Name of the Project
Chvaletice manganese project.

Location
About 90 km east of Prague, in the Czech Republic.

Project Owner/s
Euro Manganese Inc, through its wholly owned Czech subsidiary Mangan Chvaletice.

Project Description
The project entails the reprocessing of manganese-bearing tailings from a decommissioned mine that operated from 1951 to 1975. The project is intended to clean up historic mine tailings and produce high-purity manganese products for battery supply chains, and has been described as a waste-to-value recycling and remediation project, rather than a conventional hard-rock mining project.

The project has a 26-year life and is expected to produce high-purity manganese sulphate monohydrate (HPMSM) containing at least 99.9% HPMSM, with a minimum manganese content of 32.34%. The May 2026 preliminary economic assessment (PEA) proposes a phased development approach.

The PEA envisages a process plant with a nameplate capacity of 150 000 t/y of HPMSM processing about 1.1-million tonnes a year of historical tailings.

The revised flowsheet also supports production of 50 000 t/y of high-purity manganese metal (HPEMM), with full conversion to 150 000 t/y of HPMSM, while retaining flexibility to supply HPEMM and HPMSM products as customer requirements evolve.

The PEA also incorporates magnesium carbonate (MgCO₂) as a newly recognised by-product. This could allow for production of up to 20 000 t/y of MgCO₂, adding incremental value with minimal additional capital. The project’s combined measured and indicated resources are estimated at 26.96-million tonnes grading 7.33% total manganese and 5.86% soluble manganese. No mineral reserves have been defined for the project.

Potential Job Creation
The project is expected to create 800 to 1 000 jobs during construction and provide long-term employment for about 400 direct staff during operations.

Net Present Value/Internal Rate of Return
The May 2026 PEA estimates a pretax net present value, at an 8% discount rate, of $740-million and a pretax internal rate of return of 16%. The post-tax net present value is estimated at $492-million, with a post-tax internal rate of return of 13.8%. Payback from the start of processing is estimated at 6.5 years before tax and 7.3 years after tax.

Capital Expenditure
Initial capital expenditure for Phase 1, representing 50% capacity, is estimated at $627.5-million. Phase 2 expansion capital, to take the project to 100% capacity, is estimated at $197.8-million. The PEA also states that about $670.9-million in funding is assumed to be required for initial capital expenditure and working capital.

Planned Start/End Date
Production is targeted in 2032.

Latest Developments
Euro Manganese plans to advance the project towards a full feasibility study, targeted for completion in the first half of 2027. Euro Manganese has reported that most permits have been secured, the environmental- and social-impact assessment has been finalised, and the project has been designated as a Strategic Deposit under Czech law and a Strategic Project under the EU Critical Raw Materials Act. During 2026, Euro Manganese expects to focus on advancing its financing strategy, securing the remaining land surface rights required for full project development, progressing permitting under the

Building Act and pursuing Czech and EU grants and incentives.

Key Contracts, Suppliers and Consultants
Tetra Tech Canada (May 2026 PEA); Beijing General Research Institute for Mining, or BGRIMM, together with Euro Manganese and Tetra Tech (processing facilities for HPMSM production); and Marketeye.org (high-purity manganese market report used for the PEA’s HPMSM pricing assumptions).

Contact Details for Project Information
Euro Manganese Inc, tel +1 604 681 1010 or email info@mn25.ca.