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Stockholm, 13 July 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) today announces that the Board of Directors resolved to issue 2 855 856 shares with the support of the authorization by the shareholders meeting on 13 June 2023. The share issue constitutes part of the Company’s acquisition of an additional 30 per cent of the shares of FinnCobalt Oy (”FinnCobalt”), the owner of the ground and mining rights to the nickel-cobalt-copper project Hautalampi. Following the closing, Eurobattery Minerals owns 70 per cent of FinnCobalt Oy and the Hautalampi project.
“In 2020, we announced our intention to acquire 100 per cent of the Hautalampi battery mineral mine project. Following the closing of the directed issue announced today, we have acquired an additional 30 per cent stake, thus continuing to deliver on our target. Alongside the financial aspects of the project, we have made significant advancements in our work to open a battery mineral mine and supply responsible minerals to Europe, powering the green transition,” said Roberto García Martínez, CEO of Eurobattery Minerals AB.
The Board of Directors of Eurobattery has today resolved to carry out a directed share issue of a maximum of 2 855 856 new shares. In the event that the share issue is fully subscribed, the aggregate number of shares and votes in the Company increase from 33 738 202 to 36 594 058. The subscription price in the share issue has been determined pursuant to applicable terms for the acquisition of the shares of FinnCobalt and corresponds to the volume weighted average price for the Company’s shares on NGM Nordic SME during the 10 trading days immediately prior to the day of the issue resolution.
The issued shares constitute part of the consideration for the shares in FinnCobalt that the Company acquires through the exercise of the second option pursuant to the Investment and Shareholders Agreement, which included an option to successively acquire FinnCobalt and which was entered into on 11 May 2020 and became effective on 27 May 2020. Pursuant to the terms of the second option, Eurobattery shall no later than 27 July 2023 pay an aggregate cash consideration of EUR 250 002 and issue shares in Eurobattery with a value of an aggregate of EUR 1 000 002 to the three founders of FinnCobalt. The payment of cash consideration and the delivery of the issued shares will be made simultaneously.
Stockholm, 21 June 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that the Outokumpu town Urban Development Board initiated the zoning and site plan change for the Hautalampi mine project. Eurobattery Minerals owns 40 % of FinnCobalt Oy and Hautalampi project and has decided to acquire additional 30 %.
“I am very pleased with how work progresses in our Finnish battery mineral mine project. Yesterday we got the official listing in the Finnish mining right register, and today, the authorities announced the start of the zoning and site plan change. It is encouraging to see how our team in Finland work in close co-operation with the local authorities to move the project forward,” said Roberto García Martínez, CEO of Eurobattery Minerals.
The land zoning is according to the Land-use and Building Act in Finland and intends to support the site construction of the area in the near future. This includes building permits and supervision by authorities.
Outokumpu town structural services tendered the preparation of the zoning for the area of the Hautalampi mine. Sweco Finland Oy was selected by Outokumpu town as a zoning developer of the site plan for the Hautalampi mine area.
“We are very pleased with the progress made for the zoning by Outokumpu town, and we are looking forward to future co-operations with stakeholders, including landowners and city councils,” says Ilari Kinnunen, Managing Director of FinnCobalt Oy.
Stockholm, 19 June 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”) has received an additional report from the scientists in the research partnership with Uppsala University in collaboration with AGH University of Science and Technology in Krakow, Poland.
The new report further confirms the viability of the new method for large-scale extraction of rare earth elements in Eurobattery Minerals Fetsjön project in Sweden. The method allows recovery of rare earth elements through chemical treatment at low temperatures, thus avoiding costly and time-consuming mechanical treatment. Low-temperature treatment allows for the circular use of the chemicals. In addition, the scientists conclude that the method, patented in Poland, can also be used to extract these critical raw materials from other geological formations.
