First samples from demo plant expected in Q4 2022

Investment Memo: EMN 2022

Objective: First offtake partner

Our European battery metals Investment Euro Manganese (ASX: EMN) has detailed an updated timeline for the commissioning of its demonstration plant for its high purity manganese project in the European Union (Czech Republic).

With all of the plant modules now en route to Europe, EMN confirmed that it expected the modules to arrive in June/July with commissioning of the plant expected in ~September.

Importantly, EMN also confirmed that it expects to be able to deliver the first samples from the demo plant in Q4 2022.

As part of our 2022 EMN Investment Memo, we set the securing of an offtake partner as key Objective #3 for what we wanted to see EMN achieve in 2022.

We think that the demo plant is likely to be a precursor for any major offtake deal, given that customers interested in securing long term manganese supply will want to see the product specifications EMN can produce.

With the shipment of first samples now due in Q4 2022, we are hoping to see some newsflow regarding offtake discussions towards the back end of this year.