VANCOUVER, British Columbia, May 15, 2024 (GLOBE NEWSWIRE) — Euro Manganese Ltd. (TSX-V and ASX: EMN; OTCQB: EUMNF; Frankfurt: E06) (the “Company” or “EMN”) announced today that , announced financial results. Key developments in the second fiscal quarter and to date. The Company is currently filing its second fiscal quarter financial statements and management's discussion and analysis as of March 31, 2024. Euromangan's fiscal year end is September 30th.
Key developments during and after the quarter
financial condition
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Cash and cash equivalents were approximately CA$20.1 million at the end of the second quarter (March 31, 2024), compared to CA$24.3 million at the end of the first quarter (December 31, 2023). .
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Working capital was C$22.1 million at the end of the first quarter (December 31, 2023), compared to C$15.5 million at the end of the second quarter (March 31, 2024).
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We have sufficient funds to achieve certain key milestones
Dr. Matthew James, President and CEO of Euromangan, commented:
“Our second quarter was marked by several events important for the progress of the Chvaletice project. In March, we received the final approval of the Environmental and Social Impact Assessment from the Czech Ministry of the Environment. It is a major milestone for the permit and the project, and is an important gate permit that allows us to obtain subsequent permits in a more procedural manner. It also allows us to proceed to the next stage of the debt financing process, the European Investment Bank evaluation stage. The funding from the EIB complements a broader funding package to support the development of our high-purity battery-grade manganese plant in the Czech Republic. We welcomed the final approval of the Raw Materials Act and the U.S. Inflation Control Act final rules. Both of these monumental sets of regulations have very positive implications for high-purity manganese and support Euromangan's Švaretice project. , positioning us as the only European manganese producer to support the EU and US requirements to supply a critical raw material for the energy transition.”
Fiscal Q2 Conference Call Details
Euromangan will host two separate conference calls to serve stakeholders in each time zone. The content of both calls will be the same. Replays and transcripts of both calls are available on the Euromangan website: www.mn25.ca
About euromanganese
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 developing the Chvaletice manganese project in the Czech Republic and is pursuing the opportunity to produce battery-grade manganese products in Bécancourt, Quebec.
The Chvaletice project is a unique opportunity to recycle and remediate waste into something of value, including the reprocessing of old tailings from decommissioned mines. It is also the only significant source of manganese in the European Union, and is strategically positioned to provide battery supply chains with a critical raw material that supports the global transition to a circular, low-carbon economy.
Euromanganese is dual listed on the TSX.V and ASX and also traded on the OTCQB.
Release authorized by the CEO of Euro Manganese Ltd.
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.
inquiry
Dr. Matthew James
President and CEO
mjames@mn25.ca
Roadlock Advisors
neil webber
Investor and Media Relations – North America
+1 (647) 222-0574
neil.weber@loderockadvisors.com
jane morgan management team
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
Email: 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 are subject to known and unknown risks and uncertainties, and may cause future results to be materially different from the actual results, performance, or achievements of the Company, its Švaretse Manganese Project, other growth strategies, or the industry. There are other factors that may vary. , any performance or achievements expressed or implied by such forward-looking statements or information. Such statements include words such as “may”, “will”, “could”, “will”, “intend”, “expect”, “believe”, “plan” and “anticipate”. , can be identified by the use of words such as “estimate”. “,” “intended,” “anticipated,” “predicted,” and other similar terms, or whether a particular action, event, or result “may” or “likely” occur. To state or achieve something that is, will, may, or will happen.
Such forward-looking information or statements include statements regarding the Company's intentions with respect to the development of the Švaretice project in the Czech Republic, statements regarding the expected positive benefits from the European Union's Critical Materials Act and the reduction in inflation in the United States; but is not limited to these. statements regarding the sufficiency of the Company's current funding to complete key milestones and the availability of funding from the EIB or broader funding package; Gender Statement.
Although these forward-looking statements are based on management's current expectations and beliefs, readers should not place undue reliance on such forward-looking statements and information given the uncertainties, assumptions and risks. You are warned not to rely on it. Factors that could cause actual results or events to differ materially from current expectations include, among others: delays or inability to receive permits or other required regulatory approvals; lack of acceptable financing for the development and promotion of the Švaretice project; changes in laws and regulations by various government agencies;
For more information on the risks associated with our company, please see “Risk Factors” in our Annual Information Form for the period ended September 30, 2023, available on our SEDAR+ profile at www.sedarplus.ca. please. 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. Consistent with applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
