Euro Manganese has closed a financing package totalling C$11.2m ($8m), earmarked for the development of its Chvaletice Manganese Project.
The financing package, approved by shareholders at an annual general and special meeting on 15 May 2025, comprises a private placement of common shares and CHESS Depositary Interests, raising C$9.8m.
Additionally, a share purchase plan with certain eligible shareholders contributed C$1.4m.
The company also announced an option grant to certain directors, officers, employees and consultants.
Euro Manganese CEO Martina Blahova said: “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. This critical financing enables the company to pursue certain key milestones and advance project development. We thank shareholders for their ongoing support.”
The net proceeds will be used for ongoing development activities at the Chvaletice Manganese Project.
These activities include securing additional offtake term sheets and strategic investments, operating the demonstration plant as needed and advancing the project's permitting process.
The Chvaletice Project represents a unique waste-to-value recycling and remediation opportunity by reprocessing old tailings from a decommissioned mine.
It is reputed to be the only significant manganese resource in the EU, strategically positioning Euro Manganese to supply critical raw materials for battery supply chains, supporting the global transition to a circular, low-carbon economy.
In March, the Czech Government officially designated the manganese deposit at Euro Manganese’s Chvaletice project as a strategic deposit under the Czech Mining Act amendments.
This recognition emphasises the importance of manganese as a strategic and critical raw material for the Czech Republic and is expected to streamline the permitting process, enhancing the predictability and efficiency of project development.
