Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQB: EUMNF; Frankfurt:
E06) (the "Company" or "EMN") is pleased to announce it has entered
an offtake term sheet dated August 15, 2024 (the "Term Sheet") with
Wildcat Discovery Technologies ("Wildcat"), for the sale of
high-purity manganese product from the Company’s Chvaletice
Manganese Project ("Chvaletice" or the "Project") in the Czech
Republic.
Highlights
- Based in San
Diego, California, Wildcat partners with global leaders throughout
the battery industry to align and integrate all elements of the
full battery cell for optimal performance. Consistent and
significant progress in Wildcat’s technology has led to a focus
exclusively on nickel and cobalt free cathode production. Wildcat
has announced the building of a U.S.-based plant expected 2026 –
2027 to produce a portfolio of safe sustainable, and
cobalt/nickel-free cathode materials for electric vehicle battery
cells and other markets including stationary storage.
- Pursuant to the
Term sheet, deliveries are to commence from first production, for
an initial term of seven years with potential for renewal. The
commencement of the initial term shall be subject to successful
qualification by Wildcat of the Company’s high-purity manganese
product from the Chvaletice Demonstration Plant.
- The offtake
tonnages increase over the seven-year term and the average annual
tonnage represents a significant percentage of the Company’s annual
high-purity manganese product production. It is expected that
pricing will be subject to market indicators, with mechanisms for
increase/decrease tied to certain benchmarks.
- The Term Sheet
is non-binding and contingent on Wildcat building its U.S plant,
however the parties intend to enter a binding offtake agreement, in
which the pricing mechanism and tonnages will be finalised,
together with any other agreements necessary.
Dr. Matthew James, President & CEO of Euro
Manganese, commented:“This is another major milestone for
Euro Manganese and for the western market battery value chain. This
long-term offtake term sheet represents a significant percentage of
the planned production of the Chvaletice Manganese Project over
time. An important value proposition is our product does not
originate from, or is processed by, a foreign entity of concern, a
key purchasing criteria for North American customers. We look
forward to working with Wildcat as they advance on their goals of
delivering CAM materials to their customers.”
Mr. Mark Gresser, CEO of
Wildcat said: “This agreement represents an important step
for Wildcat in the development of high quality, low-cost, reliable,
localized and IRA compliant sources for important cathode
pre-cursor materials. We view the Euro Manganese partnership as an
important piece to our supply chain strategy, and look forward to
working with them in the coming years.”
About Euro ManganeseEuro
Manganese is a battery materials company focused on becoming a
leading, competitive, and environmentally superior producer of
high-purity manganese for the electric vehicle industry and other
high-technology applications. The Company is advancing development
of the Chvaletice Manganese Project in the Czech Republic, which is
a unique waste-to-value recycling and remediation opportunity
involving reprocessing old tailings from a decommissioned mine. The
Chvaletice project is the only sizable resource of manganese in
Europe, strategically positioning the Company to provide battery
supply chains with critical raw materials to support the global
shift to a circular, low-carbon economy.
About WildcatWildcat’s mission
is to produce high-performance U.S.-made cathode materials to
enable the widespread adoption of clean energy. Founded in 2006,
the company plans to manufacture a portfolio of nickel- and
cobalt-free cathode materials at a production factory in the
United States. At the same time, Wildcat will continue to leverage
its 15 years of materials development and cell design expertise to
help customers achieve the best integrated battery cell
performance. For more information, www.wildcatdiscovery.com
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 - Euro Manganese
Dr. Matthew JamesPresident & CEO+44 (0)747
229 6688mjames@mn25.ca
LodeRock AdvisorsNeil WeberInvestor and Media
Relations – North America+1 (647)
222-0574neil.weber@loderockadvisors.com
Jane Morgan ManagementJane MorganInvestor and
Media Relations - Australia+61 (0) 405 555
618jm@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
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.
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.
Such forward-looking information or statements
also include, but are not limited to, statements regarding the
Company’s intentions regarding the development of the Chvaletice
Project, its ability to produce high-purity manganese products that
can be qualified by Wildcat, that offtake tonnages will increase
over time to become a significant part of the Company’s production,
and the Company’s ability to enter into a binding long term
off-take agreement with Wildcat..
All forward-looking statements are made based on
the Company's current beliefs including various assumptions made by
the Company, including that the Chvaletice Project will be
developed and operate as planned, that the Company will obtain
sufficient financing, and that the Company will be able to conclude
a binding offtake agreement on favorable terms. Factors that could
cause actual results or events to differ materially from current
expectations include, among other things: insufficient working
capital; risks related to the ability to obtain, amend, or maintain
necessary licenses, or permits; risks related to acquisition of
surface rights; lack of availability of financing for developing
and advancing the Chvaletice Project; the inability to develop
adequate processing capacity; the potential for unknown or
unexpected events to cause contractual conditions to not be
satisfied; developments in EV (Electric Vehicles) battery markets
and chemistries; risks related to fluctuations in currency exchange
rates; and regulation and changes in laws 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, 2023, 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.
Euro Manganese (TSXV:EMN)
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