This request provides the Company with a clear opportunity to strengthen the application and ensure full alignment with the latest regulatory requirements under Regulation (EU) 2024/1252 and remains fully committed to advancing the Hautalampi project in line with the highest environmental and ESG standards.

“The zoning approval marks another step forward and reinforces the viability of the Hautalampi project. The approval also significantly de-risks the project. We are especially encouraged by the strong local support, which reflects the trust we’ve built through our commitment to transparency, environmental stewardship, and sustainable development. The approval is an important step in delivering long-term value to our shareholders while contributing to Europe’s secure and responsible supply of critical raw materials,” says Roberto García Martínez, CEO of Eurobattery Minerals.

The City Council of Outokumpu held a plenary on Monday 26 late in the afternoon, where they approved the zoning plan which had been submitted by the City Board. There is a 30-day appeal time for the City Council decision.

This approval marks the final step in the zoning process and grants Eurobattery Minerals, through its subsidiary FinnCobalt Oy, the necessary framework for building permits. The decision underscores strong local support for the project and confirms Hautalampi’s alignment with the city’s development goals and Finland’s commitment to sustainable mining.

“We are very pleased with the City Council’s decision, which not only strengthens the foundation for our future operations but also demonstrates clear local support for responsible mining. The approved zoning is now fully aligned with Finland’s updated Mining Act and brings us another step closer to developing a sustainable, domestic source of battery minerals for Europe,” says Ilari Kinnunen, Managing Director of FinnCobalt.

“Outokumpu has a proud mining heritage, and the Hautalampi project represents a modern continuation of that tradition. This zoning proposal supports local vitality and economic development, while also reflecting a strong commitment to environmentally responsible and sustainable mining,” says Päivi Lintumäki, Mayor of the City of Outokumpu.

This week, the City Board of Outokumpu reviewed the detailed zoning plan for the Hautalampi battery mineral project, owned by the Company’s wholly owned subsidiary, FinnCobalt Oy. The zoning proposal covers a total of 309 hectares, including 277 hectares within the legally approved mining concession area. The plan has already passed earlier procedural stages, including public consultation and stakeholder review, and now progresses toward final approval.

“The City Board’s zoning proposal is more than a step forward—it represents strong support from the City of Outokumpu for the Hautalampi battery mineral project. While this zoning process will ultimately deliver us the building permits, it also provides a clear foundation for future mining operations in line with Finland’s updated Mining Act. Even though our current permit falls under the previous legislation, we fully welcome the transparency and structure this process brings,” says Ilari Kinnunen, Managing Director of FinnCobalt.

The zoning proposal has been submitted to the Outokumpu City Council for final approval.

Under the terms of the MoU, the parties will evaluate the possibility of processing 100% of the nickel-cobalt concentrate produced at FinnCobalt´s Hautalampi concentrator at Terrafame´s site. The initiative marks a step forward in both companies’ commitment to advancing responsible and efficient processing of critical battery minerals. The program is set to be finalized before the end of 2026.

“By locking in partnerships with leading industry players like Terrafame, we not only safeguard against market fluctuations but also reinforce our role in delivering critical battery materials responsibly and sustainably. This program with Terrafame will lay the foundations for a framework from which we then can secure a robust offtake agreement for nickel and cobalt, which is pivotal for our growth, ensuring stable demand and strengthening our financing foundation,” said Roberto García Martinez, CEO of Eurobattery Minerals.

Terrafame is a Finnish mining and chemical company founded in 2015 that owns the Europe’s largest nickel mine, metal factory and a factory for battery chemicals in Sotkamo. The Finnish state owns the majority of the company. Terrafame produces low-carbon battery chemicals for the global EV industry, with one of the world’s largest nickel sulphate plants capable of supplying materials for about 1 million electric vehicles annually. Its integrated, energy-efficient production process ensures a traceable and sustainable European supply chain.

"This MoU with Terrafame reflects our shared ambition to unlock the value of responsibly sourced battery minerals and strengthen domestic processing capabilities within Europe," said Ilari Kinnunen, Managing Director of FinnCobalt.

This MoU highlights the Strategic Collaboration between the parties the intention to co-develop a refining program for the Hautalampi nickel-cobalt concentrate, targeting synergies between FinnCobalt´s planned production and Terrafame´s operational capabilities. The projected annual output from the Hautalampi project is approximately 1,300 tons of nickel and 400 tons of cobalt in concentrated form.

This collaboration supports the broader goal of establishing more sustainable and localized supply chains for critical raw materials essential to the green transition in Finland and Europe.

