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Euro Manganese Investor Update | June 2025


Dear Investors,


Welcome to the June 2025 edition of Euro Manganese’s Investor Bulletin, where we share the latest updates on our progress and provide insights into our plans for the future.


This edition marks my first as CEO of Euro Manganese. I’m honoured to lead the company at such a pivotal time - both for our business and for the European battery materials industry. In recent months, we’ve secured critical government designations, made meaningful progress in strengthening our financial position, and validated the strategic importance of the Chvaletice Project to Europe’s clean energy ambitions.


The first half of the year has been both productive and validating for Euro Manganese, marked by strong investor support and significant recognition of our Chvaletice Manganese Project’s role in Europe’s clean energy transition. Additionally, we recently announced the signing of an offtake term sheet with Integrals Power Limited for the sale of high-purity manganese sulphate from Chvaletice. This agreement marks a significant milestone as we continue converting commercial interest into formal commitments.


I’m incredibly proud of what our team has accomplished, and I’m excited to build on that momentum to deliver long-term value for our stakeholders as we advance our vision of a resilient, local, and sustainable supply of high-purity manganese.


Strong Investor Backing – Upsized Financing and High-Profile Support


As previously shared, one of our core focus areas has been to ensure greater financial flexibility to align with the evolving pace of development in the European EV supply chain. In February, we announced a private placement, anchored by the European Bank for Reconstruction and Development (EBRD), alongside an ASX Share Purchase Plan (SPP). In April, due to strong demand, this placement was upsized up to a final C$11.2 million (A$12.3 million). The upsized financing includes noteworthy participation from Eric Sprott, a long-standing supporter of the battery metals sector, and the EBRD.


This raise reflects continued confidence in our Project from long-term shareholders and new investors alike. EBRD’s investment reinforces its support and long-term partnership and commitment to the Project and its strategic importance to Europe’s battery raw materials supply chain. Proceeds will support the advancement of project development, the securing of additional offtake term sheets, and the pursuit of strategic investment opportunities.


Prior to the financing, Euro Manganese consolidated its issued and outstanding common shares at a ratio of five pre-consolidation common shares to one post-consolidation common share, effective March 31, 2025.


On May 28, 2025, following the approval by our shareholders at the Annual General and Special Meeting held on May 15, 2025, we closed the previously announced financing which included a private placement of C$9.8 million (approximately A$10.8 million) and the SPP with certain eligible shareholders in the amount of A$1.5 million (approximately C$1.4 million). The SPP was in the end oversubscribed by our existing shareholders and was scaled back. We thank our shareholders for their continued support.


Offtake Term Sheet Signed with Integrals Power


Earlier this week, we entered into a non-binding offtake term sheet with UK-based Integrals Power Limited (IPL) for the sale of high-purity manganese sulphate from the Chvaletice Manganese Project.


We expect to initiate test work in Q3 2025 to determine the compatibility of Euro Manganese’s HPMSM with IPL’s Lithium Manganese Iron Phosphate cathode production process. Successful qualification from the Chvaletice Demonstration Plant would allow for commercial deliveries over an initial seven-year term, with renewal options, and pricing tied to market benchmarks.


Appointment of New Chairman


We are pleased to welcome Mr. Rick Anthon as Chairman, effective April 11, 2025. Rick’s depth of experience in the battery metals resource sector, spanning over 30 years, and his proven leadership will be invaluable as we continue to scale the Chvaletice Project and deliver on our strategic priorities. Moreover, Mr. John Webster, the Company’s current Chairman, will remain on the Board and continue in his role as Chair of the Audit Committee. We extend our sincere gratitude to John for his ongoing leadership and commitment to Euro Manganese and his exceptional stewardship during the recent transformative years at the Company.


Rick, Ludivine Wouters (our European non-executive director) and I have just recently visited the Project site at Chvaletice and spent some time with our Czech team.


We are proud of our team which has already delivered significant progress at Chvaletice and we value personal relationships as we work together to deliver the next stage of the Project.


Chvaletice Declared Strategic by Czech and EU Authorities


In March, recognizing the importance of manganese as both a strategic and critical raw material for the Czech Republic, the Czech government designated the Chvaletice Manganese Project a Strategic Deposit. This designation enhances the predictability and pace of permitting and can position us to benefit from state investment incentives.


Shortly thereafter, the Chvaletice Project was designated a Strategic Project under the EU Critical Raw Materials Act (CRMA). This status not only affirms the Project’s importance to the EU’s decarbonization and strategic autonomy goals but also unlocks access to a broader range of public and private funding sources, while streamlining permitting timelines.