“To mine rare earth elements from Europe is a key priority for the region. It would secure our supply of these critical minerals for the green transition and release us from our unhealthy dependency on conflict minerals. This new method for very effective extraction allows for exploration of European minerals deposits, such as our project in Fetsjön”, said Roberto García Martínez, CEO of Eurobattery Minerals.
The research project Eurobattery Minerals is supporting is conducted by Prof. Jaroslaw Majka at Uppsala University and Prof. Maciej Manecki at AGH University of Science and Technology in Krakow, supported by Ph. D. candidate Julia Sordyl representing both universities. The parties are investigating the opportunity for a large-scale pilot.
More information about the project: https://investors.eurobatteryminerals.com/en/press-releases/new-ground-breaking-method-allows-nearly-100-recovery-of-rees-in-fetsjoen/.
Stockholm, 15 May 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that the FinnCobalt Oy’s Hautalampi ore reserves and minerals resources reserves have been classified in the highest categories as viable mining projects in the United Nations Framework Classification for Resources (UNFC). Eurobattery Minerals owns 40 % of FinnCobalt Oy and Hautalampi project and has decided to acquire additional 30 %.
“Achieving the highest UN classification is a very significant proof of the potential of our Hautalampi project to supply the European market with responsibly mined battery minerals”, said Roberto García Martínez, CEO of Eurobattery Minerals.
UNFC is an international scheme for the classification, management and reporting of energy, mineral, and raw material resources. The UNFC classification complies with the European Commission’s Raw Materials Proposal: The Critical Raw Materials Act published by the European Commission on 16th of March 2023. The proposal suggests that each EU country should classify its minerals reserves according to the United Nations Framework Classification for Resources. The Hautalampi UNFC actual classification was originally done by Geological Survey of Finland (GTK).
The information in the report “Hautalampi Ore Reserves and Mineral Resources classification according to UNFC-2019 and bridging to the JORC 2012-Code” refers to ore reserves and mineral resources statement prepared by AFRY Finland Oy (7th of March 2023) transferred to the UNFC-classification.
The report is prepared by Dr. Hannu Makkonen (EurGeol), Suomen Malmitutkimus Oy who has also been team member preparing the guidance documentation (180212_A_guidance_for_the_application_of_the_UNFC) for UNFC. Dr. Makkonen owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
The complete Hautalampi UNFC report is available in Eurobattery Minerals website: https://eurobatteryminerals.com/en/projects/hautalampi/.
Stockholm, 20 March 2023 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), is pleased to announce that FinnCobalt Oy together with AFRY Finland Oy has completed the Hautalampi mining project pre-feasibility study. Eurobattery Minerals owns 40% of the FinnCobalt Oy and Hautalampi project.
Key points from the pre-feasibility study:
- With a conservative metal price, and a total capital expenditure of 65.1 million euro (excluding contingency) the payback period is 4.6 years.
- Mining will commence after a one-year construction period including rehabilitation of the underground mine, construction of the surface crushing and processing plants, and a new tailings storage facility. The project implementation requires valid environmental permit.
- Total metal production during the anticipated 12 years mining operations will be 11,400 tonnes of nickel and 2,900 tonnes of cobalt in the nickel-cobalt concentrate and 9,600 tonnes of copper in the copper concentrate.
- The pre-feasibility study is based on the underground mining operation with total mining of 4.6 Mt of ore reserves with the grades of Ni 0.3%, Co 0.08% and Cu 0.24%.
- Eurobattery Minerals expects that the investment cost will decrease, and the project economics improve when the actual detailed engineering commences and cost uncertainties due to the current Russo – Ukrainian war will clarify.
“I am excited about the outcome of the pre-feasibility study cementing the strong economic outlook for our Finnish battery mineral mine. With the study at hand and the environmental impact assessment that we expect to be filed soon followed by the environmental permit application, we will now elevate our conversations with several potential off-take partners. Furthermore, we will commence the optimisation of the project and see how we could push the investment costs down and increase the project viability further,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Summary of the pre-feasibility study
The pre-feasibility study is based on the underground mining operations with total mining of 4.6 Mt of ore reserves with the grades of Ni 0.3%, Co 0.08% and Cu 0.24%. Additional 369 kt of inferred mineral resource were also used to create the Life of mine plan and financial model.
