Euro Manganese Advances to Next Stage of Debt Funding Process with the European Investment Bank
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NR 2024-05
Euro Manganese Advances to Next Stage of Debt Funding Process with
the European Investment Bank
VANCOUVER, British Columbia ( March 11, 2024) – Euro Manganese Inc. (TSX -V and ASX: EMN; OTCQX:
EUMNF; Frankfurt: E06) (the "Company") today announced that its Chvaletice Manganese Project
("Chvaletice" or the "Project") is formally listed1 as under appraisal for debt financing with the European
Investment Bank ("EIB"). Funding from the EIB would complement a broader funding package to support
the development of the Company’s high-purity battery-grade manganese plant in the Czech Republic.
Highlights
• Euro Manganese ’s Chvaletice Project has progressed to the formal appraisal stage for debt
financing with the EIB in what was a significant milestone in securing funds for the Czech
Republic's high-purity manganese production plant
• Chvaletice is the European Union's (“EU”) sole large manganese reserve, positioning Euro
Manganese as a key supplier of local, recycled, ESG compliant high -purity manganese for the
European EV market
• Recognised by the EU as both a Strategic and Critical Raw Material source, the Chvaletice Project
is set to boost EU resilience in battery materials while delivering environmental benefits through
historical tailings remediation
• Debt financing from the EIB supports the aims of the inter -governmental Minerals Security
Partnership ("MSP"), which includes 13 countries and the EU, that has endorsed the Chvaletice
Project as a key initiative
Dr. Matthew James, President & CEO of Euro Manganese, commented:
“The advancement of our Chvaletice Manganese Project to a formal under appraisal level signals the EIB’s
commitment to supporting sustainable opportunities in the battery supply chain. Chvaletice remains the
only sizable proven and probable reserve of manganese in the European Union and through the Project,
Euro Manganese will be uniquely positioned to provide a secure, traceable, and responsibly produced
supply of high -purity manganese products to the European electric vehicle market. With the European
Bank of Reconstruction and Development (“EBRD”) already as a key shareholder, today’s announcement
is a nother key step towards achieving project funding. W e look forward to obtaining EIB’s continued
support for this strategic project.”
1 https://www.eib.org/en/projects/pipelines/all/20220372
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The EIB notes: "The European Commission has identified both battery-grade manganese and manganese
as 'Strategic Raw Material' and "Critical Raw Material", being highly relevant not only for the green and
digital transitions, but also for strategic technologies and sectors . The Chvaletice Manganese Project
represents an important circular economy -based source of high purity manganese and will supply the
battery value chain with a key raw material that is largely imported, increasing the EU's resilience. The
Project will also include multiple environmental benefits from the remediation of the historic tailings area,
particularly in terms of soil quality and freshwater quality."
In October 2023, the Chvaletice Project was named as a project to be supported under the inter -
governmental MSP, a collection of 13 countries and the European Union, representing over 50 percent of
global GDP. The MSP aims to catalyze public and private sector investment to build diverse, secure and
responsible critical mineral supply chains globally.
About Euro Manganese
Euro Manganese is a battery materials company focused on becoming a leading producer of high-purity
manganese for the electric vehicle industry. The Company is advancing development of the Chvaletice
Manganese Project in the Czech Republic and pursuing an opportunity to produce battery -grade
manganese products in Bécancour, Québec.
The Chvaletice Project is a unique waste -to-value recycling and remediation opportunity involving
reprocessing old tailings from a decommissioned mine. It is also 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.
Euro Manganese is dual listed on the TSX.V and the ASX, and is also traded on the OTCQX.
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 t his
release.
Enquiries
Dr. Matthew James
President & CEO
+44 (0)747 229 6688
LodeRock Advisors
Neil Weber
Investor and Media Relations – North America
+1 (647) 222-0574
Jane Morgan Management
Jane Morgan
Investor and Media Relations - Australia
+61 (0) 405 555 618
Company Address: #709 -700 West Pender St., Vancouver, British Columbia, Canada, V6C 1G8
Website: www.mn25.ca
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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 Chvaletice Project, 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 st ate that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved.
Such forward-looking information or statements include, but are not limited to, statements regarding the
Company’s intentions regarding the development and advancement of the Chvaletice Project in the Czech
Republic, the ability of the Company to secure funding from EIB or any broader funding package to finance
the Project, continuing support from EIB, continuing support from MSP and its partners, anticipated
environmental benefits from the Project, and that the Project represents an important circular economy-
based source of high purity manganese and will supply the battery value chain with a key raw material.
Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward-
looking statements are subject to a number of risks and uncertainties that may cause the actual results of
the Company to differ materially from those discussed in the forward-looking statements and, even if such
actual results are realized or substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on, the Company.
All forward -looking statements are made based on the Company's current beliefs including various
assumptions made by the Company, including that: the Company can achieve its goals; that the political
and community environment in which the Company operates in will continue to support the development
and operation of the Company’s projects; and assumptions related to the factors set out herein. Factors
that could cause actual results or events to differ materially from current expectations include, among
other things, risks and uncertainties related to the availability of acceptable financing; the ability to meet
conditions of secured financing and risks related to security; the ability to obtain, amend, or maintain
necessary licenses, or permits; risks related to acquisition of surface rights; changes in laws or regulations;
and regulation by various governmental agencies. For a further discussion of risks relevant to the Company,
see "Risk Factors" in the Company's annual information form for the year ended September 30, 20 23,
available on the Company's SEDAR profile at www.sedarplus.ca
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.