Euro Manganese Announces Senior Leadership Changes
NR 2024-22
Euro Manganese Announces Senior Leadership Changes
VANCOUVER, British Columbia, November 13, 2024 – Euro Manganese Inc. (TSX-V and ASX: EMN;
OTCQB: EUMNF; Frankfurt: E06) (the "Company" or "EMN") announces that, effective November 12,
2024 Vancouver time, Martina Blahova, the Company’s current Chief Financial Officer, has been
appointed as Interim Chief Executive Officer. Ms Blahova will replace Dr. Matthew James who has
resigned as Chief Executive Officer and director of the Company. Euro Manganese's Board will conduct
a search for a new Chief Executive Officer.
Ms. Blahova joined Euro Manganese in 2018 as Corporate Controller and has served as Chief Financial
Officer since January 2020. Prior to joining the Company , Ms. Blahova was Manager of Financial
Reporting at SSR Mining Inc., a global precious metals producer. She also worked in accounting
consultancy and was Manager of Financial Planning and Analysis for the Czech subsidiary of
Rheinmetall Group AG, a global supplier to the automotive and defence industries. Ms. Blahova was
previously at PricewaterhouseCoopers in increasingly senior roles, having worked at the firm’s Prague
(CZ) and Reading (UK) offices. She received her ACCA (UK) qualification while working at the Prague
office of Ernst & Young. Ms. Blahova is a Fellow Certified Chartered Accountant in the UK and a
Chartered Professional Accountant (CGA) in Canada. She has a Master of Economics degree,
specializing in international trade, from the University of Economics in Prague, and a Master of
International Business from the Université d'Orléans, France.
Euro Manganese also announces that Dean Larocque has been appointed as the Company’s new Chief
Financial Officer effective November 12, 2024, replacing Ms. Blahova who is stepping into the Interim
CEO role. Mr. Larocque is a seasoned finance professional and a Chartered Professional Accountant
(CPA) in Canada and a Certified Professional Accountant (CPA) in the United States (Oregon, Nevada,
Alaska). He has over 30 years of experience, including an 18- year tenure as a Senior Assurance
Partner at PwC. Mr. Larocque has substantial experience in initial public offerings, mergers and
acquisitions, due diligence, all forms of financing, dual listings, and mining and public company-specific
accounting, regulatory and controls issues. In addition to his CPA certifications, Mr. Larocque recently
obtained his Independent Corporate Director (ICD.D) designation. H e is a graduate of the Institute of
Corporate Directors at the Rotman School of Management and Beedie School of Business, is a
designated Certified Financial Planner (CFP), and holds a joint Bachelor of Business Administration
(BBA) and Bachelor of Arts in Economics (BA) from Simon Fraser University.
Mr. John Webster, Chairman of the Board of Directors, commented:
“Over the past six years, Martina has been an integral part of the growth of our business and a driving
force behind many of our key strategic milestones at Euro Manganese. The Board is confident that, as
Interim Chief Executive Officer, she has the breadth of experience and knowledge to navigate current
market conditions, and we look forward to her continued guidance and leadership as we undertake our
search for a replacement. We are also delighted to welcome Dean as our ne w Chief Financial Officer.
A seasoned financial and accounting executive with a long history of working with companies like Euro
Manganese, we are confident that he will be an invaluable addition to the team. We extend our sincere
thanks to Matt for his significant contributions to Euro Manganese and his efforts in progressing the
Chvaletice Manganese Project. We wish him well in his future endeavours.”
A summary of the material terms of Ms. Blahova’s employment for compliance with ASX Listing Rule
3.16.4 is attached to this announcement.
About Euro Manganese
Euro Manganese is a battery materials company focused on becoming a leading, competitive, and
environmentally superior producer of high-purity manganese for the electric vehicle 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 refining old tailings from a decommissioned mine. The Chvaletice project is the only sizable
resource of manganese in Europe, 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 Chairman of the Board 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.
Enquiries
Martina Blahova
Interim Chief Executive Officer
+1 (604) 681-1010
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
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 state that certain actions, events or
results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
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.
