The procedure follows a communication received by Tungsten San Juan from the Concello da Gudiña, requiring the temporary suspension of mining activities as part of the administrative proceedings relating to the extractive operation. The measure reflects the Company’s commitment to strict compliance with its legal and regulatory obligations, ensuring that all its activities are carried out in accordance with the requirements established by the competent authorities.

Tungsten San Juan and Eurobattery Minerals will continue to cooperate with the Concello da Gudiña and the other relevant authorities throughout the administrative procedure, providing the information and documentation required and responding to requests from the competent authorities.

The Company will continue to keep the market informed of any material developments relating to the procedure.

The Company will continue to inform the market in accordance with applicable stock market rules.

The Company will continue to inform the market in accordance with applicable stock market rules.

The judgment was subsequently reviewed by the Tribunal Supremo (Supreme Court of Spain), which rendered its judgment on 21 January 2026, and is final. The sentence includes two years’ imprisonment, a fine, and joint and several liability for damages of USD 3.46 million.

A subsequent enforcement decision by the Provincial Court of Bizkaia dated 21 April 2026, as confirmed by a final order dated 29 May 2026, suspended the enforcement of the prison sentence for a probationary period of five years. The suspension is subject to conditions, including monthly payments during the suspension period and payment of 60 per cent of the civil liability amount into the court’s account by the end of that period. Failure to comply with the conditions may result in revocation of the suspension and enforcement of the custodial sentence. The remaining findings of the judgment remain in force.

The Company has furthermore received information that the Swedish Economic Crime Authority (Ekobrottsmyndigheten) has served notice of suspected criminal conduct on Roberto García Martínez in respect of three counts of aggravated insider dealing relating to transactions in the Company’s financial instruments.

The Board is investigating the situation and considering appropriate measures. The Company will provide further information in due course.

The completion of the basic engineering provides the technical foundation for the next phase of project execution. In parallel, the Company has placed orders for the main process equipment, with manufacturing already underway at international suppliers to the mining industry. The placed orders represent an investment of several million euros, covered by financing already available for the project.

This progress builds on the project’s established regulatory foundation. San Juan has a 30-year extension to its mining licence, valid until 2055, providing long-term regulatory stability.

“The completion of the basic engineering and the start of manufacturing of the main equipment mark a decisive step for San Juan. We are no longer talking only about planning: we are moving towards project execution. We have selected internationally recognised manufacturers and are now moving forward with the key components of the future plant. The objective is clear: to move towards tungsten production in Europe and contribute to strengthening the security of supply of a strategic raw material for our industry,” says Roberto García Martínez, CEO of Eurobattery Minerals.

The main equipment for the crushing section has been awarded to an international manufacturer of technologies for the mining industry. The equipment for the grinding plant has been ordered from a manufacturer specialising in large-scale equipment for mining and heavy industry, which will manufacture the equipment at its facilities in Galicia.

The Company has also advanced the procurement of equipment for the gravity concentration circuit. The shaking tables and concentration spirals have been ordered from two international manufacturers specialising in this type of equipment. This is conventional gravity concentration technology, consistent with the results of metallurgical testwork conducted on San Juan ore.

In addition, Tungsten San Juan has completed the technical and commercial negotiations for the remaining equipment that will form part of the processing plant, including screens, hydrocyclones, thickeners, tanks, pumps, pump boxes and other auxiliary equipment. Final awards for these supplies will be made shortly, taking into account criteria including performance, operational reliability and safety.

“Receiving the final basic engineering report and starting the manufacturing of the main equipment are important steps for the project. At this stage, we are moving from engineering into execution, ensuring that the different equipment packages and plant systems are properly defined and coordinated. Our objective is to move forward in a structured way, with a continued focus on quality, safety and the efficiency of the future operation,” says Pedro Jiménez de Francisco, Project Director of Tungsten San Juan S.L.

Tungsten is a strategic raw material for Europe, with applications in sectors including defence, aerospace, energy, advanced manufacturing and other industrial technologies. Europe is highly dependent on imports and supply is highly concentrated: according to Eurostat, in 2025 China accounted for 68% of the value of European imports of ferrotungsten, followed by Vietnam with 21% and Kazakhstan with 8%*. Together, these three countries accounted for 97% of external supplies of this material to the EU, highlighting the importance of developing European sources of supply.

