Investor Update

Sep 1, 2025

To today's COPA representation with Eurobattery Minerals. With us presenting, we have the CEO, Roberto García Martínez. If you have any questions, please feel free to use the form to the right, and we'll take that up after the presentation. With that, I'll open the floor to you, Roberto. Please go ahead. Thank you, Martin. Thanks for the introduction. Good afternoon, everyone. My name is Roberto. I'm the CEO of Eurobattery Minerals, and today it's a pleasure for me to present our company and why we are trying to raise new capital for the projects. As I mentioned, I'm leading this company since five years. I have been working in the mining industry my entire career, leading other mining companies around the world. Now I'm serving here in this company where we have great projects and great opportunities, and I will introduce you one after the other in the slides this afternoon. Why Eurobattery Minerals and what we are doing? We are a Swedish mining company. We have projects in Finland and in Spain. We are listed in NGM in Sweden and in the Börse Stuttgart in Germany. We have three projects. We have three projects in the battery sector metals. We have a new project in Spain, a tungsten project, which is quite developed in the phases. We have a second project in Finland, a Hautalampi project. Many of you probably know about this project since we have been developing it for a couple of years. We have a third project also in Spain called Corcel. If I give you the structure of what are the corporate partnerships and projects that we have in the group, we have FinnCobalt, we have Corcel, and we have Tungsten. Three of them are subsidiaries of the group. We have 100% in FinnCobalt since last year in Corcel and 51% of Tungsten, the new opportunity in Spain. Every one of these companies owns 100% the projects below. As I mentioned, all of them in the battery sector in the industry where the electrical revolution is taking place at the moment. What is important for us this afternoon is the investment case. We have probably four points to discuss and to explain. It's, first of all, the short-term cash revenue in the projects. We have the opportunity that the new project, Tungsten San Juan, will generate cash flow by the end of next year. He's in a development stage, means that a lot of work has been done previously. We have the base to have a strong development on a strong data available that will give us all the necessary data and parameters that we need to succeed in the new projects and in the new potential step forward in the company. The Tungsten project also has all the permits and all the licenses. We don't have to wait for long times and long periods to get the licenses and the permitting that maybe we have to have or that we have in other projects or in other opportunities. All of that, based with a non-binding agreement that we have with an Austrian company that belongs to the Sandvik Group in Sweden, gives us a great opportunity to make this short-term cash available in the Eurobattery Minerals portfolio. That's, in my opinion, as CEO of the company, the most important thing, to try to give value or added value to the stakeholders by giving the opportunity to have a new project in the portfolio of the group that could generate cash flow positive in short term. Secondly, is the opportunity that gives us the new CRMA Act. As many of you probably know, last year already, the European Parliament passed the new law where the mining sector and the mining industry have new actors or the new parameters where the authorities in each country can probably have the best tools to try to fast-track the permitting process or to give probably incentive in different stages of the company's portfolio or the company perspective. That is important when it comes to the European mining industry. The European mining industry needs to be more dynamic as we don't want to lose the opportunity that we have at the moment with this geopolitical situation that we have, and we are part of that. We believe all these possibilities that the new Act gave us are a plus when it comes to the portfolio of Eurobattery Minerals. Obviously, we don't have to ignore that the tungsten prices are increasing considerably this year. Since the beginning of the year, the tungsten price has increased almost 50% or even more recently, the last week, because actually, the price is over $500 per metric ton unit. That gives us obviously a new vision or a new possibility to generate even more revenues for the group and for the project. Obviously, as I mentioned in the beginning, the opportunity to diversify the projects and the portfolio by having nickel, cobalt, copper, tungsten, and even other acid metals that could also generate even more cash. All in one, these four points, these four legs are making this investment case unique for the company and to open a new era and a new opportunity in the company to maximize the opportunity for the actual stakeholders and for the new potential stakeholders that will join us in this cooperation. What we have, and to give you an overview about the properties and the industrial applications of the four metals or minerals that we have, most of them, or all of them, that are used in many industries. Some of them are strategically necessary for specific industries. For example, the defense industry cannot survive without tungsten, for example, or other metals like nickel or copper, that are in many other industries from aerospace, automotive, etc. All