The underground mining will commence after a one-year construction period which includes rehabilitation of the underground mine, construction of the surface crushing and processing plants and a new tailings storage facility. The underground mining rate will be some 450,000 – 480,000 tonnes per annum and mining operations will continue for 12 years. Total metal production will be 11,400 tonnes nickel and 2,900 tonnes cobalt in the nickel-cobalt concentrate and 9,600 tonnes copper in the copper concentrate. Based on the extensive metallurgical test work, concentrates are of very good quality, without any deleterious elements and should be easily marketable either for Finland’s domestic metallurgical industry or internationally.
| Hautalampi Ore Reserves as of 7th March 2023 @30€/t NSR Cut-off. | ||||||||
| Ore Reserve | Grade | Contained Metals | ||||||
| Tonnes | Ni | Cu | Co | Ni (t) | Cu (t) | Co (t) | ||
| Proven | 1,871,000 | 0.36% | 0.30% | 0.09% | 6,800 | 5,700 | 1,600 | |
| Probable | 2,693,000 | 0.25% | 0.19% | 0.07% | 6,900 | 5,300 | 1,900 | |
| Total | 4,564,000 | 0.30% | 0.24% | 0.08% | 13,700 | 11,000 | 3,500 | |
(1) The ore reserve estimate has an effective date of 7thMarch 2023. (2) The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC 2012). (3) Exchange rate used: USD/EUR 1.00. (4) NSR cut-off value for the estimate is 30€/t. (5) NSR = net smelter return. NSR is calculated using (USD prices of) nickel USD 20,000 /t, copper USD 9,000 /t and cobalt USD 60,000 /t. Recoveries for Ni 82%, Cu 86.5% and 82% for Co. Payment to concentrate percent for Ni 70%, Cu 90% and Co 50% were used. (6) Mining recovery of 95% was assumed in reserve conversion and mining dilution ranging from 10-15% was applied. (7) No inferred mineral resource was converted to ore reserves.
Additional mineral resources of the Hautalampi project are as follows. The additional resources estimation has an effective date of 7th March 2023. The estimation is prepared by removing the mining reserve and unmineable areas from the Resource Statement reported on 18th October 2022.
| Addtitional resources | Tonnes | Grade | Contained metals | ||||
| Ni | Cu | Co | Ni(t) | Cu(t) | Co(t) | ||
| 4,707,000 | 0.22% | 0.11% | 0.05% | 10,331 | 5,316 | 2,158 |
The additional resource of 4,7Mt mineralization is a remarkable asset for the future development and extension of the Hautalampi Mine life span if and when the future metal prices are favorable.
The total investment capital cost has been estimated to be around EUR 65 million excluding the proposed 15% contingency, which brings the total Capital Expenditure to EUR 74.8 million. The total turnover for the mine is some EUR 420 million and the payback period is 4.6 years. The Internal Rate of Return is 20% assuming EUR 10 million grant. Metal prices used in the financial study are Copper 9,750 USD/t, Nickel 20,000 USD/t and Cobalt 70,000 USD/t which are relevant long-term consensus forecast prices. All financial figures are based on the current high-level capital investment cost and assuming EUR 10 million investment grant. The company expects that the investment cost will decrease and the project economics improve when the actual detailed engineering commences and recent construction material price increases due to the uncertainties due to the ongoing Russo – Ukrainian war will disappear.
The complete pre-feasibility report is available from Eurobattery Minerals website https://eurobatteryminerals.com/en/projects/hautalampi/.
