Euro Manganese Closes C$11.2 million (A$12.3 million) Financing

Highlights

• Financing included an upsized C$9.8 million (A$10.8 million) Private Placement and an oversubscribed A$1.5 million (C$1.4 million) Share Purchase Plan
• Company welcomes the European Bank of Reconstruction and Development and Eric Sprott as significant shareholders
• Funds raised to support ongoing development of the Chvaletice Manganese Project and customer engagements to secure additional offtake term sheets and strategic investments

Vancouver, British Columbia--(Newsfile Corp. - May 28, 2025) - Euro Manganese Inc. (TSXV) (ASX: EMN) (FSE: E060) (the "Company" or "Euro Manganese") is pleased to announce that, following the approval by its shareholders at its Annual General and Special Meeting held on May 15, 2025 (the "AGSM"), it has closed the previously announced financing package which included: (a) a private placement (the "Placement") of common shares ("New Shares") and CHESS Depositary Interests ("New CDIs" together with the New Shares, "New Securities") in the capital of the Company of C$9.8 million (approximately A$10.8 million); and (b) a Share Purchase Plan ("SPP", together with the Placement, the "Financing") with certain eligible shareholders in the amount of A$1.5 million (approximately C$1.4 million). The Company also announces an option grant to certain directors, officers, employees, and consultants as described below.

Martina Blahova, CEO of Euro Manganese, commented:
"We are extremely pleased with the strong support demonstrated by both our existing shareholders and new investors, including the notable participation of Mr. Eric Sprott. As Euro Manganese's largest shareholder, EBRD's investment reinforces its support and commitment to the Chvaletice Project. This critical financing enables the Company to pursue certain key milestones and advance project development. We thank shareholders for their ongoing support."

The net proceeds of the Financing will be used to support ongoing development of the Chvaletice Manganese Project, including customer engagements to secure additional offtake term sheets and strategic investments, the operation of the demonstration plant, as needed, to market the Company's product to potential customers and to advance permitting.

All defined terms in this press release have the same meaning as set out in the press releases dated March 6, 2025 and April 1, 2025, unless such terms are otherwise defined herein.

Details of the Placement

The Placement consisted of the issuance of an aggregate of 54,578,350 New Securities, comprised of 39,671,662 New Shares at a price of C$0.18 per New Share and 14,906,688 New CDIs (with each New CDI representing one New Share) at a price of A$0.195 per New CDI, and 54,578,350 Warrants for aggregate gross proceeds of C$9.8 million (approximately A$10.8 million). Warrants issued in connection with the Placement are exercisable any time prior to November 28, 2026 (Vancouver), and have an exercise price of C$0.225 per New Security. Included in the Placement were: