Euro Manganese Reports Second Fiscal Quarter 2024 Financial Results

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 filed its March 31, 2024, second fiscal quarter Financial Statements and Management’s Discussion and Analysis. Euro Manganese’s fiscal year end is September 30.

Key Developments During and Subsequent to the Quarter

• Chvaletice Project, Czech Republic
  • Chvaletice Manganese Project ("Chvaletice Project" or the "Project") was formally listed 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
  • Received approval of the Environmental and Social Impact Assessment ("ESIA") for the Chvaletice Project from the Czech Ministry of Environment. The ESIA is the key gating permit from which subsequent permits can follow in a more procedural manner
  • Appointed Mr. Tim Kindred, an experienced, large-scale project delivery professional, as Project Director for the Project

Financial Position

• Cash and cash equivalents of approximately C$20.1 million as at end of fiscal Q2 (March 31, 2024) compared to C$24.3 million as at end of fiscal Q1 (December 31, 2023)
• Working capital of C$15.5 million as at end of fiscal Q2 (March 31, 2024) compared with C$22.1 million as at end of fiscal Q1 (December 31, 2023)
• The Company has sufficient funding to deliver certain key milestones
  

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

“Our second quarter was marked by several events important to the progress of the Chvaletice Project. In March we received final approval of the Environmental and Social Impact Assessment from the Czech Ministry of Environment. A major permitting and project milestone, this is the key gating permit from which subsequent permits can follow in a more procedural manner. We also advanced to under appraisal status with the European Investment Bank, the next stage of the debt financing process. Funding from the EIB would complement a broader funding package to support the development of our high-purity battery-grade 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 for the US Inflation Reduction Act. Both of these monumental sets of regulations have extremely positive implications for high-purity manganese and position Euro Manganese’s Chvaletice Project as the only European producer of manganese that supports EU and US requirements for supplying critical raw materials for energy transition.”