Dr. Matthew James reports

EURO MANGANESE ADVANCES TO NEXT STAGE OF DEBT FUNDING PROCESS WITH THE EUROPEAN INVESTMENT BANK

Euro Manganese Inc.'s Chvaletice manganese project is formally listed as under appraisal for debt financing with European Investment Bank. Financing from the EIB would complement a broader financing package to support the development of the company's high-purity battery-grade manganese plant in the Czech Republic.

Highlights:

• Euro Manganese's Chvaletice project has progressed to the formal appraisal stage for debt financing with the EIB in what was a significant milestone in securing funds for the Czech Republic's high-purity manganese production plant.
• Chvaletice is the European Union's sole large manganese reserve, positioning Euro Manganese as a key supplier of local, recycled, environmental, social and governance compliant high-purity manganese for the European electric vehicle market.
• Recognized by the European Union as both a strategic and critical raw material source, the Chvaletice project is set to boost EU resilience in battery materials while delivering environmental benefits through historical tailings remediation.
• Debt financing from the EIB supports the aims of the intergovernmental Minerals Security Partnership, which includes 13 countries and the EU, that has endorsed the Chvaletice project as a key initiative.

Dr. Matthew James, president and chief executive officer of Euro Manganese, commented: "The advancement of our Chvaletice manganese project to a formal under appraisal level signals the EIB's commitment to supporting sustainable opportunities in the battery supply chain. Chvaletice remains the only sizable proven and probable reserve of manganese in the European Union, and through the project, Euro Manganese will be uniquely positioned to provide a secure, traceable and responsibly produced supply of high-purity manganese products to the European electric vehicle market. With the European Bank of Reconstruction and Development already as a key shareholder, today's announcement is another key step towards achieving project funding. We look forward to obtaining EIB's continued support for this strategic project."

The EIB noted: "The European Commission has identified both battery-grade manganese and manganese as strategic raw material and critical raw material, being highly relevant not only for the green and digital transitions, but also for strategic technologies and sectors. The Chvaletice manganese project represents an important circular economy-based source of high-purity manganese and will supply the battery value chain with a key raw material that is largely imported, increasing the EU's resilience. The project will also include multiple environmental benefits from the remediation of the historic tailings area, particularly in terms of soil quality and freshwater quality."

In October, 2023, the Chvaletice project was named as a project to be supported under the intergovernmental MSP, a collection of 13 countries and the European Union, representing over 50 per cent of global gross domestic product. The MSP aims to catalyze public and private sector investment to build diverse, secure and responsible critical mineral supply chains globally.

About Euro Manganese Inc.

Euro Manganese is a battery material company focused on becoming a leading producer of high-purity manganese for the electric vehicle industry. The company is advancing development of the Chvaletice manganese project in the Czech Republic and pursuing an opportunity to produce battery-grade manganese products in Becancour, Que.

The Chvaletice project is a unique waste-to-value recycling and remediation opportunity involving reprocessing old tailings from a decommissioned mine. It is also 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.

Euro Manganese is dual listed on the TSX Venture Exchange and the Australian Securities Exchange, and is also traded on the OTCQX.

We seek Safe Harbor.