
Dear Investors,
Welcome to Euro Manganese’s Investor Bulletin, where we share the latest updates on our progress and provide insights into our plans for the future.
Entering 2025, we remain focused on continuing to progress development of the Chvaletice Manganese Project. We have just secured the Determination of Mining Lease permit. This represents one of the most significant approvals in our journey towards full project permitting. Effective 23 January 2025, the Permit replaces all prior authorizations and has no expiration date. It provides our Czech subsidiary with exclusive, unrestricted rights to mineral extraction within the designated area and ensures robust legal protection of the project area, enabling Euro Manganese to proceed with the Project’s next phases on an exclusive basis. This Permit follows the approval of the Project’s Environmental and Social Impact Assessment in March 2024.
The global EV market continues to face headwinds in 2025, with economic slowdowns and heightened competition from Chinese manufacturers prompting major OEMs to revise their production forecasts, impacting industry supply chains. Many are revising schedules, adjusting capacities, and exploring cost-reduction strategies, including shifts in battery chemistries. Pricing pressure has become a central concern as stakeholders hesitate to commit to offtake volumes amid market uncertainty. Amid these challenges, increasing the use of manganese, which is the least expensive battery metal, is gaining traction as a cost-reduction strategy. The energy transition is advancing and localized, sustainably produced battery materials are playing an increasingly important role.
Overall, EV sales in North America are still growing¹, as well as in many European countries. The potential impact of recent announcements by the new U.S. administration on the EV industry remains uncertain, as many proposed initiatives would require legislative changes, which might take some time.
Our key developments during the last two quarters include:
In December, we reported our financial results, which are available along with the accompanying MD&A on our website.
Also in December, we announced the restructuring of the US$100 million funding package with Orion Resource Partners. This amendment provides substantially greater financial flexibility to Euro Manganese in order to accommodate a more gradual pace of development in the European EV supply chain. At the same time, Orion maintains their commitment to funding the remaining US$80 million as Euro Manganese achieves certain milestones.
In October, we completed a successful 5-day continuous operation program at our Chvaletice Demonstration Plant, which operated as-designed and without interruption, achieving 100% reliability. The plant produced 172kg of high-purity electrolytic manganese metal, 30% than targeted production for the test.


In the second half of 2024, we made significant progress on offtake term sheets. We secured three additional offtake term sheets, adding FeMoCat Ltd., Blue Grass Chemical Specialities and Wildcat Discovery Technologies to our list of customers. We remain focused on securing more offtake term sheets in 2025 and on converting the current four term sheets into offtake agreements.
Additionally, in August 2024, we submitted our EU Critical Raw Materials Act (CRMA) Strategic Project application. A decision on the first list of strategic projects is now expected in the first quarter of 2025. Additionally, we recently initiated the preparation of the application for the EU Innovation Fund’s call for proposals and for the Czech government investment incentives. I look forward to providing more updates as developments unfold.
Looking ahead, 2025 is expected to be a transformative, albeit still challenging year for the EV industry, driven by advances in autonomous driving, hybridization, and sustainability. We remain steadfast in our mission to support this transition with high-purity manganese products, and I remain confident in our ability to deliver value to our stakeholders.
Thank you for your continued trust and support.
¹Sales of electric vehicles (EVs) in the U.S., according to the latest counts from Cox Automotive’s Kelley Blue Book, jumped 15.2% year over year in the fourth quarter of 2024 to 365,8241, setting a new volume record foqr any quarter.
Q4 2024 Financial Results
Euro Manganese's fiscal Q4 2024 results were released on December 18, 2024. To access the financial statements and MD&A, please access the links below:

NEWS RECAP
Below is a quick round-up of Euro Manganese's recent developments. Follow our LinkedIn to keep up-to-date with what's going on in our world.
Euro Manganese Achieves Major Permitting Milestone, Further Advancing Chvaletice Project
Euro Manganese Announces Successful Completion of Demonstration Plant Continuous Operation Program
Euro Manganese Announces Senior Leadership Changes
Euro Manganese Announces Amendment to Funding Package with Orion Resource Partners

ENQUIRIES
Martina Blahova
Interim Chief Executive Officer
+1 (604) 681-1010
LodeRock Advisors
Neil Weber
Investor and Media Relations – North America
+1 (647) 222-0574 neil.weber@loderockadvisors.com
Company Address: #709 -700 West Pender St., Vancouver, British Columbia, Canada, V6C 1G8
Website: www.mn25.ca
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For additional information on our efforts to become Europe’s leading producer of high purity manganese, view our latest corporate presentation here:
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