Euro Manganese Inc. reports third fiscal quarter 2024 financial results

Euro Manganese Inc. (ASX: $EMN) announced its financial results for the third fiscal quarter ending June 30, 2024. The company reported successful commissioning of its high-purity manganese Demonstration Plant at the Chvaletice Manganese Project in the Czech Republic. Additionally, Euro Manganese disclosed key developments, including the application for Strategic Project status with the EU Critical Raw Materials Act and engagement with CzechInvest for potential government investment incentives.

Executive Commentary on Third Fiscal Quarter 2024 Financial Results

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 Czech Invest 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 ICRMA 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.

Summary of Euro Manganese's Third Fiscal Quarter 2024 Financial Results

Euro Manganese Inc. reported significant achievements during the third fiscal quarter, including the successful commissioning of the high-purity manganese Demonstration Plant at the Chvaletice Project. The company also advanced its application for Strategic Project status with the EU Critical Raw Materials Act, aiming to access financing from various sources. The engagement with CzechInvest for potential government investment incentives further strengthens the company's position. With cash and cash equivalents of approximately C$13.2 million and working capital of C$11.7 million as at the end of fiscal Q3, Euro Manganese remains focused on becoming a leading producer of high-purity manganese for the electric vehicle industry. The company's unique position as the only sizable resource of manganese in the European Union positions it strategically to support the global shift to a circular, low-carbon economy.