The procedure follows a communication received by Tungsten San Juan from the Concello da Gudiña, requiring the temporary suspension of mining activities as part of the administrative proceedings relating to the extractive operation. The measure reflects the Company’s commitment to strict compliance with its legal and regulatory obligations, ensuring that all its activities are carried out in accordance with the requirements established by the competent authorities.

Tungsten San Juan and Eurobattery Minerals will continue to cooperate with the Concello da Gudiña and the other relevant authorities throughout the administrative procedure, providing the information and documentation required and responding to requests from the competent authorities.

The Company will continue to keep the market informed of any material developments relating to the procedure.

The completion of the basic engineering provides the technical foundation for the next phase of project execution. In parallel, the Company has placed orders for the main process equipment, with manufacturing already underway at international suppliers to the mining industry. The placed orders represent an investment of several million euros, covered by financing already available for the project.

This progress builds on the project’s established regulatory foundation. San Juan has a 30-year extension to its mining licence, valid until 2055, providing long-term regulatory stability.

“The completion of the basic engineering and the start of manufacturing of the main equipment mark a decisive step for San Juan. We are no longer talking only about planning: we are moving towards project execution. We have selected internationally recognised manufacturers and are now moving forward with the key components of the future plant. The objective is clear: to move towards tungsten production in Europe and contribute to strengthening the security of supply of a strategic raw material for our industry,” says Roberto García Martínez, CEO of Eurobattery Minerals.

The main equipment for the crushing section has been awarded to an international manufacturer of technologies for the mining industry. The equipment for the grinding plant has been ordered from a manufacturer specialising in large-scale equipment for mining and heavy industry, which will manufacture the equipment at its facilities in Galicia.

The Company has also advanced the procurement of equipment for the gravity concentration circuit. The shaking tables and concentration spirals have been ordered from two international manufacturers specialising in this type of equipment. This is conventional gravity concentration technology, consistent with the results of metallurgical testwork conducted on San Juan ore.

In addition, Tungsten San Juan has completed the technical and commercial negotiations for the remaining equipment that will form part of the processing plant, including screens, hydrocyclones, thickeners, tanks, pumps, pump boxes and other auxiliary equipment. Final awards for these supplies will be made shortly, taking into account criteria including performance, operational reliability and safety.

“Receiving the final basic engineering report and starting the manufacturing of the main equipment are important steps for the project. At this stage, we are moving from engineering into execution, ensuring that the different equipment packages and plant systems are properly defined and coordinated. Our objective is to move forward in a structured way, with a continued focus on quality, safety and the efficiency of the future operation,” says Pedro Jiménez de Francisco, Project Director of Tungsten San Juan S.L.

Tungsten is a strategic raw material for Europe, with applications in sectors including defence, aerospace, energy, advanced manufacturing and other industrial technologies. Europe is highly dependent on imports and supply is highly concentrated: according to Eurostat, in 2025 China accounted for 68% of the value of European imports of ferrotungsten, followed by Vietnam with 21% and Kazakhstan with 8%*. Together, these three countries accounted for 97% of external supplies of this material to the EU, highlighting the importance of developing European sources of supply.

*Source for ferrotungsten data: Eurostat (Statistics Explained); https://ec.europa.eu/eurostat/statistics-explained/index.php?title=International_trade_in_critical_raw_materials

Forward-looking statements
This press release contains forward-looking statements. Such statements are based on the Company’s current expectations and assumptions and are subject to risks, uncertainties and other factors that could cause actual results or developments to differ materially from those expressed or implied by the forward-looking statements.

The programme, carried out between April and July 2026 in consultation with Minepro Solutions, aimed to determine the concentrate grade and tungsten recovery achievable through conventional gravity concentration.

The tests conducted by SLR Consulting were performed exclusively using a gravity-based circuit. No flotation, no chemical separation reagents and with conventional off-the-shelf equipment.

Main results

The tested circuit, comprising hydrocyclone desliming, spiral concentration, a scavenging stage and a cleaning stage, recovered 49.9% of the tungsten contained in the feed into a concentrate mass equivalent to 0.7% of the original feed. All equipment used is conventional and commercially available: hydrocyclone, spirals, shaking tables and thickener.

Pedro E. Jiménez de Francisco, Project Director of Tungsten San Juan S.L., comments:
“The work programme carried out by SLR has enabled us to thoroughly characterise the behaviour of the ore through an extensive programme of metallurgical tests and mineralogical studies specifically designed to support the engineering and project definition phases.

The results obtained by SLR have been highly satisfactory and not only confirm the significant potential of the deposit but also provide a rigorous technical basis for the design of the future processing plant, allowing key process parameters to be validated and the planned configuration for the different stages of ore treatment to be optimised. This information represents an essential step in reducing technical risks and defining an efficient and competitive processing strategy.”