Competent Person’s Statement
The information in this release that relates to Mineral Resources and ore reserves is based on information compiled by Mr Ville-Matti Seppä, a Competent Person who has a EurGeol qualification. Mr Seppä is a full-time employee of AFRY Finland Oy. Mr Seppä has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves”. Mr Seppä has reviewed, verified, and approved the contents of this news release as they relate to the mineral resource estimate. Mr Seppä owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
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 March 2023 at 07:30 CET.
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
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.
Stockholm, 29 September 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”) today announces that it has received an updated resource estimate on the Hautalampi project. The independent JORC-compliant estimate prepared by AFRY Finland Oy concludes that compared to previous analysis in 2021, the available mineral resources in the mine project has almost doubled with almost 40% more metals. Eurobattery Minerals owns 40% of the Hautalampi project and have the option to acquire 100% from its current majority owner FinnCobalt.
“I am extremely pleased! The new estimate exceeds our previous expectations and confirms that the Hautalampi mine project has more than 1/3 more battery minerals available than what was thought. It’s a significant discovery and sends a strong message – our Finnish mine project have all the prerequisites to be an important source for responsible mined battery minerals powering the European automotive and clean energy sector,” said Roberto García Martínez, CEO of Eurobattery Minerals.
Key information and findings
New area covered: The new resource estimate prepared by AFRY Finland Oy includes newly estimated Hautalampi area and its North-Eastern extension known as the Mökkivaara area. Both areas have been the target of the year 2021 core drilling campaign, which was completed in December 2021.
Significant tonnage increase: Compared to the estimate by AFRY Finland Oy in 2021, the total tonnage in the measured, indicated, and inferred resource categories tonnage has almost doubled and contained metal increased approximately 39% in the mine lease area.
JORC-code compliant: The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC-code). The mineral resource is estimated using a database containing approximately 86,500 meters of diamond core drilling including 4,600 meters drilled during the 2021 campaign.
Next steps: With the resource update in hand, Eurobattery Minerals will now conduct further technical and economical evaluations of the project viability. This includes investigate different downstream processing and off-take options to receive maximum revenue especially from the Nickel-Cobalt concentrate
Details about the Hautalampi and Mökkivaara deposit measured and indicated mineral resource
- 9.3 million tonnes (Mt) at an average grade of Ni 0.28%, Cu 0.19% Cu and Co 0.07%
- Contained metal Ni 26,100 tonnes, Cu 17,700 tonnes and Co 6,200 tonnes in the measured and indicated category
- Additional inferred resources at Hautalampi area 0.2 Mt at an average grade of Ni 0.21%, Cu 0.12% and Co 0.02%.
The north-east extension of the mineralization, Mökkivaara deposit, with following inferred resource:
- 3.2 Mt at an average grade of Ni 0.22%, Cu 0.13% and Co 0.05%
- Contained metal: Ni 7,000 tonnes, Cu 4,100 tonnes and Co 1,600 tonnes
The mineral resource is estimated using a database containing approximately 86,500 meters of diamond core drilling including 4,600 meters drilled during the 2021 campaign.
Competent person’s statement
The information in this release that relates to mineral resources is based on information compiled by Mr. Ville-Matti Seppä, a Competent Person who has an EurGeol qualification.
Mr. Seppä is a full-time employee of AFRY Finland Oy. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves”. Mr. Seppä has reviewed, verified, and approved the contents of this news release as they relate to the mineral resource estimate. Mr. Seppä owns no shares in FinnCobalt Oy or Eurobattery Minerals AB.
Report availability
The complete report on Hautalampi and Mökkivaara deposit project mineral resources estimate will be published on the Eurobattery Minerals AB and FinnCobalt Oy web pages as soon as the companies will receive the report. This is expected in October 2022.
In the attached appendix detailed information about resource estimates and estimations principles can be found along with maps of the Hautalampi project.
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 29 September 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
Sara Pinto
Phone: +49 (0) 89-1250903-35
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.
