CEO comments on the second quarter of 2021

I am pleased to provide the Q2 report for 2021. As societies and businesses are recovering, we can see huge investments going into a sustainable re-opening of the economy. It is encouraging to see that the community is committed to working for a better future. A crucial part of achieving this transition is the electrification of the vehicle and transport industry and society at large. For this, we need batteries and battery minerals and metals. The latter is our contribution to the sustainable transition of society. As you are aware, our focus is to mine these critical components in Europe with a complete focus on ethics and traceability throughout the entire supply chain.

In this quarter, my team and I have continued our work with our projects in Finland, Spain, and Sweden. At the same time, we have continued our work to influence decisionmakers and policymakers in the EU to enable Europe to cater to its own needs for battery minerals. By doing this, we will be less dependent on supply from countries with poor labour conditions, unsustainable mining methods, and lack of traceability. In Europe, we have all the minerals we need to achieve the superpower position the region aims for in battery production. However, we still need to better align our policies in this field and make the permit process smother.

Let me also briefly comment on the recycling of batteries and battery minerals that has been very much in focus. First of all, we salute all initiatives when it comes to the recycling of battery minerals. For example, our Finnish project has recently joined a government-funded project to leverage materials from tailings to obtain battery minerals. However, let me be very clear, recycling will only play a minor role initially as the demand for battery minerals needed by the electric revolution widely exceeds the current supply.

During this quarter, I would specifically like to put your focus on the recent mineral resource report we released about our Finnish Hautalampi project. We have known for some time that the mineral potential in the area is good, and following a new analysis conducted by consultancy AFRY the mineral resource potential has doubled. We are now planning to conduct further drilling to get even more details on the economic potential. However, we can already say that the Hautalampi resource area has a great potential to become a key contributor of battery minerals to the electric revolution. Close to Hautalampi we have also started field activities this summer to assess the potential of the Hietajärvi resource area. We have good reasons to believe that the exploration area has some outstanding mineral potential.

Moving your attention from Finland to our Spanish Corcel project, I am pleased to be starting a new drilling campaign in the potential mineral area near Galicia. Later this year, we will receive a JORC-compliant mineral resource estimate that will enable us to assess the opportunities for an open pit mine in the region.  

Finally, I would like to extend my thanks for your support. As a shareholder in Eurobattery Minerals you are actively taking part in the transition to a green society.