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EURO MANGANESE INC - Corporate Spotlight

Euro Manganese Inc. (EMN on TSX-V and ASX) is a Canadian public company focused... Euro Manganese Inc. (EMN on TSX-V and ASX) is a Canadian public company focused exclusively on the development of a new high purity manganese production facility, based on the recycling of a tailings deposit located in the Czech Republic.More

Corporate Spotlight

Euro Manganese Inc. (EMN on TSX-V and ASX) is a Canadian public company focused exclusively on the development of a new high purity manganese production facility, based on the recycling of a tailings deposit located in the Czech Republic.
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Euro Manganese (ASX:EMN) to raise around A$12M for Czech Project


ASX:EMN    MCAP $59.37M 

President & CEO, Marco Romero on the Market Herald Dealroom - October 2020
Source: Mining Journal

  • Resource developer Euro Manganese (EMN) is set to raise C$11.4 million (around A$12 million) for its Chvaletice Manganese Project in the Czech Republic
  • The company issued almost 2 million shares at C$0.19 (A$0.20) and 58 million chess depositary interest (CDIs) for Australian investors at 20 cents
  • The funds will be used to further progress the company's Chvaletice Demonstration Plant, plus advancing project permits and its feasibility study
  • Euro Manganese announced the placement was oversubscribed and received strong support from both new and existing shareholders

Euro Manganese (ASX:EMN) is set to raise C$11.4 million (around A$12 million) for its Chvaletice Manganese Project in the Czech Republic. 

The company issued nearly 2 million shares at C$0.19 (A$0.20) and 58 million chess depositary interest (CDIs) for Australian investors at 20 cents each. The placement will be undertaken in two parts.

The funds from the private placement will be used to further progress Chvaletice Manganese Project, which includes the purchase, installation and operation of the Demonstration Plant and the advancing project permits plus feasibility study.

The company said the placement was oversubscribed and received strong support from both new and existing shareholders, which includes a number of new institutional and specialist resources investment funds. 

President and CEO, Marco Romero, says he is pleased to see such strong support and interest from investors. 

"It will provide us with the capital to accelerate progress at our Chvaletice Manganese Project and will allow us to push ahead with the project permitting, the feasibility study, and to initiate the testing phase of the supply chain qualification of our high-purity manganese products," Marco said.

"We will place the order for our demonstration plant immediately," he said. 

Canaccord Genuity was appointed Lead Manager and Brookrunner to the placement with Bacchus Capital. 

Additionally, Canaccord will receive 6 million broker warrants to be used between 36 months from the closing of the placement. A total of 3 million of the broker warrants will have an exercise price of C$0.30 (A$0.32) and the other half will be priced at C$0.35 (A$0.37). 

The demonstration Plant 

The Demonstration Plant (DP) is a 7-times scale up of the projects successful pilot plant built in 2019. 

"[It] is designed as a locked-cycle, semi-batch, manually operated system of eleven interconnected modules that can be utilised as a circuit or as stand-alone components," the company posted. 

The DP will allow Euro to build on the successful past metallurgical test work and pilot plant testing, which has seen cases exceed the ultra-high purity manganese specifications which are needed by high-tech customers. 

The DP will be delivered by a fixed-price turnkey engineering, procurement and construction contract, which will help with the company supply chain qualification process with major parties within the European and global lithium-ion battery industry.

Read the full article on The Market Herald Here


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Battery Day: The ASX stocks energised by Tesla’s showcase

Special Report

  • Electric vehicle giant Tesla's latest showcase brought battery metals into the spotlight this week
  • The historical event, dubbed Battery Day, took place on Wednesday and widely impacted global markets
  • During the showcase, Tesla Chief Executive Elon Musk announced the company would enter the mining industry after it secured the rights to a lithium clay deposit in Nevada
  • In addition, the company will divest from cobalt, the 'blood diamond of batteries,' and instead turn to a mineral more easily and ethically mined – manganese
  • Finally, these changes are part of Tesla's grand plan to build a cheaper, more efficient battery that will, in turn, deliver Elon to his overall goal; an EV which costs just US$25,000 (around A$35,320)
  • The Battery Day news made waves down under— Aussie resources stocks like Euro Manganese soared, while lithium producers like Galan Lithium remained upbeat
  • But there may be even more opportunity for our homegrown stocks if they look to the global market

Electric vehicle giant Tesla's latest showcase brought battery metals into the spotlight this week.