Stockholm, 26 September 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: “BAT” and Börse Stuttgart: “EBM”; in short: “EBM”, “Eurobattery” or “the Company”), today announces that FinnCobalt Oy, the majority owner of the Hautalampi project, has received a request for additional information for the Hautalampi project Environmental Impact Assessment (EIA) Report from the North Karelia Centre for Economic Development, Transport and the Environment (“ELY-centre“). Eurobattery Minerals owns 40% of FinnCobalt and has an option to increase the ownership to 100%.
The complex nature of the former copper mine site requires more information on the current environmental situation to be submitted as a part of the Environmental Impact Assessment. The authorities also require some more detailed technical information, especially about the proposed Tailings Storage Facilities.
“Our view is that these requirements will help and speed up the process of the final environmental permit application. The work to complete the EIA and preparation of the final environmental permit application will now commence simultaneously,” comments Roberto García Martínez, CEO of Eurobattery Minerals AB.
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
Sara Pinto
Phone: +49 (0) 89-1250903-35
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
Stockholm, 1 July 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the company”), today announced the closing of the acquisition of a 40% stake in FinnCobalt Oy, the current owner of the ground and all mining rights of the Finnish Hautalampi nickel-cobalt-copper project. In consideration of the transaction, the Board of Directors of Eurobattery Minerals today completed a directed issue of 802,734 shares with a total value of EUR 1,000,002. Further to this, EUR 250,000 in cash was paid to the three current owners of FinnCobalt. Eurobattery Minerals has the option to acquire 100% of the shares in FinnCobalt by 2024 at the latest.
“Today’s closing marks an important milestone in the 100% takeover intention of the promising Hautalampi battery minerals project announced in 2020. Alongside the financial aspects of the project, we are constantly making important progress towards establishing a battery mineral mine in Finland to provide Europe with responsibly mined battery minerals from Europe,” said Roberto García Martínez, CEO of Eurobattery Minerals AB.
Transaction details
To finalize the transaction of the 40% stake in FinnCobalt Oy, the Board of Directors of Eurobattery Minerals today fulfilled the acquisition contract by paying a total of EUR 250,000 in cash to the three founders of FinnCobalt. Furthermore, the company completed a directed issue of 802,734 shares with a total value of EUR 1,000,002 to the three founders of FinnCobalt, issuing EUR 333,334 each. The terms of the deal finalized today are in line with the financial details of the acquisition agreed on in May 2020. Following the directed issue, Eurobattery Minerals’ total number of shares will increase from 15,719,503 to 16,522,237 and the share capital will increase from SEK 15,719,503 (EUR 1,465,004) to SEK 16,522,237 (EUR 1,539,817).
About the Hautalampi mine development project
Hautalampi is located at the same site as the well-known Outokumpu copper mine where approximately 28.5 million tons of rock with a copper content of 3.8% were mined from 1912–1989. The nickel-cobalt-copper orebody in Hautalampi is located parallel and above the exploited copper deposit. Existing surface and underground infrastructure, including a high voltage power line, concrete foundations, and roads, provide significant location advantages to the project. Approximately EUR 10 million – 15 million has been invested in Hautalampi by previous owners, including 26,000 meters of core drilling, a decline and additional underground mine development works (2,100 meters), mineral resource and reserve estimates, multiple mineral processing studies and a feasibility study.
Hietajärvi and Varislahti add additional potential to Hautalampi battery mineral project
The Hautalampi mine project is located in the historical mining area of Outokumpu, eastern Finland. Through the acquisition, Eurobattery Minerals has also obtained two additional reservation notifications for highly prospective grounds in Hietajärvi and Varislahti. Both prospective areas are located in close proximity to the mining centre in Hautalampi, and both have been found to contain similar rock formations as in Hautalampi, containing nickel, copper and cobalt.
The conversion from SEK to EUR was done on 30 June 2022: SEK 1 = EUR 0.09320, EUR 1 = SEK 10.73.