Market benchmark*
For comparison purposes, the metallurgical parameters published by operating tungsten mines and by projects with an available feasibility or prefeasibility study are presented below. All assets with publicly available data are included, without selection.

Grades expressed in WO3. The last column is the product of grade and recovery, i.e. the tungsten recovered per tonne of ore treated. The figures for operating mines are taken from quarterly reports; those for projects are taken from published feasibility and prefeasibility studies.

Roberto García Martínez, CEO of Eurobattery Minerals AB, comments:
“These results confirm what we have stated about the San Juan project: it is a deposit that can be concentrated by gravity, using standard equipment and without separation chemistry. This means a plant that is simpler to build, less expensive to operate and has a significantly lower environmental footprint than a project requiring flotation.

It is the best possible starting point for detailed engineering and the next phase of the project.”

Next steps
The next steps for the project will be to advance the detailed engineering, plant construction and commissioning in 2027.

About Tungsten San Juan
Tungsten San Juan S.L. is the owner of the San Juan tungsten project, located in the municipality of A Gudiña, in the province of Ourense, Galicia, north-western Spain. More information about the project at: https://tungsten-sanjuan.com/en/inicio-english/

*Sources for the market benchmark:

• EQ Resources Limited, Quarterly Activities Report for the quarters ended 30 September 2025 and 31 March 2026.
• Almonty Industries Inc., Annual Information Form, dated 18 March 2026, and NI 43-101 Technical Report on the Mineral Resources and Reserves of the Sangdong Project, South Korea, dated 23 June 2025, effective 28 February 2025.
• Abenójar Tungsten S.A., El Moto Tungsten Project Bankable Feasibility Study – Executive Summary, effective 31 October 2024.
• Tungsten Mining NL, Mt Mulgine Pre-Feasibility Study Results, ASX announcement, 29 January 2021.

**The data for the San Juan tungsten project are based on a laboratory test conducted on a bulk sample from the project and are not directly comparable with the performance of an industrial plant in continuous operation. The upper end of the recovery range will be determined by the plant enrichment operation.

These appointments further strengthen the technical and operational organisation of Tungsten San Juan as the Company prepares the project for its next phase of industrial development.

Alba Valle Pajares is a mining engineer with extensive operational experience. She spent five years as Directora Facultativa and Raw Materials Production Manager at CEMEX Spain, having previously held technical positions at Cementos Portland and Cupa Pizarras. Her background includes mine planning and supervision, mineral processing, health and safety, and operational team management.

Pedro Jiménez de Francisco brings extensive tungsten experience from the Barruecopardo tungsten mine in Salamanca, where he served as Plant Manager. His appointment further strengthens Tungsten San Juan’s capabilities in mineral processing, production and mining operations.

“Now it is time to execute. We have an intensive phase ahead of us, and we want to approach it with a strong organisation and a permanent presence in A Gudiña. Being close to the operation, our local suppliers and the project team on a daily basis will be essential as we continue moving the project forward,” says Pedro Jiménez de Francisco, Project Director of Tungsten San Juan.

The strengthened operational organisation follows Eurobattery Minerals’ recently announced financing agreement with Loft Capital and comes as preparatory work continues for the future mineral processing plant. The Company sees these organisational changes as an important step in advancing the San Juan project into a more execution-focused phase, with increased technical capacity on site and an organisation geared towards industrial development. The objective remains to commence production during the first quarter of 2027.

“The appointments of Alba Valle Pajares and Pedro Jiménez de Francisco significantly strengthen the Tungsten San Juan team and enhance our execution capacity on site. We are entering a new phase of the project with a technical organisation that is well prepared to deliver the next key milestones and continue advancing towards production,” says Roberto García Martínez, CEO of Eurobattery Minerals.

As part of these appointments, Agne Ahlenius concludes his executive role after helping establish Tungsten San Juan during its initial phase and supporting the transition to Pedro Jiménez de Francisco as Project Director over the past few months. Eurobattery Minerals thanks Agne for his valuable contribution during this first phase of the project and wishes him every success in the future.

The capital increase has been approved by the General Meeting of Shareholders of Tungsten San Juan S.L. and has been formally registered today on the 23^rd of June 2026. The transaction has been effected through a debt-to-equity conversion, under which Eurobattery Minerals capitalized EUR 700,000 of shareholder loans previously granted to TSJ. Following the transaction, Eurobattery Minerals’ ownership in Tungsten San Juan increased from 51% to 58.58%.

The transaction further underlines the Company’s commitment to the San Juan tungsten project, located in A Gudiña (Ourense, Galicia), and to its target of commencing production in the first quarter of 2027. The increased ownership marks another milestone in the development of the project and further strengthens Eurobattery Minerals’ position as the majority shareholder of TSJ.

