Euro Manganese Welcomes the European Union’s Final Approval of the
Critical Raw Materials Act
Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt:
E06) (the "Company" or "EMN") today provided follow up comments to
the Company’s announcement dated March 20, 2023 regarding the
European Commission’s proposed Critical Raw Materials Act (“CRMA”
or the “Act”), which outlines how the European Union (the "EU")
intends to ensure a secure and sustainable supply of critical raw
materials that are essential in supporting the energy transition.
With the Council of the EU’s (the “Council”) recently announced
final approval of the CRMA, Euro Manganese’s Chvaletice Manganese
Project (the "Chvaletice Project" or the "Project") in the Czech
Republic positions the Company to become the only European producer
of high-purity manganese for use in the battery supply chain.
Highlights
- The Council of
the European Union has given final approval to the Critical Raw
Materials Act.
- A statement from
the Council outlined this approval as the final stage in
the process of formally implementing the Act.
- The final text,
officially adopted on March 18, 2024, identifies two lists of
materials (34 critical and 17 strategic), that are crucial for
green and digital transitions.
-
High-purity manganese (battery grade) listed as a strategic
raw material, and manganese listed as a critical raw
material. “Manganese – Battery Grade” was listed as a
strategic raw material, which recognizes its importance in meeting
Europe’s decarbonization efforts and in defence and space
applications. Manganese was listed as a critical raw material,
which are those considered to be of high economic importance and
high supply risk to the EU.
-
Chvaletice Project supports EU requirements for local
extraction, processing, and use of recycled raw materials.
The Act sets out three benchmarks for domestic mining, processing,
and recycling and the Company believes the Project satisfies all
three requirements.
- To strengthen
the EU’s raw materials value chain, the CRMA established the
concept of Strategic Projects, which are those that will make a
meaningful contribution to the security of the EU’s supply of
strategic raw materials. The Chvaletice Project meets the
criteria for recognition as a Strategic Project, and the
Company intends to submit an application for recognition of the
Project as a Strategic Project as soon as the application process
opens, which in turn will allow the Project to qualify for priority
permitting and expand access to funding.
Dr. Matthew James, President & CEO of Euro
Manganese, commented:
“We are pleased to see the EU’s approval of the
Critical Raw Materials Act and view this as a key milestone towards
securing access to critical raw materials to support the energy
transition. This announcement, in combination with the expected
approval of the Environmental and Social Impact Assessment for our
Chvaletice Project, position Euro Manganese to become the only
European producer of high-purity manganese in the battery value
chain.”
The full statement from the Council of the EU is
available here.
About Euro Manganese
Euro Manganese is a battery materials company
focused on becoming a leading producer of high-purity manganese for
the electric vehicle industry. The Company is advancing development
of the Chvaletice Manganese Project in the Czech Republic and
exploring an early-stage opportunity to produce battery-grade
manganese products in Bécancour, Québec.
The Chvaletice Project is a unique
waste-to-value recycling and remediation opportunity involving
reprocessing old tailings from a decommissioned mine. It is also
the only sizable resource of manganese in the European Union,
strategically positioning the Company to provide battery supply
chains with critical raw materials to support the global shift to a
circular, low-carbon economy.
Euro Manganese is dual listed on the TSX Venture
and the ASX, and is also traded on the OTCQX.
Authorized for release by the CEO of Euro
Manganese Inc.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) or the ASX accepts responsibility for the
adequacy or accuracy of this release.
Enquiries
Dr. Matthew
James President
&
CEO mjames@mn25.ca
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 jm@janemorganmanagement.com.au
Company Address: #709 -700 West Pender St.,
Vancouver, British Columbia, Canada, V6C
1G8Website: www.mn25.ca
Forward-Looking Statements
Certain statements in this news release
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 mineral
project, its proposed Bécancour Plant 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.
Forward-looking information or statements
include, but are not limited to, statements regarding the Company’s
intentions regarding the development of the Chvaletice Project in
the Czech Republic, the ability of the Company to deliver high
purity manganese metal and meet European demand, the desirability
of the Company’s products, the Project’s ability to benefit from
the proposed CRMA, the Project’s eligibility to satisfy the
requirements of the proposed CRMA, whether the Project’s
high-purity manganese products will qualify as recycled materials,
the Company’s ability to engage in recycling activities, whether
the Project will qualify as a Strategic Project, making it eligible
for possible prioritization in respect of permitting and support
for access to funding and for facilitating offtake agreements, and
statements regarding the expectation and timing of the
Environmental and Social Impact Assessment approval and other
various regulatory approvals.
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.
Factors that could cause actual results or
events to differ materially from current expectations include,
among other things for the Chvaletice Project: lack of sufficient
funding; the inability to meet conditions under the Company’s
secured credit facility and risks related to granting and
enforcement of security; the availability of equipment, facilities,
and suppliers necessary to complete development; the cost of
consumables and extraction and processing equipment; risks and
uncertainties related to the ability to obtain, amend, or maintain
necessary licenses, or permits, risks related to acquisition of
surface rights; the potential for unknown or unexpected events to
cause contractual conditions to not be satisfied; the inability to
secure sufficient offtake agreements; unexpected results or
unsuccessful completion of the various stages of the EPCM contract;
and changes in project parameters as plans continue to be refined.
Additional factors that could cause results or events to differ
materially from current expectations include risks related to
global epidemics or pandemics and other health crises; availability
and productivity of skilled labour; unforeseen technological and
engineering problems; the adequacy of infrastructure; social unrest
or war; the possibility that future results will not be consistent
with the Company's expectations; increase in competition,
developments in EV battery markets and chemistries; risks related
to fluctuations in currency exchange rates, changes in laws or
regulations; and regulation by various governmental agencies and
changes or deterioration in general economic conditions. 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, 2023, available on the Company's SEDAR+ profile
at www.sedarplus.ca.
All forward-looking statements are made based on
the Company's current beliefs as well as various assumptions made
by the Company and information currently available to the Company.
In general, these include that the Company can achieve its goals;
that the political and community environment in which the Company
operates in will continue to support its projects; the Company can
meet its obligations under the Convertible Loan Facility and secure
additional financing, and assumptions related to the factors set
out herein.
Although the forward-looking statements
contained in this news release 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 news release 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 news release.
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