“Q2 was a quarter filled with important events, starting off with the submission of the Environmental Permit Application for the Hautalampi battery mineral mine project in Finland in April. We also announced that the Company would apply for Hautalampi to become a strategic project under the CRMA and we have just submitted that application before the publication of this half-year report. So, things are really on track with our Finnish project,” comments Roberto García Martínez, CEO of Eurobattery Minerals, regarding the second quarter of 2024.

Strategic and operational highlights Q2 2024

• At the end of April, Eurobattery Minerals submitted the environmental permit application for the battery mineral mine project Hautalampi in Finland. Filing the application for the environmental permit means that the Company has now taken a major step towards mining operations in Finland.

• At the beginning of May 2024, Eurobattery Minerals AB signed a Letter of Intent to invest a majority stake in Spanish company Tungsten San Juan SL (“TSJ”). TSJ is operating the development of the San Juan wolfram deposit. The project has all the necessary licences and contracts in place to commence production which could enable a production start in 2025.

• Also in May, the Company announced that it will apply for the battery mineral project Hautalampi to become a Strategic Project under the new EU Critical Raw Materials Act.

• Later in May, Eurobattery Minerals AB announced the signing of a Memorandum of Understanding (MoU) with Okun Energia Oy for the development of local photovoltaic (PV) production to support carbon-zero production of critical raw materials, thereby advancing the green transition. The project aims to create an opportunity for local carbon-zero production by harnessing solar energy.

• The annual general meeting 2024 in Eurobattery Minerals AB was held on 17 June 2024. The annual general meeting resolved to re-elect Eckhard Cordes, Jan Olof Arnbom and Roberto Garcia Martinez as members of the board of directors. Jan Olof Arnbom was elected chairman of the board of directors.

Key financial figures for Q2 2024

• Net sales amounted to SEK 0 thousand (Q2 2023: SEK 0 thousand).
• Operating profit/loss after financial items totalled SEK -10,259 thousand (Q2 2023: SEK -6,637 thousand).
• Earnings per share after financial items before dilution amounted to SEK -0.10 (Q2 2023: SEK -0.26).
• Earnings per share after financial items after dilution amounted to SEK -0.08 (Q2 2023: SEK -0.20).
• Cash flow from operating activities was SEK -6,867 thousand (Q2 2023: SEK -11,225 thousand).

Significant events after the period

• On the 26th of July, the Company exercised its option to acquire the remaining 30 per cent of FinnCobalt Oy (“FinnCobalt”), 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 the 7th of August, Eurobattery Minerals extended the non-binding Letter of Intent (LOI) signed with Tungsten San Juan (TSJ) in May 2024. TSJ is operating the development of the San Juan wolfram deposit (Ourense, Galicia, Spain). Eurobattery Minerals and TSJ have 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 the 21st of 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.

Detailed financial information
The Q2 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).