Euro Manganese Announces Offtake Term Sheet with Wildcat Discovery Technologies
Euro Manganese Inc. (TSX-V and ASX: EMN; OTCQB: EUMNF; Frankfurt: E06) (referred to as "the Company" or "EMN") is excited to share that it has signed an offtake term sheet with Wildcat Discovery Technologies ("Wildcat"). This agreement involves the sale of high-purity manganese products sourced from the Company’s Chvaletice Manganese Project ("Chvaletice" or "the Project").
Highlights
- Wildcat, based in San Diego, California, collaborates with leading companies in the battery industry to ensure that all components of the battery cell work together for optimal performance. Their consistent advancements in technology have led them to focus exclusively on producing nickel and cobalt-free cathodes. Wildcat is also in the process of building a plant in the U.S. that will manufacture a range of safe, sustainable, and cobalt/nickel-free cathode materials for electric vehicle batteries and other applications, including stationary storage.
- According to the term sheet, deliveries will begin with the first production and will last for an initial period of seven years, with the possibility of renewal. The start of this initial term is contingent upon Wildcat successfully qualifying the Company’s high-purity manganese product from the Chvaletice Demonstration Plant.
- The tonnage of offtake will increase over the seven-year period, with the average annual tonnage representing a significant portion of the Company’s yearly high-purity manganese production. Pricing is anticipated to be influenced by market conditions, with mechanisms in place for adjustments based on specific benchmarks.
- While the term sheet is non-binding and depends on Wildcat completing its U.S. plant, both parties plan to finalize a binding offtake agreement that will detail the pricing mechanisms and tonnages.
Dr. Matthew James, President & CEO of Euro Manganese, remarked: “This marks another significant milestone for Euro Manganese and the battery value chain in the western market. This long-term offtake term sheet represents a considerable portion of the anticipated production from the Chvaletice Manganese Project over time. A key advantage of our product is that it is not sourced from or processed by any foreign entities of concern, which is a crucial factor for North American customers. We are eager to collaborate with Wildcat as they work towards their goals of delivering CAM materials to their clients.”
Mr. Mark Gresser, CEO of Wildcat, stated: “This agreement is a significant advancement for Wildcat as we develop high-quality, cost-effective, reliable, and IRA-compliant sources for essential cathode precursor materials. We view our partnership with Euro Manganese as a vital component of our supply chain strategy and look forward to collaborating with them in the years ahead.”
About Euro Manganese
Euro Manganese is dedicated to becoming a leading, competitive, and environmentally responsible producer of high-purity manganese for the electric vehicle sector and other high-tech applications. The Company is advancing the Chvaletice Manganese Project, which presents a unique opportunity to recycle and remediate by reprocessing old tailings from a decommissioned mine. This project is the only significant manganese resource in Europe, strategically positioning the Company to supply critical raw materials needed for the global transition to a circular, low-carbon economy.
About Wildcat
Wildcat aims to manufacture high-performance, U.S.-made cathode materials to support the broad adoption of clean energy. Established in 2006, the company is set to produce a range of nickel- and cobalt-free cathode materials at its U.S. production facility. Concurrently, Wildcat will leverage its 15 years of expertise in materials development and cell design to help clients achieve optimal integrated battery cell performance.
Inquiries - Euro Manganese
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
Company Address: #709 -700 West Pender St., Vancouver, British Columbia, Canada, V6C 1G8
Website: www.mn25.ca
Frequently Asked Questions
What is the purpose of the offtake term sheet?
The offtake term sheet facilitates the sale of high-purity manganese from Euro Manganese's Chvaletice Project to Wildcat Discovery Technologies.
How long is the initial term for the offtake agreement?
The initial term for the offtake agreement is seven years, with the possibility of renewal.
Why is this agreement important for Euro Manganese?
This agreement represents a significant portion of the planned production, positively impacting the company’s future revenue streams.
What is the main product being sold under this agreement?
The primary product being sold is high-purity manganese, which will be used in electric vehicle batteries and high-technology applications.
Who is the CEO of Euro Manganese?
The CEO of Euro Manganese is Dr. Matthew James.
