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Stockholm, 24 May 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 FinnCobalt Oy, current owner of the Hautalampi project, has submitted the Hautalampi project Environmental Impact Assessment (EIA) Report to the North Karelia Centre for Economic Development, Transport and the Environment (“ELY-centre“) for official review. The EIA report will present the current status of the environment of the Hautalampi mine project, the environmental impact of the assessed options as well as 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.
“We are very pleased that we have now completed this important step. The environmental impact assessment is a key part in our business strategy to establish a battery mineral mine and provide responsible mined European minerals. The report is comprehensive and includes all the environmental aspects of the Hautalampi project,” comments Roberto García Martínez, CEO of Eurobattery Minerals AB.
The report comprises two different options for the Tailings Storage Facility and two options for the discharge waters and has been drafted based on the EIA-programme and the competent authority’s official conclusion on the programme. The official conclusion of the Environmental Impact Assessment report is expected on 22 September 2022. FinnCobalt Oy will commence the preparation of the Environmental Permit Application immediately and will submit the application in due course.
The report has been compiled by Envineer Oy together with FinnCobalt Oy own personnel and other consultants and is available (in Finnish) at the following links:
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
Linda Lenz
Phone: +49 (0) 172 834 18 92
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, 20th of May 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), published its figures for the first quarter of 2022 today.
“We are proud and happy about the in every sense strongest quarter in our company’s history. Backed by our directed issue of convertibles, we received SEK 18 million right at the beginning of this year’s second quarter. We will use this funding to acquire additional shares in FinnCobalt Oy, the current owner of the ‘Hautalampi’ mine, and for other potentially value-creating investments and projects. We have laid the foundation for the first mineral sales in 2023. Nothing can stop us from achieving that,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Strategic and operational highlights Q1 2022
- EBM achieved exceptional exploration results for nickel, copper, and cobalt in the Spanish “Corcel” project: the deposit in Castriz comprises an estimated 60 million tonnes of mineralised rock with a nickel content of 0.25%. Accreditation of the resource by the responsible ALS Global laboratory will take place still in Q2 2022.
- Expansion of operations in Finland: FinnCobalt Oy received an exploration permit for the promising “Varislahti” project located approximately 10 kilometers from “Hautalampi” project. The prospect area contains cobalt, copper, and nickel, among other minerals, and is ideally connected to FinnCobalt’s infrastructure and current operating base.
- Initial assay results and sightings from phase 2 drilling campaign at Hautalampi provide concrete evidence that the two mineral resources “Hautalampi” and “Mökkivaara” are interconnected. A connection between the two deposits would make future mining operations at Hautalampi more efficient and economical. Accreditation also of this resource by the responsible ALS Global laboratory will take place still in Q2 2022, along with the mineral resource update according to the JORC code.
Key financial figures Q1 2022
- Net sales amounted to SEK 0 thousand (Q1 2021: SEK 0 thousand).
- Operating profit/loss after financial items totalled SEK -2,357 thousand (Q1 2021: SEK -2,721 thousand).
- Earnings per share after financial items amounted to SEK -0.15 (Q1 2021: SEK -0.17).
- Cash flow from operating activities was SEK 540 thousand (Q1 2021: SEK -2,048 thousand).
Significant events after the period (January–March 2022)
- 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 authorization of 1 June 2021, is to finance the acquisition of additional shares in FinnCobalt Oy in line with existing agreements, and to finance additional value- creating investments as well as to create flexibility in acquiring other projects or parts thereof.
Detailed financial information
The Q1 2022 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).
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 20th of May 2022 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
Linda Lenz
Phone: +49 (0) 172 834 18 92
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, 16th of May 2022 – The Board of Directors of Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) has decided that the Company’s Annual General Meeting, which was scheduled for Wednesday, 8th of June 2022, will be postponed. The reason for the decision is delays in the audit of the 2021 Annual Report by the auditor. The Board will shortly convene the Annual General Meeting again.
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
Linda Lenz
Phone: +49 (0) 172 834 18 92
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.
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.
The Board of Eurobattery Minerals AB (”Eurobattery” or ”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 today, based on the authorization from the annual general meeting on 1 June 2021, decided to carry out a directed issue of convertibles to Formue Nord Fokus A/S (“the Convertible issue”). The Company will receive a nominal amount of SEK 18.0 million before issue and borrowing costs to finance the acquisition of additional shares in FinnCobalt Oyj (“FinnCobalt”), in line with existing agreements, and finance additional value-created investments and create flexibility in acquiring other projects or parts thereof.
