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8 February, 2022

Eurobattery Minerals expands operations in Finland

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).

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For more information, please contact:

Roberto García Martínez, CEO of Eurobattery Minerals

press@eurobatteryminerals.com

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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.

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