“Increasing our ownership to 58.58% demonstrates our continued strong commitment to the San Juan project,” said Roberto García Martínez, CEO of Eurobattery Minerals. “Work is progressing according to plan. Metallurgical testwork continues to advance, and engineering and planning activities for the future processing plant are also moving forward as scheduled. Each of these steps brings us closer to our goal of commencing production of responsibly produced European tungsten in the first quarter of 2027. At a time when Europe is seeking to strengthen its strategic autonomy and secure access to critical raw materials, San Juan represents an opportunity to contribute to a more resilient and competitive European supply chain.”

The San Juan project holds all permits required for mining activities and forms part of Eurobattery Minerals’ strategy to provide responsibly mined minerals from Europe, for Europe.

The Facility
Under the terms of the Agreement, Loft Capital has committed to subscribe to up to 600 convertible bonds, each with a par value of SEK 100,000, for an aggregate amount of up to SEK 60,000,000, structured in four tranches of SEK 15,000,000 each over a commitment period of 24 months.

The first tranche is composed of two sub-tranches: a first sub-tranche of SEK 10,000,000 available at closing, and a second sub-tranche of SEK 5,000,000 available 40 trading days thereafter.

The key terms of the Facility are as follows:

• Total Commitment: SEK 60,000,000 in four tranches of SEK 15,000,000 each
• Commitment Period: 24 months from the date of the Agreement
• Maturity: 12 months from the date of subscription of each tranche
• Subscription Price: 95% of par value
• Interest: The Bonds bear no interest
• Conversion Price: The higher of A) the lower of (i) SEK 0.35 per share (the “Fixed Conversion Price”), subject to customary anti-dilution adjustments, and (ii) 100% of the lowest volume-weighted average price (VWAP) of the Company’s shares over the 15 trading days preceding the relevant conversion date, and B) 106% of the quota value

The maximum number of shares issuable under the Facility shall not exceed 25% of the Company’s total issued share capital at any time.

In consideration for the Facility, the Company shall pay to Loft Capital a commitment fee equal to two and a half (2.5) percent of the principal amount of each tranche, in cash by way of set-off against the subscription price of such tranche.

The bonds are not listed on any financial market.

First drawdown of SEK 10 million
Simultaneously with the execution of the Agreement, the Company has submitted a drawdown notice for the first sub-tranche of SEK 10,000,000. Net proceeds to the Company, after deduction of the commitment fee and legal fees, amount to SEK 9,150,000.

Use of proceeds
The net proceeds from the Facility will be applied to fund the continued development of the Company’s projects, including the San Juan tungsten project in Galicia, Spain, and the Hautalampi nickel-cobalt-copper project in Finland, as well as for general corporate and working capital purposes.

CEO statement
Roberto García Martínez, CEO of Eurobattery Minerals AB, comments:
“The closing of this convertible bond facility is a transformational milestone for Eurobattery Minerals. With up to SEK 60 million of committed capital now secured, we have the financial foundation to bring the San Juan tungsten project into production. We are targeting first production in Q1 2027, at a time when European tungsten prices have reached record levels and demand for responsibly sourced European supply has never been stronger. This financing also allows us to advance our battery mineral project Hautalampi in Finland, where we continue to make progress towards our environmental permit. We are drawing the first tranche of SEK 10 million today and we are ready to execute.”

Statement from Loft Capital
Peter Harrison, Director of Loft Capital, comments:
“We are pleased to support Eurobattery Minerals as it advances its European critical minerals portfolio towards production. We see strong fundamental value in responsibly sourced European tungsten and battery metals supply, and we look forward to supporting the Company through this next phase of development.”

About Loft Capital
Loft Capital is an alternative investment firm focused on structured PIPE and convertible investments in publicly listed small-cap companies. Loft Capital targets companies undergoing transformational or capital-intensive periods, including growth initiatives, acquisitions, refinancing transactions, and other strategic corporate situations.

Dilution
The maximum number of new shares that may be issued upon conversion of the bonds under the Facility shall not exceed 25% of the Company’s total issued share capital at any time. As at the date of this announcement, the Company has 976,258,262 shares outstanding. The full conversion of the Facility at the Fixed Conversion Price of SEK 0.35 would result in the issuance of a maximum of approximately 171,428,571 new shares, representing approximately 14.9% of the current share capital on a fully diluted basis. Conversion at market prices below SEK 0.35 would result in a higher number of shares being issued.

Advisors
Advokatfirman Foyen acted as legal advisor to Eurobattery Minerals AB in connection with this transaction. Advokatfirman Lindahl acted as legal advisor to Loft Capital.

Important information
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities. The bonds described herein have not been and will not be registered under any securities laws and may not be offered or sold except pursuant to an applicable exemption from registration requirements.

Language versions
Eurobattery Minerals AB publishes information in English, Swedish, and German for the convenience of our shareholders and stakeholders. In the event of any discrepancies or inconsistencies between the language versions, the English version shall prevail.