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Stockholm, 25 November 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today announced that Mr. Ilari Kinnunen has been appointed new Managing Director (MD) of FinnCobalt Oy in Finland as of 01st of March 2023, replacing the current MD Markus Ekberg, who will be retiring. Markus Ekberg will continue as the Chairman of the Board of FinnCobalt Oy. Mr. Ilari Kinnunen, will be responsible for the development and operations of Hautalampi battery mineral mine development project. Eurobattery Minerals owns 40% of the FinnCobalt Oy and Hautalampi project and has the option to acquire 100%.
“I am very pleased to welcome Ilari to Eurobattery Minerals. With his experience, he will be instrumental in developing our battery mineral project in Finland into a mine. At the same time, I would like to express my big gratitude to Markus, who has been a critical part of our operations in bringing us this far. In his position, he has paved the way for a very promising battery mineral mine in Finland,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Ilari Kinnunen brings almost 20 years of experience in different roles in the mining sector. Most recently, he was the Senior Mining Manager in Finland at global company Elementis Minerals Oy, where he previously held several other senior positions. Ilari has an M. Sc. in Mineral Engineering from the Aalto University, department of chemistry and material science. He will be based in Outokumpu in Finland, where the Hautalampi project is located.
“I am excited to join Eurobattery Minerals and take on the responsibility of developing the highly promising Hautalampi mine project with the rest of the talented team. Having the full right to exploit all the mineral resources in the mining concession area the pre-feasibility study is our next priority,” said Ilari Kinnunen.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact FinnCobalt Oy
Markus Ekberg – Managing Director
E-mail: markus.ekberg@finncobalt.com
Phone +358 40 706 4850
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB
Phone: +46 (0) 86 042 255
E-mail: info@augment.se.
Stockholm, 16 November 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”), today announces that it has received the final verdict of the Hautalampi mining concession proceeding. The final verdict has an appeal period of 30 days. Eurobattery Minerals owns 40% of the FinnCobalt Oy and Hautalampi project. Eurobattery Minerals plans to acquire the remaining 60% of the owner company FinnCobalt Oy during the first half of 2023.
The mining concession will give FinnCobalt Oy all rights to exploit all mineral resources located in the mining concession area (a map of the area is attached in the appendix). The Company already owns 93% of the total concession area of 277 hectares. The remaining land hold is owned by the local parish and private landowners that will be paid a compensation of a total of EUR 27,000 due in three months’ time.
“The completed mining concession proceeding in Hautalampi brings us one step closer to a much-needed European battery mineral mine. We now have the full right to exploit all the mineral resources in the area according to Finnish mining law. Along with completing the environmental permit application, we are planning for the pre-feasibility study at the beginning of 2023,” said Roberto García Martínez, CEO of Eurobattery Minerals AB
Attached to this press release is an appendix with a map of the mining concession area.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.
Stockholm, 14 November 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today announced the extension of all its seven exploration permits in Sweden with one year.
“I am pleased that we have extended our exploration permits in Sweden. We need more mines in Europe to meet the need for responsible and European mined battery minerals to power the electric revolution as well as clean energy. Several of our Swedish projects have the potential to provide these critical raw materials and could thus contribute to an increased self-sufficiency of battery minerals in Europe,” said Roberto García Martínez, CEO of Eurobattery Minerals.
The Swedish Mining Inspectorate has decided that all Eurobattery Minerals exploration permits have been automatically extended by one year. The extension is a result of legislative change mitigating the effects of Covid-19, which extends the validity of all exploration permits that were in force on 9 June this year.
Eurobattery Minerals held seven (7) exploration permits for battery minerals in Sweden and the Swedish Mining Inspectorate has confirmed that all of these have now been extended one year.
Below is a list with all Eurobattery Minerals held exploration permits in Sweden including mineral and metal focus along with its location.
- Bruksberget – copper, silver, and gold. Located in Västernorrland.
- Brännkammen – silver, zinc, lead and gold. Located in Västerbotten.
- Fetsjön 1 – nickel, vanadium, and molybdenum. Located in Västerbotten
- Pahtavaara – copper and gold. Located in Norrbotten.
