GlobeNewswire by notified

Euro Manganese Reports Second Fiscal Quarter 2024 Financial Results

Share

VANCOUVER, British Columbia, May 15, 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 second fiscal quarter and to date. The Company has now filed its March 31, 2024, second 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
    • Chvaletice Manganese Project ("Chvaletice Project" or the "Project") was formally listed as under appraisal for debt financing with the European Investment Bank ("EIB"). Funding from the EIB would complement a broader funding package to support the development of the Company’s high-purity battery-grade manganese plant in the Czech Republic
    • Received approval of the Environmental and Social Impact Assessment ("ESIA") for the Chvaletice Project from the Czech Ministry of Environment. The ESIA is the key gating permit from which subsequent permits can follow in a more procedural manner
    • Appointed Mr. Tim Kindred, an experienced, large-scale project delivery professional, as Project Director for the Project

Financial Position

  • Cash and cash equivalents of approximately C$20.1 million as at end of fiscal Q2 (March 31, 2024) compared to C$24.3 million as at end of fiscal Q1 (December 31, 2023)
  • Working capital of C$15.5 million as at end of fiscal Q2 (March 31, 2024) compared with C$22.1 million as at end of fiscal Q1 (December 31, 2023)
  • The Company has sufficient funding to deliver certain key milestones

Dr. Matthew James, President & CEO of Euro Manganese, commented:

“Our second quarter was marked by several events important to the progress of the Chvaletice Project. In March we received final approval of the Environmental and Social Impact Assessment from the Czech Ministry of Environment. A major permitting and project milestone, this is the key gating permit from which subsequent permits can follow in a more procedural manner. We also advanced to under appraisal status with the European Investment Bank, the next stage of the debt financing process. Funding from the EIB would complement a broader funding package to support the development of our high-purity battery-grade manganese plant in the Czech Republic. We also welcomed the European Union’s final approval of the Critical Raw Materials Act and the final rules for the US Inflation Reduction Act. Both of these monumental sets of regulations have extremely positive implications for high-purity manganese and position Euro Manganese’s Chvaletice Project as the only European producer of manganese that supports EU and US requirements for supplying critical raw materials for energy transition.”

Fiscal Q2 Conference Call Details

Euro Manganese will host two separate conference calls to serve stakeholders in their respective time zones. Content of both calls will be the same. Replays and transcripts of both calls will be available on Euro Manganese’s website: www.mn25.ca

CALL #1 – For North American and UK/European Audiences
North AmericaUK/Europe
DateTuesday, May 21, 2024Tuesday, May 21, 2024
Time8am PDT | 11am EDT4pm BST | 5pm CEST
Registration:https://us06web.zoom.us/webinar/register/WN_BOd7ufF5SUS6mlbYARKelA


CALL #2 – For Australian and North American Audiences
AustraliaNorth America
DateWednesday, May 22, 2024Tuesday, May 21, 2024
Time7am AEST | 5am AWST2pm PDT | 5pm EDT
Registration:https://us06web.zoom.us/webinar/register/WN_QJExv81nQxWuZQuP9-y0zQ


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.

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.

Enquiries

Dr. Matthew James
President & CEO                
mjames@mn25.ca

LodeRock Advisors
Neil Weber
Investor and Media Relations – North America
+1 (647) 222-0574
neil.weber@loderockadvisors.com

Jane Morgan Management
Jane Morgan
Investor and Media Relations - Australia
+61 (0) 405 555 618
jm@janemorganmanagement.com.au

Company Address: #709 -700 West Pender St., Vancouver, British Columbia, Canada, V6C 1G8
E-mail:info@mn25.ca
Website: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 Manganese Project, its other growth strategies, 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, statements regarding anticipated positive benefits from the European Union’s Critical Raw Materials Act and the US Inflation Reduction Act, statements regarding permitting following the ESIA in a more procedural manner, statements regarding the sufficiency of the Company’s current cash resources to complete its key milestones, and the availability of funding from EIB or a broader funding package.

