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Powering the Future with Sustainable High-Purity Manganese INVESTOR PRESENTATION October 2025
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Forward-Looking Statements and Risks Notice 2 Certain statements in this presentation constitute “forward looking statements” or “forward looking information” within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its Chvaletice Project, its North American strategy, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, or be “taken, occur or be achieved”. Forward looking statements include, but are not limited to, statements regarding global supply shortage and projected deficit of manganese, the Company being well positioned to meet current and future demand with its products; ability for the Company to be partner for global energy transition supply chain; trends including higher use of manganese in chemistries and to secure supply outside of China; timelines and ability of the Company to achieve material and near-term catalysts including for the demonstration plant, financing and final investment decision, offtake term sheets and agreements, land access and permitting, EPCM for the commercial plant, and optimization program leading to updated technical studies, any anticipated benefits from strategic project status under the CMRA or strategic deposit under Czech legislation, including access to funding, expedited permitting, tax relief, or any other benefits, the ability to obtain any grants, subsidies, or funding from the European Union, Czech state, or under any other program or legislation, and the ability for the Company to benefit from legislation in the European Union or elsewhere. Regarding the Chvaletice Project, forward looking information or statements include, but are not limited to, statements regarding the optimization program and ability to strengthen economics or any other benefits including enhancing efficiency and reducing capital and operating costs, the Company’s ability to deliver positive environmental impact, job creation, community benefits, and royalties and/or taxes; the ability of the Company to obtain required permits and surface rights; and the results of the feasibility study and economic analysis. Forward looking statements also include statements regarding the Company’s offtake strategy, statements regarding by-product opportunities, and statements about the Company’s project financing strategy, including regarding any debt funding potential from the European Bank for Reconstruction and Development (“EBRD”) or the European Investment Bank, ESG Funds, or commercial banks, and any equity, strategic investment, and any royalties, and potential grants. Regarding the Orion secured financing, such forward-looking information or statements include, ability of the Company to meet required milestones and condition precedents to access the second US$30m tranche of funding, potential conversion of the loan into a royalty, the Company’s ability to advance the Project if it receives some or all of the secured funding package, and the Company’s ability to satisfy the conditions precedent and make a final investment decision in order to complete the sale of the US$50 million royalty. Regarding the Bécancour Plant, forward-looking statements include, but are not limited to, statements concerning the Company’s plans for advancing the Bécancour Plant, results from the scoping study, statements regarding the timing for completion of the Bécancour feasibility study, the Company’s estimated engineering and construction timelines to build the Bécancour Plant, the technical capability of the Bécancour Plant, ability to execute on the option agreement; the Company’s ability to operate the Bécancour Plant and produce both HPMSS and HPMSM with any associated cash flow, and the Company’s ability to meet North American demand. All forward-looking statements are made based on the Company's current beliefs including various assumptions made by the Company, including that: the Company can achieve its goals; that the political and community environment in which the Company operates in will continue to support the development and operation of the Chvaletice Project; thatthe Companywillhaveenoughworkingcapitalto be ableto fundits operationsand meet the conditionsof its securedfinancing,and assumptions related to the factors set out herein. Factors that could cause actual results or events to differ materially from current expectations include, among other things: insufficient working capital, the inability to raise additional capital, unfavorable results from the optimization program, the inability to obtain grants, subsidies, or funding from government or other programs, risks and uncertainties related to the ability to obtain, amend, or maintain necessary licenses, or permits; delay or inability to receive necessary regulatory approvals; risks related to acquisition of surface rights; the inability of the Company to meet the conditions of its secured financing and risks related to granting security; lack of availability of acceptable financing for developing and advancing the Chvaletice Project; inability to secure sufficient offtake agreements; risks related to the availability and reliability of equipment, facilities, and suppliers necessary to complete development; the ability to develop adequate processing capacity with expected production rates; the presence of and continuity of manganese at the Chvaletice Project at estimated grades; developments in EV battery markets and chemistries; and risks related to fluctuations in currency exchange rates, changes in laws or regulations; and regulation by various governmental agencies. For a further discussion of risks relevant to the Company, see "Risk Factors" in the Company's annual information form for the year ended September 30, 2024, available on the Company's SEDAR+ profile at www.sedarplus.ca. Although the forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this presentation. LEGAL DISCLAIMER
