Metallurgical study in Corcel confirms high level of Nickel worth EUR 113.9 million

Stockholm, 12 December 2022 – The mining company Eurobattery Minerals AB (Nordic Growth Market: BAT and Börse Stuttgart: EBM; in short: "EBM", "Eurobattery" or "the Company") today announces the result of a metallurgical study in its Spanish Corcel project. The study, carried out on 3 samples with different Nickel (Ni) grades (medium, low and high), confirms a high level of Nickel worth EUR 113.9 million (1) only in the small part of the Castriz project.  

Highlights

• Metallurgical tests for Ni recovery have been performed on 3 samples (medium, low and high grade) from the drilling campaign carried out in 2021 in the Corcel project.
• The results of the metallurgical study, carried out by AGQ LABS, confirm the economic interest of the Corcel project, obtaining Ni recoveries above 50% in all the flotation tests carried out using conventional techniques.
• Considering the results of the flotation tests and the resources estimated in the NI 43-101 Technical Report, there would be 6,435 (2) tonnes of Ni concentrate only in the small part of the Castriz prospect area evaluated. In the larger Corcel, Castriz is one part, but the larger project also includes Monte Mayor and Monte Castello, deposits with similar rock formation indicating a much larger Ni deposit.

"With the metallurgical study in hand we can now see that there is a huge potential in the Corcel project with clear indications of EUR 113.9 million worth of Ni only in the small part of the Castriz project covered. With all current data available we can see that the potential of the Corcel project is significantly higher than previously anticipated. Combining this insight with the identification that we can use well-proven techniques to extract the minerals with recoveries above 50% underline that the outlook for a significant battery mineral mine in Corcel is great," said Roberto García Martínez, CEO of Eurobattery Minerals. 

The metallurgical study was carried out by AGQ LABS in Burguillos (Seville). AGQ LABS is a Chemical Technology Centre with a direct presence in 20 countries and has extensive experience in the mining sector, providing services in both the pre-operational and post-operational stages.

The scope of the study included a first stage of flotation foam and a subsequent stage of acid leaching of the flotation residue. The results obtained showed that the Ni content is recoverable by flotation, obtaining values higher than 50% (higher than 70% in the case of the high-grade sample).

Attached to this press release is an appendix with a detailed summary of the metallurgical study.

The complete metallurgical study is available for download via this link: https://eurobatteryminerals.com/en/projects/corcel-project/.

(1) Considering a payable Ni concentrate price of 17,698 €/t, the gross value of the Ni resources evaluated to date in the Corcel project amounts to 113,889,847 €.

(2)  5,595,580 mineral tonnes x 0.23 (Ni tonnes/100 mineral tonnes) x 50 Ni concentrate tonnes / 100 Ni tonnes) = 6,435 Ni concentrate tonnes

This information is of the kind that the Company is required to disclose in accordance with the EU’s Market Abuse Regulation. The information was issued for publication through the agency of Roberto García Martínez, CEO of Eurobattery Minerals AB, on December 12, 2022, at 07:30 CET.

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, as such, power a cleaner world.

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

Contact Eurobattery Minerals AB

Roberto García Martínez – CEO

Email: [email protected]

Contact Investor Relations

Sara Pinto

Phone: +49 (0) 89-1250903-35

Email: [email protected]

Mentor

Augment Partners AB is the mentor to Eurobattery Minerals AB

Phone: +46 (0) 86 042 255,

Email: [email protected].