About Terrafame
Terrafame enhances low-carbon mobility by delivering responsibly produced battery chemicals to the global battery industry. One of the world’s largest production lines for chemicals used in electric vehicle batteries is located on Terrafame’s industrial site. The plant is capable of producing nickel sulphate for around 1 million EVs per year. The carbon footprint of the nickel sulphate produced by Terrafame is among the smallest in the industry.
Terrafame’s integrated, unique and energy-efficient production process from the mine to battery chemicals is located on a single industrial site. It provides customers with a transparent, traceable and truly European battery chemical supply chain.
Terrafame Ltd was founded in 2015. Its net sales in 2024 were EUR 544.5 million. Around 2,000 people work on its industrial site regularly, approximately 1,200 of whom are employees of partner companies.

The rock formations in these areas are Outokumpu-type rock assembles, which are known to contain copper, cobalt, zinc, nickel, silver, and gold (Cu-Co-Zn-Ni-Ag-Au).

“We are delighted that, after a rigorous review process dating back to 2020, the authorities have finally granted us the new exploration permits for the Hietajärvi and Saramäki mineralisations. This decision not only strengthens Eurobattery Minerals’ project pipeline, but also reinforces Europe’s strategic autonomy in critical raw materials, supporting the energy transition, digitalization, and defence industries. We look forward to delivering concrete results in the field and creating value for our shareholders as we move toward,” said Roberto García Martínez, CEO of Eurobattery Minerals.

The Saramäki mineralisation was discovered in 1967 by Outokumpu Oyj and it is located in Polvijärvi, Eastern Finland. It lies approximately 40 km away from Outokumpu town, where our Hautalampi battery mineral project is located. Co/Ni ratios of the mineralisation and historical exploration work clearly indicate that the Saramäki is an undoubted example of an Outokumpu-type mixed hydrothermal mineralisation system with massive-semimassive and disseminated sulphides. A non-compliant historical resource estimate calculations have been made for the Saramäki mineralisation and it could contain the amounts stated below.

Calculation Saramäki year 1980
A non-compliant historical resource estimate: 3.4 Mt @ Cu 0.71%; Zn 0.63%; Co 0.086%; Ni 0.05%; Fe 17.87%; S 12.39%. Cut-off 0.5% Cu
UNFC Classification Class 334: Cu 24,140t; Co 2,924t; Zn 21,420t; Ni 1,700t; S 421,260t; Fe 607,580t.

“Securing these exploration permits is great news for FinnCobalt and Eurobattery Minerals. We can now apply modern geophysical surveys and targeted drilling in these areas, advancing our understanding of its polymetallic potential and laying the groundwork for resource definition” said Kalle Penttilä, Project Geologist at the Hautalampi battery mineral project in Outokumpu.

The Hietajärvi mineralisation is documented to be an Outokumpu-type mixed hydrothermal system with massive and disseminated sulphides. Outokumpu Oyj investigated the region between 1955 and 1994 completing multiple exploration campaigns and pilot plant tests. Outokumpu Oyj ultimately defined a mineralised body consisting of two, nearly E-W trending sulphide lodes dipping 40-50°S. The lodes are 200 meters (E-lens) and 100 meters (W-lens) in length and have thicknesses varying between 3 meters and 20 meters. The prospect has seen little advanced exploration work completed at the prospect subsequent to Outokumpu Oyj.

Calculation Hietajärvi year 1994
A non-compliant historical resource estimate: 0.341Mt @ 0.15% Co; 0.7% Cu; 1.2% Zn; 0.18% Ni (2.33% CuEq)
UNFC Classification Class 334: Co 512t, Cu 2421t, Zn 4126t, Ni 614t

Ilari Kinnunen, Managing Director of FinnCobalt, added: "These regions are well known to contain Outokumpu-type rock, famous for Cu-Co-Zn-Ni-Ag-Au. Both of these areas are very interesting and have the potential to become future polymetallic sources. In these times of geopolitical tensions and intense resource competition, these new mineralisation's could be particularly relevant for Europe highlighting the copper criticality for the future.”

The assessment report mainly highlights one aspect as to why the Company was not granted status as a Strategic Project and this is related to Article 6(1) of Regulation (EU) 2024/1252, and more concretely, to the reference documentation of the EIA. The EIA is the principal part of the Environmental Permit Application (EPA), which the Company submitted in April 2024. We are collaborating with the different Finnish authorities on local and state level throughout the whole EPA procedure.

“We are thankful for having received such a detailed and constructive assessment report from DG Grow about our CRMA application. Seeing that the main reason for rejection of our application was an aspect that we already have been working on for quite some time, made the decision about reapplying easier. According to us, these possible issues are being solved at this very moment, and we are ready to reapply as soon as the European Commission opens a new call. With the current geopolitical situation, Europe urgently needs more strategic projects to secure the supply of critical raw materials,” said Roberto García-Martínez, CEO of Eurobattery Minerals.

The EPA supplement will be submitted in the upcoming months, which according to the Company should resolve the issues raised in the assessment report from the European Critical Raw Materials Board at Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG Grow), and which were related to the recommendations in the EIA reasoned conclusion.

