Vancouver, British Columbia--(Newsfile Corp. - June 29, 2026) - Euro Manganese Inc. (TSXV: EMN) (ASX: EMN) (FSE: E060) and its subsidiary Mangan Chvaletice, s.r.o. (together the "Company", "Euro Manganese" or "EMN") is pleased to announce that the Company has now filed on SEDAR+ the "Preliminary Economic Assessment, NI 43-101 Technical Report for the Chvaletice Manganese Project in Chvaletice, Czech Republic" (the "Technical Report"), prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Further, the Company will lodge on the ASX Announcement Platform the "Preliminary Economic Assessment, Public Report for the Chvaletice Manganese Project in Chvaletice, Czech Republic" (the "JORC Code Report"), prepared in accordance with the Joint Ore Reserves Committee ("JORC") Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition. The Technical Report and JORC Code Report will also be available for review on the Company's website at www.mn25.ca.

Both reports were prepared by Tetra Tech Canada Inc. with an effective date of May 14, 2026. The results of the Technical Report and JORC Code Report were summarized in the Company's news release dated May 14, 2026, titled "Euro Manganese Announces Positive Preliminary Economic Assessment" (the "Summary Announcement"). The Technical Report and JORC Code Report (together, the "PEA") confirm the economic and technical results disclosed in the Summary Announcement and provide an update the sensitivity analysis used to respond to market conditions.

Highlights

• base price case unchanged: post-tax NPV of US$492 million and post-tax IRR of 13.8%, using an 8% discount rate and assumed a high-purity manganese sulphate monohydrate ("HPMSM") price of US$2,888/t

• upside case: post-tax NPV of US$798 million and post-tax IRR of 16.9%, using 8% discount rate, assuming HPMSM price of US$3,275/t

Sensitivity Analysis Update

As part of the sensitivity analysis update, Tetra Tech included an upside case based on a report by Marketeye.org indicating a potential long-term HPMSM price of approximately US$3,250 to US$3,300 per tonne. The average expected price was used to highlight the upside case.

The PEA is based solely on Measured and Indicated Mineral Resources and does not include Inferred Mineral Resources. The material assumptions underpinning the production target and forecast financial information in the PEA are set out in Summary Announcement and PEA.

The table below compares the base case, potential upside price case and downside price case.

Table 1: Selected Financial Analysis Parameter Comparison for Different HPMSM Prices (USD)

The base price case remains the principal case for the Chvaletice Manganese Project (the "Project") economics presented in the PEA. The additional upside price case is presented for sensitivity purposes only to illustrate the potential impact of a higher HPMSM price assumption on the Project economics and should not be interpreted as the Company's base case forecast or as a prediction that the higher price assumption will be achieved.

Under the base price case, the Project shows a pre-tax NPV of US$740 million and pre-tax IRR of 16.0%, and a post-tax NPV of US$492 million and post-tax IRR of 13.8%, using an 8% discount rate.

Under the upside price case, which assumes an HPMSM price of US$3,275/t compared with US$2,888/t in the base price case, the Project shows a pre-tax NPV of US$1.13 billion and pre-tax IRR of 19.5%, and a post-tax NPV of US$798 million and post-tax IRR of 16.9%, using the same 8% discount rate. The results of each case are subject to the preliminary nature of the PEA and the cautionary statements in this news release.

This news release does not report a new estimate of Mineral Resources, or a change to the mineral resource estimate in the Summary Announcement. The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resource information reported in the Summary Announcement and that all material assumptions and technical parameters underpinning that estimate continue to apply.

Martina Blahova, President & CEO of Euro Manganese, commented:

"The filing of the NI 43-101 Technical Report and JORC Code Report is an important milestone for Euro Manganese and provides additional technical disclosure supporting the preliminary economic assessment for the Chvaletice Manganese Project. These reports include the current preliminary economic analysis, including the base price case and an updated sensitivity analysis, and will help inform our next stages of engineering, permitting, financing and commercial engagement. As Europe and allied markets continue to seek secure and transparent sources of critical battery materials, Chvaletice will contribute to a more diversified manganese supply chain outside of China."

