NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SWITZERLAND, SINGAPORE, SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS PRESS RELEASE WOULD BE UNLAWFUL, BE SUBJECT TO LEGAL RESTRICTIONS OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.

Stockholm, 5 December 2022 – The Board of Directors of the mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) decided on a rights issue of units amounting to approximately SEK 49.6 million (the "Rights issue") on 31 October 2022, which was approved by the Extraordinary General Meeting on 30 November 2022. The Extraordinary General Meeting also authorised the Board of Directors to decide on an over-allotment issue of units amounting to a maximum of SEK 15.0 million (the "Over-allotment issue") in the event of over-subscription in the Rights issue. Due to the Rights issue, the Board of Directors has prepared a prospectus which has been published today on 5 December 2022. Furthermore, the Company will hold a digital investor meeting with the CEO of the Company, Roberto García Martínez, on 14 December 2022.

In connection with the Rights issue, the Board of Directors of Eurobattery has prepared an EU growth prospectus which today has been approved and registered by the Swedish Financial Supervisory Authority and subsequently published by the Company. The Prospectus is available for download on the Company’s issue site, www.eurobatteryminerals.com/en/rights-issue-2022/, Augment Partner AB’s offer site, www.augment.se/offerings/, on Aqurat Fondkommission AB’s website, www.aqurat.se, and as an attachment to this press release. The Prospectus will also be available on the Swedish Financial Supervisory Authority’s website, www.fi.se/en/. Subscription forms will be available on the websites mentioned above before the subscription period starts on 7 December 2022.

Indicative timetable for the Rights issue

Invitation to the Company’s investor meeting

The CEO of Eurobattery, Roberto García Martínez, will be presenting the Company at an investor meeting on Wednesday 14 December 2022 between 5:00 – 6:00 PM CET. Shareholders and other stakeholders have the opportunity to follow the presentation in real-time and ask questions to the Company during the subsequent Q&A session or, alternatively, watch the event afterwards on Financial Hearings’ webcast.

Registrations for the investor meeting are made on the following link: ir.financialhearings.com/eurobattery-minerals-2022/. Please note that the investor meeting will be held in English.

Advisers

Augment Partners AB is acting as the financial advisor and Bird & Bird Advokat KB is acting as the legal advisor 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.

For more information, please contact

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

Sara Pinto

Phone: +49 (0) 89-1250903-35

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se.

IMPORTANT INFORMATION

Publication or distribution of this press release may in some jurisdictions be subject to statutory and legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in Eurobattery Minerals.

This press release does not constitute an offer to acquire securities in the United States. The securities mentioned herein may not be sold in the United States without registration in accordance with The Securities Act of 1933 or without the application of an exception to such registration. The information in this press release may not be released, published, reproduced or distributed in or to the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Switzerland, Singapore, South Africa, or any other country or jurisdiction where such action is not permitted or such action is subject to legal restrictions or would require further registration or other measures than required by Swedish law. Measures contrary to this instruction may constitute a breach of applicable securities laws.

Stockholm, 30 November 2022 – The shareholders of the mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) held an Extraordinary General Meeting on 30 November 2022 by advance voting, at which the following main resolutions were passed.

New issue of units with pre-emptive rights for the company’s shareholders

The Meeting decided to increase the company’s share capital by not more than SEK 33 044 474 through a new issue of not more than 16,522,237 units, with pre-emptive rights for the company’s shareholders. One unit right will be received for every one existing share held on the record date of 5 December 2022. One unit right entitles the holder to subscribe for one unit.

Authorization regarding Over-Allotment issue

The board was authorized to, on one or more occasions before the next annual general meeting, with or without deviating from the shareholders’ pre-emptive rights, resolve on the issue of a maximum of 5,000,000 units, each of a new share and a new warrant, provided that those who registered for subscription has not received full allotment.

Directed issue of warrants

Formue Nord Fokus A/S was offered to subscribe for a maximum of 3,333,333 new warrants which, when exercised, will result in the issue of a maximum of 3,333,333 new shares and an increase the company’s share capital of a maximum of SEK 3,333,333. The warrants are issued free of charge. The reason for the deviation from the shareholders’ pre-emptive right is an agreement with Formue Nord Fokus A/S regarding a liquidity-efficient repayment of an outstanding convertible.

Directed issue of a convertible

Formue Nord Fokus A/S was offered to subscribe for a convertible with a nominal amount of SEK 10,000,000, which means, upon conversion, the issue of a maximum of 10,000,000 new shares and an increase in the company’s share capital of a maximum of SEK 10,000,000. The reason for the deviation from the shareholders’ pre-emptive right is an agreement with Formue Nord Fokus A/S regarding a liquidity-efficient repayment of an outstanding convertible.

Changes to the articles of association

The Meeting approved to change the articles of association so that the number of shares will be a minimum of 25 000 000 and a maximum of 100 000 000 and the share capital a minimum of 25 000 000 SEK and a maximum of 100 000 000 SEK.

Incentive program for the CEO

The Meeting resolved to adopt an incentive program for the company’s CEO (“LTI 2022”). The three-year program enables the CEO, provided that certain performance goals are achieved, to, free of charge, acquire a maximum of 150 000 shares in the company.

