Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQX: EUMNF; Frankfurt:
E06) (the "Company") welcomes the proposal by the European
Commission (the "Commission") and recent remarks made by Executive
Vice-President Maroš Šefčovič on financial support for European
producers of electric vehicle batteries. Euro Manganese especially
supports the approach for a dedicated budget which will prioritise
the best performers in sustainability, traceability, and
circularity.
Starting in 2024, up to €3 billion in funding is
proposed to be provided via the Commission’s Innovation Fund to
incentivize investment in the European Union’s ("EU") battery
manufacturing capacity. The Commission intends to set up a
dedicated instrument under the Innovation Fund to provide support,
possibly as a fixed premium to European manufacturers of the most
sustainable batteries, creating impact across the entire battery
value chain, including its upstream raw material segment.
Commenting on the news, the European Battery
Alliance ("EBA250") specifically highlighted the need for EU
incentives for upstream raw materials. “In addition, further
efforts on the upstream segments of the value chain are also
required. Upstream activities such as raw and active materials,
should also be supported where lack of funding and long lead times
affect in particular the processing and refining of raw
materials.”
This proposed funding supports the new
requirements set out in the recently adopted EU Battery Regulation,
which aims to minimise the carbon footprint of batteries and
requires due diligence on the sustainable, ethical and transparent
supply of raw materials. The goal of the Battery Passport is to
foster the production of batteries with the lowest social and
environmental footprint in the world.
Dr. Matthew James, President & CEO of Euro
Manganese, commented:
“Euro Manganese welcomes this recent proposal
from the European Commission, which will support EU battery supply
chains, including upstream sustainable raw material and refining
production in the EU. Together with EIT InnoEnergy and the European
Battery Alliance, of which we are a member, we support the
Commission’s approach of prioritizing the best performance in the
EU battery supply chain across sustainability, traceability, and
circularity. On each of these points, Euro Manganese is well
positioned to deliver. Being a tailings recycling project, as well
as the only manganese resource in Europe, we will produce
low-carbon, fully-traceable, battery-grade manganese for the EV
supply chain. We look forward to seeing this fund rolled out and
benefitting from its implementation.”
For more information:
https://ec.europa.eu/commission/presscorner/detail/en/statement_23_6404
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.
www.mn25.ca
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.
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Inquiries |
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Dr. Matthew James |
Louise Burgess |
President & CEO |
Senior Director, Investor Relations & Communications |
mjames@mn25.ca |
lburgess@mn25.ca |
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+1 (604) 312-7546 |
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Company Address |
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#709 -700 West Pender Street |
Vancouver, British Columbia, Canada, V6C 1G8 |
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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, 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 Manganese Project, intended benefits of the Battery
Passport, and any benefit that the Company or the Chvaletice
Manganese Project may receive, either directly or indirectly, from
the €3 billion in funding proposed via the European Commission’s
Innovation Fund.
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: the funding proposed via the Commission does not
materialize or is delayed, lack of availability of acceptable
financing for developing and advancing the Chvaletice Project;
proposed changes in laws or regulations; and developments in EV
(Electric Vehicles) battery markets and chemistries. 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.sedarplus.ca
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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