Eurobattery Minerals publishes Annual Report 2024

The auditor’s report, which is attached to the annual report for 2024, deviates from what is common as a remark is stated by the auditor relating to a significant uncertainty regarding the going concern, as presented below.

Material uncertainty regarding the going concern assumption

Without qualifying my opinion above, I draw your attention to the statement in the Directors' Report that in order for the company to continue to exploit its projects and develop its medium-and-term strategy, additional capital will be required in the short term. If capital raising fails, the projects may need to be divested before they are fully developed. The Board and management are negotiating with various external parties and potential off-takers to secure the Company's financial capacity to develop the Company's projects and to become a European mining and mineral commodity supplier. It is the Board's judgement that there are opportunities for continued financing and thus opportunities for continued operations.

The above indicates that there is a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern

Eurobattery Minerals comment to the Auditor´s Report
The comment from the auditor is based on the fact that Eurobattery Minerals is a growth company and is financed through external capital. During 2024 and 2025, the operations are being financed by using the warrant series TO6. Since last summer, the Company has entered into off-take agreements and off-take programs, with big industry players like Boliden AB and Terrafame Ltd. Good progress is also being made in the Environmental Permit Application for the Finnish battery mineral project Hautalampi. In light of the above and negotiations with other potential off-takers and external partners – and taking into account the positive trend for the project in Finland – the Board of Directors believes that the prospects are very good to continue to develop the business.

“During 2024, Eurobattery Minerals took many important steps forward. With full ownership of the Hautalampi project in Finland, a submitted environmental permit, and a long-term offtake agreement with Boliden, we’ve taken concrete steps toward becoming a European producer of critical raw materials. Our collaboration with local partners also ensures we are building a future-proof, sustainable mining operation aligned with Europe´s green transition,” says Roberto García Martínez, CEO of Eurobattery Minerals AB

Strategic and operational highlights 2024

For the Finnish Hautalampi Battery Mineral Project:

• March: Bedrock analysis confirmed highly favourable geological conditions for mining at the Hautalampi battery mineral project in Finland.
   
• April: The environmental permit application for the Hautalampi mine was submitted, marking a key milestone towards production.
   
• May: An MoU was signed with Okun Energia Oy to develop local solar power, supporting future carbon-zero mineral production.
   
• July: Eurobattery Minerals acquired the remaining 30% of FinnCobalt Oy, securing 100% ownership of the Hautalampi project.
   
• August: A 10-year offtake agreement was signed with Boliden AB for copper concentrate from Hautalampi.

For the Spanish Corcel Project:

• The Company submitted all necessary information for environmental and operating permits for Corcel in August 2022. No new public developments occurred in 2024. As demand for European-sourced raw materials intensifies, Corcel continues to represent a strategically significant long-term asset aligned with EU goals for responsible and regional mineral supply. The Company continues to await a positive decision from the Energy and Mining Authority of Galicia and we remain fully committed to the Corcel battery mineral project.

Detailed financial information

The 2024 Annual Report 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).

About Eurobattery Minerals

Eurobattery Minerals AB is a Swedish mining company listed on Swedish Nordic Growth Market (BAT) and German Börse Stuttgart (EBM). With the vision to make Europe self-sufficient in responsibly mined battery minerals, the Company’s focus is to realize numerous nickel-cobalt-copper projects in Europe to supply critical raw materials, and by doing so, power a cleaner world.

Please visit www.eurobatteryminerals.com for more information. Feel free to follow us on LinkedIn as well.

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

E-mail: info@eurobatteryminerals.com

Contact Investor Relations

E-mail: ir@eurobatteryminerals.com

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255

E-mail: info@augment.se