Provided that the performance share rights have been allotted and vested, each performance share right entitles the holder to, during the period from and including 22 November 2025 up until 15 January 2026, either acquire one share at a price corresponding to the quota value of the share or, free of charge, receive a warrant that entitles to the subscription of a share in the company at a subscription price corresponding to the quota value of the share.

To implement the incentive program the company will issue and allot to the company a maximum of 197 139 new warrants.

To ensure delivery of shares or warrants to the participant in LTI 2022, the company will issue a maximum of 150,000 warrants. To hedge the company’s exposure to fees that may arise as a result of the use of performance share rights, the company will issue a maximum of 47,130 warrants. The share capital can increase by a maximum of SEK 197,139. The reason for the deviation from the shareholders’ preferential right is the introduction of LTI 2022. The warrants are issued free of charge.

The maximum dilution for the existing shareholders is 1.8 per cent of the company’s shares. Considering all the company’s outstanding incentive programs, the maximum dilution for the existing shareholders is 6.4 per cent.

Directed issue of shares to company associated with the CEO

Nazgero Consulting Services Ltd, a company controlled by the CEO of Eurobattery, was offered to subscribe for a maximum of 317 910 new shares which, if fully subscribed to, will increase the company’s share capital of a maximum of SEK 317 901. The reason for the deviation from the shareholders’ pre-emptive right is the company’s need to compensate the company’s CEO in a liquidity-efficient way.

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

Sara Pinto

Phone: +49 (0) 89-1250903-35

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se.

Stockholm, 30 November 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today published its interim report for the first nine months of 2022.

“Q3 brought great news from Finland. The JORC compliant report covering the complete Hautalampi project estimates 40% more metals than previously identified! We are now focusing on conducting the preliminary feasibility study that will allow us to predict the economic viability. As announced earlier in November, the additional funding will be instrumental in conducting these analyses and for financing the additional 60% acquisition of the Finnish battery mineral project. Finally, in Spain we have provided all necessary information for the completion of the Environmental and Operating Permit for the Corcel project,” said Roberto García Martínez, CEO of Eurobattery Minerals.

Strategic and operational highlights in the first nine months of 2022

• In January, Eurobattery Minerals AB announced highly satisfactory first assay results from drillings at the Spanish Corcel project: 60 million tonnes of rock with a nickel grade of 0.25% are estimated. The initial assay results are from the first two of seven drill holes carried out in the Castriz prospect area in 2021. Together with Monte Mayor and Monte Castello, Castriz is one of three prospect areas in the Corcel project.

• In February, FinnCobalt Oy, the current owner of the Hautalampi project, informed Eurobattery Minerals about its expansion in eastern Finland via a newly granted reservation for applying for an exploration permit over the highly prospective Varislahti prospect zone. Varislahti covers over 23.6 km² of highly prospective ground and is expected to contain the minerals nickel, cobalt, copper, zinc, and gold. It is ideally located in terms of infrastructure and close to the Hautalampi project. Eurobattery Minerals has the option to acquire 100% of FinnCobalt in a staged process.

• In March, the company announced additional assay results from drillings at the Spanish Corcel project, confirming the results already communicated in January: an estimated 60 million tonnes of rock with a nickel grade of 0.25%. Accreditation of the resource was delayed until Q2 2022 due to Covid-19-related lags on the part of the responsible ALS Global laboratory.

• In March, Eurobattery Minerals also announced the first results from the phase 2 core drilling campaign completed at the Hautalampi Ni-Co-Cu project in eastern Finland. The results indicated that the resource areas in Hautalampi are connected. Such a connection will make intended future mining activities more efficient and economical. As in the case of the Corcel project, the full results for Hautalampi are also delayed due to Covid-19-related lags on the part of the responsible ALS Global laboratory. At the time of the announcement, the results were expected in Q2 2022, along with the mineral resource update according to the JORC.

• At the beginning of April, the company decided to carry out a directed issue of convertibles of SEK 18 million to Formue Nord Fokus A/S. The objective of the directed issue, which is based on the Annual General Meeting’s authorisation of 1 June 2021, is to finance the acquisition of additional shares in FinnCobalt in line with existing agreements, to finance additional value-creating investments, and to create flexibility in acquiring other projects or parts thereof.

• In May, Eurobattery Minerals completed another step towards realising the Finnish Hautalampi battery mineral project as the environmental impact assessment (EIA) report was submitted. The EIA report will present the status of the environment of the Hautalampi mine project as well as the environmental impact of the assessed options and their significance. As soon as the environmental compatibility of the Hautalampi project is officially confirmed, one of the conditions for Eurobattery Minerals to start mining at Hautalampi will be fulfilled.

• On 31 May, Eurobattery Minerals took another critical step in realising a battery mineral mine in Finland as the company purchased 40% of the Finnish Hautalampi battery mineral mine project from its current owner FinnCobalt. This was the first time that the company had exercised its option to acquire 100% of the shares in FinnCobalt in a staged process. As announced about two years ago, Eurobattery Minerals plans to acquire 100% of the shares in FinnCobalt by 2024 at the latest.

• In June, Eurobattery Minerals received the independent NI 43-101 report for the Castriz deposit, which is one part of the Corcel project. The report covered 10% of the deposit and concluded that this part alone contains the amount of nickel needed for 500,000 car batteries. Considering that the Castriz deposit has a nickel grade of 0.23%, Eurobattery Minerals will be able to produce minerals for a few million car batteries with a capacity of 60 kWh in the future.