Forward looking statements include statements about undertaking a search for a new CEO and any
expected outcome, and ability to navigate current market conditions. All forward-looking statements are
made based on the Company's current beliefs including various assumptions made by the Company,
including that the Chvaletice Project will be developed and operate as planned, that the demonstration
plant will continue to operate successfully, that the Company will obtain sufficient financing, and that
the Company will be able to meet the conditions of its secured financing. Factors that could cause actual
results or events to differ materially from current expectations include, among other things: inability to
find a suitable permanent CEO; insufficient working capital; inability to meet the conditions of its secured
financing, risks due to granting security , lack of availability of financing for developing and advancing
the Chvaletice Project; the potential for unknown or unexpected events to cause contractual conditions
to not be satisfied; developments in EV (Electric Vehicles) battery markets and chemistries; risks related
to fluctuations in currency exchange rates; and regulation and changes in laws 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, 2023, 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 updat e or revise the forward -looking statements contained herein to reflect
events or circumstances occurring after the date of this news release.
Appendix
Summary of Material Contract Terms for Incoming Interim Chief Executive Officer
In accordance with ASX Listing Rule 3.16.4, the following are the material terms of the employment
agreement with Ms. Martina Blahova for the role of Interim Chief Executive Officer of Euro Manganese
Inc. ("EMN"), which was entered into effective November 12, 2024.
The key remuneration and contract terms related to Ms. Blahova’s new employment agreement are set
out below:
Effective Date: 12 November 2024
Term: Interim CEO
Fixed Annual Remuneration (FAR): FAR of CAD$450,000 per annum, to be taken as cash.
Incentives:
Short Term Incentive Plan (STIP): Ms. Blahova is eligible for a short term incentive plan of up to
75% of her FAR based on the achievement of certain
corporate and individual performance targets, payable as a
cash bonus. The minimum award is nil, which would occur if
the threshold level of performance is missed on each STIP
measure, if individual performance does not warrant an award,
or if the Board determines that no award be made.
Annual awards under STIP are subject Ms. Blahova’s
individual performance (achievements and conduct) and EMN
and Ms. Blahova achieving Board-approved targets.
Long Term Incentive Plan (LTIP): The form of Ms. Blahova’s participation in EMN’s LTIP is by
way of Stock Option Plan and Board approval.
Stock options granted to Ms. Blahova can range from 0% -
100% of the target LTIP opportunity, based upon the
achievement of corporate and individual performance targets.
Ms. Blahova’s annual performance is measured against
corporate and individual performance objectives, the
weighting of each being dependent upon her role in the
organization and relative influence over corporate
performance objectives. Any future stock option grants to Ms.
Blahova are expected to have an expiry of 10 years, and the
vesting schedule will be: (A) 50% of the stock option grant will
vest 1/3 (or 16.66% of the total grant) on the first anniversary
of the date of the grant, 1/3 (or 16.67% of the total grant) on
the second anniversary of the date of the grant, and 1/3 (or
16.67% of the total grant) on the third anniversary of the date
of the grant, all subject to the Board’s discretion; and (B) 50%
of the stock option grant will vest on corporate goals/hurdles
to be set at the time of the grant, all subject to the Board’s
discretion.
Termination Provisions:
Resignation by Ms. Blahova Ms. Blahova may terminate her employment at any time by
giving EMN not less than six weeks’ written notice. EMN may
waive or reduce this notice requirement.
Termination by EMN with Notice The Company may terminate Ms. Blahova’s employment at
any time by giving three months’ notice, which can be waived
by either party. Additionally, upon a termination without
cause, all unvested stock options shall vest.
Termination by EMN Without Notice
Upon the Company’s termination of Ms. Blahova's
employment for cause, Ms. Blahova shall not be entitled to
reasonable written notice of termination or pay in lieu of
notice of termination, or any other compensation or damages
for severance.
Restraint Ms. Blahova has a limited 12-month post-employment
restraint.