- Pietarasjärvi – copper. Located in Norrbotten.
- Rönnberget 1 – nickel, vanadium, and molybdenum. Located in Västerbotten.
- Sörtjärn – zinc, lead and gold. Located in Västerbotten.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SWITZERLAND, SINGAPORE, SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS PRESS RELEASE WOULD BE UNLAWFUL, BE SUBJECT TO LEGAL RESTRICTIONS OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.
The Board of Directors of Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “Eurobattery” or the “Company”) has today, subject to the approval of the Extraordinary General Meeting on 30 November 2022, decided to carry out a rights issue of a maximum of 16,522,237 units (the “Rights issue”). One (1) unit consists of one (1) share and one (1) warrant. The subscription price for a unit is SEK 3.00, whereby Eurobattery upon full subscription in the Rights issue would obtain approximately SEK 49.6 million before issue costs. For each (1) existing share in the Company, one (1) unit right is obtained. One (1) unit right entitles the holder to subscribe for one (1) unit. The subscription period commences on 7 December and ends on 21 December 2022. The Board of Directors has also decided to propose that the Extraordinary General Meeting authorises the Board of Directors to decide on an over-allotment issue of units of approximately SEK 15.0 million (the “Over-allotment issue”) on the same terms as in the Rights issue. In connection with the Rights issue, the Company has undertaken to partially repay the outstanding convertible loan to Formue Nord Fokus A/S, which has committed to set off the rest of the convertible loan against a newly issued convertible loan of SEK 10.0 million (the “Convertible issue”). As part of the agreement regarding the repayment of the outstanding convertible loan, Formue Nord Fokus A/S will receive 3,333,333 warrants of the same series as the warrants issued through the Rights Issue free of charge. Upon full subscription in the Rights Issue, the number of shares in the Company will increase by 16,522,237 shares, and upon full utilisation of the Over-allotment issue, the number of shares will increase by an additional 5,000,000 shares before any exercise of warrants. In addition, the number of shares can increase by a maximum of 24,855,570 shares upon full utilisation of all warrants, assuming full subscription in the Rights issue and the Over-allotment issue. The proceeds from the Rights issue and the warrants will be used for partial repayment of the current convertible loan to Formue Nord Fokus A/S, completion of the acquisition of FinnCobalt Oy (“FinnCobalt”), as well as to finance the development of the mining operations in Hautalampi and Corcel. The Rights issue is secured to approximately SEK 24.8 million, corresponding to 50.0 per cent of the Rights issue, by subscription and underwriting commitments.
The transaction in brief
- Upon full subscription in the Rights issue, Eurobattery will obtain gross proceeds of SEK 49.6 million, before issue costs, and an additional SEK 15.0 million upon full utilisation of the Over-allotment issue. In the event of full utilisation of the warrants, including the warrants issued to Formue Nord Fokus A/S, the Company can obtain a minimum of approximately SEK 24.9 million and a maximum of approximately SEK 96.9 million, assuming full subscription in the Rights issue and the Over-allotment issue.
- The subscription price in the Rights issue is SEK 3.00 per unit, corresponding to SEK 3.00 per share (the warrants are obtained free of charge).
- For each (1) existing share held on the record date, one (1) unit right is obtained in the Rights issue. One (1) unit right entitles the holder to subscribe for one (1) unit. One (1) unit consists of one (1) share and one (1) warrant.
- The record date is 5 December 2022, which means that the last day of trading in the Company’s share including the right to participate in the Rights issue is 1 December 2022, and the first day of trading in the Company’s shares excluding the right to participate in the Rights issue is 2 December 2022.
- The subscription period in the Rights issue commences on 7 December and ends on 21 December 2022.
- The Rights issue is secured to approximately 3.4 per cent by subscription commitments (approximately SEK 1.7 million) and to 46.6 per cent by underwriting commitments (approximately SEK 23.1 million). Thus, the Rights issue is secured to approximately 50.0 per cent.