• In June, the company was also appointed as the new Vice-President of the Swedish-Spanish Chamber of Commerce (Cámara de Comercio Hispano Sueca). The two-year vice-presidency is shared with the renowned Swedish car manufacturer Volvo Cars. Within its office, the company will benefit from networking with professionals and representatives in terms of the economy and politics, among others. In addition, the company will actively promote the green transition, which will see its battery mineral projects, also needed for zero-emission mobility, receive additional EU funding.

• On 1 July, the company announced the closing of the acquisition of the 40% stake in FinnCobalt Oy, the current owner of the ground and all mining rights of the Finnish Hautalampi nickel-cobalt-copper project. In conjunction with the transaction, the Board of Directors of Eurobattery Minerals completed a directed issue of 802,734 shares with a total value of EUR 1,000,002. In addition, EUR 250,000 in cash was paid to the three current owners of FinnCobalt.

• In August, the company presented the results from a new German survey on consumers’ attitudes to battery minerals in connection with buying a car. The survey, conducted by analyst company YouGov concluded, among other things, that 48% are willing to pay a higher price for sustainable battery production and 57% support more mining in Europe for critical minerals.

• In August, Eurobattery Minerals took another important step in preparing for a mine in its Spanish Corcel project as the necessary information for completion of the Environmental and Operating Permit was submitted to the Energy & Mining Service of La Coruña. In order to obtain these permits, Eurobattery Minerals has now submitted the Exploitation Project, the Environmental Impact Study, and the Restoration Plan to the local authorities. 

• In September, Eurobattery Minerals announced that FinnCobalt Oy, the majority owner of the Hautalampi project, had received a request for additional information for the Hautalampi project Environmental Impact Assessment (EIA) Report from the North Karelia Centre for Economic Development, Transport, and the Environment. Eurobattery Minerals view is that these requirements will help and speed up the process of the final environmental permit application and that the work to complete the EIA and preparation of the final environmental permit application will commence simultaneously.

• In September, the company announced an updated resource estimate on the Hautalampi project. The independent JORC-compliant estimate prepared by AFRY Finland Oy concludes that compared to the previous analysis in 2021, the available mineral resources in the mine project have almost doubled with approx. 40% more metals. The new estimate exceeds Eurobattery Minerals’ previous expectations and confirms that the Hautalampi mine project has over a third more battery minerals available than expected. The company is now conducting further technical and financial evaluations of the project viability.

Key financial figures for Q3 2022

• Net sales amounted to SEK 0 thousand (Q3 2021: SEK 0 thousand).

• Operating income after depreciation/amortisation and financial items totalled SEK -3,857 thousand (Q3 2021: SEK -5,621 thousand).

• Earnings per share after financial items before dilution amounted to SEK -0.25 (Q3 2021: SEK -0.36).

• Earnings per share after financial items after dilution amounted to SEK -0.23 (Q3 2021: SEK -0.36).

• Cash flow from operating activities was SEK 2,580 thousand (Q3 2021: SEK -5,406 thousand).

Key financial figures for the first nine months of 2022

• Net sales amounted to SEK 0 thousand (9M 2021: SEK 0 thousand).

• Operating income after depreciation/amortisation and financial items totalled SEK -16,260 thousand (9M 2021: SEK -12,463 thousand).

• Earnings per share after financial items before dilution amounted to SEK -1.06 (9M 2021: SEK -0.79).

• Earnings per share after financial items after dilution amounted to SEK -0.98 (9M 2021: SEK -0.79).

• Cash flow from operating activities was SEK -9,945 thousand (9M 2021: SEK -10,604 thousand).

Significant events after the reporting period

• In October Eurobattery Minerals received the complete JORC-compliant report entitled “Hautalampi Ni-, Cu-, Co-Deposit Mineral Resource Estimate, Outokumpu, Finland”. The independent report prepared by AFRY Finland Oy concludes that, compared to the previous analysis in 2021, the available mineral resources in the mine project have almost doubled with around 40% more metals.

• In October, Eurobattery Minerals decided on a rights issue of approx. SEK 49.6 million and proposed an authorisation for an over-allotment issue of an additional approx. SEK 15 million and decided on the issue of a convertible loan of SEK 10 million. Approximately SEK 24.8 million of the rights issue is secured by subscription and underwriting commitments, which correspond to 50.0% of the rights issue. The subscription period for the rights issue commences on 7 December and ends on 21 December 2022. With the additional funding, Eurobattery Minerals intends to complete the acquisition of 100% of the Hautalampi project from its current owner FinnCobalt during the first half of 2023. In addition to the completion of the acquisition of Hautalampi, the company also expects to publish an updated preliminary economic assessment (PEA) and a preliminary feasibility study (PFS) for Hautalampi during Q1 2023. As for Eurobattery Minerals’ Corcel project in Spain, the company expects to publish new metallurgical results in Q4 2022 and to start a third drilling campaign in Q1 2023, with the aim of accelerating Corcel to the same project stage as Hautalampi.

• In November, Eurobattery Minerals announced that the Swedish Mining Inspectorate has decided that all Eurobattery Minerals exploration permits have been automatically extended by one year. The extension is a result of legislative change mitigating the effects of Covid-19, which extends the validity of all exploration permits that were in force on 9 June this year.