The historical event, dubbed Battery Day, took place on Wednesday and widely impacted global markets.

While Battery Day sent Tesla stock tumbling — the NASDAQ lister shed 15 per cent come Wednesday night's close — some of our homegrown explorers and producers rose into the green.

News that Tesla would enter the mining industry, phase out cobalt, and aim to produce a US$25,000 EV sent some small-cap stocks soaring.

So, now that Battery Day has come to an end, is the green run here to stay? Or should producers look beyond Tesla to find their niche in an increasingly competitive market?

About Battery Day

In surely one of the most unique investor presentations in history, Tesla’s Battery Day required those investors keen to attend the outdoor event to park themselves in a Tesla vehicle.

Then, once those socially distanced investors were secure, they could either tune in to the radio to listen to speakers or wind down the window and let the world in.

Investors honked approval at speakers and presenters, and the entire experience was very on-brand for a company with a history of subverting expectations.

There were three takeaways from the milestone event: First, Tesla will enter the mining industry after it secured the rights to a 10,000-acre lithium clay deposit.

Second, Tesla will no longer use cobalt in its car batteries but instead, pivot towards metals like manganese and nickel.

Finally, these changes are part of the grand plan to build a cheaper, more efficient battery that will in turn deliver Elon to his overall goal; an EV which costs just US$25,000 (around A$35,320).

“It’s absolutely critical that we make cars that people can actually afford,” Musk said. “Affordability is key to how we scale."

In Australia, Tesla’s Model 3 EV currently retails for around A$73,000, not including add-ons. As a result, the sought-after price point may still be a while off.

Musk the miner

Tesla's move into mining was initally flagged at Tesla’s 2019 shareholder meeting.

It's largely because Elon believes that Lithium is an abundant resource. Through integration, the Tesla Chief predicts he can lower the costs of lithium production by up to 33 per cent.

At Battery Day, he revealed the company had secured a deposit in Nevada, where it can build a cathode plant and practically bring the factory to the mine.

Significantly, Elon Musk says the company's moving forward with a new way to extract lithium from ore by using table salt — a more eco-friendly process with less water wastage.

“Nobody’s done this before, to the best of my knowledge, nobody’s done this," the Tesla CEO said. “It’s a very sustainable way of obtaining lithium.”

Cobalt out, manganese in

Aside from Tesla’s pivot to mining, the other big takeaway from Battery Day was Tesla’s move from cobalt towards cathode minerals which are easy to ethically source.

In the past, cobalt has been dubbed the ‘blood diamond of batteries.’ That's primarily due to ethical issues surround the way it's mined and sourced — scaring many EV manufacturers, including Tesla, away.

But the decision to move away from cobalt has led Tesla to another metal: manganese.

Specifically, the new cathodes Tesla is aiming to produce will contain one-third manganese and two-thirds nickel.

“It’s relatively straightforward to do a cathode that’s two-thirds nickel and one-third Manganese, which will allow us to make 50 per cent more cell volume with the same amount of nickel” Musk said.

Aussie stocks

Tesla’s move into the mining sector prompted investors to hit the eject button and dump the stock on Wednesday. But the news hit differently down under and proved there was opportunity yet for materials stocks to support the EV giant.

In fact, there were some ASX diamonds that managed to not only survive, but thrive.

Predictable, the big winner was manganese. Euro Manganese (ASX/TSXV:EMN) climbed 40.7 per cent after the good news broke.

The resource company is currently sitting on Europe’s largest manganese deposit, putting it front and centre in any discussions involving EV expansion throughout Europe.

Lithium producers also surged after Musk said he would enter the mining industry.

Galan Lithium (ASX:GLN), a Perth-based lithium brine concentrate explorer operating in the 'Lithium Triangle,' is situated within an exploration region straddling Chile, Argentina and Bolivia. Significantly, this area boasts approximately 50 per cent of the world’s lithium.

Lithium brines contain much higher concentrations of lithium when compared the hard rock form of the mineral, and if an explorer can find a deposit which isn't riddled with impurities, it can outperform the big miners when it comes to pricing.

Galan CEO, JP Vargas de la Vega, said that he was “very excited” by the prospect of Tesla entering the mining space, saying all [Tesla] needed was “one little delay” and then the lithium industry “would boom.”

Broadly speaking, the growing demand for battery materials could also encourage manufacturers to look for new technologies.