- The subscription price for the subscription of shares by exercise of warrants will be determined based on the volume-weighted average price of the Company’s shares on NGM Nordic SME from 6 March to 17 March 2023 with a discount of 30 per cent, however, not less than the nominal share price (SEK 1.00) and no more than SEK 3.90.
- Each (1) warrant will entitle the holder to subscribe for one (1) new share during the period ranging from 20 March to 31 March 2023.
- The Company has undertaken to partially repay the outstanding convertible loan to Formue Nord Fokus A/S, which has committed to set off the rest of the convertible loan against a newly issued convertible loan with a nominal value of SEK 10.0 million, which will entitle to the subscription of a maximum of 2,500,000 new shares until 21 December 2023. Formue Nord Fokus A/S will also receive 3,333,333 warrants of the same series as the warrants issued through the Rights Issue.
- The net proceeds from the Rights issue and the warrants will be used to partially repay the current convertible loan to Formue Nord Fokus A/S (SEK 8.0 million), complete the acquisition of FinnCobalt (SEK 6.0 million) and to finance and develop the mining operations in Hautalampi (SEK 20.0 million) and Corcel (SEK 20.0 million). Additional net proceeds will be used to strengthen the Company’s capital structure as well as to generate financial flexibility for future potential M&A transactions.
Background and motive in brief
Eurobattery is a mining and exploration company that conducts targeted mineral exploration in Europe with a focus on raw materials for the ongoing electrification (for example nickel, copper and cobalt). The Company currently has two flagship projects focusing on nickel, cobalt and copper in northwestern Spain and eastern Finland.
Since 1 July 2022, Eurobattery holds 40 per cent of FinnCobalt Oy and the Hautalampi project due to the investment agreement that was signed in May 2020. The Company intends to complete the acquisition of 100 per cent of the shares in FinnCobalt during the first half of 2023. The development in Hautalampi has been favourable and in June 2021 the Company was able to increase the project’s measured, indicated and inferred resource tonnage by approximately 100 per cent and the metal content by approximately 50 per cent. In October 2022 the Company was able to confirm a further increase in the metal content of approximately 40 per cent. In addition to the completion of the acquisition of Hautalampi, the Company expects to publish an updated preliminary economic assessment (PEA) and a preliminary feasibility study (PFS) for Hautalampi during Q1 2023.
The Spanish Corcel project has also shown good progress since the Company’s acquisition of Corcel Minerals S.L. in February 2019. During June 2022, based on previous studies and established NI 43-101 report, the Company was able to estimate the deposit at approximately 60 million tonnes with a significant nickel content. With only 10 per cent of the deposit, the Company could supply nickel for the production of at least 500,000 car batteries. In August 2022, Corcel was taken one step closer to its mining phase when the necessary information for completion of the environmental impact statement and the operating permit was submitted to local authorities. The Company is expected to publish new metallurgical results in Q4 2022 and to start a third drilling campaign in Q1 2023, with the aim of accelerating Corcel to the same project stage as Hautalampi.
With respect to Eurobattery’s development plans, the Company’s assessment is that the existing working capital is not sufficient to finance the operations going forward. Thus, the Board of Directors has decided, subject the approval of the Extraordinary General Meeting on 30 November 2022, to carry out the Rights issue of units of approximately SEK 49.6 million. The net proceeds from the Rights Issue and any exercise of the associated warrants are intended to be used for the following purposes, arranged in order of priority:
- Convertible loan – SEK 8.0 million for partial repayment of the current convertible loan to Formue Nord Fokus A/S.
- Acquisition – SEK 6.0 million to complete the acquisition of all shares in FinnCobalt.
- Hautalampi – SEK 20.0 million for base work and construction of the Hautalampi mining facility.
- Corcel – SEK 20.0 million to be used for financing of a new drilling campaign in Corcel.
- Additional net proceeds will be used to strengthen the Company’s capital structure as well as to generate financial flexibility for potential future M&A deals, which are continuously being evaluated by the Company’s Board of Directors.
In order to take advantage of an over-subscription in the Rights issue, the Company has undertaken to offer additional units, corresponding to a maximum of SEK 15.0 million through the Over-allotment issue. The net proceeds from the Over-allotment issue and the warrants are intended to contribute to increased financial flexibility with respect to what has been described above.