Background and motive
Today, Eurobattery has seven exploration permits for rare metals in Sweden, the Corcel project located in La Coruña, the Bibi project in Ourense, Galicia, northwestern Spain, and the Hautalampi project in eastern Finland through the step-by-step opportunity to acquire 100 percent of FinnCobalt (formerly Vulcan Hautalampi Oy).
During 2021 and 2022, Eurobattery has carried out drilling campaigns in the Hautalampi project, which now enable the Company to acquire 40 percent of FinnCobalt. The Convertible issue enables further escalation of the Hautalampi project by additional value-creating investments. These investments enable a larger share of FinnCobalt to be acquired in the future. In 2023, Eurobattery intends to have invested in the Hautalampi project to the extent that 100 percent ownership of FinnCobalt can be achieved.
The proceeds from the Convertible issue will also give the Company greater flexibility and bargaining power in the acquisition of further projects that are a part of the Company’s future growth. The net proceeds are intended to be used for the following purposes:
- Acquisition of 40 percent of FinnCobalt.
- Finance additional value-created investments in the Hautalampi project to continue to enable the acquisition of FinnCobalt.
- Expand the exploration in Corcel to Monte Mayor and Monte Castello based on the positive results so far.
- Acquire other projects, or parts thereof, that the Company has in its pipeline.
The Convertible issue
The Board of the Company has, based on the authorization from the annual general meeting on 1 June 2021, decided to carry out a directed issue of convertibles to Formue Nord Fokus A/S. The reason for the deviation from the shareholders’ preferential rights is the possibility of a time- and cost-effective raising of capital to enable investments for continued growth. The convertible terms, including the conversion price, have been determined through negotiations with Formue Nord Fokus A/S and are deemed by the Board to be market-based. The Convertible issue amounts to SEK 18.0 million before issue and borrowing costs in accordance with the terms below:
- 1,200,000 convertibles, which entails the right to convert 1,200,000 new shares until 11 April 2023.
- Conversion price of SEK 15.0 per new share until 11 April 2023.
- Nominal borrowing amount of SEK 18.0 million.
- The convertible holder is entitled during the period from the date of payment until 11 April 2023 to convert the loan into shares.
- Minimum conversion of SEK 4.5 million each time.
- If the entire loan has not been converted, repayment of the loan must take place no later than 11 April 2023.
- The convertibles have a yearly interest of twelve (12) percent, due for payment quarterly and on the final due date.
- Full conversion of the convertibles entails an increase of the share capital of SEK 1,200,000.00 and dilution of approximately seven (7) percent.
- If the Company carries out a directed issue of shares, the convertible holder has the right to convert the convertible over a 10-day period to a conversion price corresponding to the issue price in the directed issue, however, to a minimum of SEK 6.0.
Advisers
Augment Partners AB is acting as the financial advisor and Bird & Bird Advokat KB is acting as the legal advisor in the Convertible issue.
For more information, please contact:
Roberto García Martínez, CEO
https://eurobatteryminerals.com/
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above on April 7 2022 at 07:30 CET.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Visit www.eurobatteryminerals.com for more information.
Augment Partners AB, phone: +46 8-604 22 55, e-mail: info@augment.se, is the Company’s Mentor.
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, 31st of March 2022 – Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announces first results from the phase 2 drilling campaign completed at the FinnCobalt Hautalampi Ni-Co-Cu project in eastern Finland, a project Eurobattery Minerals have the option to acquire to 100 %.
The results indicate a connection and resource expansion potential between the earlier defined Hautalampi and Mökkivaara resources making intended future mining operations more efficient and economic. Complete results (initially planned for in Q1 2022) are delayed due to Covid-19 problems at the external ALS Laboratory, Ireland. Results and a mineral resource update in accordance with the JORC code, is now expected in Q2.
Key points
- The first received assay results and visual observations from phase 2 drilling campaign in Hautalampi Ni-Co-Cu project give a strong indication that Hautalampi and Mökkivaara resources are connected.
- The company expect to receive final assays results based on the 1,600 samples from 45 drill holes completed in phase 2 drilling campaign including a mineral resource update in the second quarter of 2022.
- Complete results (initially planned for in Q1 2022) are delayed due to Covid-19 at the external ALS laboratory in Ireland. Results and a mineral resource update in accordance with the JORC code, is now expected in Q2.