• In November, Eurobattery Minerals received the final verdict of the Hautalampi mining concession proceeding. The completed mining concession proceeding in Hautalampi brings Eurobattery Minerals one step closer to a much-needed European battery mineral mine. According to Finnish mining law, the company now has the full right to exploit all the mineral resources in the area.

• In November Eurobattery Minerals announced that Ilari Kinnunen has been appointed new Managing Director (MD) of FinnCobalt Oy in Finland as of 01^st of March 2023, replacing the current MD Markus Ekberg, who will be retiring. Markus Ekberg will continue as the Chairman of the Board of FinnCobalt Oy. Ilari Kinnunen, will be responsible for the development and operations of Hautalampi battery mineral mine development project.

Detailed financial information

The interim report January – September 2022 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).

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 Roberto García Martínez, CEO of Eurobattery Minerals AB, on 30 November 2022 at 07:30 CET.

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

Sara Pinto

Phone: +49 (0) 89-1250903-35

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se.

Stockholm, 25 November 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today announced that Mr. Ilari Kinnunen has been appointed new Managing Director (MD) of FinnCobalt Oy in Finland as of 01^st of March 2023, replacing the current MD Markus Ekberg, who will be retiring. Markus Ekberg will continue as the Chairman of the Board of FinnCobalt Oy. Mr. Ilari Kinnunen, will be responsible for the development and operations of Hautalampi battery mineral mine development project. Eurobattery Minerals owns 40% of the FinnCobalt Oy and Hautalampi project and has the option to acquire 100%.

“I am very pleased to welcome Ilari to Eurobattery Minerals. With his experience, he will be instrumental in developing our battery mineral project in Finland into a mine. At the same time, I would like to express my big gratitude to Markus, who has been a critical part of our operations in bringing us this far. In his position, he has paved the way for a very promising battery mineral mine in Finland,” said Roberto García Martínez, CEO of Eurobattery Minerals.

Ilari Kinnunen brings almost 20 years of experience in different roles in the mining sector. Most recently, he was the Senior Mining Manager in Finland at global company Elementis Minerals Oy, where he previously held several other senior positions. Ilari has an M. Sc. in Mineral Engineering from the Aalto University, department of chemistry and material science. He will be based in Outokumpu in Finland, where the Hautalampi project is located. 

“I am excited to join Eurobattery Minerals and take on the responsibility of developing the highly promising Hautalampi mine project with the rest of the talented team. Having the full right to exploit all the mineral resources in the mining concession area the pre-feasibility study is our next priority,” said Ilari Kinnunen. 

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 FinnCobalt Oy

Markus Ekberg – Managing Director

E-mail: markus.ekberg@finncobalt.com

Phone +358 40 706 4850

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

Sara Pinto

Phone: +49 (0) 89-1250903-35

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se.

Stockholm, 16 November 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”), today announces that it has received the final verdict of the Hautalampi mining concession proceeding. The final verdict has an appeal period of 30 days. Eurobattery Minerals owns 40% of the FinnCobalt Oy and Hautalampi project. Eurobattery Minerals plans to acquire the remaining 60% of the owner company FinnCobalt Oy during the first half of 2023.  

The mining concession will give FinnCobalt Oy all rights to exploit all mineral resources located in the mining concession area (a map of the area is attached in the appendix). The Company already owns 93% of the total concession area of 277 hectares. The remaining land hold is owned by the local parish and private landowners that will be paid a compensation of a total of EUR 27,000 due in three months’ time.

“The completed mining concession proceeding in Hautalampi brings us one step closer to a much-needed European battery mineral mine. We now have the full right to exploit all the mineral resources in the area according to Finnish mining law. Along with completing the environmental permit application, we are planning for the pre-feasibility study at the beginning of 2023,” said Roberto García Martínez, CEO of Eurobattery Minerals AB

Attached to this press release is an appendix with a map of the mining concession area.

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

Sara Pinto

Phone: +49 (0) 89-1250903-35

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.

Stockholm, 14 November 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today announced the extension of all its seven exploration permits in Sweden with one year.

“I am pleased that we have extended our exploration permits in Sweden. We need more mines in Europe to meet the need for responsible and European mined battery minerals to power the electric revolution as well as clean energy. Several of our Swedish projects have the potential to provide these critical raw materials and could thus contribute to an increased self-sufficiency of battery minerals in Europe,” said Roberto García Martínez, CEO of Eurobattery Minerals.

The Swedish Mining Inspectorate has decided that all Eurobattery Minerals exploration permits have been automatically extended by one year. The extension is a result of legislative change mitigating the effects of Covid-19, which extends the validity of all exploration permits that were in force on 9 June this year.

Eurobattery Minerals held seven (7) exploration permits for battery minerals in Sweden and the Swedish Mining Inspectorate has confirmed that all of these have now been extended one year.

Below is a list with all Eurobattery Minerals held exploration permits in Sweden including mineral and metal focus along with its location.

• Bruksberget – copper, silver, and gold. Located in Västernorrland.
• Brännkammen – silver, zinc, lead and gold. Located in Västerbotten.
• Fetsjön 1 – nickel, vanadium, and molybdenum. Located in Västerbotten
• Pahtavaara – copper and gold. Located in Norrbotten.
• Pietarasjärvi – copper. Located in Norrbotten.
• Rönnberget 1 – nickel, vanadium, and molybdenum. Located in Västerbotten.
• Sörtjärn – zinc, lead and gold. Located in Västerbotten.