of them are crucial for the development of the European industry, which is at the moment suffering from geopolitical tensions and frictions that are affecting the economy and the position of Europe in the world. When it comes to the four metals and minerals we have, you can see in the slides that you have in front of you that most of them are, or practically, these four metals are monopolized by very few countries, especially when it comes to tungsten, is monopolized by the production or the processing of China. The other metals, for example, in the case of cobalt, many of you know that is monopolized the production in only one African country. Some of them, obviously, they are in very instable countries, politically speaking, which become very quick or that can jump in a restriction from one day to the other day, which will affect the industry, the European industry, and then the capacity of change quickly, the possibility of the other source of delivery for their four. We believe that to have that in Europe and to have under the portfolio of Eurobattery Minerals AB makes us to be in a very strong position when it comes to to be a producer of these four metals or minerals in a short medium term in the projects that we have in Finland and in Spain. Just to go directly in the metals, the four metals that we have are critical materials for the European Union under the new law, the CRMA. Also four of them are one step further, are strategic from the point of view of the industrial point of view. Without that four metals, the industry in Europe will be totally dependent of outsourcing outside, means that we are totally on the hands of countries or producers that can make restrictions, like it's the case of tungsten at the moment, or the nickel in other cases. In the past, it can happen again that there is not availability of the material in the market, and the prices will be increased considerably. Given that the projects are in Europe and under the new CRMA Act, we can say that when it comes to the permitting process and the extraction processing on permitting, to have the new Act under us with the maximum of 27 months from the moment that the permit is issued, or sorry, from the moment that the permit application is submitted until the authorities come back to you, is a big advance when it comes to new financing or the new investors or new stakeholders. In our case, both projects, Finland and Spain with Tungsten San Juan, they have the permits. Therefore, we are not affected by this 27 months. In the case of, for example, all the specific licensing, for example, in FinnCobalt Oy with the environmental permit application that we have submitted recently, we will be under the new law, which is an advance for us. I will come back to you later on that part. What is good for us from the macroeconomical point of view? One is that in 2050, we want to be CO2 neutral in Europe. We will produce or we will increase considerably the amount of electrical vehicles. A lot of calculations and a lot of numbers and a lot of research says that the total vehicles in Europe by 2030, and we are talking in five years, it will be more than 30 million vehicles electric in the roads of Europe. Nevertheless, everything needs to be part of the electrical revolutions with the batteries. The batteries will also, in the next five years, increase by more than 10 times. For that, we need metals and we need minerals and we need mines. We need mines because without mines, we cannot do it. Where is our strategic value position or our vision from the point of view of the company corporate vision? Eurobattery Minerals, in the first moment, and it's very clear, we have the ESG sustainability targets. From the environmental point of view, the social point of view, or the governance point of view, we are collaborating with the local government, institutions, authorities, and we are complying with EU environmental compliance. We are trying to reduce industrial emissions by reducing our footprint. All of that, obviously, with the maximal transparency when it comes to sourcing or that we are accounting for all the activities that we are doing under the highest standards of ESG activities and protocols. The second thing that we are doing, and I explained to you before, is that we have all the projects in Europe. That is absolutely a priority for us, not a priority, but it's just to make us not so vulnerable to other companies, like other companies that have projects outside of the European continent. By saying that Eurobattery Minerals having the projects in Europe and producing the four metals in Europe, and all of them are critical and strategic from the European community and continent, gives us a big advance when it comes to supply the European industry. I have, or that we have mentioned here and wrote here the quantities of materials that Eurobattery Minerals and their subsidiaries, they could produce or that they could contribute to the supply of that metals to the European industry. All of that, obviously, under the EU umbrella when it comes to the new Act, contributing that the 10% or at least 10% has been the extraction that needs to be done in Europe and with recycling, with processing, etc., etc., etc. For us, it's very clear how we will do the strategic vision. All of that points and all of that steps will be followed from the top to the bottom in all our activities. I spoke to the macro situation. I spoke to the vision that we have, but also we need to speak about the micro situation on