Pedro Jiménez de Francisco will join the executive team on 27 April 2026 and will report directly to the Managing Director of Tungsten San Juan, Agne Ahlenius. His appointment completes the consolidation of a top-tier management team combining geological, technical and operational expertise specifically in tungsten, a scarce resource at European level. The appointment of Pedro will undoubtedly be a key factor for the successful execution of the mine’s development.

“The appointment of Pedro Jiménez de Francisco is excellent news for Tungsten San Juan, for Eurobattery Minerals and for our shareholders. Pedro joins us from leading the most important tungsten plant in Spain and has unmatched knowledge of the operational realities of scheelite production on the Iberian Peninsula. With Pedro Jiménez de Francisco and Agne Ahlenius at the helm, we have strong leaders and highly experienced tungsten professionals who will lay the foundations of this project. This is a team that not only knows how to build a mine, but also how to make it produce. With Pedro on board, we take a firm and decisive step towards achieving our objective of entering production in the first quarter of 2027,” says Roberto García Martínez, CEO of Eurobattery Minerals.

A track record aligned with the San Juan challenge
Pedro Jiménez de Francisco joins after serving as Plant Manager at the Barruecopardo tungsten mine (Salamanca), operated by Saloro, S.L. — a subsidiary of the listed Australian group EQ Resources Limited — the largest tungsten producer in Spain and one of the few operations outside the major traditional producing markets capable of delivering high-grade scheelite concentrate with low impurity levels. During his tenure, Pedro Jiménez de Francisco led benchmark projects for technological improvements in the sector, including the implementation of advanced ore sorting systems using X-ray transmission (XRT) for scheelite processing, experience directly applicable to the ore and specific characteristics of the San Juan deposit.

Pedro holds a Mining Engineering degree from the Technical University of Madrid, an Executive MBA from the University of Salamanca, and has completed a Senior Management Program (PDD). He brings more than two decades of experience in leadership roles across mining operations, processing plants and industrial and energy facilities, with a proven track record in achieving production records, optimizing resources and managing high-performance teams.

A team that knows how to build and operate a mine
With Pedro Jiménez de Francisco and Agne Ahlenius at the helm, Tungsten San Juan has a leadership team with direct experience in the tungsten sector, prepared to lay the foundations for the successful development of the project. Agne Ahlenius comments:

“Having a professional with Pedro’s profile accelerates our execution curve. His operational experience at Barruecopardo is the closest comparable in the market to what we are developing in A Gudiña. Pedro completes a particularly valuable operational capability in this final phase of engineering, construction and commissioning.”

The new Project Director joins a project of significant strategic relevance such as San Juan:

“I am joining a project with strong geological fundamentals, a top-tier team and an exceptional market environment for European tungsten. The mission is clear: to bring the mine into production within the committed timeframe and to do so with the technical, environmental and safety standards that the market and society expect from European mining today,” says Pedro Jiménez de Francisco, Project Director of Tungsten San Juan, S.L.

European tungsten, a strategic raw material
Tungsten is listed by the European Union as both a critical and strategic raw material under the Critical Raw Materials Act (CRMA), due to its use in hard metals, special steels, superalloys, defence, aerospace and electronics. Global supply of the metal is highly concentrated outside the European Union, making the few European projects capable of delivering primary tungsten a first-order geostrategic asset. San Juan is positioned as one of these projects.

In line with its strategic nature, Tungsten San Juan, S.L. has applied for the project to be designated as a Strategic Project under the CRMA, a recognition that would further strengthen its role as a key element in the European critical raw materials supply chain.

The appointment of Pedro Jiménez de Francisco strengthens Eurobattery Minerals’ execution capacity and sends a clear signal to the market: Tungsten San Juan is progressing towards a clearly defined milestone — the start of commercial production in the first quarter of 2027.

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As part of this work, FinnCobalt recently took part in the 2nd EUMINDA Interregional Meeting (IR2) held in Western Macedonia, Greece, from 9–11 March 2026, together with representatives from regional authorities, research institutions, and industry across Europe.

Through EUMINDA, FinnCobalt has joined an important stakeholder cooperation network aimed at strengthening responsible mining practices through dialogue, knowledge exchange, and policy development.

International cooperation and knowledge exchange
A central part of the EUMINDA project is international information exchange and deepened cooperation between European regions. The initiative brings together public authorities, academia, industry, and civil society to address the long-term consequences of mining and to improve governance frameworks for mine closure and restoration.

