Eurobattery Minerals

“The third quarter of 2024 has been transformative for Eurobattery Minerals. With the complete acquisition of FinnCobalt Oy, the extension of key partnerships, and our strategic offtake agreement with Boliden, we are firmly advancing toward establishing a sustainable battery mineral supply chain in Europe. The upcoming rights issue will further strengthen our financial foundation, ensuring that we stay on track to realize the potential of the Hautalampi project and support the EU’s green transition,” comments Roberto García Martínez, CEO of Eurobattery Minerals, regarding the third quarter of 2024.

Strategic and operational highlights Q3 2024

• On 26 July, the Company exercised its option to acquire the remaining 30 per cent of FinnCobalt Oy, the owner of the ground and mining rights to the nickel-cobalt-copper project Hautalampi. Following the closing of the acquisition, Eurobattery Minerals’ share of ownership in FinnCobalt amounts to 100 per cent.

• On 7 August, Eurobattery Minerals extended the non-binding Letter of Intent (LOI) signed with Tungsten San Juan (TSJ) in May 2024. The parties extended the term and exclusivity of the LOI by mutual agreement, and until further notice. All other terms and conditions of the LOI remain unchanged.

• On 21 August, Eurobattery Minerals submitted the application for the battery mineral project Hautalampi to become a Strategic Project under the CRMA. The European Commission is expected to announce the first list of Strategic Projects in December 2024.

• On 28 August, the Company entered into a non-binding offtake agreement with Boliden AB for its Hautalampi battery mineral project in Finland. The accord is a long-term purchase agreement for the Hautalampi copper concentrates and is valid for a minimum of 10 years.

• On 16 September, Eurobattery Minerals decided on a rights issue of units of approximately SEK 35.5 million and to undertake to carry out a convertible issue of SEK 4.0 million.

Key financial figures for Q3 2024

• Net sales amounted to SEK 0 thousand (Q3 2023: SEK 0 thousand).
• Operating profit/loss after financial items totalled SEK -4,464 thousand (Q3 2023: SEK -8,481 thousand).
• Earnings per share after financial items before dilution amounted to SEK -0.04 (Q3 2023: SEK -0.25).
• Earnings per share after financial items after dilution amounted to SEK -0.03 (Q3 2023: SEK -0.23).
• Cash flow from operating activities was SEK 269 thousand (Q3 2023: SEK 2,048 thousand).

Detailed financial information
The Q3 report for 2024 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).