Terms of the Rights issue, the Over-allotment issue and the Convertible issue
The Board of Directors of Eurobattery has today, on 31 October 2022, subject to the approval of the Extraordinary General Meeting on 30 November 2022, decided to carry out a Rights issue of a maximum of 16,522,237 units with preferential rights for existing shareholders. The Board of Directors has also proposed the Extraordinary General Meeting to authorise the Board of Directors to decide on an Over-allotment issue of SEK 15.0 million (5,000,000 units) in order to take advantage of any over-subscription in the Rights issue.
The main terms of the Rights issue are presented below:
- Anyone who is registered as a shareholder in Eurobattery on the record date, 5 December 2022, will receive one (1) unit right for every (1) existing share. One (1) unit right entitles the holder to subscribe for one (1) unit. One (1) unit consists of one (1) share and one (1) warrant.
- The last day of trading in the Company’s share including the right to participate in the Rights issue is 1 December 2022, and the first day of trading in the Company’s share excluding the right to participate in the Rights issue is 2 December 2022.
- The unit rights are expected to trade on NGM Nordic SME from 7 December to 16 December 2022.
- The subscription price is SEK 3.00 per unit, corresponding to SEK 3.00 per share (the warrants are obtained free of charge). The subscription price corresponds to a discount of approximately 67.4 per cent compared to the volume-weighted average price of the Company’s share on NGM Nordic SME during the ten trading days between 17 December and 28 October 2022, and a discount of approximately 50.8 per cent to the corresponding theoretical ex-rights price (“TERP”) assuming full subscription in the Rights issue.
- The subscription period commences on 7 December and ends on 21 December 2022.
- The Rights issue consists of an issue of a maximum of 16,522,237 shares and 16,522,237 warrants, implying gross proceeds of approximately SEK 49.6 million upon full subscription before any exercise of warrants. In the event of full utilisation of the Over-allotment issue, an additional maximum of 5,000,000 shares and 5,000,000 warrants may be issued, resulting in additional gross proceeds of SEK 15.0 million before any exercise of warrants.
- Each (1) warrant issued will give the right to subscribe for one (1) new share in the Company during the period from 20 March to 31 March 2023.
- The subscription price for subscription of shares by exercise of warrants will be determined based on the volume-weighted average price of the Company’s share on NGM Nordic SME from 6 March to 17 March 2023 with a discount of 30 per cent. However, the subscription price will not be less than the nominal share price, SEK 1.00, and no more than SEK 3.90. Upon full subscription in the Rights issue and the Over-allotment issue, full utilisation of the warrants, including the warrants issued to Formue Nord Fokus A/S, will generate additional gross proceeds to the Company of at least approximately SEK 24.9 million and at most approximately SEK 96.9 million.
- For existing shareholders who do not participate in the Rights issue the dilution will be 50.0 per cent in the case of full subscription in the Rights issue and an additional 13.1 per cent in the case of full utilisation of the Over-allotment issue, assuming full subscription of the Rights Issue. Under the condition of full subscription in the Rights issue and the Over-allotment issue, as well as full utilisation of all the corresponding warrants and the warrants issued to Formue Nord Fokus A/S, the maximum dilution amounts to 73.7 per cent.
The subscription price and the other terms of the Over-allotment issue are the same as those of the Rights issue.
Since 7 April 2022, Eurobattery has an outstanding convertible loan with a nominal value of SEK 18.0 million to Formue Nord Fokus A/S, which entitles the holder to conversion of up to 1,200,000 new shares in the Company at a conversion price of SEK 15.0 per share. In connection with the Rights issue, the Company has undertaken to repay SEK 8.0 million of the current convertible loan to Formue Nord Fokus A/S, who has committed to offset the remaining convertible loan against a newly issued convertible loan with a nominal value of SEK 10.0 million. As part of the agreement regarding the repayment of the outstanding convertible loan, Formue Nord Fokus A/S will obtain 3,333,333 warrants free of charge, of the same series as those issued free of charge as part of the Rights issue. The terms of the convertible, including the conversion price, have been established through negotiations with Formue Nord Fokus A/S and are deemed by the Board of Directors to be at market. The main conditions for the Convertible issue are stated below:
- A convertible loan of a nominal value of SEK 10.0 million, which carries the right to convert to 2,500,000 new shares until 21 December 2023 at a conversion price of SEK 4.00.