For FinnCobalt and Eurobattery Minerals, participation reflects a core principle of responsible mining: responsibility extends beyond operations and includes the long-term restoration of mining sites.

“It might seem unusual to talk about restoration before mining operations have even started — but in modern responsible mining that is exactly how it should be,” said Ilari Kinnunen, Managing Director of FinnCobalt. “Closure and restoration must be part of the project design from day one. Through EUMINDA, we exchange practical experience with European partners while also learning from how different regions are addressing the legacy of past mining activities.”

From mining legacies to future-proof project design
EUMINDA focuses on addressing the environmental, social, and economic legacies of historical mining, while supporting regions in developing more effective approaches to restoration and post-mining land use.

Eurobattery Minerals applies these lessons proactively by integrating closure planning, rehabilitation, and restoration into project development from the earliest stages. This includes planning for progressive restoration during operations and ensuring that sites are environmentally safe and suitable for future use.

Strong regional cooperation in North Karelia
FinnCobalt participates in the project through the Regional Council of North Karelia, as part of a broad regional stakeholder network including authorities, academia, industry, and civil society.
The region has strong expertise in addressing environmental impacts from mining and advancing circular solutions, and the cooperation contributes to the development of a roadmap for a responsible mineral economy in North Karelia.

“Europe’s sustainability transition and industrial competitiveness both depend on secure access to responsibly produced raw materials,” said Roberto García Martínez, CEO of Eurobattery Minerals. “For mining projects to earn public trust and attract long-term investment, responsibility must extend across the entire life cycle — including closure and restoration. Initiatives like EUMINDA strengthen the policy environment needed for modern European mining to develop with credibility and transparency.”

About EUMINDA
EUMINDA is an Interreg Europe project that brings together European regions, public authorities, and experts to improve policies addressing the long-term environmental, social, and legal impacts of mining activities. The project focuses on mine closure, restoration, and post-mining legacies, promoting interregional cooperation, knowledge exchange, and stronger governance frameworks across Europe.

Link to article from the North Karelian Regional Council: https://pohjois-karjala.fi/2026/03/pohjois-karjala-vahvistaa-yhteistyotaan-eurooppalaisten-alueiden-kanssa-kaivosalan-kehittamiseksi/

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The Board of Directors has conducted a comprehensive review of the Company’s project portfolio and concluded that Eurobattery Minerals’ human, technical, and financial resources must be concentrated on the two assets with the greatest value-creation potential for shareholders: the San Juan tungsten project, located in A Gudiña, Galicia (Spain), and the Hautalampi battery mineral project which lies in Outokumpu, North Karelia (Finland).

In this context, the Company has decided not to proceed with the development of the Corcel Minerals project (located in northwestern Spain). Following a thorough assessment, the Board considers that current market conditions and the Company’s strategic priorities do not justify the allocation of further resources to this project at this time. As part of the strategic portfolio review, the Company will update the valuation of its assets in the relevant financial statements accordingly.

The financial impact of this decision on the Company’s balance sheet is expected to be limited. Any accounting adjustments will be reflected in the Company’s financial statements in accordance with applicable accounting standards.

“This decision reflects a disciplined approach to capital and resource allocation. By concentrating our efforts on our two core assets, we are positioning Eurobattery Minerals to deliver maximum value for our shareholders,” says Roberto García Martínez, CEO of Eurobattery Minerals AB

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Such requests are a standard and expected part of the permitting process, reflecting the thorough and transparent regulatory framework governing mining projects in Finland and across the EU. Similar clarification rounds are a natural continuation of the review process following the submission of the EPA in April 2024 and the supplementary documentation provided in July 2025.

The Company has initiated an internal review of the request and is working closely with its specialized technical consultants and engineering advisors to assess the scope of the additional information required. Eurobattery Minerals will provide the requested clarifications and any supporting documentation in due course, following a thorough assessment of the authority’s request.

The permitting process is advancing in accordance with the regulatory procedure applicable to major mining projects in Finland, and the Company remains fully committed to providing comprehensive and high-quality responses to the authority’s requests.

The Hautalampi project, located in the historic Outokumpu mining region in Finland, is being developed as a future European source of responsibly produced nickel, cobalt and copper—critical raw materials for the sustainability transition. FinnCobalt has applied for Strategic Project designation under the EU Critical Raw Materials Act (CRMA), underscoring the project’s European strategic relevance.

