Orion debt conversion clears path for Euro Manganese to simplify balance sheet ahead of project development

JMM

10 July 2026, Vancouver, British Columbia | Euro Manganese Inc. (ASX and TSX-V: EMN; FSE: E060) has restructured its financing with long-term partner Orion Resource Partners, replacing an outstanding convertible loan with a conditional royalty arrangement. The restructure allows for the elimination of more than US$23.5 million of debt if a future fundraising condition is met, strengthening the company's balance sheet as it advances the Chvaletice Manganese Project.

The revised agreement removes repayment obligations attached to the existing convertible loan once the agreed fundraising condition is satisfied, replacing them with a revenue-based royalty over the Chvaletice Project. The move also removes several development milestones contained in the previous financing package, giving the company greater flexibility to progress the project in line with financing, permitting and market conditions.

For Euro Manganese, the restructuring is aimed at simplifying its capital structure at a time when the company is working towards the next stage of development of what it plans to become Europe's first domestic producer of high-purity manganese products for the battery sector. 

President and CEO Martina Blahova says:

"This agreement is a constructive and positive outcome for EMN. By converting the existing facility into a royalty, we are simplifying our capital structure, improving financing flexibility and positioning the Company to advance the Chvaletice Manganese Project through its next stage of development. Orion has been a valued financing partner, and this revised structure reflects its continued support for EMN and confidence in our ability to deliver this strategically important project."

Chairman Rick Anthon says:

"EMN and Orion have a mutual understanding of the greater benefits of this project for the future of Europe. The strong relationship and latest agreement mean EMN is well positioned heading into the next phase of development. We now have a clearer, simpler capital structure and greater financial flexibility to move forward."

Euro Manganese Inc. (ASX and TSX-V: EMN; FSE: E060) is a battery materials company developing the Chvaletice Manganese Project in the Czech Republic, Europe’s only near-term source of high-purity manganese, a critical ingredient in next-generation electric vehicles, energy storage batteries and defence applications. The Chvaletice Manganese Project plans to reprocess historic mine tailings to produce high-purity
electrolytic manganese metal (HPEMM), and high-purity manganese sulphate monohydrate (HPMSM), establishing a fully traceable, low-carbon supply chain within the European Union.

Euro Manganese Limited Inc. ABN 627 968 567
http://www.mn25.ca/

Media and Investor Relations: Jane Morgan Management | Wilamina Russo, [email protected]