Euro Manganese Inc
XTSX:EMN
Euro Manganese Inc
Euro Manganese, Inc. is a battery materials company. The company is headquartered in Vancouver, British Columbia. The company went IPO on 2018-10-02. The firm is focused on the development of the Chvaletice deposit, which involves the re-processing of a readily leachable manganese deposit hosted in the tailings of a decommissioned mine in the Czech Republic for the production of high-purity electrolytic manganese metal (HPEMM) and high-purity manganese sulphate monohydrate (HPMSM) and other manganese products, principally for use in lithium-ion batteries. The Chvaletice Manganese Project is located 90 kilometers from Prague, in the Czech Republic. Its activities in the Czech Republic are conducted through its subsidiary, Mangan Chvaletice sro. The firm holds two exploration licenses for the Chvaletice Manganese Project.
Euro Manganese, Inc. is a battery materials company. The company is headquartered in Vancouver, British Columbia. The company went IPO on 2018-10-02. The firm is focused on the development of the Chvaletice deposit, which involves the re-processing of a readily leachable manganese deposit hosted in the tailings of a decommissioned mine in the Czech Republic for the production of high-purity electrolytic manganese metal (HPEMM) and high-purity manganese sulphate monohydrate (HPMSM) and other manganese products, principally for use in lithium-ion batteries. The Chvaletice Manganese Project is located 90 kilometers from Prague, in the Czech Republic. Its activities in the Czech Republic are conducted through its subsidiary, Mangan Chvaletice sro. The firm holds two exploration licenses for the Chvaletice Manganese Project.
Cash Position: Euro Manganese ended the quarter with $13.2 million in cash, down from $20.1 million at the start of the quarter.
Demonstration Plant Milestone: The company successfully commissioned its Demonstration Plant in the Czech Republic and began producing high-purity manganese sulfate and metal, with product samples delivered to potential customers.
Market Dynamics: Softer EV and battery market growth is affecting customer demand and offtake negotiations, but interest in high-purity manganese remains strong.
Offtake and Funding Progress: The company has 8 parties in advanced offtake negotiations (including a term sheet with Verkor), with combined interest exceeding 75,000 tonnes per year, and continues to work on securing a strategic investor.
Funding Outlook: Access to the next USD 30 million loan tranche from Orion depends on securing offtake agreements for at least 40% of plant output and a strategic investor; work on these is ongoing.
Cost Controls: Management stated they are actively monitoring expenses and will adjust development plans and costs as needed to conserve cash should financing be delayed.