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
Stockholm, 31 May 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the company”), today announced the purchase of a 40% stake in FinnCobalt Oy, which owns the ground and all mining rights of the Finnish Hautalampi nickel-cobalt-copper project. This is the first time Eurobattery Minerals has exercised its option to acquire 100% of the shares in FinnCobalt Oy in a staged process. The acquisition plays a significant role in the development of the company and in achieving its goal to establish a battery mineral mine followed by production and sales of critical battery minerals starting in 2023. As announced about two years ago, Eurobattery Minerals plans to acquire 100% of the shares in FinnCobalt by 2024 at the latest.
“I am proud and pleased to share the news about our first step in achieving our goal of acquiring 100% of the battery mineral mine project in Hautalampi. Today we are one big step closer to our goal of providing responsibly mined battery minerals from Europe to the European automotive and clean energy markets,” said Roberto García Martínez, CEO of Eurobattery Minerals AB.
Financial details of acquisition
The board of directors of Eurobattery Minerals has informed the founders of FinnCobalt Oy that they will exercise the first option to the contract that became effective on 27 May 2020, so that in the next 60 days before 27 July 2022 Eurobattery Minerals would make said option effective by paying in corresponding cash: EUR 250,000 as stipulated in the contract and a subscription of EUR 1,000,000 in EBM shares to the three founders. These two actions will be taken parallelly and simultaneously.
Hautalampi will be built on already existing mining infrastructure
Hautalampi is situated at the same site as the well-known Outokumpu copper mine where approximately 28.5m tons of rock with a copper content of 3.8% copper were mined from 1912–1989. The nickel-cobalt-copper orebody in Hautalampi is located parallel and above the exploited copper deposit. Existing surface and underground infrastructure, including a high voltage power line, concrete foundations, and roads, provide significant location advantages to the project. Approximately EUR10m–15m has been invested in Hautalampi by previous owners, including 26,000 m of core drilling, a decline and additional underground mine development works (2,100 m), mineral resource and reserve estimates, multiple mineral processing studies and a feasibility study. The previous investments will enable FinnCobalt Oy and Eurobattery Minerals to push the project forward quickly.
Acquisition opens up additional potential
The Hautalampi mine project is located in the historical mining area of Outokumpu, eastern Finland (see figure 1, appendix). Through the acquisition, Eurobattery Minerals has also obtained two additional reservation notifications for highly prospective grounds in Hietajärvi and Varislahti (see figure 2, appendix). Both prospective areas are located in close proximity to the mining centre in Hautalampi, and both have been found to contain similar rock formations as in Hautalampi, containing nickel, copper and cobalt.
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.
Stockholm, 24 May 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”), today announces that FinnCobalt Oy, current owner of the Hautalampi project, has submitted the Hautalampi project Environmental Impact Assessment (EIA) Report to the North Karelia Centre for Economic Development, Transport and the Environment (“ELY-centre“) for official review. The EIA report will present the current status of the environment of the Hautalampi mine project, the environmental impact of the assessed options as well as their significance. As soon as the environmental compatibility of the Hautalampi project is officially confirmed, one of the conditions for Eurobattery Minerals to start mining at Hautalampi will be fulfilled.
“We are very pleased that we have now completed this important step. The environmental impact assessment is a key part in our business strategy to establish a battery mineral mine and provide responsible mined European minerals. The report is comprehensive and includes all the environmental aspects of the Hautalampi project,” comments Roberto García Martínez, CEO of Eurobattery Minerals AB.
The report comprises two different options for the Tailings Storage Facility and two options for the discharge waters and has been drafted based on the EIA-programme and the competent authority’s official conclusion on the programme. The official conclusion of the Environmental Impact Assessment report is expected on 22 September 2022. FinnCobalt Oy will commence the preparation of the Environmental Permit Application immediately and will submit the application in due course.
The report has been compiled by Envineer Oy together with FinnCobalt Oy own personnel and other consultants and is available (in Finnish) at the following links:
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.