled and reused again.

“REEs consist of scandium, yttrium, and the lanthanides which are critical components for electrification, so there is a huge demand for raw materials. However, extracting REEs, particularly from apatites, is often very challenging. Therefore, I am excited about the preliminary results from our project showing that our new approach allows obtaining such high percentages and do it solely with chemical treatment of the carbonate-apatite rock,” said Prof. Jaroslaw Majka at Uppsala University. 

EU classifies REEs as critical raw materials; today, the region is almost 100% dependent on imports. EU is therefore pushing for more European recovery of REEs. 

“In this context, Eurobattery Minerals, its project in Fetsjön and the research collaboration play a significant role in increasing Europe’s self-sufficiency of responsibly mined battery minerals,” said Roberto García Martínez. 

The project will now continue with additional tests on detailed characterization. Further, the parties are investigating the opportunity for a large-scale pilot plant in the near future.  

The research project is conducted by Prof. Jaroslaw Majka at Uppsala University and Prof. Maciej Manecki at AGH University of Science and Technology in Krakow supported by Ph.D. candidate Julia Sordyl representing both universities. 

For more information, please see the enclosed attachment.

About Eurobattery Minerals

Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.

Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se

Stockholm, 22 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today announces that FinnCobalt Oy has submitted Hautalampi-projects environmental impact assessment (EIA) update report to the North Karelia Centre for Economic Development, Transport, and the Environment (“ELY-centre “) for official review as part of the assessment. Eurobattery Minerals owns 40 % of FinnCobalt Oy and Hautalampi project and has decided to acquire additional 30 %.

“Completing the environmental impact assessment is critical in our journey to mine battery minerals in Hautalampi, and to do it responsibly. Following this, our team in Finland will immediately proceed with the environmental permit application”, said Roberto García Martínez, CEO of Eurobattery Minerals. 

The recently updated EIA assessment will present the most updated status of the Hautalampi mine project’s environment, the environmental effects of the assessed options, their significance, and a comparison of the assessed options. The now-delivered update gives detailed information about the project’s effect on the groundwater level, bedrock subsidence, blasting vibrations and discharge water quality, and impact on the receiving watercourse. Also, the project mass and water usage balance have been updated to reflect the current planning status.  

The report comprises two different options for the tailings storage facility. Envineer Oy has compiled the assessment together with FinnCobalt Oy’s personnel and other consultants.

The EIA procedure commenced in December 2020 when the EIA program was submitted to the authorities. The EIA assessment and recent updates have been drafted based on the EIA program and the competent authority’s official statements on the program.

The EIA procedure will continue with a public hearing and will be concluded by the authorities’ official reasoned conclusion, which is due latest 4 months from filing the EIA. FinnCobalt has informed Eurobattery Minerals AB that it will immediately proceed with the environmental permit application.

The report will be available (only in Finnish) here https://www.ymparisto.fi/yva-hankkeet?n5=1.

About Eurobattery Minerals

Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.

Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se

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