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.

“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

“Europe must take control of its raw material supply chains to secure a sustainable and competitive future. Eurobattery Minerals is proud to apply for the ERMA Booster Call 2025 via FinnCobalt, as it directly supports our mission to produce responsibly sourced battery minerals within Europe. With this funding, we can further accelerate our mining project and contribute to the EU’s strategic autonomy, security, and the green transition,” said Roberto García Martínez, CEO of Eurobattery Minerals.

Key highlights for ERMA Booster Call 2025:

• Funding opportunity – ERMA Booster Call offers up to EUR 2.5 million for mining, processing, and recycling projects essential to Europe’s critical raw materials supply chain.
• Supporting European strategic autonomy – This initiative aligns with Eurobattery Minerals’ mission to enhance sustainable and responsible mining in Europe, reducing dependency on imported raw materials.
• Scaling up innovation – The funding will accelerate the development of our battery mineral projects, supporting key European industries in the transition to clean energy and e-mobility.
• Access to a strong network – Participation in this program would provide expert guidance, strategic financing opportunities, and collaboration with Europe’s largest raw materials ecosystem.

Ilari Kinnunen, Managing Director at FinnCobalt said: “With the events we have seen playing out on the world scene during the last months, this funding initiative from ERMA couldn´t come at a better time. Europe has an extremely urgent need to secure critical raw materials – like nickel, cobalt, and copper – for the green transition, for clean energy, for security and defence, and for the jobs in the European industry. There is no time to lose to get new mines up and running in Europe.”

With the current geopolitical situation – and as the demand for responsibly sourced battery minerals grows – Eurobattery Minerals remains committed to playing a pivotal role in securing a sustainable European supply chain.

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

FinnCobalt, owned to 100% by Eurobattery Minerals AB, is actively participating in the BATCircle Project. This is a Finnish initiative which focuses on improving the competitiveness and sustainability of the country´s battery value chain, adding value to Finnish battery materials and also the refining and recycling sectors.

“Our participation in the BATCircle projects reflects Eurobattery Minerals’ dedication to advancing sustainable, circular solutions for the battery industry. This collaboration has not only strengthened Finland’s role as a leader in the battery value chain but also aligns perfectly with our mission to drive responsible mineral production in Europe. By working alongside industry and academic leaders, we are contributing to vital innovations in recycling, refining, and environmentally conscious practices that will support Europe’s transition to a sustainable and self-sufficient battery ecosystem,” says Roberto García Martínez, CEO of Eurobattery Minerals.

The first phase of BATCircle (2019-2021) was followed by BATCircle2.0 (2021-2024), and this is when FinnCobalt entered the project. The second phase broadened its focus to cover the entire chain – from resource exploration and mining to refining, processing, and recycling of battery components. This project united Finnish businesses and research institutions, with additional guidance from an international advisory board to strengthen its influence across Europe and globally.

The third phase of the project has just been announced and it comes at a time when Europe is adapting to the CRMA and battery demand is growing exponentially. Business Finland has granted the BATCircle Consortium with 13.4 million euros for the next three years. BATCircle3.0 represents one of the most relevant and timely research areas as it targets the material transition in energy storage and is especially focused on battery materials refining and battery recycling. FinnCobalt is a full member of the BATCircle Consortium.

After six years of collaboration and research, the BATCircle Project has positioned Finland as a global leader in the lithium-ion battery supply chain and strengthened the cooperation between companies and research organizations in Finland.

Some highlights of the BatCircle Project, 2019-2024:

• The whole value chain: From exploration and mining to refining, processing, and recycling of battery materials.
• Strong focus on ESG: Recognized for its environmental, social, and governance standards.
• Significant research output: Over 80 peer-reviewed articles, 45+ theses, and numerous conference presentations.

The involvement of FinnCobalt strengthens Eurobattery Minerals’ commitment to sustainable battery mineral production and collaboration across industry and academia. The project operates under Business Finland’s “Batteries from Finland” programme and aligns with EU goals for responsible and circular battery materials production, positioning FinnCobalt and Eurobattery Minerals at the forefront of sustainable mineral development in Europe.

Link to the official announcement from the BATCircle Consortium: https://www.aalto.fi/en/news/battery-demand-is-growing-exponentially-batcircle30-provides-a-leap-in-battery-material-and

One of Eurobattery Minerals’ largest shareholders, an investment company from Switzerland, has informed the Company that they have subscribed for approximately SEK 2.2 million or approximately 6.2 per cent of the ongoing rights issue of approximately SEK 35.5 million.