“At FinnCobalt, we are committed to developing the Hautalampi project in full compliance with Finnish and EU environmental regulations and the highest ESG standards, ensuring sustainability through continuous monitoring, impact mitigation, and responsible resource management. We acknowledge the concerns raised in the Environmental Impact Assessment (EIA) process and have already been working actively to address them through rigorous technical assessments and improved environmental planning,” said Ilari Kinnunen, Managing Director of FinnCobalt Oy.

In the above-mentioned assessment report, DG Grow also invites the Company to reapply at a future cut-off date of calls for Strategic Projects under the CRMA.

Our conclusion is that the criteria in question is/can be resolved and therefore Eurobattery Minerals will reapply for Strategic Project status, via our subsidiary FinnCobalt Oy, as soon as the European Commission announces a new cut-off date for calls. The Company will inform the stakeholders accordingly via another press release.

"Being recognized as one of the largest undeveloped projects for cobalt and copper in Scandinavia is a strong validation of the potential of our Hautalampi project. As we can see from these lists, we could be one of the most important players in Europe for these critical raw materials. As Europe pushes hard for greater raw material independence, responsibly sourced cobalt and copper will play a crucial role in the green transition. This recognition is a big boost for us and further strengthens our commitment to advancing Hautalampi and contributing to a sustainable European battery supply chain,” said Roberto García Martínez, CEO of Eurobattery Minerals.

Our calculations state that our confirmed mineral reserves of cobalt at Hautalampi are:

• Measured and indicated 9.3 Mt; with a metal content of 6,200 t cobalt.

And in addition to this:

• Inferred resources of 3.4 Mt; with a metal content of 1,640 t cobalt.

With these resources, according to the independent source, we currently have the fifth biggest cobalt reserves (Hautalampi deposit) in Scandinavia, measuring by cobalt metal content 7,840 t.

The same calculations for copper are: Measured and inferred 9.3 Mt; with a metal content of 17,700 t copper.

In addition to Hautalampi, we have the nearby exploration area Saramäki, where early-stage calculations have been made, and it could contain the amounts stated below (these Saramäki figures are shown on the GTK mineral deposit and exploration website):
 
Resources: 3.4 Mt @ Cu 0.71%, Zn 0.63%, Co 0.086%, Ni 0.05%, Fe 17.87%, S 12.39%
Reserves (UNFC Classification): Cu 24,140t, Co 2,924t, Zn 21,420t, Ni 1,700t, S 421,260t, Fe 607,580t
 
"With only the measured and inferred resources, we are high up on these lists of undeveloped projects. This independent recognition highlights the significance of the Hautalampi project in securing a responsible and local supply of cobalt and copper for Europe. With the current geopolitical situation, projects like ours could be absolutely vital for Europe´s strategic autonomy in critical raw materials,” said Ilari Kinnunen, Managing Director of FinnCobalt Oy, a wholly owned subsidiary of Eurobattery Minerals and owner of the Hautalampi battery mineral project.

The list has been published by the premier weekly newsletter Rock Report, dedicated to delivering in-depth exploration news, mining visuals, and cutting-edge data analysis, which provides a comprehensive look at the latest developments in exploration, geology, and mining.

Please use the links below to see the source of this information (Rock Report on LinkedIn):
Cobalt
Copper

The EU Critical Raw Materials Act ("CRMA") was approved in May 2024, and in August 2024, Eurobattery Minerals announced that we would apply to obtains status as a Strategic Project under the CRMA. In the evaluation carried out by the EU Commission and which results were published today, the Hautalampi Project was, to our knowledge, not selected as a strategic project in the first round. All concerned applicants of projects in the EU will be notified individually in the coming days with more details about the assessment results.

The EU Commission received a high number of applications in this first round, a total of approximately 170 applications. These projects relate to different parts of the value chain such as extraction, processing and recycling. Applications have also included a large number of different minerals that are considered strategic, including rare earth metals, lithium, copper, nickel, cobalt. As we mentioned earlier, the Company has not yet received a detailed justification for why the Hautalampi battery mineral project was not designated as strategic.

This is not a setback—it’s a step forward. While our Hautalampi project was not selected as a Strategic Project in this first round of the CRMA call, reaching this stage highlights its importance for Europe’s battery mineral supply. The need for responsibly sourced nickel, cobalt, and copper in Europe is undeniable, we hear about it in the news every day. And our commitment to delivering these critical minerals remains stronger than ever. We will continue our hard work with the same dedication,
strengthening our project and look how we can refine the application for future calls under the CRMA, said Roberto García-Martínez, CEO of Eurobattery Minerals.