*Source for ferrotungsten data: Eurostat (Statistics Explained); https://ec.europa.eu/eurostat/statistics-explained/index.php?title=International_trade_in_critical_raw_materials

Forward-looking statements
This press release contains forward-looking statements. Such statements are based on the Company’s current expectations and assumptions and are subject to risks, uncertainties and other factors that could cause actual results or developments to differ materially from those expressed or implied by the forward-looking statements.

The programme, carried out between April and July 2026 in consultation with Minepro Solutions, aimed to determine the concentrate grade and tungsten recovery achievable through conventional gravity concentration.

The tests conducted by SLR Consulting were performed exclusively using a gravity-based circuit. No flotation, no chemical separation reagents and with conventional off-the-shelf equipment.

Main results

The tested circuit, comprising hydrocyclone desliming, spiral concentration, a scavenging stage and a cleaning stage, recovered 49.9% of the tungsten contained in the feed into a concentrate mass equivalent to 0.7% of the original feed. All equipment used is conventional and commercially available: hydrocyclone, spirals, shaking tables and thickener.

Pedro E. Jiménez de Francisco, Project Director of Tungsten San Juan S.L., comments:
“The work programme carried out by SLR has enabled us to thoroughly characterise the behaviour of the ore through an extensive programme of metallurgical tests and mineralogical studies specifically designed to support the engineering and project definition phases.

The results obtained by SLR have been highly satisfactory and not only confirm the significant potential of the deposit but also provide a rigorous technical basis for the design of the future processing plant, allowing key process parameters to be validated and the planned configuration for the different stages of ore treatment to be optimised. This information represents an essential step in reducing technical risks and defining an efficient and competitive processing strategy.”

Market benchmark*
For comparison purposes, the metallurgical parameters published by operating tungsten mines and by projects with an available feasibility or prefeasibility study are presented below. All assets with publicly available data are included, without selection.

Grades expressed in WO3. The last column is the product of grade and recovery, i.e. the tungsten recovered per tonne of ore treated. The figures for operating mines are taken from quarterly reports; those for projects are taken from published feasibility and prefeasibility studies.

Roberto García Martínez, CEO of Eurobattery Minerals AB, comments:
“These results confirm what we have stated about the San Juan project: it is a deposit that can be concentrated by gravity, using standard equipment and without separation chemistry. This means a plant that is simpler to build, less expensive to operate and has a significantly lower environmental footprint than a project requiring flotation.

It is the best possible starting point for detailed engineering and the next phase of the project.”

Next steps
The next steps for the project will be to advance the detailed engineering, plant construction and commissioning in 2027.

About Tungsten San Juan
Tungsten San Juan S.L. is the owner of the San Juan tungsten project, located in the municipality of A Gudiña, in the province of Ourense, Galicia, north-western Spain. More information about the project at: https://tungsten-sanjuan.com/en/inicio-english/

*Sources for the market benchmark:

• EQ Resources Limited, Quarterly Activities Report for the quarters ended 30 September 2025 and 31 March 2026.
• Almonty Industries Inc., Annual Information Form, dated 18 March 2026, and NI 43-101 Technical Report on the Mineral Resources and Reserves of the Sangdong Project, South Korea, dated 23 June 2025, effective 28 February 2025.
• Abenójar Tungsten S.A., El Moto Tungsten Project Bankable Feasibility Study – Executive Summary, effective 31 October 2024.
• Tungsten Mining NL, Mt Mulgine Pre-Feasibility Study Results, ASX announcement, 29 January 2021.

**The data for the San Juan tungsten project are based on a laboratory test conducted on a bulk sample from the project and are not directly comparable with the performance of an industrial plant in continuous operation. The upper end of the recovery range will be determined by the plant enrichment operation.

“The second quarter of 2026 has been about disciplined execution. We have strengthened our financial position, increased our ownership in the San Juan tungsten project and reinforced our organisation with highly experienced mining professionals. These are not isolated milestones—they are deliberate steps that strengthen the project and bring San Juan closer to production. Europe has made securing domestic raw materials a strategic priority. Our responsibility now is to deliver,” comments Roberto García Martínez, CEO of Eurobattery Minerals.

Strategic and operational highlights Q2 2026

• Secured financing for continued project development: Eurobattery Minerals secured a convertible bond facility of up to SEK 60 million, providing financial flexibility to continue the development of the San Juan tungsten project and the Hautalampi battery mineral project.

• Strengthened the San Juan project organisation: During the quarter, Pedro Jiménez de Francisco was appointed Project Director and, at the very end of the reporting period, Alba Valle Pajares joined as Technical Manager (Directora Facultativa), significantly strengthening the project’s operational execution capacity.