- Previous drilling campaign in 2020 confirmed a resource increase of approximately 100%.
“From what we know to date, the drilling has confirmed our view of the connection between Hautalampi and Mökkivaara resource area. This means that we most probably have some 2,5 km continuous resource area. This will subsequently make intended future mining activities more efficient and economic. Obviously, we are very eager to get the results and as such concerned about the delay caused by ALS laboraory in Ireland due to circumstances outside of our control”, comments Roberto García Martínez, CEO of Eurobattery Minerals.
Additional information
FinnCobalt Oy commenced the new drilling campaign (Phase 2) in mid-October 2021 in the Hautalampi mine project development area. The campaign covered the previously non-drilled gap area between the Hautalampi deposit and the north-eastern extension of the project, known as the Mökkivaara deposit, and aimed to verify resources between these already established deposits.
The goals of the Phase 2 drilling campaign were:
- Fill the drilling gap between the existing Hautalampi resource area and the north-eastern extension known as the Mökkivaara resource area (Central-Gap fill).
- Convert inferred resource to indicated resource at the Hautalampi resource area through drilling the most important gaps in the currently existing indicated resource zone (Hautalampi-Resource conversion).
- Extend the Hautalampi resource area further to the northeast (Central-Resource extension).
- Create an indicated mineral resource of the Mökkivaara resource by increasing the drilling density.
Phase 2 drilling campaign was completed in late 2021. In total 45 drill holes were completed for a total of 4,606 meters. More than 1,600 samples will be submitted for geochemical assaying at ALS Geochemistry in Outokumpu and Ireland.
The first received assay results and visual observations give a strong indication that Hautalampi and Mökkivaara resources are connected. Assay results from the first 18 holes are:
The true width of the intercepts is estimated to be mainly 80 – 90 percent and in minimum 75 percent of the intercept length. In HA21-125 and HA21-126 the true width is estimated to be lower than in other holes because of oblique drilling against the strike. All core loss is assigned a 0 value. Notable core loss occurs in HA21-120 between 64.42m – 65.62m, totalling 1.2 m.
NiEq = nickel equivalent percentage. NiEq grade is calculated using USD prices of nickel $17,500/t, copper $7500/t and cobalt $45,000/t. No metallurgical or recovery factors have been assumed at this early stage of the Project. NiEq grade calculation = NiEq = Ni% + (Co%*45000 + Cu%*7500)/17500.
Quality assurance and quality control (QA/QC)
Drill core is logged and sampled in a secure core storage facility located in Outokumpu, Finland. The core samples were sent to ALS Laboratories in Outokumpu, Finland, for cutting the core in half by a diamond saw and for sample preparation. From Outokumpu, the samples were sent to ALS Laboratories in Ireland for a four-acid digest multi-element suite including cobalt, nickel, and copper. Based on previous studies the silicate nickel content of the Hautalampi host rock is below 0.03 %. Blank, field duplicates, and standards were included in the sample batches and their values allow the public disclosure of the assay results. No QA/QC issues were noted with the results reported herein.
Qualified person
The technical information in this press release has been reviewed by Dr Hannu Makkonen from Suomen Malmitutkimus Oy. He has over 40 years of experience in mineral exploration in Finland, he is a European Geologist (EurGeol) and a Competent/Qualified Person as defined by the PERC Reporting Standard 2021, JORC Code, 2012 Edition, and by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr Makkonen owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above on 31st of March 2022 at 07:30 CET.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
Stockholm, 29th of March 2022 – Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, announces that additional assay results have been received from the drill holes carried out in the 2021 diamond drilling campaign on its Spanish Corcel project, initiated in June 2021 and completed according to the budget in December 2021. Because of Covid-19, the ALS lab is delayed providing the necessary data needed for the Qualified Person to issue the accredited resource certification (Ni 43-101). This is now expected during the second quarter of 2022.
- Results have been received for 5 drill holes (COR005, COR006, COR007, COR008 and COR011) of the 7 drill holes drilled in the 2021 campaign.
- Elevated levels of nickel (Ni), copper (Cu) and cobalt (Co) intersected in all the drill holes for which results are available. Assay highlights from these drill holes include:
- 17.6 m @ 0.27% Ni, 0.03% Cu and 0.01% Co (COR005)
- 24.1 m @ 0.40% Ni, 0.13% Cu and 0.01% Co (COR006)
- 20.1 m @ 0.41% Ni, 0.07% Cu and 0.01% Co (COR007)
- 22.0 m @ 0.30% Ni, 0.05% Cu and 0.01% Co (COR008)
- 18.40 m @ 0.29% Ni, 0.05% Cu and 0.01% Co (COR011)
- These results, together with those obtained in the 2019 campaign, confirm the interest of the Ni-Cu-Co deposit of the Corcel project and, taking into account the size of the anomalous zone, the company may be looking at a deposit of considerable size (around 60 million tonnes with 0.25% Ni).
