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29 April, 2024

Environmental permit application submitted for Finnish battery mineral mine

Stockholm, 29 April 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today announces that the environmental permit application for the battery mineral mine project Hautalampi in Finland has been submitted to the Finnish Regional State Administrative Agency (Aluehallintovirasto, or AVI).

“Submitting the application for the environmental permit is a critical milestone for Eurobattery Minerals and we have now taken a major step towards mining operations in Finland,” said Roberto García Martínez, CEO of Eurobattery Minerals.

Roberto García Martínez continued:
“As a result of previous analyses, we know that there is a great economic outlook for the cobalt, nickel, and copper mine. In addition to the financial aspects, the Finnish mine is also a great opportunity to increase Europe’s self-sufficiency when it comes to responsible mined battery minerals.”

The application covers all aspects needed to start and operate the mine
The environmental permit application includes all essential aspects of an operational mine at the Hautalampi project, for example, underground mining operations for ore and waste rock, crushing operations for ore and waste rock usage for construction. Furthermore, it also covers an application for producing metal concentrates, discharge treatment, handling mining waste, implementing mine backfilling, and depositing extractive waste in extractive waste areas. In addition, the environmental permit application also covers aspects regulated by the Finnish Environmental Protection Act (Ympäristönsuojelulaki 527/2014).

“We look forward to working closely with the authorities in Finland to ensure a smooth and quick environmental permit process and expect a positive outcome. In parallel with this process, we are continuing the discussions and development of off-take agreements that are related to the work with the bankable feasibility study,” said Roberto García Martínez.

As the company waits for the outcome of the environmental permit application, Eurobattery Minerals will continue with the work according to the company´s plans. These include the finalisation of the 100 per cent acquisition of FinnCobalt Oy and continuing with the detailed engineering of the next phases. The Company will also continue the discussions and development of off-take and equipment agreements which is part of the preparatory work for the bankable feasibility study.

About the Hautalampi Battery Mineral Project

The Hautalampi project is located 345 km from Helsinki, in the well-known Outokumpu Mining Camp Area. The Hautalampi project is located in the same region as the well-renowned Keretti mine where approximately 28.5 million tonnes of copper ore were mined between 1912–1989. The project consists of one mining concession covering 277 hectares with exposure towards cobalt, nickel, and copper.

The Outokumpu municipality has evolved from a mining town into an industrial centre. Therefore, this is an excellent location for mining operations, with strong local support for mining.

The Hautalampi project is ideally positioned for the burgeoning EV battery manufacturing market in northern Europe, and there are strong technical fundaments for the processing and production of commercial Co-Ni concentrate and Cu concentrate.

The target operational figures, as they appear in the pre-feasibility study from March 2023, indicate that Eurobattery Minerals will produce around 500,000 tonnes of ore per annum, with an expected mine life of +12 years. The total capital expenditure is estimated at EUR 65 million, and the payback period is 4.6 years. The mining project is expected to have a concentrate production of Cu-conc. 25% of 5,000 tonnes per annum and Ni/Co-conc. Ni 7%/Co 1.9% of 21,000 tonnes per annum.

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Eurobattery Minerals receives approximately SEK 5.1 million through warrant redemption

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