As soon as we receive the official communication from The Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW), we will study the possible reasons for the rejection and refine the application for upcoming calls under the CRMA. It has been announced that further calls for Strategic Projects will be opened shortly. The Company will inform the market about possible new applications accordingly.

ABB Oy, a global technology leader in electrification and automation, and FinnCobalt Oy, a key player in the mining industry and part of Eurobattery Minerals AB, have signed a LOI as a first step to collaborating on a transformative project aimed at revolutionizing mining practices through EIAD.

A transformative vision for mining
Both ABB and FinnCobalt share an intention to:

• Develop an engineering, technical, and delivery framework for future mining operations.
• Leverage EIAD technologies to enhance operational efficiency, safety, and environmental sustainability.
• Establish the foundation for a potential Supply Agreement, which would mark a long-term collaboration.

“This partnership embodies our vision to redefine mining through cutting-edge technology while maintaining a steadfast commitment to sustainability and innovation,” said Roberto García Martínez, CEO of Eurobattery Minerals.

Scope of Works
ABB will deliver a pre-study and technological evaluation covering key EIAD areas:

• Electrification: Including network calculations, compensation studies, and auxiliary power evaluations.
• Automation: Encompassing engineering rules, system diagrams, and cybersecurity solutions.
• Digitalization: Creating detailed database and system descriptions tailored for mining.
• Instrumentation: Standardizing monitoring equipment for accuracy and reliability.

Actionable insights and recommendations will enable FinnCobalt to integrate advanced technologies seamlessly into its mining operations.

At the forefront of responsible mining
“Our partnership with ABB will set a new industry standard by combining technological innovation with our sustainability objectives,” said Ilari Kinnunen, Managing Director of FinnCobalt. “Together, we strive to create a mine that sets a new benchmark for responsible and sustainable resource extraction worldwide.”

"ABB is excited to collaborate with FinnCobalt on this important initiative which reflects our joint commitment to sustainability. We believe our combined expertise can pave the way for a more responsible and productive future for mining operations. We look forward to successfully working together”, said Fredrik Grankull, Local Business Line Manager, ABB Process Industries in Finland.

About EIAD in the mining industry
Technologies related to electrification, instrumentation, automation, and digitalization are reshaping the mining industry, offering benefits such as reduced environmental impact, enhanced worker safety, and improved operational efficiency. Through this collaboration, ABB and FinnCobalt – part of Eurobattery Minerals – aim to demonstrate the value of integrating EIAD solutions into mining, ensuring both profitability and sustainability.

About ABB
ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and around 110,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB).

“At Eurobattery Minerals, we are continuously exploring innovative solutions that align with our mission to power a cleaner and more sustainable future for Europe. The potential integration of carbon dioxide capture and storage into our mining operations in Finland represents a significant step forward in our commitment to carbon-neutral mining”, says Roberto García Martínez, CEO of Eurobattery Minerals AB.

Carbon capture and storage in mine fill from Hautalampi
The CCS-project, which has been presented by the Outokumpu Industrial Park and VTT Technical Research Centre of Finland, would be made under the “Project for Rapid Structural Change”, funded by the Regional Council of North Karelia in Finland.

Over the coming years, the estimated volume of mine backfill of the Hautalampi battery mineral mine—which annually will be some 200,000 m³—presents a great opportunity for carbon dioxide sequestration and storage. The technology is based in the backfill system that will be used at the Hautalampi mine. The setup is under investigation and the R&D will be performed by the Outokumpu Industrial Park.

This initiative aligns with regional carbon neutrality goals and has the potential to set a new industry standard for integrating greenhouse gas sequestration into mining operations. Additionally, the approach could establish a novel business model for emissions trading, developed collaboratively with the stakeholders involved in the research.

Using carbon dioxide as cement
By utilizing carbon dioxide in mine backfill, the need for cement in mining operations could be reduced, potentially enhancing the properties of the cement as well.

Ilari Kinnunen, Managing Director of FinnCobalt Oy comments: “By transforming backfill into a carbon sink, we can reduce emissions while enhancing the sustainability of resource extraction. This initiative demonstrates that mining can be part of the solution to global climate challenges, not just a contributor. The success of such a project would not only advance our environmental objectives but also create new opportunities for the region. And it´s an exciting example of how the mining industry can innovate to meet the needs of both society and the planet.”

The Hautalampi mine could be an important carbon sink
Underground mines like the Hautalampi battery mineral project could become vital “carbon sinks” on a global scale—producing valuable minerals while simultaneously capturing and storing carbon dioxide. This dual benefit advances the sustainable development goals of the mining industry and highlights the transformative potential of innovative environmental practices.

Roberto García Martínez concludes: “Eurobattery Minerals is proud to lead the way in responsible and sustainable mining practices, ensuring that Europe becomes self-sufficient in battery minerals while setting new standards for environmental stewardship.”

Link to the official announcement from Outokumpu Industrial Park