For example, small-cap Australian alumina producer Altech Chemicals (ASX:ATC) yesterday revealed it had reached the final stages of development for super high purity alumina, a chemical which could be used in the next generation of lithium-ion batteries.

That, coupled with the buzz around battery stocks not named cobalt, sent ATC's share price up 25 per cent.

A world of opportunity

Tesla's Battery Day showcased the company's grand plans for the electric vehicle industry.

But there’s more to EV’s than just Tesla.

The global electric vehicle market is tipped to produce more than 80 million cars over 2020, of which Tesla should account for about 25 per cent.

The EV market can largely be divided into three geographical sectors — North America, Asia and Europe.

Broadly speaking, Tesla is the obvious global market leader and is unlikely to be knocked off that perch anytime soon.

However, there are some 400 registered Chinese electric vehicle manufacturers which need lithium-ion batteries.

That leaves the majority of the world's electric vehicle manufacturers without secure lithium supplies, creating a viable market for smaller, hungrier Australian producers.

The bottom line? There’s still some charge left in our battery metals sector.

Read the full Special Report here: https://themarketherald.com.au/battery-day-the-asx-stocks-energised-by-teslas-showcase-2020-09-26/


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Euro Manganese to File Chvaletice Manganese Project Environmental Impact Assessment Notification

ASX Release 29th June 2020

  • Filing of EIA Notification triggers project permitting process
  • Studies confirm that Project is not expected to cause any significant adverse impacts to
  • the environmental or human health
  • Project is designed to meet all Czech Republic and European Union environmental,
  • health and safety standards
  • Project poised to become Europe’s only primary producer of high-purity manganese products by reprocessing waste, serving rapidly emerging European EV battery market

VANCOUVER, British Columbia (June 29, 2020) – Euro Manganese Inc. (TSX-V / ASX: EMN) (“EMN” or the "Company") is pleased to announce that it will file the Environmental Impact Assessment (EIA) Notification with the Czech Ministry of Environment on June 30th 2020, for its Chvaletice Manganese Project (“Chvaletice” or “the Project”) located in the Czech Republic. The Project entails reprocessing a large anthropogenic deposit of manganese carbonate, contained in waste from an historical mining operation. Chvaletice stands to become Europe’s only primary producer of high-purity manganese products, without the adverse impacts of hard-rock mining and the resulting generation of large quantities of new waste.

EMN President & CEO, Marco Romero, stated:

“This is a major milestone for Euro Manganese. The EIA Notification is the culmination of years of work on the ground, including extensive environmental baseline and impact studies, and a multi- million-dollar investment to plan and design a world-class high-purity manganese producer in Europe.

With this filing, we will also present our Project development plan, which benefitted from extensive consultation with local communities and stakeholders, from whom we received invaluable input. The plan features the application of strict and very high environmental, health, safety and social standards. The studies indicate that, on balance, this project is positive for the environment, local residents and the Czech Republic. Environmental protection and stewardship are front and centre in this Project, which is located on a site significantly impacted by historical mining activity.

A key associated benefit of the Chvaletice Manganese Project is that it will result in the rehabilitation, restoration and reclamation of a polluted site through the implementation of the highest environmental standards and engineering practices. Our goal is to competitively produce ultra-high- purity manganese products with best-in-class environmental and social performance. Nothing less than that is expected by manufacturers and buyers of batteries in the rapidly growing electric vehicle market.”

EMN and its wholly-owned Czech subsidiary, Mangan Chvaletice s.r.o (“Mangan”), engaged the services of Bilfinger Tebodin Czech Republic, s.r.o. (“Bilfinger Tebodin”) to prepare the EIA Notification, following completion of extensive environmental baseline studies and all necessary environmental impact studies prepared by various expert consultants. The proposed project is based on the development plan and process flowsheet presented in the Preliminary Economic Assessment issued in March 2019. 

Pavel Celunda, Bilfinger Tebodin’s Managing Director stated:

“We appreciated the professionalism and high environmental and technical standards that have been applied by the EMN and Mangan teams since we began to work with them in 2016. The Company has implemented a proactive and diligent approach to minimising the environmental and social impacts of the proposed operation and, importantly, incorporated into the project a value-adding environmental restoration of this polluted site.”

Numerous detailed expert studies were prepared as part of Chvaletice’s development over the past four years. These include a comprehensive site-wide Biological Survey; a detailed Air Dispersion model; an Acoustic/Noise Impact Study; a Road and Rail Transportation Study; a site-wide Hydrogeological Survey; a Health Impact Assessment; an Impact on Landscape Character Study; and a Reclamation and Remediation Study.