internal highlights that make Eurobattery Minerals to be totally different from many of the other competitors or the colleagues in the mining sector in Europe. We have the licenses. We don't need to wait seven years. We don't need to go through the permitting processes. All of that we have done has been long years of a lot of energy, a lot of hard work, a lot of money. We understand that some of the stakeholders could be frustrated. The mining industry is very dynamic. Sometimes we want to go faster, but unfortunately, we have to follow regulations. When we are close to the production is when we have the opportunity to see that the whole hard work that we have done during these years has a success, has something that is recognized in front of the authorities of the public. That is we have the licenses. We can go faster than other ones. The results are very promising. In the case of FinnCobalt Oy, we have great resources and research. In the new project in Spain with the tungsten, this morning there has been an announcement and a press release that we will send this week, the new ore extracted to the facility for testing and analyzing because we want to already test the pilot plan that we are planning to build in the next months. Today, already the first ore has been delivered to the laboratory. Results are promising. All of that, again, under a very high level of responsibility, minerals managed by Eurobattery Minerals. Our business model goes from exploration to production. We go all the steps. We follow all the steps. We are a junior mining company developing projects, and we go through all the resources and scoping studies until we go in production. As I mentioned at the beginning of this presentation, this afternoon, in the projects, we are in several stages. In some of them, we are more advanced than the other ones. Especially in the two that we are talking this afternoon, the Tungsten San Juan and the Hautalampi in Spain and in Finland, both of them are already in a very high level of development. We hope to go in production in Spain next year and in FinnCobalt as soon as the authorities give us the green light. Let's go to the point of Tungsten San Juan. Tungsten San Juan is a project in Galicia, in Spain. We have a proven resource of 60,000 tons of ore with a rate of 1.3% of tungsten 306, so 303. It means that we have around 780 tons available, when I say available, certified. That is, and I want just to emphasize this, that quantity is only for the little plot or the area that we have been or that the company has been exploring and analyzing. The potential is much, much larger. We have already that quantity of material available. The measures that we have done, the exploration activities that we have already done, show us that the potential is at least 10 times more than that. For that, we have to do further exploration activities, drilling campaigns, new phase of work. We believe or we estimate that at least the mine lifespan is more than 10 years. The company and the project can work more than 10 years. We want to start with the production by the end of next year. As I mentioned before, today we have delivered the first orb to the laboratory with the idea to have, probably before the end of this year, already the plans for the plant facility. Next year, during the first part of the year, we plan to have the work for the plant, modular plant, pilot plant, with the idea to start to produce a concentrate in the second part of the year. Licenses permitted, all granted. We don't need to wait for anything. The most important thing, we have an off-taker. Sandvik Group subsidiary, the Austrian company, has already been on the ground, has checked everything, has got material. They have processed the material in Austria. They have tested the material. The material is good for the plant. They are ready to buy the material as soon as we have it. Tungsten San Juan is a perfect small project to start to generate cash flow, to generate revenue, to give added value to the stakeholders, and at the same time, to not dilute the company or the stakeholders more for a project since the project already generates. That is the most important thing. I want all the time to give the possibility to the stakeholders and the investors when they come to the company to give the opportunity to see that they invest in a project that will help Europe in the industry and it will generate cash flow in a very short time. As you can see in the second part on the right side of the slides, you will see that we are already in the development phase. We will start this year and next year, we will start to generate cash flows. The investment is based in four tranches. The first tranche has already been paid when we signed the agreement in summer this year. The next tranches are coming in Q3 and Q4 this year. At the beginning of next year, we'll have 51% of the project in Spain. All the money, this €1.5 million that we need for this project, will go in the plant, in the machinery needed, in all the infrastructure that the project needs to start production next year. The whole money goes to the ground and not to the other cases or the other kind of cost. Hautalampi is our second flagship project. It's based in Finland. With us for a couple of years, we have been working intensively in that project. We have spent a lot of work, energy, money. We have great research. We have more than 4.5 million tons with nickel, with copper, with cobalt. We have additional resources, the same as San Juan. The