- Minimum conversion amount of SEK 2.5 million per occasion.
- In the event that the entire convertible loan is not converted, the loan must be repaid in full on 21 December 2023 at the latest.
- The convertible loan has an annual interest of 12 per cent, to be paid on a quarterly basis and on the final due date.
- Upon full conversion of the convertible, the share capital will increase by SEK 2,500,000 and the number of shares by 2,500,000 shares, implying a maximum dilution of approximately 3.8 per cent under the assumption of full subscription of the Rights issue, the Over-allotment issue and full utilisation of the corresponding warrants and the warrants issued to Formue Nord Fokus A/S.
- The commitment fee amounts to 5 per cent of the loan amount.
- In the event that the Company carries out a directed issue of shares, the holder of the convertible loan has the right, during a period of 10 days, to convert the entire convertible loan at a conversion price corresponding to the issue price in the directed issue.
Subscription and underwriting commitments
Prior to the publication of the Rights issue, the Company’s Chairman Henrik Johannesson, Board member and CEO Roberto García Martínez (through fully owned company), and CFO Mattias Modén (through fully owned company) have entered into subscription commitments corresponding to their respective pro-rata shares amounting to a total of approximately SEK 1.3 million, or 2.6 per cent, of the Rights issue. In addition, current shareholders have entered into subscription commitments amounting to a total of approximately SEK 0.4 million, or 0.8 per cent. Furthermore, Roberto García Martínez, as well as a consortium of existing and external investors have entered into underwriting commitments amounting to a total of approximately SEK 23.1 million, or 46.6 per cent, of the Rights Issue.
The subscription commitments do not entitle to any compensation. The underwriting commitments entitle to an underwriting fee amounting to twelve (12) per cent in cash, implying a maximum cash cost of approximately SEK 2.8 million for the Company, or alternatively, fourteen (14) per cent in the form of units. The subscription price for the units referred to in the underwriting compensation will be based on the volume-weighted average price for the Company’s shares during the subscription period for the Rights issue, but not less than SEK 3.00.
Overall, the Rights issue is secured by subscription and underwriting commitments amounting to a total of approximately SEK 24.8 million, corresponding to 50.0 per cent of the Rights issue. Neither the subscription commitments nor the underwriting commitments are secured by bank guarantees, escrow funds, pledge or similar arrangements.
Indicative timetable for the Rights issue
| 31 October 2022 | Decision on the Rights issue |
| 1 December 2022 | Last day of trading including unit rights |
| 2 December 2022 | First day of trading excluding unit rights |
| 2 December 2022 | Estimated date for publication of the prospectus |
| 5 December 2022 | Record date for the Rights issue |
| 7 December – 16 December 2022 | Trading in unit rights at NGM Nordic SME |
| 7 December – 21 December 2022 | Subscription period |
| 7 December 2022 – registration at the Swedish Companies Registration Office | Trading in interim units (BTU) |
| 22 December 2022 | Announcement of the outcome of the Rights issue |
Extraordinary General Meeting
The Board of Directors’ decision on the Rights issue is conditional on the approval of the Extraordinary General Meeting on 30 November 2022. The Extraordinary General Meeting on 30 November 2022 is also proposed to decide on the Convertible issue and to authorise the Board of Directors to decide on the Over-allotment issue. The decision on the Rights issue also assumes, and is conditional on, that the limits on share capital and number of shares in the Company’s articles of association are changed in accordance with the Board of Directors’ proposal for the Extraordinary General Meeting. Notice to the Extraordinary General Meeting will be published through a separate press release.
Prospectus
The terms and conditions of the Rights issue and the Over-allotment issue will be included in the Company’s EU growth prospectus, which is expected to be published on 2 December 2022. The prospectus and subscription form will be available on the Company’s website, www.eurobatteryminerals.com/ir/.
