Dr. Matthew James reports

EURO MANGANESE ANNOUNCES THE THIRD TRANCHE OF EIT INNOENERGY'S INVESTMENT

Euro Manganese Inc. has received the third and final investment tranche from EIT InnoEnergy of 62,500 euros ($80,606).

Pursuant to the terms of a project support agreement entered into by the company and EIT InnoEnergy, announced on Feb. 22, 2021, the company was to receive a three-tranche investment having an aggregate value of 250,000 euros. The funds have been used to support work on the Chvaletice manganese project's definitive feasibility study, the results of which were announced on July 27, 2022, and on the Chvaletice demonstration plant, which is intended to produce large-scale samples of high-purity manganese for supply chain qualification by prospective customers, including European electric vehicle makers and battery manufacturers.

The first two InnoEnergy investment tranches totalling 187,500 euros ($278,012) were advanced in 2021, for which the company issued 478,027 common shares on Jan. 6, 2022 (refer to Euro news release dated Jan. 6, 2022). The third and final investment tranche of 62,500 euros ($80,606) was advanced to the company on Aug. 26, 2022. Accordingly, the company will issue an additional 237,077 shares to EIT InnoEnergy at the price of 34 cents per share being the 10-day volume weighted average stock price on the TSX Venture Exchange prior to receipt of the third investment tranche. This brings EIT InnoEnergy's total investment to date to 250,000 euros ($358,618). The issuance of the 237,077 shares is not expected to occur until early January, 2023, and remains subject to the approval of the TSX-V. In accordance with Canadian securities laws and policies of the TSX-V, shares issued to EIT pursuant to the agreement will be subject to a four-month-and-one-day statutory hold from their date of issuance.

About Euro Manganese Inc.

Euro Manganese is a battery materials company focused on becoming a leading, competitive and environmentally superior producer of high-purity manganese for the electric vehicle (EV) industry and other high-technology applications. The company is advancing development of the Chvaletice manganese project in the Czech Republic, which is a unique waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine. The Chvaletice project is 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.

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