19 August 2024 | Euro Manganese Inc. (ASX:EMN; TSX-V:EMN; OTCQB:EUMNF; Frankfurt:E06) ("Euro Manganese" or the "Company") is pleased to announce that it has entered an offtake term sheet with Wildcat Discovery Technologies ("Wildcat"), which is a leader in the battery industry based in San Diego, California. The agreement outlines the sale of high-purity manganese products from the Company’s flagship Chvaletice Manganese Project in the Czech Republic.
Highlights:
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Strategic Partnership: The term sheet indicates a new long-term partnership between Euro Manganese and Wildcat, focusing on the supply of high-purity manganese products. Deliveries are expected to commence upon the successful qualification of the product by Wildcat's planned U.S. plant, which is anticipated to be operational between 2026 and 2027.
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Initial Seven-Year Term: The agreement covers an initial term of seven years, with the possibility of further renewal. During this period, the offtake volumes are set to increase, representing a significant percentage of Euro Manganese’s annual production from the Chvaletice Manganese Project.
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Pricing Mechanism: The pricing mechanism will be linked to market indicators, with provisions for adjustments based on specific benchmarks.
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Potential for Binding Agreement: While the term sheet is currently non-binding and contingent on the construction of Wildcat’s U.S. plant, both parties intend to finalise a binding offtake agreement.
Dr. Matthew James, President & CEO of Euro Manganese, commented: “This is another major milestone for Euro Manganese and for the western market battery value chain. This long-term offtake term sheet represents a significant percentage of the planned production of the Chvaletice Manganese Project over time. An important value proposition is [that] our product does not originate from, or is processed by, a foreign entity of concern, a key purchasing criteria for North American customers. We look forward to working with Wildcat as they advance on their goals of delivering CAM materials to their customers.”
Mr. Mark Gresser, CEO of Wildcat, stated: “This agreement represents an important step for Wildcat in the development of high quality, low-cost, reliable, localised and IRA compliant sources for important cathode pre-cursor materials. We view the Euro Manganese partnership as an important piece to our supply chain strategy, and look forward to working with them in the coming years.”
For further information, please contact:
Dr. Matthew James
President & CEO
+44 (0)747 229 6688
mjames@mn25.ca
LodeRock Advisors
Neil Weber
Investor and Media Relations – North America
+1 (647) 222-0574
neil.weber@loderockadvisors.com
Jane Morgan Management
Jane Morgan
Investor and Media Relations - Australia
+61 (0) 405 555 618
jm@janemorganmanagement.com.au
About us:
About Euro Manganese:
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 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 Europe, 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 Wildcat Discovery Technologies:
Wildcat’s mission is to produce high-performance U.S.-made cathode materials to enable the widespread adoption of clean energy. Founded in 2006, the company plans to manufacture a portfolio of nickel- and cobalt-free cathode materials at a production factory in the United States. At the same time, Wildcat will continue to leverage its 15 years of materials development and cell design expertise to help customers achieve the best integrated battery cell performance.
Contact details:
Jane Morgan
Jane Morgan Management
Investor and Media Relations - Australia
jm@janemorganmanagement.com.au