Disclaimer
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of Roberto García Martínez, CEO of Eurobattery Minerals AB, on 31st of October 2022 at 07:30 CET.
Advisers
Augment Partners AB is acting as the financial advisor and Bird & Bird Advokat KB is acting as the legal advisor in the transaction.
For more information, please contact
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.
IMPORTANT INFORMATION
Publication or distribution of this press release may in some jurisdictions be subject to statutory and legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in Eurobattery Minerals.
This press release does not constitute an offer to acquire securities in the United States. The securities mentioned herein may not be sold in the United States without registration in accordance with The Securities Act of 1933 or without the application of an exception to such registration. The information in this press release may not be released, published, reproduced or distributed in or to the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Switzerland, Singapore, South Africa, or any other country or jurisdiction where such action is not permitted or such action is subject to legal restrictions or would require further registration or other measures than required by Swedish law. Measures contrary to this instruction may constitute a breach of applicable securities laws.
Eurobattery Minerals has decided to postpone the publication of the interim report for the third quarter of 2022. Previously communicated date of publication was 18 November 2022 and new date of publication is Wednesday 30 November 2022.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.
Stockholm, 18 October 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”), today announces that it has received the complete JORC-compliant report entitled “Hautalampi Ni-, Cu-, Co-Deposit Mineral Resource Estimate, Outokumpu, Finland”. The company already announced the findings of the report on 29 September 2022.
The independent JORC-compliant report prepared by AFRY Finland Oy concludes that, compared to previous analysis in 2021, the available mineral resources in the mine project has almost doubled with around 40% more metals. Eurobattery Minerals owns 40% of the Hautalampi project and have the option to acquire 100% from its current majority owner FinnCobalt.
“I am delighted that the final report confirms that our Finnish mine project is a significant source for responsible mined battery minerals in Europe with almost 40% more metals than previous estimates. We are now conducting further technical and economical evaluations of the viability of our Finnish battery mineral project,” Roberto García Martínez, CEO of Eurobattery Minerals, comments the independent report.
The mineral resource is calculated using a database containing approximately 86,500 meters of diamond core drilling including 4,600 meters drilled during the 2021 campaign.
The report has been prepared by AFRY Finland Oy and can be downloaded at:
Competent Person’s statement
The information in this release that relates to mineral resources is based on information compiled by Mr. Ville-Matti Seppä, a Competent Person who has an EurGeol qualification.
Mr. Seppä is a full-time employee of AFRY Finland Oy. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves”. Mr. Seppä has reviewed, verified, and approved the contents of this news release as they relate to the mineral resource report. Mr. Seppä owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.
Stockholm, 29 September 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”) today announces that it has received an updated resource estimate on the Hautalampi project. The independent JORC-compliant estimate prepared by AFRY Finland Oy concludes that compared to previous analysis in 2021, the available mineral resources in the mine project has almost doubled with almost 40% more metals. Eurobattery Minerals owns 40% of the Hautalampi project and have the option to acquire 100% from its current majority owner FinnCobalt.
“I am extremely pleased! The new estimate exceeds our previous expectations and confirms that the Hautalampi mine project has more than 1/3 more battery minerals available than what was thought. It’s a significant discovery and sends a strong message – our Finnish mine project have all the prerequisites to be an important source for responsible mined battery minerals powering the European automotive and clean energy sector,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Key information and findings
New area covered: The new resource estimate prepared by AFRY Finland Oy includes newly estimated Hautalampi area and its North-Eastern extension known as the Mökkivaara area. Both areas have been the target of the year 2021 core drilling campaign, which was completed in December 2021.
Significant tonnage increase: Compared to the estimate by AFRY Finland Oy in 2021, the total tonnage in the measured, indicated, and inferred resource categories tonnage has almost doubled and contained metal increased approximately 39% in the mine lease area.
JORC-code compliant: The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC-code). The mineral resource is estimated using a database containing approximately 86,500 meters of diamond core drilling including 4,600 meters drilled during the 2021 campaign.