As previously announced, the Company has received subscription commitments from members (current and previous) of the Board of Directors and the management team totalling approximately SEK 3.1 million or approximately 8.7 per cent of the rights issue. The combined known subscriptions from members of the Board and management (current and previous) and larger shareholders now total approximately SEK 5.3 million or approximately 14.9 per cent of the rights issue.

“We are thrilled by the strong support from our major investors, which reflects their belief in our mission to secure responsibly sourced battery minerals for Europe. This commitment, particularly from one of our largest shareholders, underscores confidence in our vision and our strategic direction. Together with our dedicated team, we remain focused on developing sustainable solutions that support Europe’s journey toward a cleaner, self-sufficient future,” said Roberto García Martínez, CEO of Eurobattery Minerals.

All these contributions highlight the steadfast confidence of our largest investors in Eurobattery Minerals’ vision and strategic goals.

This investment reinforces our commitment to responsible battery mineral exploration and development in Europe, aligning with our vision to power a cleaner, self-sufficient future.

The subscription period for Eurobattery Minerals’ rights issue runs until November 13, 2024.

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 is not a prospectus according to the definition in Regulation (EU) 2017/1129 (the “Prospectus Regulation“) and has not been approved by any regulatory authority in any jurisdiction. A prospectus regarding the Rights issue which is described in this press release has been registered by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) and is available, among other things, on Eurobattery’s website.

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.

Video: Market update – October 2024
The CEO of Eurobattery Minerals, Roberto García Martínez, was interviewed and presented a market update in a video published on 30 October 2024. In the video, which is directed to shareholders, potential investors and other stakeholders, a summary was presented regarding the work carried out in the Finnish battery mineral project Hautalampi during 2024, the Spanish Castriz project in Corcel and the planned development for the near future. The video is available on Eurobattery Minerals´ YouTube channel, https://www.youtube.com/watch?v=r-PVL8VBjyI, and issue website, https://investors.eurobatteryminerals.com/en/rights-issue-2024-2/.

“We have been very active since 2020, when we acquired the Hautalampi battery mineral project, and we just finalised the full acquisition a couple of months ago. We have achieved many milestones over the last years, including applying for the environmental permit which we submitted to the authorities a couple of months ago. Additionally, we have been working closely with the Finnish authorities to monitor our environmental processes. In August, we applied to categorise the project as a European Strategic Project under the new Critical Raw Materials Act. And just a few weeks ago, we closed on a non-binding agreement with Boliden, a large mining group, which poised to buy the entire copper concentrate production from Hautalampi. All these achievements probably make this project one of the most important projects in the Scandinavian countries in decades,” commented the CEO about the Hautalampi project.

The terms in brief

• Subscription price: SEK 0.70 per unit (SEK 0.10 per share, the warrants are obtained free of charge).
• Gross volume: Approximately SEK 35.5 million in the event of a full subscription in the Rights issue, and an additional approximately SEK 10.0 million in the event of full utilisation of the Over-allotment issue.
• Terms: One (1) share held on the record date gives one (1) unit right. Three (3) unit rights entitle to subscription for one (1) unit. One (1) unit consists of seven (7) new shares and four (4) warrants of series TO6.
• Trading in unit rights at NGM Nordic SME: 30 October 2024 – 8 November 2024.
• Subscription period: 30 October 2024 – 13 November 2024.
• Estimated date for announcement of the outcome of the Rights issue: 15 November 2024.
• Commitments: The Rights issue is covered by subscription commitments and underwriting commitments totalling approximately SEK 21.3 million, corresponding to approximately 60.0 per cent. Neither the subscription commitments nor the underwriting commitments are secured by bank guarantees, escrow funds, pledge or similar arrangements.

The terms and conditions of the Rights issue and the Over-allotment issue are included in the Company’s EU growth prospectus, which was published on 28 October 2024. The prospectus and subscription form are available on the Company’s issue site, https://investors.eurobatteryminerals.com/en/rights-issue-2024-2/, during the subscription period.

Advisers
Augment Partners AB is acting as the financial advisor and Advokatfirman Schjødt is acting as the legal 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 Minerals in any jurisdiction, either from Eurobattery Minerals or from anyone else.

This press release is not a prospectus according to the definition in Regulation (EU) 2017/1129 (the “Prospectus Regulation“) and has not been approved by any regulatory authority in any jurisdiction. A prospectus regarding the Rights issue which is described in this press release has been registered by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) and is available, among other things, on Eurobattery Minerals´ website.

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.