- The results of the last two drill holes carried out in the 2021 campaign are awaited and are expected at the end of March, according to laboratory forecasts (ALS).
- Due to delays resulting from Covid-19 at the ALS lab in Ireland, the lab has been unable to finalize the necessary data needed for the Qualified Person to issue the accredited resource certification through the NI 43-101 technical report. This was originally planned for the first quarter of 2022 but is now expected during the second quarter of 2022.
“With 70% of the results in hand, I can assure that the results are as satisfactory as we earlier communicated. We are now eagerly awaiting to obtain the accredited resource certification that will enable us to plan for the next step for our nickel project in the heart of Europe. The tragic developments in our region have yet again underlined the importance of our need for European self-sufficiency in these critical battery minerals”, said Roberto García Martínez, CEO of Eurobattery Minerals.
In 2021 a total of 7 diamond drill holes have been completed with a total drilled length of 1,134 meters. Work has focused on the “West Anomaly” where the company’s previous exploration work recorded ground anomalies of up to 0.33% Ni coincident with an increase in the magnetic response of the underlying rocks. DDH COR003 (19DD0001) confirmed the source of the anomaly in this area with an average grade of 69 m @ 0.30% Ni, 0.038% Cu and 0.01% Co from 78 m depth, including 21m @ 0.345% Ni, 0.045% Cu and 0.011% Co from 78 m depth.
To date, the results of five surveys (COR005, COR006, COR007, COR008 and COR011) have been received, and the results of the last two (COR009 and COR010) are expected to be received by the end of March, according to forecasts from the laboratory where the samples are sent (ALS, Ireland).
Laboratory turnaround times are proving to be longer than normal due to the situation caused by the Covid-19 pandemic in early 2022.
“Our laboratory in Ireland found itself in a critical situation in the first weeks of January with increased turnaround times. Our workforce was significantly reduced due to the steady increase in Covid-19 positive cases and close contact isolates”, said David Risueño Romero,Operation Manager at ALS Global.
Due to delays resulting from Covid-19 at the ALS lab in Ireland, the lab has been unable to finalize the necessary data needed for the Qualified Person to issue the accredited resource certification through the NI 43-101 technical report. This was originally planned for the first quarter of 2022 but is now expected during the second quarter of 2022.
Next steps
With 70% of the results of the samples taken from the drillholes, the results are very satisfactory. The company is waiting to obtain the rest of the results to evaluate the real potential of the investigated area and obtain an accredited resource certification (Ni 43-101) in the second quarter of the year 2022.
Please see appendix for further information: Appendix to press release 29th of March 2022 – Additional detailed summary of the drilling results in Corcel.
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above on 29th of March 2022 at 07:30 CEST.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
Stockholm, 22nd of February 2022 – Eurobattery Minerals started and completed a new drilling campaign in its Finnish Hautalampi project in the fourth quarter. In addition, the company completed a drilling campaign in the Spanish Corcel project and, at the beginning of Q1 2022, obtained initial results from the same battery mineral project, indicating a 60 million tonnes mineral reserve with 0.25% nickel. Further to this, the company joined two important sustainability collaborations. With this, the company continues to realize its business strategy providing European mined battery minerals to the electric vehicle and green energy solutions industries. Eurobattery Minerals target is to produce and deliver battery minerals in medium term.
Fourth quarter 2021 (same period previous year)
- Net sales amounted to SEK 0 thousand (SEK 0 thousand).
- Operating income after depreciation/amortisation and financial items totalled SEK -4,160 thousand (SEK -5,336 thousand).
- Earnings per share after depreciation/amortisation and financial items amounted to SEK -0.26 (SEK -0.34).
- Cash flow from operating activities was SEK -5,392 thousand (SEK -5,786 thousand).
Full-year 2021 (same period previous year)
- Net sales amounted to SEK 0 thousand (SEK 0 thousand).
- Operating income after depreciation/amortisation and financial items totalled SEK -16,623 thousand (SEK -14,028 thousand).
