Eurobattery Minerals receives independent NI-43-101 report for the Corcel project: Alone 10% of the deposit contain the amount of Nickel needed for 500,000 car batteries

Stockholm, 15 June 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”) just received its independent NI 43-101 technical report for the Spanish Ni-Co-Cu project Corcel. Considering a Nickel grade of 0.23% of the Castriz deposit only, Eurobattery Minerals can produce minerals for a few million car batteries with a capacity of 60 kWh in the future.

Key information and findings

• The independent technical report has been set up in accordance with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) guidelines and the regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)
• The report indicates that the Corcel project contains a large Ni Deposit. Only with the mineral evaluation of Castriz zone indicated in the technical report (i.e. about 5.6 million tons of rock with a 0.23% Ni grade), EBM would be able to manufacture 500,000 car batteries with a capacity of 60 kWh. Everything indicates that EBM is dealing with a large Ni deposit, which could easily reach 60 million tons with 0.25 % Ni
• With the underlying mineral evaluation carried out in 2021, the report is covering results from the Castriz prospect zone, on the so-called “West Anomaly” area, defined in 2019, which is one of three primary prospect zones in the Corcel project that also includes Monte Mayor and Monte Castello

Outlook

“We are very happy that we were finally able to finalize and publish the report. With the report in hand we can now concretely predict that with only one tenth of the entire volume of the Corcel deposit we will be able to mine nickel for about half a million car batteries,” said Roberto García Martínez, CEO of Eurobattery Minerals AB.

About the technical report

The report has been prepared in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”), Companion Policy 43-101CP, and Form 43-101F1, as well as with the CIM Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council in May 2014, and the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines prepared by the CIM MRMR Committee in November 2019.

Firstly, a compilation of all historical data and data from the 2019 and 2021 campaigns was carried out and a visit was made to the work area to verify the work procedures. According to the Technical Report, the work procedures comply with the established standards and requirements and the high competence of the technical staff of Corcel Minerals stands out.

With the data collected, a mineral resource model of the Castriz area has been developed by means of a three-dimensional Block Model using Datamine Studio RM software, with a block size of 125 cubic metres.

Once the mineralised zone was modelled, a mineral evaluations was made for different Ni grades.

According to the tonnage-grade table for different Ni grades included in the technical report and the graph represented in figure 2 (see appendix), it can be said that only with the drilling campaign carried out during the year 2021 (which is the area evaluated in the technical report), in the Corcel project, have been evaluated: 5,595,580 tons with 0.23% Ni grade (Ni grade 0.16%).

As indicated in the technical report, the current target area is small but open with good potential to define additional Ni resources. Several of the nickel geochemical anomalies have not been tested and additional mineral resources may be added in these areas.

The report can be downloaded at the following link.

All the tables and figures can be viewed in the appendix of the release (see below).

Qualified persons

The technical report was prepared by Alan C. Noble, P.E. of Ore Reserves Engineering, Lakewood, CO, USA, and by Monica Barrero Bouza, EurGeol. Mr. Noble is a qualified person for resource estimation based on having received a B.S. Degree in Mining Engineering from the Colorado School of Mines, registration as a Professional Engineer in the State of Colorado, USA, and over 50 years of experience with resource estimation on over 156 mineral deposits throughout the world. Mr. Noble is independent of Corcel Minerals, using all the tests of NI 43-101. Ms. Barrero Bouza is a qualified person based on having received a BS Degree in Geology from the University of Oviedo (Spain), registered member of the Official Association of Professional Geologist of Spain (ICOG), registered Eurogeologist, and 25 years of diverse experience in the geology of precious and base metal projects. Ms. Barrero Bouza is independent of Corcel Minerals, using all the tests of NI 43-101.

The works carried out during the year 2021 in the Corcel Project were directed and supervised by Mr. Felipe Antonio Casillas Castañón, Geologist member No. 7572 of the Official Association of Geologists of Spain and European Geologist, No. 1816 with more than 40 years of experience in the investigation of metallic deposits. Felipe also holds degrees in Mining Engineering and Geological Engineering. His extensive experience includes the discovery of two wolfram deposits, a Pb-Zn deposit and an Antimony deposit, all of them in the northwest of Spain. Felipe has already led the geochemical and geophysical prospecting campaigns of the Corcel project in 2019.

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 15 June 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

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

Linda Lenz

Phone: +49 (0) 172 834 18 92

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB: Phone: +46 (0) 86 042 255, e-mail: info@augment.se.