Euro Manganese (EMN) investor relations material

Project milestones and strategic positioning

• Environmental Impact Assessment and extraction permits secured, with the project recognized as strategic by both the EU and Czech government, enabling faster permitting and potential funding options.

• The Chvaletice project is the only sizable, integrated manganese deposit in Europe, processing historic tailings for ESG benefits and producing both high-purity manganese metal and sulphate.

• Demonstration plant successfully commissioned, producing on-spec products and validating the process flowsheet, with samples delivered to potential customers.

• Five non-binding term sheets in place with potential customers for both metal and sulphate products.

• Ongoing optimization program aims to improve recoveries, reduce costs, and refine plant layout, with decisions on commercial plant sizing expected soon.

Market dynamics and demand outlook

• Over 90% of high-purity manganese processing occurs in China, creating supply chain risks and highlighting the need for diversification.

• Manganese demand in batteries is set to surge due to the shift toward high-manganese chemistries and larger battery packs, with projected 7x growth in battery demand by 2040.

• By 2035, manganese-using batteries are expected to account for 57% of global battery consumption, with Europe positioned as a key growth region.

• Sodium-ion batteries, which use significant manganese, are emerging and expected to drive further demand, especially in stationary storage.

• Europe could become self-sufficient in battery production by 2030, but currently relies heavily on imports from China.

Competitive advantages and future opportunities

• Integrated European location offers security of supply and first-mover advantage, with flexibility to supply both metal and sulphate markets as battery chemistries evolve.

• Optimization efforts target lower OpEx and CapEx, leveraging learnings from the demonstration plant to ensure project competitiveness despite market fluctuations.

• The project’s ESG profile is enhanced by reclaiming historic tailings and aligning with EU sustainability goals.

• Manganese’s stable pricing and increasing use in advanced battery chemistries position it as a key solution for cost and range challenges in mass-market EVs.

• Recycling is unlikely to meet more than 20% of future European manganese demand, underscoring the need for new primary supply.