Eurobattery Minerals (BAT) Investor Update summary

Investment case and project portfolio

• Focus on short-term cash generation with Tungsten San Juan expected to deliver cash flow by end of next year, supported by existing permits and a non-binding offtake agreement with a Sandvik Group subsidiary.

• Portfolio includes three main projects: Tungsten San Juan (Spain), Hautalampi (Finland), and Corcel (Spain), with full ownership in FinnCobalt and Corcel, and majority stake in Tungsten.

• Projects are strategically located in Europe, reducing reliance on unstable foreign sources for critical battery metals like nickel, cobalt, copper, and tungsten.

• Tungsten prices have surged over 50% this year, enhancing revenue prospects.

• The new EU Critical Raw Materials Act (CRMA) accelerates permitting and supports domestic mining, benefiting all projects.

Project development and milestones

• Tungsten San Juan has a proven resource of 60,000 tons of ore, with potential for much more, and aims to start production and cash flow in the second half of next year.

• First ore from Tungsten San Juan has been delivered for pilot testing, with plant construction planned for early next year.

• Hautalampi in Finland holds over 4.5 million tons of nickel, copper, and cobalt resources, with a lifespan exceeding 10 years; awaiting environmental permit and finalizing feasibility study.

• Offtake agreements in place for Hautalampi with Boliden AB (copper) and Terrafame Ltd (cobalt, nickel).

• Corcel project is on hold, with current focus and capital directed to Tungsten San Juan and Hautalampi.

Market and strategic positioning

• European industry faces supply risks due to geopolitical tensions and concentration of critical metals production in unstable or restrictive countries.

• Tungsten is especially critical for defense and industrial sectors, with Europe largely dependent on imports from China.

• The company’s projects are aligned with EU goals for self-sufficiency in critical raw materials, aiming to supply at least 10% of extraction domestically.

• Rising prices and supply constraints for tungsten and other metals create a favorable environment for new European producers.