lifespan of the project is more than 10 years. If we want to compare both projects, I will say that the big difference is that the Hautalampi project is an underground project and the Tungsten San Juan is an open pit. We don't need to use explosive stuff to make big damage, let's say like that, in the environment since we are just using very minimal invasive activities when it comes to the development of the projects. We are monitoring very close by the Finnish authorities or by the Spanish authorities how we are implementing our work in both projects. When it comes to the licenses in Hautalampi, we have submitted all the environmental assessments. We have given the last application before summer this year and a lot of supplementary information that the Finnish authorities wanted. Now we have to wait for the authorities to come back to us. We hope that that can happen soon, but obviously, it's not in our hands. In the meantime, we have been closing offtake agreements with Boliden AB for 10 years for copper. With Terrafame Ltd, we have closed an MOU for cooperation for the exploration or the exploitation of the resources from cobalt and nickel. We have all the parameters in place. We need to finalize the feasibility study for Hautalampi because before we start to approach financing institutions or to look for financing models, we need to finalize the feasibility study. We want to do that this year and next year. For that, we will use part or hopefully part of the proceeds that we will raise in this new activity that we are running or the subscription that we are running right now to have sufficient proceeds to do that and to finalize the feasibility study to be able to look for financing in European institutions or financial institutions privately. Corcel is our last project in Spain. It's a nickel, copper, and cobalt project. We have done a very limited exploration some years ago, but at the moment, it's on hold. We are not using any money from this capital raise on the Corcel project. We want just to focus in Hautalampi in Finland and Tungsten San Juan in Spain since they are the two flagship projects that will generate cash flow. Finally, just for you to know, we have a short, small list of members in this company, but all of them with a very extensive knowledge of the industry. Some of them business-orientated, some of them geological experience or the engineering experience. If you allow me to go very short with them, on the board with me is Mr. Arbon, who has been working for the Geological Department in Sweden for more than 40 years. He has a very extensive knowledge of permitting and licensing processes and has helped a lot of the company. Mr. Cordez, a German citizen who has been worldwide CEO of Mercedes for many years, also has been a board member from Rheinmetall, for example, the defense industry. He has a very extensive knowledge of the business industry. In both projects in Spain and Finland, we have as a leader in Tungsten San Juan, Mr. Agne Nelius, who is a Swedish citizen but living in Spain, who has extensive experience in tungsten, has run several mines in the tungsten mineral space, and has absolutely a first-class knowledge of what is going on in the tungsten industry and experience of that sector. Ilari Knudin is our CEO or Managing Director in Hautalampi, with an extraordinary knowledge of the Finnish space. He's coordinated the whole activities and development of Hautalampi to the next step and has been doing an extraordinary job with the team, the same as Agne, the new one. I believe with this small but very proactive team, we have a good chance and a very strong position to get Eurobattery Minerals AB to the next step, which is to be one of these small companies, but with very strong data and portfolio of projects that can help Europe to be self-sufficient and produce the critical and strategic metals that the European industry needs to develop and to protect the industry in these, let's say, difficult moments when it comes to being self-sufficient. Thank you for your time this afternoon. I come back to Martin. Thanks. Thank you, Roberto, for that presentation. Let's open up the Q&A section here. Let's start with the first one. Will you fully subscribe to your shares in the rights issue? If so, will this be done through cash contributions? Martin, thanks for that question. I appreciate it. Yes, I will subscribe by set-off. The company, I have been invoicing the company for work that has been done as a part of my work, and I will set off that cost in this COP race versus shares. The company will not receive cash, but I will not receive the money, but I will receive the shares for that. It's work for shares. I will definitely. Thank you for that answer. Is there a financing plan in place for the Hautalampi project if the environmental permit is granted? Yes, of course. As I mentioned in the presentation, we have been talking to the authorities already and the financial institutions. We don't have to forget, Martin, that the Hautalampi project has received already grants from the European Union through the Finnish government already in the previous phases of the project. Now that we are facing the new phases, we are already talking to some financial institutions and European financial institutions to receive grants and to receive financing facilities. At the same time, we are talking also with the off-takers about possibilities to work in financial models. We have several options, and we are working on all of them. Thank you for clarifying