Key findings of these studies include:

Water Quality:

The Project’s proposed remediation and reclamation plan will have a significant positive impact by drastically reducing the seepage of historical pollutants into surface and groundwater, as well as the adjacent Labe River.

The current tailings are permeable and unlined and have been releasing metals and salts into the environment since historic tailings deposition was initiated in 1951. The EMN plan includes implementation of best-practices in tailings management, including dry-stacking of processed tailings on an impermeable liner, as well the capping and progressive revegetation of the site.

Air Quality:

The Project will not exceed limit values set for nitrogen dioxide (NO2), suspended particulate matter PM10 and PM2.5, or any other controlled airborne pollutants. In addition, the risk associated with sulphuric acid (H2SO4), ammonia and manganese were assessed through screening risk characterization relative to reference exposure limits, reference concentrations and exposure limit values set by international scientific institutions and the World Health Organization. The results of this assessment do not indicate any material risk of a negative impact on public health, as these pollutants will remain well below the reference value levels.

Acoustic Impacts:

Acoustic impacts generated by the Project are not expected to have a negative impact on public health. During normal operations, the acoustic impact at the nearest residential buildings are expected to remain below the daytime noise pollution threshold of 50 dB. The net acoustic contributions of the Project are expected to be negligible at night due to mitigation measures designed into the project, including building enclosures, acoustic barriers, vegetetion screens and other mitigation measures. With the proposed introduction of a vehicular noise barrier along Highway II/322, adjacent to the town of Chvaletice, along with the proposed operational shift hours,

the Project is expected to result in a noise reduction of up to 8 dB in Chvaletice. Additional mitigation will be realized through the proposed daytime only operation of the rail siding and tailings extraction operations.

Socioeconomic Impacts:

The Project will support regional economic development and diversification of the Pardubice Region, and other regions in the Czech Republic. Significant contracting opportunities for local businesses are anticipated during both the construction and operation phases. The Project is anticipated to create approximately 400 direct, full-time jobs for more than 25-years, which will make Mangan an important long-term employer in this region. In addition, the proposed process plant is located within a brownfield area, where there are currently numerous buildings in various states of disrepair that will be removed. The impact on community assets and cultural monuments has been assessed as insignificant. The construction and operation of a modern processing plant and the environmental rehabilitation of this already polluted site is expected to be overwhelmingly beneficial to the area and its residents.

Health Impact Assessment:

The Project is not expected to increase health risks for the nearby population via the introduction of above-limit noise emissions and/or air and water pollutants. As a result, the Project is not expected to adversely affect public health in the area. Certain aspects of the project are, in fact, expected to generate positive health risk reduction and outcomes, such as the elimination of groundwater pollution caused by the unlined tailings and the reduction of existing highway and railway noise levels in the town of Chvaletice.

Remediation and Reclamation:

The proposed remediation and reclamation plan for the tailings follows the highest international principles of sustainable development and seeks to protect and promote biodiversity. The plan was prepared following extensive community consultation and input from local residents. A combination of natural and recreational features is envisaged for the closure design, ensuring a robust and healthy aquatic and terrestrial ecosystem, while providing valuable recreational opportunities for local residents. Conversion of the currently polluted area into a natural biotope that meets all modern Czech and European Union standards and guidelines will be a significant collateral benefit of the Project.

The timeline for the review of the EIA Notification by the Czech Ministry of Environment is expected to last approximately six to eight weeks, after which initial regulatory feedback is expected. Comments, gaps, deficiencies and clarification requests will be addressed by the Company in the subsequent phase of the permitting process, which the Company targets to result in the completion of the Final EIA during 2021.

About Euro Manganese:

Euro Manganese Inc. is a Canadian mineral resource company focused on the development of the Chvaletice Manganese Project in the Czech Republic. 

The Project will recycle historic mine tailings that host Europe’s largest manganese deposit and result in an environmental remediation of this site. The European Union is emerging as a major electric vehicle manufacturing hub. 

EMN's goal is to become the preferred supplier of sustainably produced ultra-high-purity manganese products for the lithium-ion battery industry and for producers of specialty steel, high-technology chemicals and aluminum alloys.

This announcement was authorized for release by the CEO of Euro Manganese Inc.

