Eurobattery Minerals Reports Q1 2024 Financial and Operational Progress

Stockholm-based Eurobattery Minerals AB (Eurobattery Minerals) revealed its Q1 2024 financial and operational developments today. This period highlighted significant advancements in their Hautalampi battery mineral mine in Finland, including the submission of an Environmental Permit Application to Finnish authorities in April.

The company detailed the design of a processing plant at Hautalampi with a capacity for 500,000 tonnes per annum, projected to produce significant annual concentrates of nickel, cobalt, and copper. Other achievements include beneficial outcomes from their rights issue in January, which attracted a subscription rate of 77.3% and generated SEK 22.6 million in funds.

Financially, Eurobattery Minerals recorded no net sales, with a quarterly operating loss of SEK -4,551 thousand, a deterioration from SEK -3,288 thousand in Q1 2023. Earnings per share showed improvement year-over-year, moving from SEK -0.20 to SEK -0.11 before dilution. Cash flow from operations was significantly negative, mainly due to increased activities surrounding the mine’s development.

Continuing their expansion in May, the company signed a Letter of Intent with Tungsten San Juan in Spain, bolstering their European raw materials footprint. They also announced plans to apply for EU Critical Raw Materials Act designation for the Hautalampi project, promising streamlined permits and financial access.