Wedoany.com Report-May 30, Euro Manganese has secured a C$11.2 million ($8 million) financing package to advance its Chvaletice Manganese Project in the Czech Republic. The funding, approved by shareholders on May 15, 2025, includes a C$9.8 million private placement of common shares and CHESS Depositary Interests, alongside a C$1.4 million share purchase plan for eligible shareholders. The company also granted options to select directors, officers, employees, and consultants.

The net proceeds will be used for ongoing development activities at the Chvaletice Manganese Project.

Martina Blahova, CEO of Euro Manganese, stated: “We are extremely pleased with the strong support demonstrated by both our existing shareholders and new investors, including the notable participation of Mr. Eric Sprott. As Euro Manganese’s largest shareholder, EBRD’s [European Bank of Reconstruction and Development] investment reinforces its support and commitment to the Chvaletice Project.” She added: “This critical financing enables the company to pursue certain key milestones and advance project development. We thank shareholders for their ongoing support.”

The funds will support key activities at the Chvaletice Manganese Project, including securing additional offtake agreements, pursuing strategic investments, operating the demonstration plant as required, and progressing the permitting process. The project involves reprocessing tailings from a decommissioned mine, transforming waste into valuable manganese resources. It is recognized as the only significant manganese deposit in the European Union, positioning Euro Manganese to supply essential raw materials for battery production, contributing to a sustainable, low-carbon economy.

In March 2025, the Czech Government designated the Chvaletice manganese deposit as a strategic resource under amendments to the Czech Mining Act. This status underscores manganese’s importance as a critical material for the Czech Republic and is expected to streamline permitting, improving the project’s development efficiency. The initiative supports local industrial needs without altering consumption or trade dynamics, focusing on recycling and resource recovery.

The Chvaletice Project aligns with global efforts to develop circular economies by repurposing mining waste into materials vital for clean energy technologies. Euro Manganese’s progress strengthens the Czech Republic’s role in supplying raw materials for the battery supply chain, fostering economic and environmental benefits.