Eurobattery Minerals publishes Q1 report for 2024 with the subscription period for warrant series TO4 ongoing

“During Q1 Eurobattery Minerals have been working, among other things, on the Environmental Permit Application for the Hautalampi battery mineral mine project in Finland. The application was submitted to the Finnish authorities at the end of April and by this we took a major step towards starting the mining operations at the Hautalampi project ”, comments Roberto García Martínez, CEO of Eurobattery Minerals, regarding the first quarter 2024.

Strategic and operational highlights Q1 2024

• In January, the Company announced the process design for the concentration plant at its battery mineral mine project Hautalampi. The designed capacity of the plant is 500,000 tonnes per annum and is expected to produce annually 21,000 tonnes of Ni 7%/Co 1.9% concentrate and 5,000 tonnes of Cu 25% concentrate during the anticipated 12 years of mining at the site.
• Also, in January, Eurobattery Minerals published the preliminary and final outcomes for the rights issue. It showed that 28,288,738 units were subscribed for, corresponding to a subscription rate of approximately 77.3 per cent. The Company thereby received total issue proceeds of approximately SEK 22.6 million.
• On 18 March 2024 Eurobattery Minerals announced positive results on research proving that the bedrock conditions in its Finnish Hautalampi battery minerals mine project are ideal for future mining operations.

Key financial figures for Q1 2024

• Net sales amounted to SEK 0 thousand (Q1 2023: SEK 0 thousand).
• Operating profit/loss after financial items totalled SEK -4,551 thousand (Q1 2023: SEK -3,288 thousand).
• Earnings per share after financial items before dilution amounted to SEK -0.11 (Q1 2023: SEK -0.20).
• Earnings per share after financial items after dilution amounted to SEK -0.04 (Q1 2023: SEK -0.12).
• Cash flow from operating activities was SEK -7,960 thousand (Q1 2023: SEK 1,388 thousand).

Significant events after the period

• At the end of April, Eurobattery Minerals submitted the environmental permit application for the battery mineral mine project Hautalampi in Finland. Filing the application for the environmental permit means that the Company has now taken a major step towards mining operations in Finland.
• At the beginning of May 2024, Eurobattery Minerals AB signed a Letter of Intent to invest a majority stake in Spanish company Tungsten San Juan SL (“TSJ”). TSJ is operating the development of the San Juan wolfram deposit. The Project has all the necessary licences and contracts in place to commence production, including a letter of intent for an off-take agreement with an Austrian world-leading tungsten producer within the Swedish Sandvik Group. The investment of EUR 2.5 million through a new share issue is intended to enable the start of production in 2025.
• In May, the Company announced that it will apply for the battery mineral project Hautalampi to become a Strategic Project under the new EU Critical Raw Materials Act. This is an open call from the European Commission (DG GROW). The recognition of a project as a Strategic Project has several advantages, including streamlined and predictable permitting procedures and support in gaining access to finance.

Detailed financial information
The Q1 report for 2024 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).