Dr. Matthew James reports

EURO MANGANESE SIGNS MOU WITH STATKRAFT TO ESTABLISH A RENEWABLE ENERGY SUPPLY AGREEMENT FOR THE CHVALETICE MANGANESE PROJECT

Euro Manganese Inc. has signed a non-binding memorandum of understanding (MoU) with Norwegian state-owned company Statkraft for the long-term supply of carbon-free renewable energy for Euro Manganese's flagship Chvaletice manganese project (CMP or the project) in the Czech Republic. Statkraft is Europe's largest generator of renewable energy.

The company has been working with Baringa Partners LLP over the last year on establishing long-term power pricing forecasts within the European Union, as well as identifying strategic partners from which to procure long term, economically viable, green energy for the CMP. The MoU is one result of this ongoing process.

The MoU lays the foundation for the strategic cooperation between Euro Manganese and Statkraft to support the ongoing net-zero objectives of the Project's proposed processing plant. The aim is to establish a long-term corporate Power Purchase Agreement to provide carbon-free power to the Project, in coordination with Statkraft's renewable power supply portfolio. Power supply is planned to commence between 2026 and 2027, according to the current estimated construction and commissioning timeline of the CMP.

The Company's recently released Life Cycle Assessment results for the CMP highlighted the net benefit derived from sourcing power from carbon-free sources, whereby the net global warming potential is reduced by half.

Euro Manganese's President and CEO, Dr. Matthew James, said, "We look forward to partnering with Statkraft and working towards a definitive, long-term power purchase agreement. Procuring long-term, green energy to power the Chvaletice Project is an important step for us to deliver on our commitment of producing low-carbon, high-purity manganese products. While the environmental credentials of the Chvaletice Project are already strong, power is a large input in our process and sourcing 100% renewable energy reduces the carbon footprint of our project by approximately 50%. This not only demonstrates our commitment to operating responsibly, but also gives us a competitive advantage in discussions with potential customers who are focused on the carbon footprint and ESG credentials of their supply base. We are proud to be part of the energy transition, not only in using renewable energy to make our products, but also in how our products are used in EV batteries."

Statkraft's SVP Trading & Origination, Carsten Poppinga, said, "The ability to source competitively priced and green electricity is a key component of investment decisions made by energy-intensive industries wishing to establish new business ventures. Across Europe, we want to empower our partners and support their entrepreneurial endeavours to create positive business cases."

About Euro Manganese Inc.

Euro Manganese Inc. 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.

About Statkraft

Statkraft is a leading company in hydropower internationally and Europe's largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 4,800 employees in 20 countries.

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