“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.

The Company´s auditor Baker Tilly has, due to a delay with the audit processes in the subsidiaries, asked for more time to perform the audit and to postpone the publication of the Annual Report. The new release date for the Annual Report 2024 is Monday 9 June 2025.

Due to the delay in the publication of the Annual Report 2024, the AGM also has to be suspended. The original date for the AGM was 17 June. The Annual General Meeting will now instead be held on Monday 30 June 2025.

Number of shares and share capital
Through the new share issue the Company will receive gross proceeds of approximately SEK 6.4 million before issue costs of approximately SEK 0.2 million. The number of shares will increase by 70,888,253 shares, from 365,417,921 shares to 436,306,174 shares, when the new shares are registered by the Swedish Companies Registration Office. The share capital will increase by approximately SEK 96,996.14, from SEK 500,000.00 to approximately SEK 596,996.14, which implies a dilution of approximately 16.2 per cent.

Advisers
Augment Partners AB acted as the financial advisor to the Company in connection with the transaction.

“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.

“In today’s increasingly volatile world—with rising geopolitical tensions and a global race for critical raw materials—Europe cannot afford to stand still while nearly every nation advances its clean energy transition and strengthen their defence sector. If we want mining to happen here in Europe, we must address three fundamental issues: faster permitting processes, harmonized and stable EU regulations, and significantly more financing. True that money isn’t everything, but without it, nothing moves forward. Finally, we must shift public perception by showing that modern, responsible mining is essential for the green transition and Europe’s strategic autonomy. Optimized environmental protection can only be achieved if we have full control over project implementation—and this can only be achieved in Europe. In this context, continued access to capital through instruments like our TO6 warrants is not just helpful—it is vital to move projects like Hautalampi into production and help secure Europe’s raw material future,” says Roberto García Martínez, CEO of Eurobattery Minerals AB.

Strategic and operational highlights during Q1-2025

• January: We announced that the Hautalampi battery mineral mine could be part of a regional pilot project for carbon capture and storage in hardened backfill of the mine.
• March: Our Finnish subsidiary signed a LOI with ABB to develop innovative, sustainable mining solutions via electrification, instrumentation, automation, and digitalization (EIAD) to improve efficiency, safety, and environmental performance.
• March: Eurobattery Minerals submitted, via its subsidiary FinnCobalt Oy, an application for the ERMA Booster Call 2025 – a funding initiative by EIT RawMaterials aimed at boosting Europe’s raw materials resilience. The program offers up to €2.5 million for mining projects.
• March: Eurobattery Minerals announced that its Hautalampi project in Finland had been independently recognized as the fifth-largest undeveloped cobalt project in the Nordics, with 7,840 tons of contained cobalt. The project also holds significant copper resources, totalling 17,700 tons, which puts it on the Top 20 List for undeveloped copper project.

Key financial figures for Q1-2025

• Net sales amounted to SEK 0 thousand (Q1 2024: SEK 0 thousand).
• Operating profit/loss after financial items totalled SEK -2,946 thousand (Q1 2024: SEK -4,551 thousand)

• Earnings per share after financial items before dilution amounted to SEK -0.01 (Q1 2024: SEK -0.11).
• Earnings per share after financial items after dilution amounted to SEK -0.01 (Q1 2024: SEK -0.04).
• Cash flow from operating activities was SEK -335 thousand (Q1 2024: SEK -7,960 thousand).

Detailed financial information
The Interim Report for the period January-March 2025 from Eurobattery Minerals AB is available for download at the Company’s website and can be viewed in the attachment of the release (see below).

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.”

Terms for the Warrants in brief

• Holders of Warrants have the right to subscribe for one (1) new share in the Company for each (1) held Warrant at a subscription price of SEK 0.09 per share.
• The number of outstanding Warrants is 121,785,644, which upon full subscription would imply an increase of 121,785,644 shares in the Company, from 365,417,921 shares to 487,203,565 shares.
• Upon full exercise of the Warrants, the Company will receive a maximum of approximately SEK 11.0 million before issue costs.
• The subscription period for the Warrants runs from 12 May to and including 23 May 2025.
• The last day of trading in the Warrants is on 20 May 2025.
• The outcome is expected to be published on 26 May 2025.
• For existing investors who do not participate in the issue of shares by exercise of Warrants, the maximum dilution will be approximately 25.0 per cent upon full exercise of the outstanding Warrants.

Other information
For investors that have their Warrants registered in a depository at a nominee, subscription and payment by exercise of Warrants must be made in accordance with instructions from each respective nominee. Please contact your nominee for further information.

For investors that have their Warrants directly registered on a VP account, subscription and payment by exercise of Warrants must be made according to instructions on the subscription form, which will be available for download on the Company’s issue site, investors.eurobatteryminerals.com/en/warrants-series-to6/.

For more information about the Warrants, please see the complete terms which are available for download on the Company’s issue site, investors.eurobatteryminerals.com/en/warrants-series-to6/.