that. Is there a plan for the distribution of profits once the cash flow of the current project has been established? It will probably happen, but we didn't have any plan or we don't have a plan now since we don't have this situation. Unfortunately, not yet, but we hope that with the new projects and we hope that when Tungsten San Juan will be in production and we will have or that we will generate cash flow positive, definitely it's something that the board will consider and to distribute dividends if the board considers that. At the moment, it's not our priority. Our priority is to develop the project, that the company receives cash, that the company has sufficient funds, and that the investors and the stakeholders that have believed in us have added value to be part of this family. If there is sufficient money in the company and the decision is to give dividends to the stakeholders, let's go for it. Is there a plan to develop new lithium deposits in Europe? I guess that the question is from us to develop lithium projects. It's not in our portfolio. We are always open for new projects. This has been the case from Tungsten San Juan. Nevertheless, I have to mention that lithium is not an easy metal or mineral in Europe. It has a very constraint on very difficult environmental phases or environmental requirements that make it very difficult to extract lithium in Europe. Nevertheless, we do not have at the moment. Always open for opportunities, but at the moment, it's not our priority. We believe if there are other metals or minerals more needed in Europe or for the European industry, then it could be easier to extract it and to produce that lithium in Europe. The geopolitical landscape is tense right now after Obama's farewell. We have tariffs, trade restrictions, and growing uncertainty. How would you say does this affect the mining industry? If it's affecting the mining industry and the industry in general, for example, in the case of tungsten or in the case of nickel or cobalt, we are seeing a fight, a war, a commercial war between producers of metals or minerals and consumers. We have been seeing that in Ukraine. We are seeing or that we see that in China. Prices go up because simply the producers are doing restrictions to exporting, and it's affecting the mining industry. I'm always saying that this constriction or these difficulties also open new opportunities. For us, it's an opportunity in both projects in Finland and in Spain. Prices are increasing, which makes it easier to develop projects that are economically more viable. I have also to mention that in the last two years, obviously, the mining industry is in focus of everyone, including Brussels. The new act has helped us a lot, especially Eurobattery Minerals also, since we are complying with all regulatory EU acts. That is a new opportunity in the industry and in the European mining industry. Thank you, Roberto, for that answer. What are the current dynamics of the tungsten markets, and why is tungsten considered critical for Europe? Tungsten is critical not only for Europe, for the whole entire planet. Tungsten is a very specific metal. In Europe, only the majority of tungsten is produced in Portugal and in Spain. It is very little tungsten in other countries. In Sweden, it was tungsten mining in Germany. The most or the largest producer of tungsten in Europe is Portugal and Spain. Why is tungsten critical for Europe and for the world? It's because tungsten is used in many industries, as I said in the previous slides. The majority of tungsten, or a big portion of the use of tungsten, is in the defense industry. The hardness of tungsten, or the heat point of tungsten, is very high, very hard. The defense needs tungsten. Unfortunately, tungsten is only processing in a very, very, very few places. In the case of Europe, the processing plant is only in Austria, as I mentioned, where the tungsten project has an LOI agreement with them, or in another processing plant in Germany. Besides that, there are very few players in the European continent, and most of them are in China. Obviously, China plays a big role in the tungsten industry because since Mainz does not give any export license to any producer, it means that the European industry or the world industry has no tungsten available. That is the reason that the tungsten prices are increasing recently dramatically, every week between 5% to 7%, because simply consumer producers that need tungsten for their industry, they don't have tungsten. China knows that, has not even not only cut off the licenses, also has closed tungsten mines in China to reduce the tungsten production and to increase the control of the tungsten industry in general. That's a problem, but also an opportunity, as I mentioned in Martin. That is one case of many other metals that we could speak here for a while. We are in the hands, Europe is in the hands of productions outside of the European continent. To have that in one hand, as I mentioned before, makes Eurobattery Minerals to be unique. We have two projects with licenses, with off-takers, with short-term in the case of Tungsten San Juan in Spain, and we will produce something that the people need and is fundamental for the European industry. That's a great opportunity for this company to go to the next step and to be a producer of something that is fundamental for all of us. Thank you, Roberto, for that good answer there. In a press release, you said that the Tungsten San Juan project has a non-binding letter of intent for