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“Metallurgical testwork is a critical step in transforming a mineral resource into a viable mining project,” said Roberto García Martínez, CEO of Eurobattery Minerals. “By working with SLR, a globally recognised and highly experienced technical partner, we are strengthening the technical foundation of the San Juan project and moving forward in a structured and disciplined way.”

The bulk sample, totalling approximately 1,000 kilograms of wolfram-bearing material, will be processed at SLR’s laboratories in Truro, Cornwall — a historic mining region. SLR has extensive expertise in mineral processing and metallurgical testing.

The test programme, expected to run over approximately five months — with results expected in Q3 2026 — will involve a comprehensive evaluation of the ore’s processing characteristics. This includes crushing and classification into different size fractions, followed by detailed analysis of grade distribution to determine how the wolfram mineralisation is hosted within the material.

A series of gravity-based metallurgical tests will be conducted, including cyclone classification, spiral separation and shaking table tests. These tests will generate multiple output streams — including concentrate, intermediate fractions, and tailings — enabling a detailed assessment of recovery performance across different particle sizes and processing conditions.

The results from the programme will form the basis for the final design of the process flowsheet and the future processing plant, supporting both technical optimisation and responsible resource use. This represents a key milestone in the project’s development path: the metallurgical data will feed directly into the final engineering design work being led by Minepro, enabling the Company to advance towards a detailed process design, a critical prerequisite for the construction and commissioning of the San Juan processing plant.

“Every ore body behaves differently and understanding that behaviour is essential for designing an efficient and reliable processing solution,” said Agne Ahlenius, Managing Director of Tungsten San Juan. “This work will allow us to define a process that is tailored to our specific conditions in Galicia, combining strong technical performance with a responsible approach to resource management.”

Eurobattery Minerals continues to advance the San Juan tungsten project as part of its broader strategy to contribute to Europe’s secure and responsible supply of critical raw materials, essential for the sustainability transition and for strengthening European industrial resilience. San Juan is currently under review for designation as a Strategic Project under the EU Critical Raw Materials Act (CRMA), a status that would further underline the project’s significance for European supply chain security and industrial competitiveness.

About SLR
SLR Consulting Ltd is an international consultancy providing environmental, engineering, and technical advisory services to the mining and minerals industry. With a global presence and multidisciplinary expertise, SLR supports projects across the full mining lifecycle — from early-stage studies to development and optimisation.

In the United Kingdom, including in Cornwall, SLR combines technical expertise with a long-standing mining tradition, offering capabilities in mineral processing evaluation, project development, and environmental performance.

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Eurobattery Minerals AB publishes information in English, Swedish, and German for the convenience of our shareholders and stakeholders. In the event of any discrepancies or inconsistencies between the language versions, the English version shall prevail.

“The San Juan project is a strategic asset for Galicia and for Europe. Our objective is to bring this asset into production in a responsible and efficient way, generating long-term value for shareholders while delivering tangible social and economic benefits to the local community. ESG principles are a fundamental pillar of this approach, and initiatives such as the launch of this website are an important step in strengthening transparency and open dialogue with all stakeholders,” said Roberto García Martínez, CEO of Eurobattery Minerals.

The website offers a comprehensive overview of the San Juan project, including its development status, environmental and social approach, and the strategic importance of tungsten for Europe. It also includes dedicated sections on responsible mining practices, community engagement and frequently asked questions, aimed at providing clear and understandable information to a broad audience.

A key objective of the website is to strengthen communication with the local community in A Gudiña and the surrounding region. Through the platform, users can access project information, submit questions or feedback, and follow ongoing updates about project development.

“Transparency and dialogue are essential for building trust. With this new website, we want to make it easier for people to understand what we are doing, how we are doing it, and why this project matters — both locally and at a European level,” said Agne Ahlenius, Managing Director of Tungsten San Juan.

The San Juan project is a near-term tungsten mining project located in Galicia – a region with centuries of mining tradition and a historical role as one of Europe’s principal sources of wolfram. The project aims to revive and modernise this legacy, contributing to Europe’s supply of critical raw materials while creating local value through employment, business opportunities and collaboration with the community.

The launch of the website marks another step in Tungsten San Juan’s approach to responsible mining, combining modern industrial development with environmental protection, safety and community engagement.

The website is available in Spanish and Galician – reflecting the Company’s commitment to accessible communication with the local community in Galicia – but also in English, German and Swedish, the corporate distribution languages of the Eurobattery Minerals Group.

