"In a time of geopolitical uncertainty, securing Europe’s independence in the supply of critical raw materials is more important than ever. The San Juan tungsten project in Galicia represents a strategic step towards this goal: a European mine to supply the European market.
We are proud to be developing this project in a region with a strong mining heritage, with the support of local and regional stakeholders, and a team of outstanding mining experts. With the San Juan and Hautalampi projects, we are laying the foundations for a responsible and sustainable mineral supply for the European industry and for security in Europe,” comments Roberto García Martínez, CEO of Eurobattery Minerals.

Strategic and operational highlights Q2 2025

• New Exploration Permits: In May, Eurobattery Minerals’ Finnish subsidiary secured exploration permits for Hietajärvi and Saramäki in Eastern Finland. The permits cover copper, cobalt, nickel, and gold-rich areas, reinforcing the Company’s project pipeline and supporting Europe’s strategic autonomy in responsibly sourced critical raw materials.

• Terrafame Collaboration: Also in May, FinnCobalt Oy and Terrafame Ltd signed a non-binding MoU to evaluate refining nickel-cobalt concentrate from the Hautalampi project at Terrafame’s facilities. This potential collaboration strengthens the downstream value chain and supports low-carbon battery material production for Europe’s electric vehicle industry.

• Zoning Plan Approved & Ratified: On 26 May, the zoning plan for the Hautalampi project received final approval from the Outokumpu City Council. With no appeals, the plan gained legal force in July—marking a major milestone that de-risks the project and demonstrates strong community support for sustainable mining development.

Key financial figures for Q2 2025

• Net sales amounted to SEK 0 thousand (Q2 2024: SEK 0 thousand).
• Operating profit/loss after financial items totalled SEK -8,366 thousand (Q2 2024: SEK -10,259 thousand).
• Earnings per share after financial items before dilution amounted to SEK -0.10 (Q2 2024: SEK -0.26).
• Earnings per share after financial items after dilution amounted to SEK -0.08 (Q2 2024: SEK -0.20).
• Cash flow from operating activities was SEK -10,250 thousand (Q2 2024: SEK -6,867 thousand).

Significant events after the period

• On 1 July 2025, Eurobattery Minerals submitted an updated package for the Environmental Permit Application (EPA). This package included water modelling, leaching assessments, waste management, and Natura 2000 evaluation—ensuring compliance with Finland’s Environmental and Water Acts.
  
• In July, Eurobattery Minerals signed a key investment agreement with Tungsten San Juan S.L. to acquire a 51% majority stake in the fully permitted San Juan wolfram project in Galicia, Spain. The EUR 1.5 million investment will finance the construction of a pilot processing plant and the start of mining operations. The project is expected to generate positive cash flow in H2 2026 and already has a letter of intent for an off-take agreement with Wolfram Bergbau und Hütten AG, part of the Sandvik Group.

• On 14 July 2025, Eurobattery Minerals proposed a SEK 78.5 million rights issue to support a strategic investment in Tungsten San Juan S.L., acquiring a 51% stake in the Spanish San Juan wolfram mine. The funds will also support drilling, plant upgrades, and development at the company’s Hautalampi project in Finland.
  
• On 21 July, Eurobattery Minerals appointed Agne Ahlenius as Managing Director for the San Juan wolfram project in Galicia. Mr. Ahlenius, former CEO of the Barruecopardo tungsten mine, brings over 35 years of international mining experience and a strong track record in sustainable operations, regulatory collaboration, and community engagement. His leadership is expected to ensure a responsible and successful development of the project, aligned with European strategic goals for industrial resilience and critical raw materials.
  
• In August, Eurobattery Minerals’ Spanish subsidiary, Tungsten San Juan S.L., commenced work in the open pit mine at the San Juan tungsten project in Galicia, Spain, marking the first step towards planned production in Q4 2026.

Detailed financial information
The Q2 report for 2025 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).