Stockholm, 20th of May 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), published its figures for the first quarter of 2022 today.
“We are proud and happy about the in every sense strongest quarter in our company’s history. Backed by our directed issue of convertibles, we received SEK 18 million right at the beginning of this year’s second quarter. We will use this funding to acquire additional shares in FinnCobalt Oy, the current owner of the ‘Hautalampi’ mine, and for other potentially value-creating investments and projects. We have laid the foundation for the first mineral sales in 2023. Nothing can stop us from achieving that,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Strategic and operational highlights Q1 2022
- EBM achieved exceptional exploration results for nickel, copper, and cobalt in the Spanish “Corcel” project: the deposit in Castriz comprises an estimated 60 million tonnes of mineralised rock with a nickel content of 0.25%. Accreditation of the resource by the responsible ALS Global laboratory will take place still in Q2 2022.
- Expansion of operations in Finland: FinnCobalt Oy received an exploration permit for the promising “Varislahti” project located approximately 10 kilometers from “Hautalampi” project. The prospect area contains cobalt, copper, and nickel, among other minerals, and is ideally connected to FinnCobalt's infrastructure and current operating base.
- Initial assay results and sightings from phase 2 drilling campaign at Hautalampi provide concrete evidence that the two mineral resources “Hautalampi” and “Mökkivaara” are interconnected. A connection between the two deposits would make future mining operations at Hautalampi more efficient and economical. Accreditation also of this resource by the responsible ALS Global laboratory will take place still in Q2 2022, along with the mineral resource update according to the JORC code.
Key financial figures Q1 2022
- Net sales amounted to SEK 0 thousand (Q1 2021: SEK 0 thousand).
- Operating profit/loss after financial items totalled SEK -2,357 thousand (Q1 2021: SEK -2,721 thousand).
- Earnings per share after financial items amounted to SEK -0.15 (Q1 2021: SEK -0.17).
- Cash flow from operating activities was SEK 540 thousand (Q1 2021: SEK -2,048 thousand).
Significant events after the period (January–March 2022)
- At the beginning of April, the company decided to carry out a directed issue of convertibles of SEK 18 million to Formue Nord Fokus A/S. The objective of the directed issue, which is based on the Annual General Meeting's authorization of 1 June 2021, is to finance the acquisition of additional shares in FinnCobalt Oy in line with existing agreements, and to finance additional value- creating investments as well as to create flexibility in acquiring other projects or parts thereof.
Detailed financial information
The Q1 2022 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).
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 20th of May 2022 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
Contact Investor Relations
Phone: +49 (0) 172 834 18 92
Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: email@example.com.
Press release files