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3 October, 2022

Newsletter September 2022

Dear friends,

I hope that you enjoy the last sun rays of the ending summer. An updated resource estimate on our Finnish Hautalampi project made at least my days happy and sunny last week: The independent JORC-compliant estimate prepared by AFRY Finland Oy concludes that compared to previous analysis in 2021, the available mineral resources in the mine project has almost doubled with almost 40% more metals. As most of you know Eurobattery Minerals owns 40% of the Hautalampi project and have the option to acquire 100% from its current majority owner FinnCobalt. The new estimate exceeds our previous expectations. It's a significant discovery and sends a strong message to the market.

We at Eurobattery Minerals want to extract battery minerals from European soils for Europe. That is our philosophy. Many European countries have a great mining tradition. These include, for example, Finland, Sweden, Spain, Austria, Italy and Germany. But also Greece. In this respect, I was very happy to meet the Greek Minister for Development and Investment Adonis Georgiades in Berlin for an exchange of ideas. Perhaps this will lead to more, only time will tell. In any case, mutual interest was undoubtedly present. And there was also mutual sympathy. Eurobattery Minerals AB is always looking to discover new potential - Greece is rich in significant deposits of mineable mineral resources. Let's keep in touch, Dear Adonis!

The Russian war of aggression against Ukraine is entering its eighth month and unfortunately there is no end in sight. This is very sad and also affects our business. The London Metal Exchange (LME) is considering a consultation on whether Russian metal such as aluminium, nickel and copper should continue to be traded and stored in its system. The LME discusses banning new deliveries of Russian metal so its warehouses cannot be used to offload hard-to-sell stock. Western countries have sanctioned Russian banks and wealthy individuals connected to President Vladimir Putin since Russia’s invasion of Ukraine, but so far there are no restrictions on buying Russian metal. If LME really implements this, it will have consequences for the price development of battery minerals - especially for nickel prices. After all, Russia is the world's largest nickel exporter. We will of course keep an eye on the development.

“Our demand for rare earths will increase fivefold by 2030. And soon two-thirds of the batteries we need will be made in Europe.” - Ursula von der Leyen. In her “State of the Union speech”, the EU Commission President spoke, among other things, about the need to secure raw materials. Most importantly she called for avoiding heavy dependence, as in the case of oil and gas.

Among other things, she granted financial support to European projects and announced a law on critical raw materials to support strategic projects along the battery supply chain. Both are very beneficial to us. Raw materials are the foundation of industrial production and are indispensable for future technologies. I also discussed this topic at the working breakfast of the BWA Federal Commission "Raw Materials and Raw Material Security" a few weeks ago. That was really insightful and we are on the right way with the Eurobattery Minerals mission.

And last but not least, some wholesome news: Last week, a group of students from the SGA (Society of Geology Applied to Minerals Deposits) from Nancy visited our project in Corcel. The aim of the Master and PhD students is to promote the geosciences in relation with mineral resources, exploration, mining, and research. The close cooperation with mining companies in form of field expeditions is a great enrichment for the students. We are pleased about the keen interest in our Spanish project. These young people are our future!

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