Eurobattery Minerals Increases its Stake in the Finnish Hautalampi Project to 100 Percent

Stockholm, 20 May 2024 – Mining company Eurobattery Minerals AB announced it will acquire the remaining 30 percent of shares in FinnCobalt Oy, thus owning 100 percent of the nickel-cobalt-copper project Hautalampi. The acquisition is crucial for the company’s plan to develop the Hautalampi project and establish a battery mineral mine with production in the mid-term horizon. Payment will be made in cash and shares issued to the three founders of FinnCobalt.

Financially, Eurobattery will pay EUR 300,000 in cash and issue shares worth EUR 1,000,002. The transaction will be completed by the end of July 2024. Eurobattery will then consolidate FinnCobalt into its financial statements and has the right to nominate board members at FinnCobalt.

The Hautalampi project, near Outokumpu, Finland, has favorable infrastructure and local support. Since taking over the project in 2020, Eurobattery has significantly increased resource estimates and metal content. Recently, an environmental permit application was submitted, and the company aims for the project to be classified as a Strategic Project under the new EU Critical Raw Materials Act.