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

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

• Henrik Johannesson – 159,000 Warrants, corresponding to approximately SEK 388.0 thousand.
• Nazgero Consulting Services LTD (Roberto García Martínez) – 153,318 Warrants, corresponding to approximately SEK 374.1 thousand.
• Mattias Modén – 19,981 Warrants, corresponding to approximately SEK 48.8 thousand.

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

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

Terms for the Warrants in brief

• Holders of Warrants have the right to subscribe for one (1) new share in the Company for each (1) held Warrant at a subscription price of SEK 2.44 per share.
• The subscription price corresponds to a discount of 30 percent to the volume-weighted average price of the Company’s share on NGM Nordic SME during the period from 6 March through 17 March 2023.
• The number of outstanding Warrants is 12,505,435, which upon full subscription would imply an increase of 12,505,435 shares in the Company, from 26,012,240 shares to 38,517,675 shares, and an increase in the share capital of SEK 12,505,435, from SEK 26,012,240 to SEK 38,517,675.
• Upon full exercise of the Warrants, the Company will receive a maximum of approximately SEK 30.5 million before issue costs.
• The subscription period runs from 20 March to 31 March 2023.
• The last day of trading in Warrants is today, 28 March 2023.
• The outcome is expected to be published on 4 April 2023.
• For existing investors who do not participate in the issue of shares by exercising Warrants, the dilution will be approximately 32.5 percent upon full exercise of the outstanding Warrants.

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

Advisers

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

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se

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

Key points

• The new ground-breaking method developed and tested allows close to 100% recovery of REEs from Fetsjön and bordering Rönnberget apatite minerals.
• Previous analysis of the complete REE-bearing shale formation that covers Eurobattery Minerals Fetsjön and Rönnberget exploration targets is estimated to be 165,000 to 180,000 tons of REEs. The magnitude of the exploration target was confirmed in a NI43-101 technical report by a qualified person. 
• Recovery of the REEs can be made through chemical treatment at low temperatures, thus avoiding costly and time-consuming mechanical treatment. Low-temperature treatment allows for the circular use of the chemicals.
• Next step: additional tests on detailed characterization of the REE-bearing minerals and possibly large-scale pilot plant shortly.  

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

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

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

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

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

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

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

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

For more information, please see the enclosed attachment.

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se

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

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

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

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

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

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

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

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se

Stockholm, 21 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today announces that the Company is exercising its option to acquire 30 per cent of the shares in FinnCobalt Oy (“FinnCobalt”), the owner of the ground and mining rights to the nickel–cobalt–copper project Hautalampi. This constitutes the Company’s second acquisition within the scope of its contracted right to acquire 100 per cent of the shares in FinnCobalt in a staged process until May 2024. Altogether, Eurobattery’s share of ownership in FinnCobalt will amount to 70 per cent after the now impending acquisition. The acquisition is of great significance for the Company’s planned development of the Hautalampi project and the goal to establish a battery mineral mine with production and sales within a mid-term horizon. The consideration for the stake acquisition will be paid partly in cash and partly through a directed issue of shares to the three founders of FinnCobalt.

“We are very pleased to continue to deliver on our strategy to provide battery minerals from Europe to Europe, now as the majority owner of the Hautalampi mine project. With the pre-feasibility study just announced we know that the economic outlook for the battery mineral mine in Finland is strong,” said Roberto García Martínez, CEO of Eurobattery Minerals.

Financial details of the stake acquisition

The Board of Directors of Eurobattery has informed the three founders and initial owners of FinnCobalt that the Company will exercise the second option of the investment and shareholder agreement entailing the option to acquire FinnCobalt in a staged process which was entered into on 11 May 2020 and which became effective on 27 May 2020. This means that Eurobattery, before 27 July 2023, should exercise said option by paying a total cash amount of EUR 250,002 and issuing shares in Eurobattery amounting to a value of EUR 1,000,002 to the three founders of FinnCobalt. These two actions will be taken parallelly and simultaneously. The cash part of the consideration will be paid from the Company’s cash. The share part of the consideration will be paid through a directed issue of shares. The subscription price in the directed share issue will correspond to the volume-weighted average price of the Company’s share on NGM Nordic SME during the ten trading days preceding the issue decision.

Effects of the acquisition

• Eurobattery will acquire 30 per cent of the shares in FinnCobalt. The Company’s stake in FinnCobalt will thereby increase from 40 per cent to 70 per cent of the capital and the votes.
• The stake acquisition of FinnCobalt is expected to be completed during the second quarter of 2023. FinnCobalt is expected to be consolidated into Eurobattery’s financial statements from the date of admission.
• As a majority owner, Eurobattery will have controlling influence on the resolutions of the Board in FinnCobalt.
• Eurobattery will also have the right, but no obligation, to nominate the Chairman of the Board and two ordinary Board members and their personal deputy members in FinnCobalt.

The Hautalampi project in brief

The Hautalampi project is located near Outokumpu, Finland, in the same spot as the well-renowned Keretti mine where approximately 28.5 million tonnes of rock with a copper content of 3.8 per cent were mined between 1912–1989. The project consists of one mining concession covering 227 hectares with exposure towards nickel, cobalt, and copper, and a nearby reservation. The area benefits from well-developed surface and underground infrastructure as well as strong local support for mining. An estimated EUR 10–15 million had been invested in the project by previous owners before the project was assumed by Eurobattery in the spring of 2020. In June 2021 Eurobattery 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. On 20 March 2023, the Company published a preliminary feasibility study (PFS) for the Hautalampi project which highlighted the opportunities and potential challenges of advancing the development of the Hautalampi deposit.