Next steps: With the resource update in hand, Eurobattery Minerals will now conduct further technical and economical evaluations of the project viability. This includes investigate different downstream processing and off-take options to receive maximum revenue especially from the Nickel-Cobalt concentrate
Details about the Hautalampi and Mökkivaara deposit measured and indicated mineral resource
- 9.3 million tonnes (Mt) at an average grade of Ni 0.28%, Cu 0.19% Cu and Co 0.07%
- Contained metal Ni 26,100 tonnes, Cu 17,700 tonnes and Co 6,200 tonnes in the measured and indicated category
- Additional inferred resources at Hautalampi area 0.2 Mt at an average grade of Ni 0.21%, Cu 0.12% and Co 0.02%.
The north-east extension of the mineralization, Mökkivaara deposit, with following inferred resource:
- 3.2 Mt at an average grade of Ni 0.22%, Cu 0.13% and Co 0.05%
- Contained metal: Ni 7,000 tonnes, Cu 4,100 tonnes and Co 1,600 tonnes
The mineral resource is estimated using a database containing approximately 86,500 meters of diamond core drilling including 4,600 meters drilled during the 2021 campaign.
Competent person’s statement
The information in this release that relates to mineral resources is based on information compiled by Mr. Ville-Matti Seppä, a Competent Person who has an EurGeol qualification.
Mr. Seppä is a full-time employee of AFRY Finland Oy. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves”. Mr. Seppä has reviewed, verified, and approved the contents of this news release as they relate to the mineral resource estimate. Mr. Seppä owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
Report availability
The complete report on Hautalampi and Mökkivaara deposit project mineral resources estimate will be published on the Eurobattery Minerals AB and FinnCobalt Oy web pages as soon as the companies will receive the report. This is expected in October 2022.
In the attached appendix detailed information about resource estimates and estimations principles can be found along with maps of the Hautalampi project.
This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of Roberto García Martínez, CEO of Eurobattery Minerals AB, on 29 September at 07:30 CEST.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.
Stockholm, 26 September 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today announces that FinnCobalt Oy, the majority owner of the Hautalampi project, has received a request for additional information for the Hautalampi project Environmental Impact Assessment (EIA) Report from the North Karelia Centre for Economic Development, Transport and the Environment (“ELY-centre“). Eurobattery Minerals owns 40% of FinnCobalt and has an option to increase the ownership to 100%.
The complex nature of the former copper mine site requires more information on the current environmental situation to be submitted as a part of the Environmental Impact Assessment. The authorities also require some more detailed technical information, especially about the proposed Tailings Storage Facilities.
“Our view is that these requirements will help and speed up the process of the final environmental permit application. The work to complete the EIA and preparation of the final environmental permit application will now commence simultaneously,” comments Roberto García Martínez, CEO of Eurobattery Minerals AB.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Sara Pinto
Phone: +49 (0) 89-1250903-35
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se
Stockholm, 30 August 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”) today announces that it has submitted the necessary document to the Energy & Mining Service of La Coruña, Spain, to complete the Environmental Impact Statement and the Operating Permit for its Spanish battery mineral project Corcel.
“The nickel-cobalt-copper mine in northern Spain will be instrumental in delivering responsibly mined raw material needed for a clean transition of the electric vehicle and energy industry. Due to their scarcity and as a result of the increased demand in recent years, these are recourses declared strategic by the European Union. At Eurobattery Minerals, we are committed to responding to European policymakers and businesses with battery minerals mined in Europe”, said Roberto García Martínez, CEO of Eurobattery Minerals.
More information about the documents submitted
Completion of the Environmental Impact Statement and the Operating Permit is fundamental for the start of mining operations in Corcel. In order to obtain these permits, Eurobattery Minerals has now submitted the Exploitation Project (1), the Environmental Impact Study (2), and the Restoration Plan (3) to the local authorities.
- The Exploitation Project (1) justifies that the Ni-Co-Cu resources within the Corcel project allow for developing a technically and economically viable mining project.