Market update from the CEO
“As the exercise period for the warrants of series TO6 commences, I would like to update you on both our market outlook and the operational progress at Hautalampi. The global demand for nickel, cobalt and copper continues to accelerate—driven by electrification, the green transition and strategic defence needs—and Europe’s push for raw material autonomy has never been more critical.

In Outokumpu Finland, we are advancing several key workstreams that support the responsible development of the Hautalampi Project.

Our Environmental Permit Application (EPA) remains active. We are currently finalizing supplementary documentation requested by the Finnish administrative authorities, including additional technical assessments, ground and surface water modeling, and environmental analyses. These will be submitted in June, in close coordination with the authorities.

In parallel, we have actively supported the local zoning process in collaboration with the city administration of Outokumpu. The zoning process—critical for future building permits and project infrastructure—is now approaching completion and will soon be presented to the City Council for final approval.

Looking ahead, we are progressing to the next development phase, which includes the detailed engineering design of the future on-site concentrator plant, ensuring alignment with both environmental requirements and technical feasibility.

Simultaneously, we are strengthening our Environmental, Social, and Governance (ESG) framework, with particular focus on maintaining our social licence to operate and ensuring that stakeholder expectations are met through transparency and engagement.

Through ongoing offtake negotiations and numerous collaborative innovation projects in both Finland and Sweden, we continue to de-risk the Hautalampi project and lay the foundation for responsible, low-carbon extraction of critical raw materials essential for Europe’s green transition.

The proceeds from the warrants will be instrumental in funding these next steps—driving the project toward its bankable feasibility study and ultimately toward production of European battery minerals. We remain fully committed to transforming an historic polymetallic mine into a European hub for critical minerals, operating to the highest environmental and social standards.

Thank you for your continued support as we work to deliver value for shareholders and contribute to Europe’s clean-energy future”, says Roberto García Martínez, CEO, Eurobattery Minerals AB.

Advisers
Augment Partners AB acted as the financial advisor to the Company in connection with the transaction.

IMPORTANT INFORMATION
Publication, release, or distribution of this press release may in certain jurisdictions be subject to legal restrictions and persons in the jurisdictions where this press release has been made public or distributed should be informed of and follow such legal restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer or solicitation to buy or subscribe for any securities in Eurobattery in any jurisdiction, either from Eurobattery or from anyone else.

This press release does not constitute an offer or solicitation to buy or subscribe for securities in the United States. The securities mentioned herein may not be sold in the United States without registration, or without an exemption from registration, under the U.S. Securities Act from 1933 (“Securities Act”), and may not be offered or sold within the United States without being registered, covered by an exemption from, or part of a transaction that is not subject to the registration requirements according to the Securities Act. There is no intention to register any securities mentioned herein in the United States or to issue a public offering of such securities in the United States. The information in this press release may not be released, published, copied, reproduced or distributed, directly or indirectly, wholly or in part, in or to Australia, Hong Kong, Japan, Canada, New Zealand, Singapore, South Africa, the United States or any other jurisdiction where the release, publication or distribution of this information would violate current rules or where such an action is subject to legal restrictions or would require additional registration or other measures beyond those that follow from Swedish law. Actions in contravention of this instruction may constitute a violation of applicable securities legislation.

This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 and has not been approved by any regulatory authority in any jurisdiction. A prospectus was produced by the Company in connection with the Rights Issue in which warrants of series TO6 were issued. The prospectus is kept available at, inter alia, the Company’s website.

The Company announced that it had submitted the application for the ERMA Booster Call funding via its subsidiary FinnCobalt Oy (“FinnCobalt”) in a press release on 26 March 2025.

“The fact that we reached the second stage of the process highlights the relevance of our Hautalampi battery mineral project and our contribution to Europe’s green and secure future,” said Roberto García Martínez, CEO of Eurobattery Minerals. “We are proud to be among the selected candidates in this second phase and already look forward to the next stage of the call.”

The ERMA Booster Call, one of Europe’s most competitive funding initiatives, offers up to €2.5 million per project to strengthen Europe’s raw materials resilience and competitiveness. The call targets innovative mining projects that are critical for securing Europe’s strategic autonomy in raw materials. Successful applicants will not only gain access to financial support but also to Europe’s largest network of industry leaders, expert guidance, and strategic partnerships.

Following the positive first-phase assessment, Eurobattery Minerals was invited to the next step of the evaluation process – a pitching session with a panel of internal and external experts. This session provides an opportunity to present the company’s strategic vision, project strengths, and commitment to sustainable resource development.

Ilari Kinnunen, Managing Director of FinnCobalt, added: “This recognition confirms the strong potential of Hautalampi to support Europe’s critical raw materials strategy. We are committed to advancing the project with the highest environmental and technical standards and this funding would be a great boost for ongoing projects.”

The Company will continue to inform the market about the progress in the different phases of the ERMA Booster Call 2025 via press releases.

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.