Cautionary Statement

The PEA is a high-level review of potential, is preliminary in nature and in the nature of a Scoping Study, and there is no certainty that the economics in the PEA will ever be realized. Investors are advised to read the Summary Announcement together with the Technical Report or the JORC Code Report. The PEA outcomes, including production target and forecast financial information, are based on low accuracy level technical and economic assessments that are insufficient to support the estimation of Mineral Reserves. The PEA includes estimated costs that are subject to an approximate margin error of plus or minus 35%. No Mineral Reserves have been declared for the Project.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that the results of the PEA will be realized, that the Project will proceed to development, that any production target will be achieved, or that any Mineral Resources will be converted to Mineral Reserves. The projected process plant design, potential production profile, and project plan are conceptual in nature and additional technical studies will need to be completed in order to fully assess their viability. The PEA results are not equivalent to, and should not be construed as, a Pre-Feasibility Study or Feasibility Study.

The PEA is based on material assumptions, including assumptions regarding product pricing, capital and operating costs, processing recoveries, infrastructure, permitting, market demand, foreign exchange rates, taxation, environmental and social matters, and the availability and timing of funding. While the Company considers that the material assumptions are based on reasonable grounds as at the date of this news release, there is no certainty that those assumptions will prove to be correct or that the outcomes indicated by the PEA will be achieved.

Funding

The Company does not currently have funding committed for the full development of the Project. The Company's funding strategy to comply with JORC requirements is set out the Company's JORC Code Report. There is no certainty that the Company will be able to raise the required funding when needed or on terms acceptable to the Company. Any funding may be dilutive to existing shareholders or otherwise affect the value of the Company's securities. The Company may also consider other strategic alternatives, including strategic partnerships, joint ventures, project-level financing or asset transactions, and there is no certainty that any such alternatives will be available or completed on acceptable terms. If such strategies are pursued, it could materially reduce EMN's proportionate ownership of the Project. Given the uncertainties involved, investors should not make any investment decisions solely on the results of the PEA.

Competent and Qualified Person Statement

The Technical Report is the Company's only complete and current technical report under NI 43-101 and supersedes previous technical reports.

All production targets for the Chvaletice Manganese Project referred to in this news release are underpinned by estimated Measured and Indicated Mineral Resources prepared by Competent Persons and Qualified Persons in accordance with the requirements of the JORC Code and NI 43-101, respectively. Additionally, the scientific and technical information included in this news release is based upon information prepared, verified, and approved by Mr. James Barr, P. Geo, Senior Geologist, Mr. Jianhui (John) Huang, Ph.D., P. Eng., Senior Metallurgical Engineer, Mr. Hassan Ghaffari, P.Eng, M.A.Sc., Senior Process Engineer, Mr. Chris Johns, P.Eng, Principal Geotechnical Engineer, and Mrs. Maurie Marks, P.Eng, Senior Mining Engineer, all with Tetra Tech. Mr. Barr, Mrs. Marks, Mr. Ghaffari, Mr. Johns, Mr. Huang are consultants to, and independent of, EMN within the meaning of NI 43-101, and have sufficient experience in the field of activity being reported to qualify as Competent Persons as defined in the JORC Code, and are Qualified Persons, as defined in NI 43-101. Mr. Barr is responsible for the Mineral Resource Estimate, Mr. Huang is responsible for the metallurgical test work results, process engineering, operating cost and capital cost estimates, environmental studies, permitting, and social or community impact. Mr. Ghaffari is responsible for infrastructure, Mrs. Marks is responsible for mining and financial analysis, Mr. Johns is responsible for design of the residue storage facility. Mr. Barr visited the property during the 2017 drilling program and again during the 2018 drilling campaign, on July 30-31st, 2018, during which time he observed the drilling, sample collection and preparation, sample logging and sample storage facilities. Mr. Huang visited the Project site on February 5, 2018 and May 3, 2022, as well as visited the Changsha Research Institute of Mining and Metallurgy Co. ("CRIMM") laboratory and pilot plant facility five times between January 20, 2017 and September 20, 2018 to witness sample preparation and test/assay facilities and to discuss the test program and results with CRIMM's technical team. Mr. Huang also visited the SGS Minerals Services (SGS) laboratory on June 29, 2017, and oversaw the bench scale validation test work completed by BGRIMM. Mrs. Marks, Mr. Johns and Mr. Ghaffari also visited the project site on May 3, 2022. Barr, Huang, Ghaffari, Johns and Marks have no economic or financial interest in the Company and consent to the inclusion in this news release of the matters based on their information in the form and context in which it appears.

