Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt:
E06) (the "
Company" or "
EMN") is
pleased to announce key developments during the second quarter 2022
and to date. The Company has now filed its second quarter Financial
Statements and Management’s Discussion and Analysis
(“
MD&A”).
Key Developments
- First
shipment of the demonstration plant underway. The first
consignment was shipped on April 30, 2022 and the final consignment
is expected to be shipped in the coming weeks. Both shipments are
being made by ocean freight from China, a change from rail, due to
the Russia-Ukraine conflict. Delivery of the initial shipment is
expected on site in June. Assembly of the demonstration plant
modules will commence upon delivery. Completion of commissioning
and the start of production from the demonstration plant is
targeted for September. The demonstration plant will be used for
customer supply chain qualification of Euro Manganese’s high-purity
manganese products.
- View a video of
the demonstration plant cold commissioning.
- View photos of
testing and shipping the demonstration plant.
- Ms.
Hanna Schweitz appointed to the Board of Directors. Ms.
Schweitz brings significant experience in the European metals and
EV battery materials space, specifically in the procurement of raw
materials for Northvolt and WMC Energy. Her appointment on April
25, 2022 adds further depth to the Board’s collective skills and
experience.
- Approval
of land access agreement terms by the Municipality of
Chvaletice. Terms include the rental of the land to
the Company until the earlier of a 40-year period or upon
remediation of the land. The land rental agreement is expected to
be completed in the second quarter of 2022 and grants the Company
access to approximately 19% of the total land area required for the
Project and approximately 15% of the total tailings area. The
Company is progressing negotiations on land access agreements for
the remaining surface rights.
- Majority
of land on which Project is located rezoned for mining
use. The Municipality of Trnavka, on which
approximately 85% of the Project’s tailings are located, formally
approved the rezoning of such land for mining use in March 2022.
The rezoning demonstrates continued support from the Trnavka
Municipality. The remaining area of the underlying land falls under
the authority of the Municipality of Chvaletice and the Company
anticipates that the rezoning of the Chvaletice land underlying the
Project’s tailings deposit to be formally approved for mining by
year-end 2022.
-
Completion of a private placement to the European Bank for
Reconstruction and Development. On February 10, 2022,
the Company completed a private placement of 17,800,000 common
shares to the European Bank for Reconstruction and Development
("EBRD") at a price of $0.4775 per share for gross proceeds of
$8,499,500 (the "Placement"). The proceeds from the Placement
increase the Company’s flexibility in financing its Chvaletice
Manganese Project.
- Balance
owing under royalty termination agreements
settled. On January 31, 2022, the Company issued
4,820,109 common shares at a price of $0.47262 per share valued at
$2,278,080 (US$1.8 million) and paid US$1.8 million to settle the
balance owing under royalty termination agreements dated May 31,
2021. This eliminates US$91.1 million in expenditures over the
Chvaletice Manganese Project’s 25-year life, reducing operating
costs by US$3.40 per tonne of plant feed, and increasing the
after-tax NPV of the Project by US$25.3 million (approximately 4%)
based on the 2019 Preliminary Economic Assessment ("PEA") and using
the PEA’s 10% discount rate.
Dr. Matthew James, President & CEO of Euro
Manganese, said:
“The second quarter of 2022 was extremely
productive for Euro Manganese despite some challenges caused by
world events. Further, the support we received from EBRD and from
local municipalities demonstrates the importance of bringing the
Chvaletice Manganese Project to fruition.
We added a number of qualified people to our
team in the Czech Republic in preparation for the arrival of our
demonstration plant and we look forward to drawing on the skills
and experience of our new Board member, Hanna Schweitz, as we
continue to engage with prospective customers seeking battery raw
materials.
Our near-term focus remains on the delivery of
sample products from our pilot plant, followed by larger samples
from the demonstration plant once it commences production. This
will allow customers to continue or initiate their supply chain
qualification. Other targets anticipated this year include the
completion of our Feasibility Study, the acquisition of the
remaining land access rights, and the submission of our final
Environmental and Social Impact Assessment. Accomplishing these
goals and entering into offtake agreements with potential
customers, followed by engaging strategic and financial partners,
will help us create value for our stakeholders.”