- Earnings per share after depreciation/amortisation and financial items amounted to SEK -1.06 (SEK -0.89).
- Cash flow from operating activities was SEK -22,287 thousand (SEK -14,071 thousand).
Significant events during the fourth quarter (October–December 2021)
- Eurobattery Minerals announced the start of a new drilling campaign at its Finnish battery mineral project targeting the Hautalampi project resource increase. The campaign will cover the previously non-drilled gap area between the Hautalampi deposit and the north-eastern extension of the Mökkivaara deposits, and aims to verify resources between these already established deposits. An earlier drilling campaign in 2020 confirmed a resource increase of approximately 100%. With a target of approximately 5,000 metres of new drilling, the campaign will be finalised in early 2022.
- Eurobattery Minerals AB announced that FinnCobalt Oy has informed the company that it has joined BATTRACE, a Finnish research project focusing on traceability and sustainable processing of battery metals. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
- Eurobattery Minerals announced the completion of the drilling campaigns in its Hautalampi project in Finland and its Corcel project in Spain. The campaigns have been completed on schedule and on budget. The drill cores have been dispatched to a laboratory operated by ALS to verify the resources. Due to delays at the lab because of the Covid-19 pandemic, the results will be presented in the first quarter of 2022.
Significant events after the period
- Eurobattery Minerals announced that the first assay results have been received from the drill holes carried out as part of the 2021 diamond drilling campaign on its Spanish Project (Corcel Project), initiated in June 2021 and completed on time and on budget. With an estimated 60 million tonnes with 0.25% nickel, the company believes the results are highly satisfactory for the continued projection of the Corcel resource.
- Eurobattery Minerals AB announced that FinnCobalt Oy has informed the company about its expansion in eastern Finland with a new granted reservation for applying an exploration permit over the highly prospective Varislahti prospect. The prospect covers over 23.6 km2 of ground highly prospective for Outokumpu-type deposits (cobalt-copper-nickel-zinc-gold). Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
Summary of comments from Eurobattery Minerals CEO Roberto García Martínez:
“Q4 concludes another eventful year for Eurobattery Minerals. In this quarter, we focused fully on our battery minerals projects in Finland and Spain, with drilling campaigns finalised on time and according to budget in both projects.
The two campaigns completed as part of the Hautalampi project and the Corcel project in the last quarter of 2021 are particularly significant. The world-leading ALS lab is still analysing the results from the two campaigns. Furthermore, and this is the significant part, the results will also be certified in accordance with two different but similar mining standards. In Corcel, the certification will be the National Instrument (NI) 43-101. This is a codified set of rules and guidelines for reporting and displaying information related to mineral properties. In Hautalampi, the JORC Code will be applied, which is a professional code of practice that sets minimum standards for public reporting of minerals exploration results. With results from these two in hand, Eurobattery Minerals will gain an even better overview of the mineral potential, thereby allowing us to decide the next steps for the two projects.
We announced preliminary results from our drilling operations in Corcel at the beginning of this year. With analyses ready from two of seven drill cores, results suggest that the Corcel battery mineral deposit consists of at least 60 million tonnes with a nickel grade as high as 0.25 per cent. The results confirm that an open-pit mine is possible in Corcel, which is much more cost efficient than an underground mine.
I am happy to say that in Q4, we also joined the Finnish government-sponsored project BATTRACE. The research project focuses on traceability and sustainable processing of battery metals. We also joined the “Leaders for climate action,” an action-driven climate community comprising more than 1,600 member organisations across 36 countries – Eurobattery minerals is one of them.
Eurobattery Minerals AB’s Year-end Report January – December 2021 is attached to this press release and is available to download from the Company’s website: https://eurobatteryminerals.com/en/economic-reports/.
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above on 22nd of February 2022 at 08:00 CEST.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
Stockholm, 8th February 2022 – Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announces that FinnCobalt Oy has informed the company about its expansion in eastern Finland with a new granted reservation for applying an exploration permit over the highly prospective Varislahti prospect (“the Varislahti prospect”). The prospect covers over 23.6 km2 of ground highly prospective for Outokumpu-type deposits (cobalt-copper-nickel-zinc-gold). Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
“To meet Europe’s high and ever-increasing demand for battery minerals, the region needs to open more mines for these critical raw materials. Based on this demand, exploring new mineral deposits is a fundamental part of our business and I am very pleased that we are expanding our operations further in Finland, one of the most mining friendly countries in Europe”, said Roberto García Martínez, CEO of Eurobattery Minerals.
