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15 May, 2024

Eurobattery Minerals signs MoU for carbon-zero mining at the Hautalampi battery mineral project

Stockholm, 15 May 2024 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “Eurobattery Minerals” or the “Company”) is pleased to announce the signing of a Memorandum of Understanding (MoU) with Okun Energia Oy, a prominent energy provider partly owned by the local municipality in Outokumpu, Finland. This MoU is signed via FinnCobalt Oy, our subsidiary in Finland, and sets forth the terms and understanding between the entities for the development of local photovoltaic (PV) production to support carbon-zero production of critical raw materials, thereby advancing the green transition.

The project aims to create an opportunity for local carbon-zero production by harnessing solar energy. FinnCobalt Oy – part of Eurobattery Minerals – has offered a section of its mining area for solar energy production, while Okun Energia Oy will invest in the units and provide electricity for the mine through a Power Purchase Agreement (PPA). The connection will be "behind the meter," ensuring production directly for own use without taxes or electricity transmission fees.

"At Eurobattery Minerals, we are committed to responsible mining practices and contributing to a sustainable future," says Roberto García Martínez, CEO for Eurobattery Minerals. “This partnership with Okun Energia Oy marks a significant step towards achieving carbon-zero production of critical raw materials, aligning with our objectives to operate responsibly and support the green transition.”

Key factors of the MoU include the promotion of carbon-zero production of critical raw materials and the enhancement of the social license to operate. The objective is to provide a framework for long-term local cooperation activities that benefit both parties and also the local community. The Hautalampi battery mineral project is located at a historical mining site with strong local support for mining activities. The municipality has evolved from a mining town into an industrial centre, and there is widespread anticipation for the mine to open. The project is expected to create jobs on-site, and the community is working towards making this a reality. The local municipality in Outokumpu is giving its full support for the project.

“Solar is vital part of the green transition, essentially our role is to enforce and support Outokumpu’s sustainable development,” says Tero Mäntylä, CEO for Okun Energia Oy.

Eurobattery Minerals strives to conduct responsible and modern mining by utilizing state-of-the-art technology. The mining sector plays a strategic role in the transition towards a digitalized and decarbonized economy, aligning with EU Agenda 2030 and Fit for 55 objectives.

The signing of this MoU represents a significant event in our journey towards responsible mining practices and carbon-zero production. Eurobattery Minerals looks forward to working closely with Okun Energia Oy and the local community to bring this vision to fruition and to deliver responsibly mined minerals from Europe for Europe.

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