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

Sara Pinto

Phone: +49 (0) 89-1250903-35

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se

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The Board of Directors of Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: "Eurobattery" or the "Company") has today, subject to the approval of the Extraordinary General Meeting on 30 November 2022, decided to carry out a rights issue of a maximum of 16,522,237 units (the "Rights issue"). One (1) unit consists of one (1) share and one (1) warrant. The subscription price for a unit is SEK 3.00, whereby Eurobattery upon full subscription in the Rights issue would obtain approximately SEK 49.6 million before issue costs. For each (1) existing share in the Company, one (1) unit right is obtained. One (1) unit right entitles the holder to subscribe for one (1) unit. The subscription period commences on 7 December and ends on 21 December 2022. The Board of Directors has also decided to propose that the Extraordinary General Meeting authorises the Board of Directors to decide on an over-allotment issue of units of approximately SEK 15.0 million (the "Over-allotment issue") on the same terms as in the Rights issue. In connection with the Rights issue, the Company has undertaken to partially repay the outstanding convertible loan to Formue Nord Fokus A/S, which has committed to set off the rest of the convertible loan against a newly issued convertible loan of SEK 10.0 million (the "Convertible issue"). As part of the agreement regarding the repayment of the outstanding convertible loan, Formue Nord Fokus A/S will receive 3,333,333 warrants of the same series as the warrants issued through the Rights Issue free of charge. Upon full subscription in the Rights Issue, the number of shares in the Company will increase by 16,522,237 shares, and upon full utilisation of the Over-allotment issue, the number of shares will increase by an additional 5,000,000 shares before any exercise of warrants. In addition, the number of shares can increase by a maximum of 24,855,570 shares upon full utilisation of all warrants, assuming full subscription in the Rights issue and the Over-allotment issue. The proceeds from the Rights issue and the warrants will be used for partial repayment of the current convertible loan to Formue Nord Fokus A/S, completion of the acquisition of FinnCobalt Oy ("FinnCobalt"), as well as to finance the development of the mining operations in Hautalampi and Corcel. The Rights issue is secured to approximately SEK 24.8 million, corresponding to 50.0 per cent of the Rights issue, by subscription and underwriting commitments.

The transaction in brief

• Upon full subscription in the Rights issue, Eurobattery will obtain gross proceeds of SEK 49.6 million, before issue costs, and an additional SEK 15.0 million upon full utilisation of the Over-allotment issue. In the event of full utilisation of the warrants, including the warrants issued to Formue Nord Fokus A/S, the Company can obtain a minimum of approximately SEK 24.9 million and a maximum of approximately SEK 96.9 million, assuming full subscription in the Rights issue and the Over-allotment issue.
• The subscription price in the Rights issue is SEK 3.00 per unit, corresponding to SEK 3.00 per share (the warrants are obtained free of charge).
• For each (1) existing share held on the record date, one (1) unit right is obtained in the Rights issue. One (1) unit right entitles the holder to subscribe for one (1) unit. One (1) unit consists of one (1) share and one (1) warrant.
• The record date is 5 December 2022, which means that the last day of trading in the Company's share including the right to participate in the Rights issue is 1 December 2022, and the first day of trading in the Company’s shares excluding the right to participate in the Rights issue is 2 December 2022.
• The subscription period in the Rights issue commences on 7 December and ends on 21 December 2022.
• The Rights issue is secured to approximately 3.4 per cent by subscription commitments (approximately SEK 1.7 million) and to 46.6 per cent by underwriting commitments (approximately SEK 23.1 million). Thus, the Rights issue is secured to approximately 50.0 per cent.
• The subscription price for the subscription of shares by exercise of warrants will be determined based on the volume-weighted average price of the Company’s shares on NGM Nordic SME from 6 March to 17 March 2023 with a discount of 30 per cent, however, not less than the nominal share price (SEK 1.00) and no more than SEK 3.90.
• Each (1) warrant will entitle the holder to subscribe for one (1) new share during the period ranging from 20 March to 31 March 2023.
• The Company has undertaken to partially repay the outstanding convertible loan to Formue Nord Fokus A/S, which has committed to set off the rest of the convertible loan against a newly issued convertible loan with a nominal value of SEK 10.0 million, which will entitle to the subscription of a maximum of 2,500,000 new shares until 21 December 2023. Formue Nord Fokus A/S will also receive 3,333,333 warrants of the same series as the warrants issued through the Rights Issue.
• The net proceeds from the Rights issue and the warrants will be used to partially repay the current convertible loan to Formue Nord Fokus A/S (SEK 8.0 million), complete the acquisition of FinnCobalt (SEK 6.0 million) and to finance and develop the mining operations in Hautalampi (SEK 20.0 million) and Corcel (SEK 20.0 million). Additional net proceeds will be used to strengthen the Company’s capital structure as well as to generate financial flexibility for future potential M&A transactions.

Background and motive in brief

Eurobattery is a mining and exploration company that conducts targeted mineral exploration in Europe with a focus on raw materials for the ongoing electrification (for example nickel, copper and cobalt). The Company currently has two flagship projects focusing on nickel, cobalt and copper in northwestern Spain and eastern Finland.

