Euro Manganese names Blahova as President, CEO
Euro Manganese Inc. [EMN-TSXV-ASX, EUMNF-OTCQX, E06-Frankfurt] has announced the appointment of Martina Blahova as permanent President and CEO. Blahova will become a member of the company’s board of directors once she has obtained a director identification number from the Australian Business Registry Services.
Blahova was named interim CEO in November 2024. She previously served as chief financial officer. She has extensive financial and leadership experience gained from working in Canada, the Czech Republic, and the United Kingdom.
As interim CEO, she helped guide the company through significant project development milestones and operational transformation. As CEOP, she will continue to focus on advancing the company’s long-term growth strategy, delivering value to shareholders, and fostering a culture of excellence.
Euro Manganese shares were unchanged at 20.5 cents on Monday and trade in a 52-week range of 65 cents and 12.5 cents.
Euro Manganese is a battery metals company with a focus on becoming a leading producer of high-purity manganese for the electric vehicle industry and other high-technology applications. It aims to achieve that goal by developing the Chvaletice Manganese Project. The project is described as a “waste-to-value recycling and remediation opportunity” involving the reprocessing of old tailings from a decommissioned mine.
Euro Manganese said the Chvaletice project is the only sizable resource of manganese in the Europe. It said the asset puts the company in a position to provide battery supply chains with critical raw materials to support the global shift to a circular, low-carbon economy.
“The Chvaletice project gained real momentum in 2022,’’ the company has said. During the fourth quarter, the company filed a technical report related to a NI 43-101 feasibility study which outlines robust base case project economics. Initial capital is estimated at US$757.3 million, including total contingencies of US$106.5 million.
Forecast life of project net revenues are US$13.3 billion with EBITDA (earnings before interest, tax, depreciation and amortization) of US$8.1 billion.
The company recently said that due to strong investor demand, a previously announced financing, including a placement in Euro Manganese Inc. of common shares and CHESS depository interests (CDIs), was upsized to $9.8 million.
Proceeds will be used to support continuing development of the Chvaletice Manganese Project in the Czech Republic.
Euro Manganese said it was pleased to report that Canadian financier Eric Sprott, via an Ontario numbered company agreed to subscribe for 16.7 million (83.3 million pre-consolidation) securities for an investment of $3.0 million. Euro Manganese also said the EBRD increased its investment to approximately $3.9 million. Additionally, the company is reducing the previously announced share purchase plan (SPP) amount to approximately $1.4 million, subject to receiving regulatory approval from the TSX Venture Exchange for the amount of units that form part of the SPP under the equity raising.