• Increased ownership in Tungsten San Juan: Eurobattery Minerals increased its ownership in Tungsten San Juan S.L. from 51 per cent to 58.58 per cent through the capitalisation of shareholder loans, reinforcing its commitment to the project.

• Continued permitting progress at Hautalampi: Following a request for supplementary information from the Finnish permitting authority, the Company continued working closely with the authorities to advance the environmental permitting process for the Hautalampi battery mineral project.

• Strengthened commitment to responsible mining: FinnCobalt joined the EU-funded EUMINDA initiative, contributing to knowledge exchange on mine closure, restoration and long-term environmental management.

Key financial figures for Q2 2026

• Net sales amounted to SEK 0 thousand.
  (Q2 2025: SEK 0 thousand)
• Operating profit/loss after financial items totalled SEK -3,855 thousand.
  (Q2 2025: SEK -8,366 thousand)
• Earnings per share after financial items before dilution amounted to SEK -0.004.
  (Q2 2025: SEK -0.10)
• Earnings per share after financial items after dilution amounted to SEK -0.004.
  (Q2 2025: SEK -0.08)
• Cash flow from operating activities was SEK -2,691 thousand.
  (Q2 2025: SEK -10,250 thousand)

Detailed financial information
The Interim Report for the second quarter of 2026 is available for download at the Company’s website and can be viewed in the attachment of the release (see below).

Adoption of the income statement and balance sheet
The annual general meeting resolved to adopt the income statement and balance sheet as well as the consolidated income statement and consolidated balance sheet.

Allocation of result
The annual general meeting resolved that the result for the year be carried forward and that no dividend be paid for the financial year 2025.

Discharge from liability
The members of the board of directors and the CEO were discharged from liability for the financial year 2025.

Election of the board of directors and auditor and remuneration
The annual general meeting resolved that the board of directors shall consist of three members without deputy members and that the Company shall have one auditor and one deputy auditor.

Furthermore, an aggregate annual fee of SEK 420,000 shall be paid to the board members, of which SEK 180,000 to the chairman of the board of directors and SEK 120,000 to each of the other board members elected by the annual general meeting. The auditor’s fee shall be paid in accordance with approved invoice.

The annual general meeting resolved to re-elect Eckhard Cordes, Jan-Olof Arnbom and Roberto Garcia Martinez as members of the board of directors. Jan-Olof Arnbom was re-elected chairman of the board of directors.

Johan Isbrand was re-elected auditor and Nils Appelqvist deputy auditor, for the period until the end of the next annual general meeting.

Directed issue of performance shares to the Company’s CEO
The annual general meeting resolved on a directed issue of a maximum of 28,440,588 performance shares to Nazgero Consulting Services Ltd, wholly owned by the Company’s CEO Roberto Garcia Martinez, as payment of his bonus corresponding to 95 per cent of his gross salary received during the financial year 2025. The subscription price amounts to approximately SEK 0.16 per share and payment is made by way of set-off. The share capital may increase by no more than SEK 38,915.152106.

Directed set-off issue
The annual general meeting resolved on a directed issue of a maximum of 6,321,308 shares to Nazgero Consulting Services Ltd as payment of an accrued consulting fee. The subscription price amounts to approximately SEK 0.20 per share and payment is made by way of set-off. The share capital may increase by no more than SEK 8,649.422520.

Directed issues as payment of board fees
The annual general meeting resolved on three directed issues as payment of accrued board fees by way of set-off at a subscription price of approximately SEK 0.20 per share: a maximum of 429,232 shares to Eckhard Cordes (SEK 84,000), a maximum of 597,859 shares to Jan-Olof Arnbom (SEK 117,000) and a maximum of 429,232 shares to Roberto Garcia Martinez (SEK 84,000).

Incentive programme for the Company’s CEO (LTI 2026)
The annual general meeting resolved to establish a performance-based incentive programme for the Company’s CEO, LTI 2026, consisting of an annually recurring Catch-Up Grant and an Annual Grant. The programme comprises the issue of a total of a maximum of 16,761,415 warrants of series 2026-2029, of which a maximum of 10,218,633 under the Catch-Up Grant, a maximum of 2,535,450 under the Annual Grant and a maximum of 4,007,332 for the hedging of social security contributions. The maximum dilution amounts to approximately 1.65 per cent of the number of shares in the Company. The complete proposal is included in the notice to the annual general meeting 2026.

