Eurobattery Minerals AB hereby publishes its Interim Report January – June 2021

Second quarter 2021 (same period previous year)

• Net sales amounted to SEK 0 thousand (SEK 0 thousand).

• Operating income after depreciation/amortisation and financial items totalled SEK –4,121 thousand (SEK –2,934 thousand).

• Earnings per share after depreciation/amortisation and financial items amounted to SEK –0.26 (SEK –0.53).

• Cash flow from operating activities was SEK –3,150 thousand (SEK –1,124 thousand).

First half year 2021 (same period previous year)

• Net sales amounted to SEK 0 thousand (SEK 0 thousand).

• Operating income after depreciation/amortisation and financial items totalled SEK –6,842 thousand (SEK –5,182 thousand).

• Earnings per share after depreciation/amortisation and financial items amounted to SEK –0.44 (SEK –0.53).

• Cash flow from operating activities was SEK –5,198 thousand (SEK –3,646 thousand).

Significant events during the first half year

• Eurobattery Minerals announced that it is expanding to Börse Stuttgart, under the ticker EBM, via an extension of its listing on Nordic Growth Market in Sweden. The Company also announced that it is opening an office in Berlin. The Company will remain a Swedish public limited company (AB) with its head office in Stockholm.

• FinnCobalt Oy, the company that Eurobattery Minerals has the option to acquire 100% of in a staged acquisition, updated Eurobattery Minerals on the final assay results from last summer’s drilling programme at the Hautalampi Ni-Co-Cu Project in eastern Finland. Drilling confirmed a significant extension of the resource potential from 800 to 1400 metres along the strike northeast of the historical mineral resource, as well as an extension of the westernmost mineralised zone in a south-westerly direction towards the historical Hautalampi mineral resource.

• The Company has recorded positive initial results from its cooperation with AGH University of Science and Technology in Krakow on the development of optimal technology for the extraction of vanadium and rare earth elements (REE) from minerals in black shales. The technology that has been developed enables sustainable and cost-effective enrichment of vanadium and REE at relatively low temperatures without the use of chemicals. The research has concluded that the previously confirmed large quantities of vanadium in the Fetsjön black shales is partly tied to the minerals rutile and mica, and partly to certain clay minerals

• Eurobattery Minerals presented the ‘Critical raw materials and e-mobility’ report produced by London-based risk analysis firm Aperio Intelligence. The report provides an overview of the supply and demand of critical raw materials in the EU, based on the EU’s goal of increasing the level of self-sufficiency in raw materials in the context of the electric car revolution.

• Eurobattery Minerals announced that FinnCobalt Oy has hired the Tier-1 process consulting company AFRY to prepare a mineral resource estimate for the Hautalampi project in Finland. AFRY will also provide other technical and economical evaluations and guidance for FinnCobalt Oy. The results are expected in 6 months. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition. 

• FinnCobalt Oy informed Eurobattery Minerals that it will participate in BATCircle 2.0, a Finnish research project focusing on circular ecosystems for battery metals. FinnCobalt’s own subproject will use materials from the former Outokumpu Keretti copper mine tailings area, part of the Hautalampi mine development project. The tailings area sampling will also be incorporated into the current Environmental Impact Assessment (EIA) report for the Hautalampi project, which will be published in the autumn. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.

• Eurobattery Minerals announced the start of a new drilling campaign that will target the Castriz prospect zone. Castriz is one of three primary prospects in the larger Corcel project in Spain, together with Monte Mayor and Monte Castello. With a target of approximately 1,000 metres of new drilling, the campaign ­– along with an estimate of inferred resources as stipulated in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC code) ­– will be finalised in December 2021.

• Eurobattery Minerals AB has been informed that FinnCobalt Oy received new maiden mineral resources estimate results from its Hautalampi mine development project. The new resource estimate includes the newly estimated Hautalampi area and its North-Eastern extension known as the Mökkivaara deposit area, which was the target of the 2020 core drilling campaign. Compared to earlier estimates, the total tonnage in the measured, indicated and inferred resource categories has increased by approximately 100% and contained metal totalling approximately 50% in the mine lease area.

• FinnCobalt Oy informed Eurobattery Minerals about the next steps for the Hietajärvi project in Finland, where the company has been granted a reservation notification for applying for an exploration permit. Located ~40km south of FinnCobalt’s Hautalampi Project, Hietajärvi contains similar prospective rocks known to contain Co-Cu-Ni-Zn deposits. Following the review of historical exploration data and developing a new prospectivity map of the area, fieldwork will commence in June 2021. Eurobattery Minerals has the option to acquire 100% of FinnCobalt Oy in a staged acquisition.

Summary of comments from Eurobattery Minerals CEO Roberto García Martínez:

“In this quarter, my team and I have continued our work with our projects in Spain, Finland, and Sweden. At the same time, we have continued our work to influence decision-makers and policymakers in the EU to enable Europe to cater to its own needs for battery minerals. By doing this, we will be less dependent on supply from countries with poor labour conditions, unsustainable mining methods, and lack of traceability.

During this quarter, I would specifically like to put your focus on the recent mineral resource report we released about our Finnish Hautalampi-project. We have known for some time that the mineral potential in the area is good, and following a new analysis conducted by consultancy AFRY the mineral resource potential has doubled. Close to Hautalampi we have also started field activities this summer to assess the potential of the Hietajärvi resource area.

In Spain and our Corcel project I am pleased to be starting a new drilling campaign. Later this year, we will receive a JORC-compliant mineral resource estimate that will enable us to assess the opportunities for an open pit mine in the region”.Eurobattery Minerals AB’s Interim Report January – June 2021 is attached to this press release and is available to download from the Company’s website: https://eurobatteryminerals.com/en/economic-reports/.

On behalf of the Board of Directors,
Eurobattery Minerals AB

Roberto Garcia Martinez, CEO

For further information, please contact the Company at:

ir@eurobatteryminerals.com
www.eurobatteryminerals.com

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 the contact person set out above on 20th of August 2021 at 08:00 CEST.

About Eurobattery Minerals

Eurobattery Minerals AB is a Swedish mining company listed on NGM Nordic SME (BAT) and Börse Stuttgart (EBM). As the foundation of the battery value chain the company’s vision is to help Europe become self-sufficient in ethical and fully traceable battery minerals for the electric vehicle industry. The company is focused on exploration and development of several nickel-cobalt-copper projects in Europe to supply sustainably mined raw materials critical to the rapidly growing battery market.

Please visit www.eurobatteryminerals.com for more information.

Augment Partners AB, e-mail: info@augment.se, phone: +46 8-604 22 55, is the company’s Mentor.