In addition, technical information concerning the Chvaletice Manganese Project is reviewed by Dr. David Dreisinger, P. Eng, a Qualified Person under NI 43-101. Dr. Dreisinger has reviewed and approved the information in this news release for which he is responsible and has consented to the inclusion of the matters in this news release based on the information in the form and context in which it appears.

Euro Manganese is dual listed on the TSX-V and the ASX. Neither TSX Venture Exchange nor its Regulation Services Provider (as defined by TSXV policies) accepts responsibility for the adequacy or accuracy of this release.

Authorized for release by the President and CEO of Euro Manganese Inc. 

About Euro Manganese

Euro Manganese Inc. (TSXV: EMN) (ASX: EMN) (FSE: E060) is a battery materials company developing the Chvaletice Manganese Project in the Czech Republic, Europe's only near-term source of high-purity manganese, a critical ingredient in next-generation electric vehicles, energy storage batteries and defence applications.

The Chvaletice Manganese Project aims to reprocess historic mine tailings to produce high-purity electrolytic manganese metal (HPEMM), and high-purity manganese sulphate monohydrate (HPMSM), establishing a fully traceable, low-carbon supply chain within the European Union.

Euro Manganese is positioned to become Europe's first domestic producer of high-purity manganese, meeting the rising demand for sustainable, strategic battery materials while advancing Europe's clean-energy and supply-chain independence goals.

Forward-Looking Statements

Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company, its Chvaletice Project, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.

Forward-looking information or statements include all of the results of the PEA, including sensitivity analysis, estimates of internal rates of return (including any pre-tax and after-tax internal rates of return, payback periods, net present values, future production, estimates of cash cost, assumed prices for HPMSM and by-products, proposed extraction plans and methods, operating life estimates, cash flow forecasts, metal recoveries and estimates of capital and operating costs. Forward-looking statements also include the possibility for a two-stage construction strategy, and the potential to allow for further optimization of the Project in phase two, with lower upfront capital requirements, and to enhance project economics by aligning investment with cash flow. The Company has based its assumptions and analysis on certain factors that are inherently uncertain, including (i) the adequacy of infrastructure; (ii) the ability to develop adequate processing capacity; (iii) the price of HPMSM and by-products; (iv) the availability of equipment and facilities necessary to complete development; (v) the size of future processing plants and future tailings extraction rates; (vi) the cost of consumables and extraction and processing equipment; (vii) unforeseen technological and engineering problems; (viii) currency fluctuations; (ix) changes in laws or regulations; (x) the availability and productivity of skilled labour; and (xi) the regulation of the mining industry by various governmental agencies.

All forward-looking statements are made based on the Company's current beliefs including various assumptions made by the Company, including that the Chvaletice Project will be developed and operate as planned, the results of the PEA are reliable, that the Company will have sufficient financing to continue operations, and that the Company will be able to meet the conditions of its secured financing. Factors that could cause actual results or events to differ materially from current expectations include, among other things: results from the PEA are not accurate; insufficient working capital; inability to meet the conditions of its secured financing, risks due to granting security, lack of availability of financing for developing and advancing the Chvaletice Project; no available government funding or incentives; the potential for unknown or unexpected events to cause contractual conditions to not be satisfied; developments in electric vehicle battery markets and chemistries; risks related to fluctuations in currency exchange rates; and changes in laws or regulations by various governmental agencies. For a further discussion of risks relevant to the Company, see "Risk Factors" in the Company's annual information form for the year ended September 30, 2025, available on the Company's SEDAR+ profile at www.sedarplus.ca.

Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

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