The new website is now available at: www.tungsten-sanjuan.com

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Eurobattery Minerals AB publishes information in English, Swedish, and German for the convenience of our shareholders and stakeholders. In the event of any discrepancies or inconsistencies between the language versions, the English version shall prevail.

Background

• On 27 November 2024, the Company issued convertible bonds to Fenja through a private placement amounting to SEK 4,000,000.
• In September 2025, Fenja converted SEK 1,500,000 of the total amount, remaining 2,500,000 SEK outstanding.
• As previously announced on 23 February 2026, a further SEK 1,250,000 was converted, remaining 1,250,000 SEK outstanding.
• Fenja has now elected to convert the entirety of its remaining holding – to the contractually agreed nominal amount of SEK 1,250,000 – thereby fully converting all outstanding convertible bonds and reducing the balance to zero.

Fenja is converting the entirety of its remaining holding into newly issued shares at a conversion price of SEK 0.09 per share (recalculated following the company’s completed rights issue). Following this conversion today, Fenja holds no further convertible instruments in the company.

“Becoming fully debt-free is a defining moment for Eurobattery Minerals, and the timing could not be more significant. We are now entering an active phase of development across our project portfolio, and in particular at San Juan, our tungsten project in Galicia, Spain, where engineering work is well advanced. A clean balance sheet, free of any convertible obligations, gives us a stronger foundation from which to advance our projects, engage with partners and financiers, and capitalise on the growing European demand for domestically sourced critical minerals,” says Roberto García Martínez, CEO of Eurobattery Minerals AB.

The key terms and effects of the conversion

• Converted nominal amount: SEK 1,250,000
• Number of newly issued shares: 13,888,889
• Total number of shares after the conversion: 976,258,262
• Remaining convertible debt: SEK 0 (none)

Strategic significance
The settlement of all convertible liabilities is an important step in Eurobattery Minerals’ financial consolidation. This milestone is particularly meaningful as the company accelerates the development of its flagship San Juan tungsten project in Galicia, Spain, and advances its broader portfolio of critical raw materials projects. The company now enters this phase with a structurally cleaner balance sheet, providing several key advantages:

• A simpler and stronger balance sheet, free from convertible liabilities and the uncertainty regarding dilution that these entail.
• Greater strategic flexibility to implement value-creating initiatives, including project development and potential partnerships, from a financially strong position.
• Sends clear signals regarding the company’s disciplined approach to capital structure and financing.

Dilution effect
The conversion entails the issue of 13,888,889 new shares, corresponding to a dilution of approximately 1.5 per cent in relation to the total number of shares following the conversion (976,258,262 shares). Both this conversion and the preceding first tranche conversion were previously communicated to the market. Following this transaction, the company has no convertible instruments or similar dilutive instruments outstanding.

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The Board’s proposal for a resolution on a directed new issue of shares (item 7)
The general meeting resolved, in accordance with the board’s proposal, on a directed new issue of not more than 53,295,593 shares to Nazgero Consulting Services Ltd, entailing an increase in the share capital of not more than SEK 72,924.1642982568. The subscription price per share amounts to SEK 0.09. Payment for the shares subscribed for shall be made through set-off of a claim consisting of accrued consulting fees. The resolution required the approval of shareholders representing at least nine-tenths of both the votes cast and the shares represented at the general meeting.

Stockholm, March 2026
Eurobattery Minerals AB (publ)
BOARD OF DIRECTORS

A strategic asset at a critical moment for Europe
Tungsten is classified as one of the European Union’s most strategically sensitive critical raw materials, with global supply chains currently dominated by a single country. The San Juan tungsten project represents a rare, advanced European primary wolfram asset, and the Company is committed to bringing it into production as swiftly and responsibly as possible.

“This is an important step forward for our tungsten project in Galicia,” said Roberto García Martínez, CEO of Eurobattery Minerals. “Developing the processing infrastructure is essential to unlocking the value of the San Juan deposit. By working with Minepro, we are ensuring that the plant is designed specifically for the characteristics of the ore and built with a flexible architecture that supports the long-term development of the project. Responsibly produced tungsten in Europe will be increasingly important for Europe’s industrial resilience and technological competitiveness.”

A best-in-class engineering partner
Minepro brings decades of hands-on experience in mineral processing plant design and metallurgical optimisation, with a strong track record on comparable European projects. Their mandate covers the complete engineering scope of the plant — covering process, mechanical, electrical, and instrumentation & control disciplines — as well as the definition and supervision of a comprehensive metallurgical test programme to be carried out at an accredited external laboratory.