Since 1 July 2022, Eurobattery holds 40 per cent of FinnCobalt Oy and the Hautalampi project due to the investment agreement that was signed in May 2020. The Company intends to complete the acquisition of 100 per cent of the shares in FinnCobalt during the first half of 2023. The development in Hautalampi has been favourable and in June 2021 the Company was able to increase the project’s measured, indicated and inferred resource tonnage by approximately 100 per cent and the metal content by approximately 50 per cent. In October 2022 the Company was able to confirm a further increase in the metal content of approximately 40 per cent. In addition to the completion of the acquisition of Hautalampi, the Company expects to publish an updated preliminary economic assessment (PEA) and a preliminary feasibility study (PFS) for Hautalampi during Q1 2023.

The Spanish Corcel project has also shown good progress since the Company’s acquisition of Corcel Minerals S.L. in February 2019. During June 2022, based on previous studies and established NI 43-101 report, the Company was able to estimate the deposit at approximately 60 million tonnes with a significant nickel content. With only 10 per cent of the deposit, the Company could supply nickel for the production of at least 500,000 car batteries. In August 2022, Corcel was taken one step closer to its mining phase when the necessary information for completion of the environmental impact statement and the operating permit was submitted to local authorities. The Company is expected to publish new metallurgical results in Q4 2022 and to start a third drilling campaign in Q1 2023, with the aim of accelerating Corcel to the same project stage as Hautalampi.

With respect to Eurobattery's development plans, the Company’s assessment is that the existing working capital is not sufficient to finance the operations going forward. Thus, the Board of Directors has decided, subject the approval of the Extraordinary General Meeting on 30 November 2022, to carry out the Rights issue of units of approximately SEK 49.6 million. The net proceeds from the Rights Issue and any exercise of the associated warrants are intended to be used for the following purposes, arranged in order of priority:

• Convertible loan – SEK 8.0 million for partial repayment of the current convertible loan to Formue Nord Fokus A/S.
• Acquisition – SEK 6.0 million to complete the acquisition of all shares in FinnCobalt.
• Hautalampi – SEK 20.0 million for base work and construction of the Hautalampi mining facility.
• Corcel – SEK 20.0 million to be used for financing of a new drilling campaign in Corcel.
• Additional net proceeds will be used to strengthen the Company’s capital structure as well as to generate financial flexibility for potential future M&A deals, which are continuously being evaluated by the Company's Board of Directors.

In order to take advantage of an over-subscription in the Rights issue, the Company has undertaken to offer additional units, corresponding to a maximum of SEK 15.0 million through the Over-allotment issue. The net proceeds from the Over-allotment issue and the warrants are intended to contribute to increased financial flexibility with respect to what has been described above.

Terms of the Rights issue, the Over-allotment issue and the Convertible issue

The Board of Directors of Eurobattery has today, on 31 October 2022, subject to the approval of the Extraordinary General Meeting on 30 November 2022, decided to carry out a Rights issue of a maximum of 16,522,237 units with preferential rights for existing shareholders. The Board of Directors has also proposed the Extraordinary General Meeting to authorise the Board of Directors to decide on an Over-allotment issue of SEK 15.0 million (5,000,000 units) in order to take advantage of any over-subscription in the Rights issue.

The main terms of the Rights issue are presented below:

• Anyone who is registered as a shareholder in Eurobattery on the record date, 5 December 2022, will receive one (1) unit right for every (1) existing share. One (1) unit right entitles the holder to subscribe for one (1) unit. One (1) unit consists of one (1) share and one (1) warrant.
• The last day of trading in the Company's share including the right to participate in the Rights issue is 1 December 2022, and the first day of trading in the Company's share excluding the right to participate in the Rights issue is 2 December 2022.
• The unit rights are expected to trade on NGM Nordic SME from 7 December to 16 December 2022.
• The subscription price is SEK 3.00 per unit, corresponding to SEK 3.00 per share (the warrants are obtained free of charge). The subscription price corresponds to a discount of approximately 67.4 per cent compared to the volume-weighted average price of the Company's share on NGM Nordic SME during the ten trading days between 17 December and 28 October 2022, and a discount of approximately 50.8 per cent to the corresponding theoretical ex-rights price ("TERP") assuming full subscription in the Rights issue.
• The subscription period commences on 7 December and ends on 21 December 2022.
• The Rights issue consists of an issue of a maximum of 16,522,237 shares and 16,522,237 warrants, implying gross proceeds of approximately SEK 49.6 million upon full subscription before any exercise of warrants. In the event of full utilisation of the Over-allotment issue, an additional maximum of 5,000,000 shares and 5,000,000 warrants may be issued, resulting in additional gross proceeds of SEK 15.0 million before any exercise of warrants.
• Each (1) warrant issued will give the right to subscribe for one (1) new share in the Company during the period from 20 March to 31 March 2023.
• The subscription price for subscription of shares by exercise of warrants will be determined based on the volume-weighted average price of the Company's share on NGM Nordic SME from 6 March to 17 March 2023 with a discount of 30 per cent. However, the subscription price will not be less than the nominal share price, SEK 1.00, and no more than SEK 3.90. Upon full subscription in the Rights issue and the Over-allotment issue, full utilisation of the warrants, including the warrants issued to Formue Nord Fokus A/S,  will generate additional gross proceeds to the Company of at least approximately SEK 24.9 million and at most approximately SEK 96.9 million.
• For existing shareholders who do not participate in the Rights issue the dilution will be 50.0 per cent in the case of full subscription in the Rights issue and an additional 13.1 per cent in the case of full utilisation of the Over-allotment issue, assuming full subscription of the Rights Issue. Under the condition of full subscription in the Rights issue and the Over-allotment issue, as well as full utilisation of all the corresponding warrants and the warrants issued to Formue Nord Fokus A/S, the maximum dilution amounts to 73.7 per cent.