- The Environmental Impact Study (2) analyses the current state of the area where the project will be developed and identifies the possible impacts of the mining project’s implementation on the environment.
- Based on the Environmental Study, the proposed Restoration Plan (3) will be designed for the area’s environmental and landscape integration and ecological improvement. The Restoration Plan justifies that the development of the Corcel mining project adds value to a resource declared as strategic by the European Union due to its scarcity and increased demand in recent years. Furthermore, the development of the Corcel mine is contributing to the “ecological transition” and decarbonisation. It allows the development of an economic activity that generates wealth and employment and positively impacts the area where the project will be implemented.
About the Corcel project
The Corcel project compromises three different deposits (Castriz, Monte Mayor and Monte Castello) and is located on a large Ni-Co-Cu deposit in the northeast of Spain. Based on results from several recent drilling campaigns and independent reports, Eurobattery Minerals aims to produce minerals for a few million car batteries with a capacity of 60 kWh from the Corcel project in the future.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Linda Lenz
Phone: +49 (0) 172 834 18 92
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se
Representative survey: 48 percent are willing to pay a higher price for sustainable battery production – 57 percent support more mining in Europe for critical minerals
Electromobility is the buzz word of our time. But where do the raw materials that are urgently needed for the electric revolution come from? Lithium, cobalt, nickel, and copper – without these minerals, the manufacture of batteries and thus the production of electric cars is not possible.
The mining company Eurobattery Minerals (Nordic Growth Market: BAT and Börse Stuttgart: EBM) wanted to know what the end customer, i.e. the car buyer, thinks about the procurement of these minerals, especially from countries like Congo, Chile, China or Russia – in other words, from countries where little attention is paid to decent working conditions, environmental protection or the prohibition of child labour.
The results of the representative survey commissioned by Eurobattery Minerals and conducted by the analysis institute YouGov show that sustainability is the top priority for most people considering the purchase of an electric car/hybrid. The willingness of German citizens to buy an electric or hybrid as their next car has also increased by 18 percent compared to the previous year. Whereas last year 66 percent categorically refused to even think about buying or leasing an electric or hybrid car, this year only 48 percent did so. The main results of the survey:
- 69 percent of respondents consider sustainability very important to important when buying an electric or hybrid car.
- Fair working conditions along the supply chain are very important to important for 59 percent.
- 53 percent attach importance to uncritical countries of origin for the components of an e-car.
- For 85 percent, the price of an electric/hybrid car is very important to important, for 83 percent, the range.
- 48 percent of respondents would be willing to pay a higher price for the car if the battery components were produced more sustainably.
- 57 per cent of respondents are in favour of increased mining of battery minerals in Europe – i.e. more mines – to reduce dependence on China.
- 48% of respondents do not own an electric/hybrid car, neither want to lease nor are thinking about buying or leasing. Compared to a very similar Eurobattery Minerals survey in 2021, this is 18% fewer Germans than last year.
Eurobattery Minerals announced the result of the electric car and sustainability survey today.
“We had a similar survey done a year ago and were curious to see what had changed in the behaviour of the citizens due to inflation, gas and electricity crisis and Ukraine war. It showed that many more people are now thinking about buying an electric car and that their main motivation is the sustainable production of all components – especially the battery. An astonishing 57 percent of respondents were in favour of more mining in Europe to ensure decent working conditions and respect for the environment when mining critical minerals. This is a clear vote and should give politicians food for thought,” says Roberto García Martínez, CEO of Eurobattery Minerals.
About the survey
The survey was conducted by the analysis institute YouGov in the period from 3 to 5 August 2022. The survey is based on a total of 2051 online interviews with German citizens aged 18 and over from the YouGov Panel Germany. The members of the panel have agreed to participate in online interviews.
About Eurobattery Minerals
Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials and, as such, power a cleaner world.
Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn and Twitter as well.
Contact Eurobattery Minerals AB
Roberto García Martínez – CEO
E-mail: info@eurobatteryminerals.com
Contact Investor Relations
Linda Lenz
Phone: +49 (0) 172 834 18 92
E-mail: ir@eurobatteryminerals.com
Mentor
Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.