Euro Manganese reports financial results for the second quarter of fiscal 2024

Euro Manganese Inc.

VANCOUVER, British Columbia, May 15, 2024 (GLOBE NEWSWIRE) — Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQB: EUMNF; Frankfurt: E06) (the “Company” or “EMN”) today announced financial results and key developments during the second fiscal quarter and to date. The Company has now presented its Financial Statements and Management’s Discussion and Analysis as of March 31, 2024, the second fiscal quarter. Euro Manganese’s fiscal year end is September 30th.

Key developments during and after the quarter

Financial Position

• Cash and cash equivalents of approximately C$20.1 million at the end of the second fiscal quarter (March 31, 2024) compared to C$24.3 million at the end of the first fiscal quarter (December 31, 2023)

• Working capital of C$15.5 million at the end of the second fiscal quarter (March 31, 2024) compared to C$22.1 million at the end of the first fiscal quarter (December 31, 2023)

• The Company has sufficient funding to deliver certain key milestones

Dr. Matthew James, President and CEO of Euro Manganese, commented:

“Our second quarter was marked by several important events for the progress of the Chvaletice Project. In March we received final approval of the Environmental and Social Impact Assessment from the Czech Ministry of the Environment. An important milestone in licensing and design, this is the main access license from which subsequent licenses can follow in a more procedural manner. We are also moving towards undervaluation status with the European Investment Bank, the next phase of the debt financing process. The EIB financing would complement a broader financing package to support the development of our high-purity battery manganese plant in the Czech Republic. We also welcomed the European Union’s final approval of the Critical Raw Materials Act and the final rules of the US Inflation Reduction Act. Both monumental sets of regulations have extremely positive implications for high-purity manganese and position Euro Manganese’s Chvaletice Project as the only European manganese producer supporting EU and US requirements for the supply of critical raw materials for energy transition.”

The story continues

Second Quarter Fiscal Conference Call Details

Euro Manganese will hold two separate conference calls to serve interested parties in their respective time zones. The content of both calls will be the same. Replays and transcripts of both conference calls will be available on the Euro Manganese website: www.mn25.ca

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 the development of the Chvaletice Manganese Project in the Czech Republic and seeking an opportunity to produce battery manganese products in Bécancour, Quebec.

The Chvaletice Project is a unique opportunity to recycle and remediate waste for recovery, involving the reprocessing of old tailings from a deactivated mine. It is also the only sizeable manganese resource in the European Union, strategically positioning the Company to provide battery supply chains with critical raw materials to support the global shift to a low-carbon, circular economy.

Euro Manganese is dual-listed on the TSX.V and ASX and also trades on the OTCQB.

Authorized for release by the CEO of Euro Manganese Inc.

Neither the 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.

Surveys

Dr.
President
mjames@mn25.ca

LodeRock Consultants
Neil Weber
Investor Relations and Media – North America
+1 (647) 222-0574
neil.weber@loderockadvisors.com

Jane Morgan Management
Jane Morgan
Investor and media relations – Australia
+61 (0) 405 555 618
jm@janemorganmanagement.com.au

Company address: #709 -700 West Pender St., Vancouver, British Columbia, Canada, V6C 1G8
Email: info@mn25.ca
Website: www.mn25.ca

Forward-Looking Statements

Certain statements in this press 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 Manganese Project, its other growth strategies or industry results to be materially different from any results futures. , 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”, “could” or “will” be taken, occur or be Reached.

Such forward-looking information or statements include, but are not limited to, statements regarding the Company’s intentions regarding the development of the Chvaletice Project in the Czech Republic, statements regarding expected positive benefits of the European Union Critical Raw Materials Act and the Reduction Act of US Inflation. Law, statements regarding authorization to follow the AIAS in a more procedural manner, statements regarding the sufficiency of the Company’s current cash resources to complete its key milestones and the availability of EIB financing or a broader financing package.

These forward-looking statements are based on management’s current expectations and beliefs, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: delay or inability to receive permits and other necessary regulatory approvals; lack of availability of acceptable financing for the development and advancement of the Chvaletice Project; and changes in laws or regulations by various government agencies.

For a more in-depth discussion of the risks material to the Company, see “Risk Factors” in the Company’s annual information form for the period ended September 30, 2023, available on the Company’s SEDAR+ profile at www.sedarplus.ca. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company undertakes no obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

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