Key points:
- FinnCobalt expands its footprint in eastern Finland being granted a reservation for exploration over the highly prospective Varislahti project.
- Located ~10km west from the FinnCobalt Hautalampi project, Varislahti contains similar prospective rocks known to contain Co-Cu-Ni-Zn deposits.
- In the area there is already one known deposit, Riihilahti deposit with historical mineral resources defined at total 0.7 Mt @ Cu 0.72 %, Co 0.09 %, Ni 0.03 %, Zn 0.09 %, Au 0.3 ppm, Ag 6 ppm, S 3.84 %
- In addition, the area has historical drilling with some very interesting battery metals drill core intersections including:
- Usi-11 8.6m @ Cu 0.23 %, Co 0.25 % inc. 1.25m @ Cu 0.46 %, Co 0.61 %
- Usi-10 0.95m @ Cu 0.59 %, Co 0.09 %
- FinnCobalt Oy will commence works in the area by compiling existing geological information and will prepare a plan for future exploration in the area.
The Varislahti cobalt-copper-nickel-zinc prospect is ideally located to infrastructure and FinnCobalt’s current base of operations being approximately 10 km west of the Hautalampi project (Fig. 1).
Importantly, the prospective Outokumpu-type rock formations occur in the reservation area. The same formation hosts the Hautalampi Ni-Co-Cu deposit and other major mineral prospects and deposits. A reservation gives priority right to FinnCobalt to apply for an exploration permit over the area.
Figure 1. Varislahti reservation area (green area) in relation to Hautalampi project (red).
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
Stockholm, 17 January 2022 – Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, announces that the first assay results have been received from the drill holes carried out as part of the 2021 diamond drilling campaign on its Spanish Project (Corcel Project), initiated in June 2021 and completed on time and on budget. The company believes the results are highly satisfactory for the continued projection of the Corcel resource.
- The first assay results have been received from the first two drill holes (COR005 and COR006) of the seven drill holes carried out in 2021 in the Corcel Project.
- Elevated levels of nickel (Ni), copper (Cu) and cobalt (Co) intersected in drill holes COR005 & COR006. Assay highlights from the first two drill holes include:
- 17.6 m @ 0.27% Ni, 0.03% Cu and 0.01% Co (COR005)
- 23.2 m @ 0.24% Ni, 0.03% Cu and 0.01% Co (COR006)
- The first assay results of this campaign verify the interesting potential of the “West Anomaly”, where drill hole COR003 (19DD001) confirmed at depth the good results obtained in the geochemical campaign, with an average of 69 m @ 0.30% Ni, 0.04% Cu and 0.01% Co.
- Assay results pending from the remaining drill holes. Results anticipated in the first months of 2022 to obtain the accredited resource certification (Ni 43-101) in the first quarter of 2022.
- Based on the results obtained in the 2019 campaign and the first results received this year, and taking into account the size of the anomalous zone, there is potentially a deposit of considerable size (around 60 million tonnes with 0.25% Ni).
“The results from this and the previous drilling campaign indicate the excellent potential of establishing a solid nickel project in the south of Europe,” commented Roberto García Martínez, CEO of Eurobattery Minerals.
In 2021, a total of seven diamond drill holes were completed with a total drilled length of 1,134 meters. Work focused on the “West Anomaly” where the company’s previous exploration work recorded ground anomalies of up to 0.33% Ni coincident with an increase in the magnetic response of the underlying rocks. DDH COR003 (19DD0001) confirmed the source of the anomaly in this area with an average grade of 69 m @ 0.30% Ni, 0.038% Cu and 0.01% Co from 78 m depth, including 21 m @ 0.345% Ni, 0.045% Cu and 0.011% Co from 78 m depth.
Summary of the first drilling results
The 2021 drilling campaign was designed to define – from surface to a depth of approximately 150 metres – the existing resources of Ni, Cu and Co in an area that is approximately 150 metres in length along the western anomaly defined in the 2019 campaign, which has a North-South length of approximately 1,200 meters and an East-West width of approximately 375 meters.
The results of the sample assays from the current drilling campaign are mostly pending. To date, only those corresponding to hole COR005 and part of hole COR006 have been received.
