Focus on accelerating Finnish mine project as Eurobattery Minerals publishes Q4 report for 2023

“In Q4, we at Eurobattery Minerals have been working to accelerate the development of our Hautalampi battery mineral mine project, for example, by preparing the application for an environmental permit in Q1-2024 and by continuing to work on the finalization of the project acquisition, which is planned to take place during 2024. With these plans, we are laying the foundation for the start of the project's construction phase and the subsequent mining operations”, comments Roberto García Martínez, CEO of Eurobattery Minerals, regarding the fourth quarter 2023.

Strategic and operational highlights Q4 2023

• In October, Eurobattery Minerals announced that it will not renew its exploration licenses for its seven Swedish assets when the permits expire. The decision will enable Eurobattery Minerals to focus on projects which are in the more advanced stages to create better shareholder value.
• In October, Eurobattery Minerals announced its partnership with the Research Center for Smart Exploration led by Uppsala University in Sweden. It is a multidisciplinary centre that will research the exploration and refinement of metals and minerals.
• In November, Eurobattery Minerals decided on a rights issue of approximately SEK 29.3 million and undertakes to carry out a convertible issue of SEK 5.0 million. The Rights issue was secured to approximately SEK 22.0 million, corresponding to 75.0 per cent of the Rights issue, by subscription and underwriting commitments.
• In December, the Extraordinary General Meeting was held on the 27th and resolved, inter alia, to approve the board of directors' resolution on a rights issue of units and other related proposals, as well as the election of a new board member, namely Eckhard Cordes.

Key financial figures for Q4 2023

• Net sales amounted to SEK 0 (Q4 2022: SEK 0).
• Operating income after depreciation/amortisation and financial items totalled SEK -4,649 thousand (Q4 2022: SEK -3,881 thousand).
• Earnings per share after financial items before dilution amounted to SEK -0.97 (Q4 2022: SEK -0.23).
• Earnings per share after financial items after dilution amounted to SEK -0.97 (Q4 2022: SEK -0.23).
• Cash flow from operating activities was SEK 8,906 thousand (Q4 2022: SEK -5,751 thousand).

Key financial figures for the full year 2023

• Net sales amounted to SEK 0 (FY 2022: SEK 0).
• Operating income after depreciation/amortisation and financial items totalled SEK -23,055 thousand (FY 2022: SEK -20,138 thousand).
• Earnings per share after financial items before dilution amounted to SEK-1.33 (FY 2022: SEK -1.28).
• Earnings per share after financial items after dilution amounted to SEK-0.60 (FY 2022: SEK -1.22).
• Cash flow from operating activities was SEK 1,253 thousand (FY 2022: SEK 4,439 thousand).
• The Board of Directors does not intend to propose any dividend to the upcoming Annual General Meeting

Significant events after the period

• In January, the company announced process design for the concentration plant at its battery mineral mine project in Hautalampi. The plant is designed to produce annually 21,000 tonnes of Ni 7%/Co 1.9% concentrate and 5,000 tonnes of Cu 25% concentrate during the anticipated 12 years of mining at the site. The designed capacity of the plant is 500,000 tonnes per annum.
• Also, in January, Eurobattery Minerals published the preliminary and final outcomes for the rights issue. The final outcome showed that 28,288,738 units were subscribed for, corresponding to a subscription rate of approximately 77.3 per cent. Eurobattery thereby receives total issue proceeds of approximately SEK 22.6 million (of which SEK 1.6 million is obtained through set-off of debts) before issue costs.

Detailed financial information
The Q4 report for 2023 of Eurobattery Minerals AB is available for download at the Company’s website and can be viewed in the attachment of the release (see below).