Q2 2022 Operational Update Conference
Call Details
Euro Manganese will host its Second Quarter 2022
Operational Update conference call on Monday, May 16, 2022 at
3:30pm PT (6:30pm ET) (Tuesday, May 17, 2022 at 8.30 am AEST). CEO
Matt James and CFO Martina Blahova will provide an operational
update on the Project and its upcoming milestones. The call will
also be webcast: https://edge.media-server.com/mmc/p/8avtssir
|
North America |
Europe |
Australia |
Date |
Monday, May 16, 2022 |
Monday, May 16, 2022 |
Tuesday, May 17, 2022 |
Time |
3:30pm PT | 6:30pm ET |
11:30pm BST |
6:30am AWST | 8:30am AEST |
Dial-In |
(855) 702-9142Conference ID: 2780906 |
+1 (478) 219-0702Conference ID: 2780906 |
(180) 000-5989Conference ID:
2780906 |
About Euro Manganese Inc.
Euro Manganese Inc. is a battery materials
company focused on becoming a leading, competitive, and
environmentally superior producer of high-purity manganese for the
electric vehicle (EV) industry and other high-technology
applications. The Company is advancing development of the
Chvaletice Manganese Project in the Czech Republic, which is a
unique waste-to-value recycling and remediation opportunity
involving reprocessing old tailings from a decommissioned mine. The
Chvaletice Project is the only sizable resource of manganese in the
European Union, strategically positioning the Company to provide
battery supply chains with critical raw materials to support the
global shift to a circular, low-carbon economy.
Authorized for release by the CEO of Euro
Manganese Inc.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) or the ASX accepts responsibility for the
adequacy or accuracy of this release.
Inquiries
Dr. Matthew JamesPresident
& CEO+44 (0)747 229 6688
Louise BurgessSenior Director
Investor Relations & Communications+1 (604)
312-7546lburgess@mn25.ca
Company Address: #709 -700 West Pender St.,
Vancouver, British Columbia, Canada, V6C
1G8Website: www.mn25.ca
Forward-Looking Statements
Certain statements in this news release
constitute “forward-looking statements” or “forward-looking
information” within the meaning of applicable securities laws. Such
statements and information involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company, its projects, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements or information. Such statements can be
identified by the use of words such as “may”, “would”, “could”,
“will”, “intend”, “expect”, “believe”, “plan”, “anticipate”,
“estimate”, “scheduled”, “forecast”, “predict” and other similar
terminology, or state that certain actions, events or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved. Such forward-looking information or statements relate to
future events or future performance about the Company and its
business and operations, which include, without limitation: the
rezoning of the Chvaletice lands underlying the Project’s tailings;
the conclusion of agreements formalizing the Chvaletice land rental
arrangements; the Company’s ability to secure the remaining land
surface rights; the completion and timing of the definitive
feasibility study; the timing, installation of the delivery and
operation of the demonstration plant; the Company’s ability to
negotiate offtake agreements with potential customers; and the
Company’s ability to finance the full-scale, commercial development
of the Project. Further, it should be noted that no production
decision has been made with respect to the Project and that such a
decision will only be made based on completion of a positive
feasibility study, permitting and financing having been
secured.
Readers are cautioned not to place undue
reliance on forward-looking information or statements.
Forward-looking statements and information involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results and will not necessarily be accurate
indicators of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements or
information, including, but not limited to, the factors discussed
under “Risks Notice” and elsewhere in the Company’s MD&A, as
well as the inability to obtain regulatory approvals in a timely
manner; the potential for unknown or unexpected events to cause
contractual conditions to not be satisfied; unexpected changes in
laws, rules or regulations, or their enforcement by applicable
authorities; the failure of parties to contracts with the Company
to perform as agreed; social or labour unrest; changes in commodity
prices; and the failure of exploration programs or studies to
deliver anticipated results or results that would justify and
support continued exploration, studies, development or
operations.
Although the forward-looking statements
contained in this news release are based upon what management of
the Company believes are reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with these
forward-looking statements. These forward-looking statements are
made as of the date of this news release and are expressly
qualified in their entirety by this cautionary statement. Subject
to applicable securities laws, the Company does not assume any
obligation to update or revise the forward-looking statements
contained herein to reflect events or circumstances occurring after
the date of this news release. The Company’s actual results could
differ materially from those anticipated in these forward-looking
statements as a result of the factors set forth in the “Risks
Notice” section and elsewhere in the Company’s MD&A for the
year ended September 30, 2021 and its Annual Information Form.
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