The assay results available to date are highly satisfactory and corroborate the interesting potential of the “West Anomaly” as can be seen in the table below, which presents the intersections of these drill holes determined at a 0.15% Ni cut-off grade (normally applied in Ni open-pit mines).
|
HOLE |
|
FROM (m) |
TO (m) |
INT (m) |
Ni (%) |
Cu (%) |
Co (%) |
|
COR005 |
|
17,05 |
122,80 |
105,75 |
0,200 |
0,024 |
0,012 |
|
incl. |
41,50 |
45,50 |
4,00 |
0,230 |
0,055 |
0,014 | |
|
and |
85,20 |
103,20 |
18,00 |
0,246 |
0,040 |
0,011 | |
|
incl. |
88,20 |
91,20 |
3,00 |
0,311 |
0,059 |
0,012 | |
|
and |
105,20 |
122,80 |
17,60 |
0,268 |
0,029 |
0,011 | |
|
incl. |
105,20 |
110,20 |
5,00 |
0,345 |
0,059 |
0,013 | |
|
COR006 |
|
5,90 |
10,60 |
4,70 |
0,414 |
0,117 |
0,015 |
|
|
54,40 |
77,60 |
23,20 |
0,236 |
0,027 |
0,011 | |
|
incl. |
57,40 |
65,60 |
8,20 |
0,290 |
0,049 |
0,012 | |
|
incl. |
58,40 |
61,40 |
3,00 |
0,396 |
0,083 |
0,013 |
Table 1. Initial assay highlights. Average grades have been determined with a cut-off grade of 0.15% Ni.
In drill hole COR005, all the results of which are available, several intersections with high Ni grades (above 0.2%) have been identified:
- 4 m @ 0.230% Ni, 0.055% Cu and 0.014% Co from 41.50 m depth.
- 18 m @ 0.246% Ni, 0,040% Cu and 0.011% Co from 85.20 m depth (which includes an intersection of 3 m @ 0.311% Ni, 0.059% Cu and 0.012% Co).
- 17.60 m @ 0.268% Ni, 0.029% Cu and 0.011% Co from 105.20 m depth (which includes an intersection of 5 m @ 0.345% Ni, 0.059% Cu and 0.013% Co).
These intersections were within a broader intersection of 105.75 m @ 0.200 % Ni, 0.024% Cu and 0.012% Co from 17.05 m depth.
For drill hole COR006, only partial results are available for two sections, where the following mineral intersections have been identified:
- 4.70 m @ 0.414% Ni, 0.117% Cu and 0.015% Co, from 5.90 m depth.
- 23.20 m @ 0.236% Ni, 0.027% Cu and 0.0115 Co, from 54.40 m depth. This includes 3 m @ 0.396% Ni, 0.083% Cu and 0.013% Co from 58.40 m depth.
The Ni mineralisation present is mainly Pentlandite (see Figure 1). This mineralisation is closely linked to Ultramafic and Ultrabasic rocks consisting of Pyroxenites and Peridotites, which are amphibolitised to varying degrees of intensity in the vicinity of the mineralisation.
Figure 1. Pentlandite mineralisation in drill hole COR005 (61.25 m depth).
Figure 2 shows the “looking North” section according to drill holes COR003, COR005 and COR006, where the mineralised zones intersected by these drill holes can be seen. Here, large orange-coloured zones can be observed corresponding to mineralisation with samples displaying values between 0.2% Ni and 0.25% Ni. These mineralised zones are located around other red-coloured zones that represent samples with Ni values above 0.25%, reaching values of 0.6% Ni.
In view of this section, albeit incomplete and taking into account a possible cut-off grade of 0.15 % Ni for an exploitable deposit in open pit, indications suggest a mineralised body with a width of between 90 m and 120 m from the surface elevation of 380 m to the elevation of 250 m, which was the depth investigated.
The western limit of the mineralisation is comprised of a fault, with apparent strengths of between three and five metres, with the result that from here to the west, all the drill holes cut gabbroic rock with intercalations of amphibolite layers and whose analytical results never exceed 950 ppm Ni (sterile area).
Figure 2. “Looking North” section according to drill holes COR003, COR005 and COR006.
Next steps
The company is satisfied with the results obtained in the first two drill holes of the 2021 campaign and is awaiting the remaining results to assess the potential of the area investigated during this campaign and obtain an accredited resource certification (Ni 43-101) in the first quarter of 2022.
As indicated in Figure 3, which shows the geology of the area and the drill holes with the mineral intersections, it is evident that – despite many assay values yet to be received – we are beginning to see a section of a deposit that could potentially be of a considerable dimension. This is supported by the drill holes carried out in 2019, further north of the area investigated in 2021 at some 600 metres distance (COR001 and COR002), which also cut mineralisation with values in the same order as those obtained in this campaign. Considering the size of the anomalous zone, there is potentially a deposit of some 60 million tonnes with a nickel grade of 0.25%.