By running engineering and a metallurgical reconfirmation program simultaneously across an approximately 20-week programme, the Company is taking an accelerated path to production without compromising technical rigour or the quality of the final plant design.

Plant design and path to production
The processing plant will be designed to produce a high quality and marketable tungsten concentrate through a gravimetric concentration circuit optimised for the ore characteristics at San Juan. The plant will commence operations at an initial throughput of 10 t/h, with capacity designed to scale progressively — a capital-efficient approach well suited to the Company’s development strategy.

Alongside gravimetric concentration, the test programme will evaluate additional beneficiation stages — to ensure the plant delivers a concentrate fully meeting commercial specification. Construction, installation and commissioning will be contracted separately upon completion of the engineering phase, with plant operations targeted to commence in Q1 2027.

“Building a processing plant adapted to the specific conditions of the San Juan deposit is a key milestone for the project,” said Agne Ahlenius, Managing Director of Tungsten San Juan S.L. “Our goal is to develop a modern operation that combines technical efficiency with strong environmental and safety standards. The modular design also gives us flexibility to scale production in a responsible way as the project evolves.”

As announced previously in 2025, the Company had planned to conduct metallurgical testwork and pilot plant design together with Advanced Mineral Processing S.L. (AMP). However, due to circumstances outside the Company’s control, that collaboration could not proceed as originally planned. Eurobattery Minerals has therefore decided to move forward with Minepro to continue advancing the technical development of the project.

About Minepro Solutions S.L.
Minepro Solutions, S.L. is a specialist mineral processing engineering company with extensive experience in the design, engineering and commissioning of processing plants across a broad range of mineral commodities. Minepro is recognised for its rigorous, fit-for-purpose approach to plant engineering and metallurgical test programme management.

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Eurobattery Minerals AB publishes information in English, Swedish, and German for the convenience of our shareholders and stakeholders. In the event of any discrepancies or inconsistencies between the language versions, the English version shall prevail.

The 2025 Sustainability Report outlines how responsible mining is integrated into all aspects of the Hautalampi project. Built around three pillars — environment, people, and community — the report describes environmental monitoring, biodiversity protection, water stewardship, health and safety practices, local cooperation, and governance standards. The work is aligned with the Towards Sustainable Mining (TSM) framework.

“We want to demonstrate clearly and transparently how responsible mining is implemented in practice,” says Ilari Kinnunen, Managing Director of FinnCobalt. “For us, sustainability is not a separate initiative — it is the foundation of how we develop the Hautalampi project and engage with the local community.”

Key highlights from 2025 include zero workplace accidents, comprehensive groundwater monitoring supported by a three-dimensional groundwater model, an updated Natura 2000 assessment for Lake Sysmäjärvi, aquatic ecosystem surveys in the Ruutunjoki River, and active community engagement through regular public meetings. The report also details progress on reducing the project’s future carbon footprint, including preparations for CO₂-free energy and a fully electrified mining fleet.

“The publication of this Sustainability Report marks another important step forward for the Hautalampi project,” says Roberto García Martínez, CEO of Eurobattery Minerals. “We are making steady, tangible progress — from environmental approvals and groundwater modelling to community engagement and carbon reduction planning. Each milestone brings us closer to production and reinforces our position as a credible European source of responsibly produced battery minerals. This is a project that is moving forward, and we are building it the right way.”

In parallel, FinnCobalt has fully redesigned the “Environment and Responsibility” section of its website. Previously limited to technical documentation in Finnish, the section now offers clear, bilingual content covering environmental monitoring results, occupational health and safety, community engagement activities, and the company’s participation in the TSM Finland mining responsibility system.

FinnCobalt’s sustainability program is aligned with the TSM protocol and the UN Sustainable Development Goals. Throughout 2026, the company will continue to refine its action plans, with priorities including CO₂ emissions reduction, water management, biodiversity protection, and strengthened community dialogue.

The FinnCobalt Sustainability Report 2025 can be read here: https://www.finncobalt.com/wp-content/uploads/2026/03/FinnCobalt-ESG-REPORT-2025.pdf

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Eurobattery Minerals AB publishes information in English, Swedish, and German for the convenience of our shareholders and stakeholders. In the event of any discrepancies or inconsistencies between the language versions, the English version shall prevail.