These forward-looking statements are based on management’s current expectations and beliefs, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Factors that could cause actual results or events to differ materially from current expectations include, among other things: delay or inability to receive permits and other necessary regulatory approvals; lack of availability of acceptable financing for developing and advancing the Chvaletice Project; and changes in laws or regulations 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 period ended September 30, 2023, available on the Company's SEDAR+ profile at www.sedarplus.ca. 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.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Subsea7 awarded a contract for the Belinda field in the UK North Sea25.5.2024 14:01:09 CEST | Press release

Luxembourg – 25 May 2024 - Subsea7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 contract by Serica Energy, for the Belinda field development south-east of the Triton FPSO. The Belinda field is operated by Serica Energy and located approximately 190 kilometres east of Aberdeen in the UK Central North Sea, with a water depth of 95 metres. The contract scope includes project management, engineering, procurement, construction and installation (EPCI) of a 5-kilometre 8” production pipeline with a 3” piggy-backed gas lift line and an electro-hydraulic controls (EHC) umbilical. Subsea7’s scope also includes associated subsea structures and tie-ins to the Triton Floating Production Storage & Offloading (FPSO) vessel operated by Dana Petroleum, via an existing production manifold near the Triton riser base and for controls at the Evelyn valve skid. Project management and engineering work will commence immediately in Aberdeen. The offshore activities are scheduled

Novartis atrasentan Phase III data show clinically meaningful proteinuria reduction further advancing company's IgA nephropathy (IgAN) portfolio25.5.2024 12:15:00 CEST | Press release

In the ALIGN study, atrasentan, in addition to supportive care with a renin-angiotensin system (RAS) inhibitor,demonstrated a statistically significant 36.1% proteinuria (protein in urine) reduction vs. placebo + supportive care at 36 weeks1 Endothelin A (ETA) receptor activation contributes to elevated proteinuria in IgAN2-5; atrasentan is a potent, selective ETA receptor antagonist with potential to reduce persistent proteinuria and preserve kidney function for a broad patient population1 IgAN is a heterogeneous, progressive, rare kidney disease with a need for effective, targeted therapies6,7; up to 30% of patients with persistent proteinuria (≥1 g/day) progress to kidney failure within 10 years8 Through its rare kidney disease portfolio, Novartis is committed to exploring a range of treatment options with different modes of action to slow IgAN progression Basel, May 25, 2024 – Novartis today presented results from a pre-specified interim analysis of the Phase III ALIGN study of atr

Novartis presents latest Phase III Fabhalta® (iptacopan) data in C3 glomerulopathy (C3G) showing clinically meaningful and statistically significant 35.1% proteinuria reduction vs. placebo25.5.2024 12:00:00 CEST | Press release

Secondary endpoint data for estimated glomerular filtration rate (eGFR) showed numerical improvement over 6 months vs. placebo1; additional 6-month open-label data to be presented at a future medical meeting2,3Fabhalta showed a favorable safety profile with no new safety signals1C3G, an ultra-rare kidney disease caused by alternative complement pathway overactivation, progresses to kidney failure in ∼50% of patients within 10 years4-7; currently there are no treatments approved for C3G7-9 Fabhalta, an oral Factor B inhibitor of the alternative complement pathway, selectively targets the underlying cause of C3G1; late-stage development program ongoing across several other rare diseases10-13 Basel, May 25, 2024 – Novartis today presented results from the 6-month, double-blind period of the Phase III APPEAR-C3G study of Fabhalta® (iptacopan) at the late-breaking clinical trials session of the European Renal Association (ERA) Congress1. Patients treated with Fabhalta in addition to support

Metasphere Labs Announces Development of Innovative Carbon Credit Protocol for Grid-Scale Batteries24.5.2024 22:05:00 CEST | Press release

VANCOUVER, British Columbia, May 24, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is excited to announce an innovative initiative aimed at accelerating the decarbonization of the electricity grid through the development of a pioneering carbon credit protocol for grid-scale batteries. Innovative Carbon Credit Protocol The Company is committed to leveraging advanced technology to address critical environmental challenges. The new carbon credit protocol will enable grid-scale batteries to monetize their environmental attributes by generating carbon credits for the carbon reductions achieved through optimized battery operations. This protocol is designed to incentivize the deployment and operation of grid-scale batteries, ensuring they play a pivotal role in the transition to a clean energy future. Submission to Pure Sky Carbon Credit Registry The Company intends to submit this pr

Nokia Corporation: Repurchase of own shares on 24.05.202424.5.2024 21:30:00 CEST | Press release

Nokia Corporation Stock Exchange Release 24 May 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 24.05.2024 Espoo, Finland – On 24 May 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL362,1533.55CEUX--BATE--AQEU--TQEX--Total362,1533.55 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 4 April 2023 started on 20 March 2024 and ends by 18 December 2024 with a maximum aggregate purchase price of EUR 300 million. Total cost of tra

HiddenA line styled icon from Orion Icon Library.Eye