an offtake agreement with a subsidiary of the Sandvik Group. Can you explain what this agreement means for the project? Yes. As I mentioned just in my previous answer, there are just very few players when it comes to the processing or the tungsten processing in Europe. One of them is Wolfram Bergbau und Hütten AG in Austria, who is a subsidiary of the Sandvik Group in Sweden. That company visited the Tungsten San Juan a few some time ago, explored all the materials, took samples, they analyzed everything, they tested everything in their facilities in Austria, and they came to the conclusion that the material is totally viable for the plant facility. They don't need to change anything and it works in the processing plant or the processing circuits that they have in Austria. Based on that, the company agrees with them to have an agreement and to be ready for the moment that Tungsten San Juan will produce the concentrate. For them, obviously, it was fundamental that the mine is in Europe, that they don't need to be really reliable in sources outside of the European continent. As I mentioned, only a few countries here in Europe, they have these potential lines of delivery. If not, they have to come from Rwanda or they have to come from other producers and take time, help geopolitically not secure, and in any time can cut the delivery line. For them, it was fundamental to have that in Europe. That is the reason that the company closed the agreement. In the moment that we have the tungsten available, we have already one buyer. The demand for these minerals has been growing. How do you see the market evolving? Someone asked me at the beginning of the year where I will see in 12 months the tungsten price. I told them at that point of time €500. I'm sorry, €500 and dollars are very similar at the moment. I told them in 12 months, I will see the tungsten at $500. The $500 comes already in September. There are rumors, there are a lot of articles about tungsten and production and price forecasts. Some of them even mention that the tungsten could reach in the next 12 months $1,000 per ton, metric ton units. I will not speculate here because it's not my job to speculate. Tungsten is needed for the industry. Tungsten is not a very expanded metal. You need to have the possibility to extract it and to deliver. Therefore, the players that already have the potential in a very short period of time will be the players that definitely will win this race. I believe that Eurobattery Minerals with the Tungsten San Juan can be one of them. Thank you for that answer. We'll take one final question here before wrapping up the Q&A section. What milestones do you expect in the next 12 months? We are very ambitious people in the company. We want to be definitely part of the club that is delivering material to the European continent. That is not out. We are doing all our best to comply with the time schedule and timeline that we have given our stakeholders and potential investors. For us, the priority at the moment is to complete the investment chain and branches that we have for Tungsten San Juan. We want also to complete the feasibility study in the next year, in the next 12 months. These two targets, they get us full in time, full energy. As you see, we are not a big team. We have to work a lot to comply or to achieve all the milestones that we set up at the beginning of the year. We believe we have very strong possibilities to do that. At the end of the day, the stakeholders, I mean, the investors need to back up us. That is the reason that we are doing this COP race now, to have sufficient proceeds and to raise as much as we can to have the possibility to give full speed in the two projects and to achieve exactly that. In one year, when we talk again, Martin, we are not anymore a junior mining company. We will be a producer, a mining company from Europe to Europe and to have the possibility to show the investors and the stakeholders that in 12 months, we have added a big value to the stakeholders and the investors that they have believed in us and in our work. Thank you, Roberto, for answering all of our questions. We're looking forward to following your journey. That concludes the Q&A section. I'm back to you, Roberto, for some concluding remarks. Thank you, Martin. It has been a pleasure to share this time with you and with the audience. The conclusion for me is that it's a good opportunity to be part of this journey together. We have two projects available, the two projects with strong data, strong resources. Tungsten San Juan, as I mentioned a couple of times in this session, is ready to start production in less than one year. We will generate cash flows. We will give an added value to our stakeholders. In the case of FinnCobalt Oy, we have submitted all the necessary papers and documentation that the authorities need. We believe that we will receive the feedback from the authorities also next year. Therefore, Martin, I believe that to have two small, to have two projects, a small or a big, but at the beginning, we need to start from somewhere. To have two projects that they will have all the parameters ready and to be in production in a short time and generating cash flow makes us definitely to be different than many other friends and colleagues. Therefore, I would, yeah, I will welcome all the potential investors and your stakeholders to have the opportunity to participate in the subscription that is running until next week and to have, yeah, to increase our stakeholder family.