Figure 3. Geological map and drill holes
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of the contact person set out above on 17 January 2022 at 08:00 CET.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.
Stockholm, 28 December 2021 – Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”), a growth company in the mining and exploration industry with the vision to help Europe become self-sufficient in ethical battery minerals, today announces the completion of the drilling campaigns in its Hautalampi project in Finland and its Corcel project in Spain. The campaigns have been completed on schedule and on budget. The drill cores have been dispatched to a laboratory operated by ALS to verify the resources. Due to delays at the lab because of the Covid-19 pandemic, the results will be presented in the first quarter of 2022.
“We are pleased to announce the completion of the drilling campaigns in both the Hautalampi and Corcel projects, where we see great potential for mining battery minerals on European soil. We are now eagerly awaiting the results from the lab,” comments Roberto Garcia, CEO of Eurobattery Minerals.
About the Hautalampi project drilling campaign
FinnCobalt Oy has informed Eurobattery Minerals that the recent core drilling campaign at the Hautalampi Mine development project (“Phase 2”) has been completed on schedule and on budget. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.
FinnCobalt Oy commenced a new drilling campaign in mid-October 2021 in the Hautalampi mine project development area. The campaign covered the previously non-drilled gap area between the Hautalampi deposit and the north-eastern extension of the project, known as the Mökkivaara deposits, and aimed to verify resources between these already established deposits.
In total, 45 holes have been completed totalling 4,606 metres in length. The Phase 2 drilling campaign will continue with core logging and assaying, which is expected to be completed during the first quarter of 2022. This will be followed by the mineral resource update to be completed in the second quarter of 2022.
The main goals of the Phase 2 drilling campaign were:
- Convert inferred resource to indicated resource at the Hautalampi resource area through drilling the most important gaps in the currently existing indicated resource zone (Hautalampi-Resource conversion).
- Extend the Hautalampi resource area further to the north-east (Central-Resource extension).
- Fill the drilling gap between the existing Hautalampi resource area and the north-eastern extension known as the Mökkivaara resource area (Central-Gap fill).
- Create an indicated mineral resource of the Mökkivaara resource by increasing the drilling density.
Based on the visual observations of the drill cores, the campaign is expected to reach all the goals set.
Map of the drilling operations in the Hautalampi project
About the Corcel project drilling campaign
The diamond drilling campaign in Eurobattery Minerals’ Spanish Corcel project initiated in June 2021 has been completed on budget and on schedule.
Key points from the 2021 drilling campaign:
- The drilling campaign initiated in June 2021 at the Corcel Project has been completed.
- A total of seven diamond drill holes were completed at a total drilled length of 1,134 metres.
- Work in this campaign focused on the “West Anomaly,” where drill hole COR003 (19DD001) confirmed at depth the favourable results obtained in the geochemical campaign, with an average of 69m @ 0.30% Ni, 0.038% Cu, 0.01%.
A total of seven diamond drill holes were completed at a total drilled length of 1,134 metres. Work focused on the “West Anomaly,” where the company’s previous exploration work recorded ground anomalies of up to 0.33% Ni coincident with an increase in the magnetic response of the underlying rocks. DDH COR003 (19DD0001) confirmed the source of the anomaly in this area with an average grade of 69m @ 0.30% Ni, 0.038% Cu, 0.01% Co from 78m, including 21m @ 0.345% Ni, 0.045% Cu, 0.011% Co from 78m depth. Work will continue with the logging and sampling of the drill holes and is expected to be completed in the first quarter of 2022.
The objective of this campaign was to fully recognise this anomaly and obtain a resource estimate in this area. Based on the core observations in the boreholes, the campaign is expected to achieve its objective and a proven resource estimate in accordance with National Instrument 43-101 – Standards for Disclosure for Minerals Projects (“NI 43-101”) is expected in the first quarter of 2022.
Image 1. DDH realised in the 2021 campaign.
For more information, please contact:
Roberto García Martínez, CEO of Eurobattery Minerals
Follow us:
LinkedIn: https://www.linkedin.com/company/eurobattery-minerals-ab/
Twitter: https://twitter.com/eurobatterymin
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain, the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.
Visit www.eurobatteryminerals.com for more information.
Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.