ASX Release 29th June 2020


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Euro Manganese Makes Final Payment in the Acquisition of the Chvaletice Manganese Project

ASX Release 15th May 2020

  • EMN pays final installment in Chvaletice Manganese Project purchase

  • EMN to present at Benchmark Mineral Intelligence World Tour Online

VANCOUVER, British Columbia (May 14, 2020) – Euro Manganese Inc. (TSX-V / ASX: EMN) (the "Company" or "EMN") is pleased to announce that it has issued the final tranche of common shares ("Shares") in connection with the acquisition of its wholly-owned subsidiary which holds 100% of the rights to the Chvaletice Manganese Project, and that its President and CEO will be presenting online at the Benchmark Mineral Intelligence World Tour conference.

Final Tranche of Shares Issued to Acquire Mangan Chvaletice s.r.o.

On May 13, 2020, the Company issued 3,333,333 Shares to the founding shareholders of Mangan Chvaletice s.r.o. ("Mangan") to satisfy its final commitment pursuant to the Mangan Acquisition Agreement dated May 13, 2016 (the "Mangan Acquisition Agreement"). The Shares were valued at $300,000 based on $0.09 per Share, being the 20-trading day volume weighted average of the Company's share price immediately prior to the day of issuance.

Pursuant to the Mangan Acquisition Agreement, the Company acquired a 100% interest in Mangan which holds the rights to the Chvaletice Manganese Project. The sale and purchase agreement required the issuance of Shares in five equal annual tranches, each valued at $300,000, for a total value of $1,500,000, and the granting of a 1.2% net smelter royalty interest to the original shareholders of Mangan. In connection with the first four tranches, the Company had previously issued a cumulative 8,655,845 Shares, with a total value of $1,200,000.

EMN CEO, Marco Romero, to Present at Benchmark Mineral Intelligence World Tour Online

The Company’s President & CEO, Marco Romero, will be presenting at the Benchmark Mineral Intelligence ("Benchmark") World Tour conference to be held online during the week of May 25th and featuring guests speakers and company profiles with an upstream mining and battery grade chemical focus. The online platform has been established to provide Benchmark’s client base with informative online seminars whilst travel is curtailed and is offered in two time zone opportunities for both Eastern and Western hemispheres. 

Mr. Romero will be presenting online as follows:

Benchmark World Tour East: Tuesday, 26 May 2020, 8 AM London time; 

and Benchmark World Tour West: Wednesday, 27 May 2020, 4 PM London time.

Read the full ASX Release Here


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ASX Release 29th May 2020

Vancouver, Canada (May 28, 2020) – Euro Manganese Inc. (TSX-V / ASX: EMN) (the “Company” or “EMN”), holder of 100% of the rights to Chvaletice Manganese Project (the “Project”) in the Czech Republic, is pleased to announce that it has initiated a process with its financial adviser, Bacchus Capital Advisers (“BCA”), to secure a strategic partner to assist with the development of the Project.

The Company has received expressions of interest from various parties to partner in the development of the Project and, as a result, the board of directors of the Company (the “Board”) believes that it is in the best interest of all of our stakeholders to launch a formal global partner search to find an optimal ownership and/or capital structure that can support the advancement of this important European waste recycling project.

The Chvaletice Manganese Project represents a sizeable, globally significant, and advanced stage development opportunity that is expected to sustainably and competitively deliver battery-grade, high- purity manganese products. This Project is highly strategic due to its well-connected location in the heart of Europe’s fast-growing electric vehicle and battery production supply chain. Chvaletice stands to become Europe’s only primary producer of high-purity manganese products. Development of this resource is expected to have a significant positive impact on the future of European sustainable battery manufacturing.

EMN and BCA will evaluate all available options for the advancement and development of the Project, to deliver maximum value of this strategic asset for the Company’s shareholders. The Company looks forward to updating shareholders and other stakeholders as to the results of this process.

The Company confirms that while it has received initial approaches from certain parties, it is not in receipt of any binding offer at this time. There can be no certainty that this process will result in an offer or any form of transaction, or about the terms and timing of such matters.

Any interested party wishing to participate in this process should contact BCA directly (contact details as set out below).

The Board reserves the right to alter any aspect of the process as outlined above or to terminate the process at any time and, in such cases, will make further announcements as appropriate. The Board also reserves the right to reject any approach or terminate discussions with any interested party at any time.

EMN does not intend to disclose developments with respect to this strategic process unless the Board has approved a specific transaction, or otherwise determines that disclosure is necessary or appropriate.

Read the full ASX Release here


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