Euro Manganese Completes Land Access Agreement with CEZ
Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt:
E06) (the "Company" or "EMN") is pleased to announce that it has
signed a Lease Agreement (the "Agreement") with CEZ a.s. ("CEZ")
for access to land owned by CEZ that is required for the
development of the Chvaletice Manganese Project (the "Project").
Highlights
- Land access to
approximately 60% of the Proven + Probable manganese Reserves in
the Chvaletice tailings area secured via the Lease Agreement with
CEZ.
- The Lease
Agreement rent is based on a revenue royalty. The royalty mechanism
allows anticipated project finance debt covenants to be met.
- Together with
previously announced land access agreements, the Company has now
secured access to approximately 85% of the total Reserves of the
Project.
Euro Manganese and CEZ (the "Parties"), have
signed a definitive Lease Agreement granting the Company access to
CEZ-owned land in the historic Chvaletice tailings area.
Approximately 60% of the Project’s 27 million tonne Proven +
Probable manganese Reserves sit upon land owned by CEZ. The
Agreement also includes land required for mining infrastructure and
tailings transportation.
Land access will be granted in return for a
royalty on gross sales from the Project. During the seven-year
project finance debt period (the "Debt Period"), the royalty will
operate on a sliding scale from 0.2% to 1.8%, dependent on the
average prices received for the Project’s high-purity manganese
products. This sliding scale royalty is designed to ensure
anticipated project finance debt covenants are met. Post the Debt
Period, the royalty will be 1.8% of gross sales from the
Project.
The Company now has access to approximately 85%
of the total Proven + Probable manganese Reserves required for the
Project. As previously announced, the Company has secured all land
required for the commercial plant site.
Dr. Matthew James, President & CEO of Euro
Manganese, commented:
“We are very pleased to work together with CEZ
to realise this nationally important, strategic raw material
project within the Czech Republic. High-purity manganese, an
essential component in most lithium-ion-batteries, will play a
critical role in the energy transition within Europe. As the only
manganese resource within the EU, the Project will create skilled
jobs in the region, stimulate the local economy and generate taxes
and revenues for the Czech Government. The Company looks forward to
continuing the positive relationship established with CEZ into the
future.”
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 TSXV and
the ASX, and is also traded on the OTCQX.
About CEZ
CEZ is one of the largest companies in the Czech Republic and a
leading energy group operating in Western and Central Europe. CEZ
Group has committed to set an example and make the energy sector
sustainable, more environmentally friendly, and conscious in regard
to our planet. In its business, CEZ Group follows strict
ethical standards, including taking a responsible approach to its
employees, society, and the environment. A priority for CEZ is
greater diversity, closer cooperation with communities, and an
approach to customers that is as accommodating as possible,
offering them the best technological and energy-efficient
solutions.
The foundation of power generation at CEZ Group are
emission-free sources. The CEZ strategy named Clean Energy
for Tomorrow is based on ambitious decarbonisation, development of
nuclear energy, and a significant increase in the number of
renewable sources of energy that we build for our customers’
needs. Recently, CEZ announced that it would move forward its
climate-neutrality commitment by ten years, to 2040.
Stifel Nicolaus Europe Limited acted as
financial advisor to the Company and continues as the exclusive
project finance advisor for the Chvaletice Project.
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.
Inquiries
Dr. Matthew JamesPresident &
CEOmjames@mn25.ca
Louise BurgessSenior Director, Investor
Relations & Communications+1 (604) 312-7546lburgess@mn25.ca
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 Project,
its North American growth strategy, 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 of the Chvaletice Project in
the Czech Republic, its ability to meet anticipated project finance
covenants, that the Project will create skilled jobs in the region,
stimulate the local economy and generate taxes and revenues for the
Czech Government, its ability to acquire the remaining surface
rights, and statements regarding the strategic importance of the
Project and the part high purity manganese will play in the energy
transition in Europe.
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, including that: the Company can achieve its goals;
that the political and community environment in which the Company
operates in will continue to support the development and operation
of the Chvaletice Project; and assumptions related to the factors
set out herein. 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; unexpected
delays receiving a decision on the ESIA; the availability of
acceptable financing for developing and advancing the Chvaletice
Project; 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, 2022, available
on the Company's SEDAR profile at www.sedar.com.
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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