Why is this significant? These dual designations not only validate the critical role of high-purity manganese in Europe's battery and EV value chains, they also elevate our Project’s profile among regulators, institutional financiers, and downstream customers. This fast-tracked path through Europe’s permitting and potential for access to funding systems reduces risk, enhances development timelines, and aligns with European Union’s ambitions for resource independence.


While 2025 remains a transitional year for the global EV and battery industries, with challenges ranging from global geopolitical uncertainties, supply chain recalibration to evolving OEM strategies, the long-term fundamentals for manganese remain strong. As cost efficiency becomes more important across the battery value chain, manganese’s role continues to grow due to its lower cost compared to other metals and importance to high energy density technologies.


EMN remains the only viable option for production of high-purity manganese in Europe, and our team is steadfast in executing on our strategy to deliver a reliable, local, and sustainable supply of this essential material.


We are deeply appreciative for the ongoing support from our investors and stakeholders and remain confident in our ability to deliver long-term value.


Thank you for your continued trust and support.


SIGNIFICANT INDUSTRY NEWS

Ford unveiled a breakthrough in EV battery technology in April with its lithium manganese-rich (LMR) cathodes promising enhanced safety and stability, industry leading energy density and unprecedented cost reduction. Ford Makes Breakthrough with LMR Battery Chemistry: Targeting More Affordable, Long-Range Electric Vehicles by End of Decade | LinkedIn


General Motors has unveiled a breakthrough in EV battery technology with its lithium manganese-rich (LMR) cathodes, aiming to deliver over 400 miles of range at a lower cost. As GM's Kushal Narayanaswamy explains, LMR cells are composed of approximately 65% manganese and 35% nickel, eliminating cobalt entirely. This shift not only reduces costs but also leverages more abundant materials. Why LMR batteries will change the outlook for the EV market


Gotion have introduced their second generation LMFP cells (Astroinno L600) which deliver NMC comparable performance (240Wh/kg at the cell level) at a price that is lower than pure LFP. This advanced technology delivers impressive cycle life (in excess of 2500), can operate over a wider temperature range, and allows fast charging. Gotion is now producing its LMFP at a 10,000 tpy plant, further evidence that this manganese-rich chemistry has moved from development to commercialisation. Post | Feed | LinkedIn


LG Energy Solution, Samsung SDI and SK On, South Korea’s three largest battery manufacturers, have all announced plans this year to introduce mid Nickel high voltage chemistries to their line ups to maintain performance with reduced costs and increased cell stability (safety). These batteries all have lower nickel and cobalt with more manganese. LG Energy Solution to Mass-Produce High-Voltage Mid-Nickel Batteries by 2025


EURO MANGANESE 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.











FORWARD LOOKING STATEMENTS


Certain statements in this newsletter constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company, its Chvaletice Project, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.


Such forward-looking information or statements include, but are not limited to, statements regarding the Company’s intentions regarding the development and advancement of the Chvaletice Project,

ability of the Company to: deliver long term value to shareholders; enter into offtake agreements and associated timelines; achieve strategic investment goals; receive any benefits related to the Chvaletice Project being designated a Strategic Deposit by the Czech government or a Strategic Project under the Critical Raw Materials Act including fast-tracked path through permitting and potential access to funding systems; potential risk reduction; potential benefits to development timelines; and that the role of manganese will grow.


Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.


All forward-looking statements are made based on the Company's current beliefs including various assumptions made by the Company and information currently available to the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks and uncertainties related to the ability to obtain, amend, or maintain necessary licenses, or permits; risks related to acquisition of surface rights; risks related to granting security; securing sufficient offtake agreements; the availability of acceptable financing for developing and advancing the Chvaletice Project and for continued operations; the availability and reliability of equipment, facilities, and suppliers necessary to complete development; the potential for unknown or unexpected events to cause contractual conditions to not be satisfied; developments in EV (Electric Vehicles) battery markets and chemistries; and risks related to fluctuations in currency exchange rates, changes in laws or regulations; and regulation by various governmental agencies. For a further discussion of risks relevant to the Company, see "Risk Factors" in the Company's annual information form for the year ended September 30, 2024, available on the Company's SEDAR+ profile at www.sedarplus.ca.


Although the forward-looking statements contained in this newsletter are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this newsletter and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this newsletter.

ENQUIRIES


Martina Blahova

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 Jane Morgan Management

Jane Morgan

Investor and Media Relations – Australia

+61 (0) 405 555 618


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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