The subscription price and the other terms of the Over-allotment issue are the same as those of the Rights issue.

Since 7 April 2022, Eurobattery has an outstanding convertible loan with a nominal value of SEK 18.0 million to Formue Nord Fokus A/S, which entitles the holder to conversion of up to 1,200,000 new shares in the Company at a conversion price of SEK 15.0 per share. In connection with the Rights issue, the Company has undertaken to repay SEK 8.0 million of the current convertible loan to Formue Nord Fokus A/S, who has committed to offset the remaining convertible loan against a newly issued convertible loan with a nominal value of SEK 10.0 million. As part of the agreement regarding the repayment of the outstanding convertible loan, Formue Nord Fokus A/S will obtain 3,333,333 warrants free of charge, of the same series as those issued free of charge as part of the Rights issue. The terms of the convertible, including the conversion price, have been established through negotiations with Formue Nord Fokus A/S and are deemed by the Board of Directors to be at market. The main conditions for the Convertible issue are stated below:

• A convertible loan of a nominal value of SEK 10.0 million, which carries the right to convert to 2,500,000 new shares until 21 December 2023 at a conversion price of SEK 4.00.
• Minimum conversion amount of SEK 2.5 million per occasion.
• In the event that the entire convertible loan is not converted, the loan must be repaid in full on 21 December 2023 at the latest.
• The convertible loan has an annual interest of 12 per cent, to be paid on a quarterly basis and on the final due date.
• Upon full conversion of the convertible, the share capital will increase by SEK 2,500,000 and the number of shares by 2,500,000 shares, implying a maximum dilution of approximately 3.8 per cent under the assumption of full subscription of the Rights issue, the Over-allotment issue and full utilisation of the corresponding warrants and the warrants issued to Formue Nord Fokus A/S.
• The commitment fee amounts to 5 per cent of the loan amount.
• In the event that the Company carries out a directed issue of shares, the holder of the convertible loan has the right, during a period of 10 days, to convert the entire convertible loan at a conversion price corresponding to the issue price in the directed issue.

Subscription and underwriting commitments

Prior to the publication of the Rights issue, the Company's Chairman Henrik Johannesson, Board member and CEO Roberto García Martínez (through fully owned company), and CFO Mattias Modén (through fully owned company) have entered into subscription commitments corresponding to their respective pro-rata shares amounting to a total of approximately SEK 1.3 million, or 2.6 per cent, of the Rights issue. In addition, current shareholders have entered into subscription commitments amounting to a total of approximately SEK 0.4 million, or 0.8 per cent. Furthermore, Roberto García Martínez, as well as a consortium of existing and external investors have entered into underwriting commitments amounting to a total of approximately SEK 23.1 million, or 46.6 per cent, of the Rights Issue.

The subscription commitments do not entitle to any compensation. The underwriting commitments entitle to an underwriting fee amounting to twelve (12) per cent in cash, implying a maximum cash cost of approximately SEK 2.8 million for the Company, or alternatively, fourteen (14) per cent in the form of units. The subscription price for the units referred to in the underwriting compensation will be based on the volume-weighted average price for the Company's shares during the subscription period for the Rights issue, but not less than SEK 3.00.

Overall, the Rights issue is secured by subscription and underwriting commitments amounting to a total of approximately SEK 24.8 million, corresponding to 50.0 per cent of the Rights issue. Neither the subscription commitments nor the underwriting commitments are secured by bank guarantees, escrow funds, pledge or similar arrangements.

Indicative timetable for the Rights issue

Extraordinary General Meeting

The Board of Directors’ decision on the Rights issue is conditional on the approval of the Extraordinary General Meeting on 30 November 2022. The Extraordinary General Meeting on 30 November 2022 is also proposed to decide on the Convertible issue and to authorise the Board of Directors to decide on the Over-allotment issue. The decision on the Rights issue also assumes, and is conditional on, that the limits on share capital and number of shares in the Company's articles of association are changed in accordance with the Board of Directors’ proposal for the Extraordinary General Meeting. Notice to the Extraordinary General Meeting will be published through a separate press release.

Prospectus

The terms and conditions of the Rights issue and the Over-allotment issue will be included in the Company's EU growth prospectus, which is expected to be published on 2 December 2022. The prospectus and subscription form will be available on the Company's website, www.eurobatteryminerals.com/ir/.

Disclaimer

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 Roberto García Martínez, CEO of Eurobattery Minerals AB, on 31st of October 2022 at 07:30 CET.

Advisers

Augment Partners AB is acting as the financial advisor and Bird & Bird Advokat KB is acting as the legal advisor in the transaction.

