EQS-News

Eurobattery Minerals: Almost 40% increase in the contained metals in the Finnish Hautalampi Ni-Co-Cu mine project

EQS-News: Eurobattery Minerals AB / Key word(s): Miscellaneous Eurobattery Minerals: Almost 40% increase in the contained metals in the Finnish Hautalampi Ni-Co-Cu mine project (news with additional features) 29.09.2022 / 07:35 CET/CEST The issuer is solely responsible for the content of this announcement. Eurobattery Minerals: Almost 40% increase in the contained metals in the Finnish Hautalampi Ni-Co-Cu mine project

Stockholm, 29 September 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: “EBM”, “Eurobattery” or “the Company”) today announces that it has received an updated resource estimate on the Hautalampi project. The independent JORC-compliant estimate prepared by AFRY Finland Oy concludes that compared to previous analysis in 2021, the available mineral resources in the mine project has almost doubled with almost 40% more metals. Eurobattery Minerals owns 40% of the Hautalampi project and have the option to acquire 100% from its current majority owner FinnCobalt.

“I am extremely pleased! The new estimate exceeds our previous expectations and confirms that the Hautalampi mine project has more than 1/3 more battery minerals available than what was thought. It's a significant discovery and sends a strong message - our Finnish mine project have all the prerequisites to be an important source for responsible mined battery minerals powering the European automotive and clean energy sector,” said Roberto García Martínez, CEO of Eurobattery Minerals.

Key information and findings

New area covered: The new resource estimate prepared by AFRY Finland Oy includes newly estimated Hautalampi area and its North-Eastern extension known as the Mökkivaara area. Both areas have been the target of the year 2021 core drilling campaign, which was completed in December 2021.

Significant tonnage increase: Compared to the estimate by AFRY Finland Oy in 2021, the total tonnage in the measured, indicated, and inferred resource categories tonnage has almost doubled and contained metal increased approximately 39% in the mine lease area.

JORC-code compliant: The estimate has been prepared and reported in accordance with the recommendations of the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC-code). The mineral resource is estimated using a database containing approximately 86,500 meters of diamond core drilling including 4,600 meters drilled during the 2021 campaign.