{"id":7640,"date":"2025-07-14T06:30:00","date_gmt":"2025-07-14T06:30:00","guid":{"rendered":"https:\/\/investors.eurobatteryminerals.com\/press-releases\/eurobattery-minerals-signs-an-agreement-with-tungsten-san-juan-s-l-to-enter-a-majority-stake-in-the-san-juan-wolfram-mine-in-galicia-spain\/"},"modified":"2025-07-14T08:42:54","modified_gmt":"2025-07-14T06:42:54","slug":"eurobattery-minerals-signs-an-agreement-with-tungsten-san-juan-s-l-to-enter-a-majority-stake-in-the-san-juan-wolfram-mine-in-galicia-spain","status":"publish","type":"post","link":"https:\/\/investors.eurobatteryminerals.com\/en\/press-releases\/eurobattery-minerals-signs-an-agreement-with-tungsten-san-juan-s-l-to-enter-a-majority-stake-in-the-san-juan-wolfram-mine-in-galicia-spain\/","title":{"rendered":"Eurobattery Minerals signs an agreement with Tungsten San Juan S.L. to enter a majority stake in the San Juan wolfram mine in Galicia, Spain"},"content":{"rendered":"\n
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Stockholm, 14 July 2025 \u2013 The mining company Eurobattery Minerals AB (Nordic Growth Market: \u201cBAT\u201d and B\u00f6rse Stuttgart: \u201cEBM\u201d; in short: \u201cEurobattery Minerals\u201d or the \u201cCompany\u201d) announces today, that the Company has entered an agreement with the Spanish company Tungsten San Juan S.L. (\u201cTSJ\u201d) \u2013 owner of the San Juan wolfram project in Galicia, in northern Spain \u2013 regarding a planned initial investment from Eurobattery Minerals totalling EUR 1.5 million for a 51 per cent ownership stake in TSJ on a fully diluted basis. The investment is structured as primary shares in TSJ and payable by Eurobattery Minerals in four-tranches \u2013 where EUR 100,000 was paid upon signing of the agreement, EUR 100,000 is to be paid in the third and the fourth quarter of 2025, and EUR 1.2 million is to be paid in the first quarter of 2026. As per the agreement, Eurobattery Minerals controls 51 per cent majority stake in the San Juan wolfram project since the first-tranche payment. The planned investment totalling EUR 1.5 million in TSJ will be allocated for construction of a pilot processing plant and the start of mining operations. The San Juan wolfram project has all the necessary licences and contracts to commence mining production, including a letter of intent for an off-take agreement with Wolfram Bergbau und H\u00fctten AG, an Austrian world-leading tungsten producer within the Swedish Sandvik Group. Given that TSJ has already secured a specialized and reliable European buyer for the extracted mineral, TSJ will be able to start delivering tungsten material to Europe in 2026. With this investment, TSJ is expected to start to generate positive cash flow in H2 2026. The agreement with TSJ is part of the previous non-binding letter of intent between Eurobattery Minerals and TSJ which was communicated on May 7, 2024, but with renegotiated and more favourable terms of the investment for the Company.<\/strong><\/p>\n<\/div>\n\n\n\n

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“Finally entering into an agreement for a short-term cash-flow-generating project marks a game-changing moment for Eurobattery Minerals. For the first time, we move from a pure exploration and development company to a company with real future revenue potential. This shift not only strengthens our financial foundation but also accelerates our ability to reinvest in our core battery mineral assets. It is a major step toward delivering long-term value for our shareholders and establishing ourselves as a more resilient, growth-oriented mining company”, <\/em>said Roberto Garc\u00eda Mart\u00ednez, CEO of Eurobattery Minerals.<\/p>\n

The “San Juan” mine is located near the town of A Gudi\u00f1a, in the province of Ourense in Galicia, Spain. This wolfram deposit has been known since the 1970 but began to be investigated in the mid-1980s when extensive field work was conducted in the area, including geological cartography and outcrop-trenches. This work revealed high grades of tungsten trioxide (WO3), of the order of 2 per cent in the recognized outcrops.<\/p>\n

The proven ore reserves that have been confirmed by core drilling at the deposit are an estimated 60,000 tons of ore, grading 1.3% WO\u2083. The geological potential for a much larger reservoir is high, but any additional resources need to be confirmed by further explorations.<\/p>\n

Introduction and key points of the TSJ investment and the project:<\/strong><\/p>\n

On May 7, 2024, Eurobattery Minerals announced that the Company had signed a non-binding letter of intent with Tungsten San Juan S.L. concerning an investment in TSJ. As part of the previous non-binding letter of intent with TSJ, Eurobattery Minerals can today announce that the Company and TSJ have entered an agreement, on revised terms from the previous letter of intent, which concerns a four-tranche investment in TSJ totalling EUR 1.5 million for an ownership stake of 51 per cent on a fully diluted basis in TSJ.<\/p>\n