For more information, please contact

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

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.

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.

IMPORTANT INFORMATION

Publication or distribution of this press release may in some jurisdictions be subject to statutory and legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in Eurobattery Minerals.

This press release does not constitute an offer to acquire securities in the United States. The securities mentioned herein may not be sold in the United States without registration in accordance with The Securities Act of 1933 or without the application of an exception to such registration. The information in this press release may not be released, published, reproduced or distributed in or to the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Switzerland, Singapore, South Africa, or any other country or jurisdiction where such action is not permitted or such action is subject to legal restrictions or would require further registration or other measures than required by Swedish law. Measures contrary to this instruction may constitute a breach of applicable securities laws.

Eurobattery Minerals has decided to postpone the publication of the interim report for the third quarter of 2022. Previously communicated date of publication was 18 November 2022 and new date of publication is Wednesday 30 November 2022.

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

Sara Pinto

Phone: +49 (0) 89-1250903-35

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.

Stockholm, 18 October 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”), today announces that it has received the complete JORC-compliant report entitled “Hautalampi Ni-, Cu-, Co-Deposit Mineral Resource Estimate, Outokumpu, Finland”. The company already announced the findings of the report on 29 September 2022.

The independent JORC-compliant report prepared by AFRY Finland Oy concludes that, compared to previous analysis in 2021, the available mineral resources in the mine project has almost doubled with around 40% more metals. Eurobattery Minerals owns 40% of the Hautalampi project and have the option to acquire 100% from its current majority owner FinnCobalt.

“I am delighted that the final report confirms that our Finnish mine project is a significant source for responsible mined battery minerals in Europe with almost 40% more metals than previous estimates. We are now conducting further technical and economical evaluations of the viability of our Finnish battery mineral project,” Roberto García Martínez, CEO of Eurobattery Minerals, comments the independent report.

The mineral resource is calculated using a database containing approximately 86,500 meters of diamond core drilling including 4,600 meters drilled during the 2021 campaign.

The report has been prepared by AFRY Finland Oy and can be downloaded at:

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. He 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 report. Mr. Seppä owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

Sara Pinto

Phone: +49 (0) 89-1250903-35

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.

Stockholm, 29 September 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”) today announces that it has received an updated resource estimate on the Hautalampi project. The independent JORC-compliant estimate prepared by AFRY Finland Oy concludes that compared to previous analysis in 2021, the available mineral resources in the mine project has almost doubled with almost 40% more metals. Eurobattery Minerals owns 40% of the Hautalampi project and have the option to acquire 100% from its current majority owner FinnCobalt.

“I am extremely pleased! The new estimate exceeds our previous expectations and confirms that the Hautalampi mine project has more than 1/3 more battery minerals available than what was thought. It’s a significant discovery and sends a strong message – our Finnish mine project have all the prerequisites to be an important source for responsible mined battery minerals powering the European automotive and clean energy sector,” said Roberto García Martínez, CEO of Eurobattery Minerals.

Key information and findings

New area covered: The new resource estimate prepared by AFRY Finland Oy includes newly estimated Hautalampi area and its North-Eastern extension known as the Mökkivaara area. Both areas have been the target of the year 2021 core drilling campaign, which was completed in December 2021.

Significant tonnage increase: Compared to the estimate by AFRY Finland Oy in 2021, the total tonnage in the measured, indicated, and inferred resource categories tonnage has almost doubled and contained metal increased approximately 39% in the mine lease area.

JORC-code compliant: The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC-code). The mineral resource is estimated using a database containing approximately 86,500 meters of diamond core drilling including 4,600 meters drilled during the 2021 campaign.

Next steps: With the resource update in hand, Eurobattery Minerals will now conduct further technical and economical evaluations of the project viability. This includes investigate different downstream processing and off-take options to receive maximum revenue especially from the Nickel-Cobalt concentrate

Details about the Hautalampi and Mökkivaara deposit measured and indicated mineral resource

• 9.3 million tonnes (Mt) at an average grade of Ni 0.28%, Cu 0.19% Cu and Co 0.07%
• Contained metal Ni 26,100 tonnes, Cu 17,700 tonnes and Co 6,200 tonnes in the measured and indicated category
• Additional inferred resources at Hautalampi area 0.2 Mt at an average grade of Ni 0.21%, Cu 0.12% and Co 0.02%.

The north-east extension of the mineralization, Mökkivaara deposit, with following inferred resource:

• 3.2 Mt at an average grade of Ni 0.22%, Cu 0.13% and Co 0.05%
• Contained metal: Ni 7,000 tonnes, Cu 4,100 tonnes and Co 1,600 tonnes

The mineral resource is estimated using a database containing approximately 86,500 meters of diamond core drilling including 4,600 meters drilled during the 2021 campaign.

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. He 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.

Report availability

The complete report on Hautalampi and Mökkivaara deposit project mineral resources estimate will be published on the Eurobattery Minerals AB and FinnCobalt Oy web pages as soon as the companies will receive the report. This is expected in October 2022.

In the attached appendix detailed information about resource estimates and estimations principles can be found along with maps of the Hautalampi project.

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 Roberto García Martínez, CEO of Eurobattery Minerals AB, on 29 September at 07:30 CEST.

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

Sara Pinto

Phone: +49 (0) 89-1250903-35

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.

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