Newsletter November 2022

AlsterResearch, an independent analysis company based in Hamburg, took a close look at Eurobattery and wrote a report of more than 40 pages. The in-depth analysis concludes that Eurobattery Minerals has enormous growth potential and is a worthwhile target for strategic and private investors. Please have a look!

Rights issue of units: Take a chance!
The Board of Directors decided on a rights issue of units amounting to approximately SEK 49.6 million (4.553 million Euros) 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 (1,37 million Euros) in the event of over-subscription in the Rights issue. Due to the Rights issue, the Board of Directors has prepared a prospectus. Furthermore, I will hold a digital investor meeting on 14 December 2022. The subscription period starts on 7 December 2022. Give yourself a nice Christmas present with new shares or share options!

Spain welcomes miners
Two weeks ago, my colleagues from the Board and myself had the pleasure of meeting Mayor María Pose of Santa Comba (Galicia). She really endorses our engagement there. This mining-friendly region in northwestern Spain offers great potential due to its ultramafic and mafic intrusive rock strata.

The area of Galicia in Spain has always been known for its mining. Eurobattery Minerals AB started the Corcel project to extract nickel, cobalt and copper from three different deposits - Castriz, Monte Mayor and Monte Castello. In August, we were able to submit the necessary information for the environmental and operating permit for the Corcel project. With the submission of the exploitation project, the environmental impact study and the restoration plan, we are one step closer to mining.

Good news from Finland
Closest to mining we are in our Finland project Hautalampi as you can see in the Q3 report. Furthermore, Eurobattery has received the final verdict of the mining concession proceeding and plans to acquire 100% of the owner company FinnCobalt Oy during the first half of 2023. The Company already owns 93% of the total concession area of 277 hectares. The remaining land 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. 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 which will allow us to predict the economic viability. Next year will be crucial and I am very confident that Hautalampi will be a great success!

New kid on the block
We at Eurobattery would like to welcome on board Ilari Kinnunen. I am delighted to have such an experienced whereas young and dynamic guy as Managing Director of the Hautalampi project in the Eurobattery family. 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. 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 also want to take this opportunity to express my gratitude to Markus Ekberg who is retiring from his position. I am very fortunate to have such talented people working to achieve the vision of Eurobattery Minerals.

News you can use
Late, though not too late, the Germans seem to be finally waking up from their dream of economic invulnerability. The debate on raw material security and procurement has reached the Bundestag. How Germany can be securely supplied with raw materials was the topic of a public hearing of the Economic Committee last Wednesday. The proposed measures range from raw material partnerships with supplier countries and increased domestic raw material extraction to refraining from making political demands on supplier countries.

An overdue discussion. Matthias Wachter from the Federation of German Industries (BDI) put it in a nutshell: "Germany is not a country poor in raw materials. However, politics must promote domestic mining and make it "socially acceptable" again. Chapeau!