VANCOUVER, British Columbia, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQB: EUMNF; Frankfurt: E06) (the "Company" or "EMN") today announced financial results and key developments during the third fiscal quarter and to date. The Company has now filed its June 30, 2024, third fiscal quarter Financial Statements and Management's Discussion and Analysis. Euro Manganese's fiscal year end is September 30.
Key Developments During and Subsequent to the Quarter
Chvaletice Project, Czech Republic
Successful completion of commissioning of the Company's high-purity manganese Demonstration Plant at its Chvaletice Manganese Project ("Chvaletice Project" or the "Project"), allowing for the production of bulk, multi-tonne finished product samples of high-purity manganese sulphate (HPMSM) and high-purity manganese metal (HPEMM) for prospective customers' supply chain qualification.
Completion of an application for Strategic Project status with the EU Critical Raw Materials Act (CRMA) to be submitted prior to the closing date of August 22, 2024. The benefits of gaining Strategic Project status include access to financing from private and public sources of funding such as national promotional banks, the EIB, EBRD, regional and national funding authorities, and private financial institutions.
Engagement with the Investment and Business Development Agency of the Czech Republic (CzechInvest) for an application to be made for Czech government investment incentives, including potential cash grants on eligible capital expenditures and income tax relief.
Exploration of an application, with the support of EIT InnoEnergy (EIT), to the EU Innovation Fund's next call for proposals which is expected to open in Q4 2024. The EU Innovation Fund is one of the world's largest funding programmes for the demonstration of innovative low-carbon technologies, funded by the EU Emissions Trading System. The initial step is a viability check with a specialist consultant.
Financial Position
Cash and cash equivalents of approximately C$13.2 million as at end of fiscal Q3 (June 30, 2024) compared to C$20.1 million as at end of fiscal Q2 (March 31, 2024).
Working capital of C$11.7 million as at end of fiscal Q3 (June 30, 2024) compared with C$15.5 million as at end of fiscal Q2 (March 31, 2024).
Dr. Matthew James, President & CEO of Euro Manganese, commented:
"We made continued progress in the third quarter on a number of fronts. With the successful commissioning of our high-purity manganese Demonstration Plant at the Chvaletice Project, we are now capable of producing on-spec bulk samples for customers' supply chain qualifications. This is crucial for our ongoing offtake negotiations. The application for Strategic Project status with the EU Critical Raw Materials Act and engagement with CzechInvest help to position the Company for advantageous funding and financial opportunities which would de-risk the financing and development of the Chvaletice Project. Additionally, a successful EU CRMA Strategic Project application would provide financial and other support from a highly influential network of technology and funding partners. As we continue discussions with potential offtake clients, we are confident in our unique position as the only manganese resource in the EU, poised to supply critical raw materials for the energy transition."
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 pursuing an 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.V and the ASX and is also traded on the OTCQB.
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