Issue authorisation
The annual general meeting resolved to authorise the board of directors to, on one or more occasions before the next annual general meeting, with or without deviation from the shareholders’ preferential rights, against cash payment, contribution in kind or set-off, resolve on new issues of shares, convertibles and/or warrants within the limits of the articles of association.

Amendment of the articles of association
The annual general meeting resolved to amend the limits for the share capital to no less than SEK 1,417,582 and no more than SEK 5,670,328 and the limits for the number of shares to no less than 51,801,007 and no more than 207,204,028. The resolution is conditional upon the meeting also resolving on the reverse split of shares and the directed issues.

Reverse split of shares
The annual general meeting resolved on a reverse split of shares 20:1, meaning that 20 shares are consolidated into one (1) share. The board of directors was authorised to determine the date on which the reverse split shall be effected. The resolution is conditional upon the meeting also resolving on the amendment of the articles of association.

Language versions
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 Swedish version shall prevail.

The capital increase has been approved by the General Meeting of Shareholders of Tungsten San Juan S.L. and has been formally registered today on the 23^rd of June 2026. The transaction has been effected through a debt-to-equity conversion, under which Eurobattery Minerals capitalized EUR 700,000 of shareholder loans previously granted to TSJ. Following the transaction, Eurobattery Minerals’ ownership in Tungsten San Juan increased from 51% to 58.58%.

The transaction further underlines the Company’s commitment to the San Juan tungsten project, located in A Gudiña (Ourense, Galicia), and to its target of commencing production in the first quarter of 2027. The increased ownership marks another milestone in the development of the project and further strengthens Eurobattery Minerals’ position as the majority shareholder of TSJ.

“Increasing our ownership to 58.58% demonstrates our continued strong commitment to the San Juan project,” said Roberto García Martínez, CEO of Eurobattery Minerals. “Work is progressing according to plan. Metallurgical testwork continues to advance, and engineering and planning activities for the future processing plant are also moving forward as scheduled. Each of these steps brings us closer to our goal of commencing production of responsibly produced European tungsten in the first quarter of 2027. At a time when Europe is seeking to strengthen its strategic autonomy and secure access to critical raw materials, San Juan represents an opportunity to contribute to a more resilient and competitive European supply chain.”

The San Juan project holds all permits required for mining activities and forms part of Eurobattery Minerals’ strategy to provide responsibly mined minerals from Europe, for Europe.

The Annual Report describes a year of significant progress for Eurobattery Minerals. During 2025, the Company continued advancing the Hautalampi battery mineral project in Finland while taking a major strategic step through the acquisition of a majority stake in the San Juan tungsten project in Spain.

Subsequent to the reporting period, Eurobattery Minerals further strengthened its position through the submission of applications for Strategic Project status under the EU Critical Raw Materials Act (CRMA) for both Hautalampi and San Juan, the publication of the first Sustainability Report for Hautalampi, the initiation of final engineering work at San Juan, and the securing of a financing facility of up to SEK 60 million, sufficient to meet the Company’s working capital requirements and financing needs for at least the next 24 months.

“2025 was a year in which we transformed Eurobattery Minerals from a company focused primarily on exploration into a company with a clear pathway towards production. With San Juan, Hautalampi and a strengthened financial position, we have established a strong platform for the next phase of development. Our focus now is on execution, project advancement and creating long-term value through responsibly mined minerals from Europe, for Europe,” says Roberto García Martínez, CEO of Eurobattery Minerals AB.

Highlights during 2025

For the Hautalampi battery mineral project in Finland:

• Final approval of the zoning plan by the City Council of Outokumpu.
• Continued progress in the Environmental Permit Application process.
• Letter of Intent signed with ABB regarding future electrification, automation, and digital solutions.
• Memorandum of Understanding signed with Terrafame regarding potential refining of nickel and cobalt concentrates within Europe.

For the San Juan tungsten project in Spain:

• Acquisition of a majority stake in Tungsten San Juan SL.
• Strengthening and expansion of the project team.
• Extension of the mining licence by 30 years.

Significant events after the financial year

• Strategic Project applications under the CRMA submitted for both Hautalampi & San Juan.
• Publication of the first Sustainability Report for the Hautalampi project.
• Final engineering programme initiated at the San Juan tungsten project.
• Financing facility of up to SEK 60 million secured with Loft Capital.
• Independent research coverage of the Company initiated by Mangold Fondkommission.

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

Language versions
Eurobattery Minerals AB publishes its Annual Reports 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 Swedish version of the report shall prevail.