About Eurobattery Minerals

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

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se

Stockholm, 20 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that FinnCobalt Oy together with AFRY Finland Oy has completed the Hautalampi mining project pre-feasibility study. Eurobattery Minerals owns 40% of the FinnCobalt Oy and Hautalampi project.

Key points from the pre-feasibility study:

• With a conservative metal price, and a total capital expenditure of 65.1 million euro (excluding contingency)  the payback period is 4.6 years.
• Mining will commence after a one-year construction period including rehabilitation of the underground mine, construction of the surface crushing and processing plants, and a new tailings storage facility. The project implementation requires valid environmental permit.
• Total metal production during the anticipated 12 years mining operations will be 11,400 tonnes of nickel and 2,900 tonnes of cobalt in the nickel-cobalt concentrate and 9,600 tonnes of copper in the copper concentrate.
• The pre-feasibility study is based on the underground mining operation with total mining of 4.6 Mt of ore reserves with the grades of Ni 0.3%, Co 0.08% and Cu 0.24%.
• Eurobattery Minerals expects that the investment cost will decrease, and the project economics improve when the actual detailed engineering commences and cost uncertainties due to the current  Russo – Ukrainian war will clarify. 

“I am excited about the outcome of the pre-feasibility study cementing the strong economic outlook for our Finnish battery mineral mine. With the study at hand and the environmental impact assessment that we expect to be filed soon followed by the environmental permit application, we will now elevate our conversations with several potential off-take partners. Furthermore, we will commence the optimisation of the project and see how we could push the investment costs down and increase the project viability further,” said Roberto García Martínez, CEO of Eurobattery Minerals.

Summary of the pre-feasibility study

The pre-feasibility study is based on the underground mining operations with total mining of 4.6 Mt of ore reserves with the grades of Ni 0.3%, Co 0.08% and Cu 0.24%. Additional 369 kt of inferred mineral resource were also used to create the Life of mine plan and financial model.

The underground mining will commence after a one-year construction period which includes rehabilitation of the underground mine, construction of the surface crushing and processing plants and a new tailings storage facility. The underground mining rate will be some 450,000 – 480,000 tonnes per annum and mining operations will continue for 12 years. Total metal production will be 11,400  tonnes nickel and 2,900 tonnes cobalt in the nickel-cobalt concentrate and 9,600 tonnes copper in the copper concentrate. Based on the extensive metallurgical test work, concentrates are of very good quality, without any deleterious elements and should be easily marketable either for Finland’s domestic metallurgical industry or internationally.

(1) The ore reserve estimate has an effective date of 7^thMarch 2023. (2) The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). (3) Exchange rate used: USD/EUR 1.00. (4) NSR cut-off value for the estimate is 30€/t. (5) NSR = net smelter return. NSR is calculated using (USD prices of) nickel USD 20,000 /t, copper USD 9,000 /t and cobalt USD 60,000 /t. Recoveries for Ni 82%, Cu 86.5% and 82% for Co. Payment to concentrate percent for Ni 70%, Cu 90% and Co 50% were used. (6) Mining recovery of 95% was assumed in reserve conversion and mining dilution ranging from 10-15% was applied. (7) No inferred mineral resource was converted to ore reserves.

Additional mineral resources of the Hautalampi project are as follows. The additional resources estimation has an effective date of 7^th March 2023. The estimation is prepared by removing the mining reserve and unmineable areas from the Resource Statement reported on 18^th October 2022.

The additional resource of 4,7Mt mineralization is a remarkable asset for the future development and extension of the Hautalampi Mine life span if and when the future metal prices are favorable.

The total investment capital cost has been estimated to be around EUR 65 million excluding the proposed 15% contingency, which brings the total Capital Expenditure to EUR 74.8 million. The total turnover for the mine is some EUR 420 million and the payback period is 4.6 years. The Internal Rate of Return is 20% assuming EUR 10 million grant. Metal prices used in the financial study are Copper 9,750 USD/t, Nickel 20,000 USD/t and Cobalt 70,000 USD/t which are relevant long-term consensus forecast prices. All financial figures are based on the current high-level capital investment cost and assuming EUR 10 million investment grant. The company expects that the investment cost will decrease and the project economics improve when the actual detailed engineering commences and recent construction material price increases due to the uncertainties due to the ongoing  Russo – Ukrainian war will disappear.

The complete pre-feasibility report is available from Eurobattery Minerals website  https://eurobatteryminerals.com/en/projects/hautalampi/.

Competent Person’s Statement

The information in this release that relates to Mineral Resources and ore reserves is based on information compiled by Mr Ville-Matti Seppä, a Competent Person who has a EurGeol qualification. Mr Seppä is a full-time employee of AFRY Finland Oy. Mr Seppä has sufficient experience that is relevant to the style of mineralization 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.

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 20^th of March 2023 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

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.

Exercise period for TO4 underway - more details here

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