Euro Manganese strengthens the business case for Chvaletice

Euro Manganese has reached another important milestone by filing both its NI 43-101 Technical Report and JORC Code Report for the Preliminary Economic Assessment (PEA) of the Chvaletice Manganese Project in the Czech Republic. While the reports confirm the technical and economic assumptions announced earlier this year, they also introduce an updated market sensitivity analysis that highlights the project’s potential upside in a strengthening manganese market.

The economics continue to strengthen

The newly filed reports reaffirm the project’s base-case economics, while adding a new upside scenario based on evolving long-term market expectations for high-purity manganese sulphate monohydrate (HPMSM), one of the most important battery materials for electric vehicle production. Under the base case, assuming an HPMSM price of US$2,888 per tonne, the Preliminary Economic Assessment delivers a post-tax Net Present Value (NPV) of US$492 million and a post-tax Internal Rate of Return (IRR) of 13.8%, using an 8% discount rate.

The updated sensitivity analysis also evaluates a higher-price environment, assuming an HPMSM price of US$3,275 per tonne. Under this scenario, the project’s economics improve significantly, with a post-tax NPV increasing to US$798 million and a post-tax IRR rising to 16.9%, illustrating the leverage that strategic battery material projects may have as demand continues to grow.  Importantly, the company emphasizes that the base price case remains the principal case for evaluating the project’s economics, while the upside scenario is presented solely to illustrate market sensitivity rather than as a forecast.

Building a European supply chain outside China

Euro Manganese is developing what could become Europe’s first domestic producer of high-purity manganese, using an innovative approach that reprocesses historic mine tailings to produce high-purity electrolytic manganese metal (HPEMM) and high-purity manganese sulphate monohydrate (HPMSM). The project aims to establish „a fully traceable, low-carbon supply chain within the European Union,” supporting the region’s ambitions for greater supply chain resilience and industrial independence.

From technical validation to project development

For Euro Manganese, filing internationally recognized NI 43-101 and JORC-compliant reports represents more than a regulatory requirement. It provides investors, lenders and strategic partners with an independently verified technical foundation as the company advances toward engineering, permitting, financing and commercial discussions.

As President and CEO Martina Blahova stated: „The filing of the NI 43-101 Technical Report and JORC Code Report is an important milestone for Euro Manganese and provides additional technical disclosure supporting the preliminary economic assessment for the Chvaletice Manganese Project.”

She added: „As Europe and allied markets continue to seek secure and transparent sources of critical battery materials, Chvaletice will contribute to a more diversified manganese supply chain outside of China.”

Why it matters

Critical minerals have become central to industrial policy, energy security and economic competitiveness. While lithium, nickel and copper often dominate headlines, manganese remains an essential ingredient in many next-generation lithium-ion battery chemistries. As governments seek to localize battery manufacturing and diversify supply chains, projects capable of delivering responsibly produced, high-purity manganese within Europe are likely to attract increasing strategic attention.