Tillkännagivande • 57m
Euro Manganese and Mangan Chvaletice, S.R.O. File NI 43-101 Technical Report and Jorc Code Report for Preliminary Economic Assessment of Chvaletice Manganese Project
Euro Manganese Inc. and its subsidiary Mangan Chvaletice, s.r.o. have filed on SEDAR+ the 'Preliminary Economic Assessment, NI 43-101 Technical Report for the Chvaletice Manganese Project in Chvaletice, Czech Republic', prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The company will lodge on the ASX Announcement Platform the 'Preliminary Economic Assessment, Public Report for the Chvaletice Manganese Project in Chvaletice, Czech Republic', prepared in accordance with the Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition. 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 Technical Report and JORC Code Report confirm the economic and technical results disclosed in the Summary Announcement and provide an update to the sensitivity analysis used to respond to market conditions. The base price case remains unchanged: post-tax NPV of USD 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 USD 2,888/t. The upside case: post-tax NPV of USD 798 million and post-tax IRR of 16.9%, using 8% discount rate, assuming HPMSM price of USD 3,275/t. 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 USD 3,250 to USD 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. Under the base price case, the Project shows a pre-tax NPV of USD 740 million and pre-tax IRR of 16.0%, and a post-tax NPV of USD 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 USD 3,275/t compared with USD 2,888/t in the base price case, the Project shows a pre-tax NPV of USD 1,130 million and pre-tax IRR of 19.5%, and a post-tax NPV of USD 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. 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. 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. 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. 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.