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16 May, 2024

Eurobattery Minerals publishes Annual Report 2023

Stockholm, 16 May 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) today published its 2023 annual report.

The auditor’s report, which is attached to the annual report for 2023, deviates from what is common as a remark is stated by the auditor relating to a significant uncertainty regarding the going concern, as presented below.

Significant uncertainty regarding the going concern assumption
Without prejudice to my opinion above, I would like to draw attention to the statement in the Directors' Report that the company is dependent on further capital injections in 2024 to ensure its continued operation. The board is negotiating with external stakeholders for a long-term solution to strengthen the company's liquidity and equity. It is the board's assessment that there are good opportunities for continued financing. The above indicates that there is a material uncertainty, which may cast significant doubt on the company's ability to continue as a going concern.

Eurobattery Minerals comment to the Auditor´s Report
The comment from the auditor is based on the fact that Eurobattery Minerals is a growth company and is financed through external capital. During 2024, the operations are being financed by using the warrant series TO4 and TO5. In April 2024, the Company announced that the Environmental Permit Application for the Finnish battery mineral project Hautalampi has been submitted to the authorities, which is an important milestone and a big step towards being able to start our mining operations in Finland. In light of the above and negotiations with potential off-takers and external partners – and taking into account the positive results from the project in Finland – the Board of Directors believes that the prospects are very good to continue to develop the business.

“In geopolitical terms, 2023 was a complicated year, but at Eurobattery Minerals we have continued to work hard, especially with the Environmental Permit Application for the Hautalampi battery mineral project. When I´m writing this we are closer to the start of mining operations and therefore I would like to thank all the shareholders for their continued support!”, says Roberto García Martínez, CEO of Eurobattery Minerals. 

Strategic and operational highlights 2023

  • Finnish Hautalampi battery mineral mine: In March, Eurobattery Minerals announced that FinnCobalt Oy had completed the pre-feasibility study for its Finnish Hautalampi mining project, with a positive outcome. In May, Eurobattery Minerals announced that the Hautalampi ore reserves and minerals resources reserves have been classified in the highest categories as viable mining projects under the United Nations Framework Classification for Resources (UNFC). In June, it was announced that Tukes (the Finnish Safety and Chemicals Agency) has entered the Hautalampi mining right (K7802) in the mining register pursuant to the Mining Act (503/1965).
  • Spanish Corcel mine project: The Company submitted all necessary information for environmental and operating permits for Corcel in August 2022. The Company continues to await a positive decision from the Energy and Mining Authority of Galicia.

Detailed financial information
The 2023 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).

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Report from the annual general meeting in Eurobattery Minerals AB

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