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Introduction 3 EXECUTIVE SUMMARY "Euro Manganese is at the forefront of securing Europe’s supply of high-purity manganese, a critical material for the EV battery revolution. By transforming historic tailings into essential battery-grade products, we are delivering both strong economics and meaningful ESG benefits. With key permits in place, a successful demonstration plant, and growing offtake traction, we are uniquely positioned to partner with automakers and battery manufacturers as the market moves into deficit." Martina Blahova CEO
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EURO MANGANESE (ASX/TSX-V: EMN FSE: E06) Advancing Europe’s only integrated high-purity manganese products (HPMSM & HPEMM). WHO ARE WE WHY IT MATTERS ● Developer of the Chvaletice Project in the Czech Republic: processing historic tailings into high-purity manganese products ● Strategic focus on supply security mainly for Europe’s EV and energy storage battery industry, with expansion optionality globally ● Manganese is central to next-gen battery chemistries, safety, range and cost reduction. ● Market set to move into deficit post-2027 ● EMN is positioned as the first Western project to deliver at scale, leveraging circular, low-carbon production. 4
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INVESTMENT HIGHLIGHTS ● Recycling: re-processing historic tailings, 25-year project life ● The only sizeable manganese resource in the European Union ● Circular economy and site remediation benefits ● Strategic project and deposit under EU CRMA and Czech legislation, respectively Strong Project Fundamentals & Differentiators1 ● Successfully validated flowsheet with on-spec material produced in the Demonstration Plant ● Several samples already sent to prospective customers for testing ● Last remaining land access agreement negotiation underway ● EIA approved, Mining Lease Permit ensuring ore extraction secured De-risking – Demonstration Plant and Permitting 2 ● Learnings from Demonstration Plant applied in current optimization work ● Aims to recalibrate 2022 Feasibility study assumptions, reduce CAPEX/OPEX, and reassess end products ratio to respond to market changes Optimization of Production Process3 ● Strong alignment with EU and Czech policy goals on supply chain security and sustainability ● Metal-route process remains the most flexible pathway to meet evolving needs of the battery supply chain ● High-purity Mn production currently dominated by China (~95%) Strategic Positioning & Market Leverage4 ● Over 50% of batteries expected to contain manganese by 2030 ● Growth of manganese rich chemistries like LMR and LMFP ● Mn increases energy density, lowers cost and reduced reliance on Ni and Co ● Potential to supply up to ~30% of projected 2030 EU demand Growth of High-Purity Mn Battery Content 5 ● EBRD as cornerstone shareholder ● Five commercial offtake term sheets signed ● Flexible product pathway to adapt to evolving battery chemistries Backing & Offtake Momentum6 5
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GROWTH STRATEGY Optimising costs, Strengthening Partnerships, Securing EU Support ● Global demand for high-purity manganese remains on an upward trajectory, driven by accelerating adoption of manganese-rich battery chemistries ● Euro Manganese’s metal-route process remains an efficient and the most flexible pathway to meet evolving needs of the battery supply chain ● Plant optimization review work underway with assistance of external engineering advisors to apply Demonstration Plant learnings and identify potential Commercial Plant efficiencies. ● Active discussions with European Commision and Czech government; Strategic Project and Strategic & Deposit status secured ● Targeting OEMs, battery markets and strategic partnerships to unlock financing and accelerate execution ● Demonstration plant success provides flow sheet reliability and highlights potential cost reduction and improved recovery potentials Euro Manganese offers a unique combination of secure supply, robust project economics, and positive environmental impact. As the EV and stationary storage battery market accelerates and Western supply chains seek independence from China, we are ideally placed to deliver a reliable, high-purity manganese solution for Europe and beyond. Rick Anthon, Chairman “ “ 6
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High-Purity Manganese Market Overview 7
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MARKET OVERVIEW Manganese is an Essential Raw Material in Most Lithium-Ion Batteries HIGH-PURITY MANGANESE1 Affordable • The most affordable and abundant of the NMC cathode materials • Comprises 17% of material in NMC-622 cathode but accounts for only 1% of cost Improves Safety and Lower Environmental Impact • Stabilizes nickel, improving safety, in an EV battery • Ore production has significantly lower environmental impacts than nickel or cobalt Improves Driving Range • Increases energy density in LMFP (30% to 80% manganese) and other high-manganese cathode chemistries Source: Company analysis using European metal prices as at November 2023 8 Batteries make up ~30% of the total cost of EVs 1. HPMSM (High Purity Manganese Sulphate Monohydrate) and HPEMM(High Purity Electrolytic Manganese Metal) Battery grade manganese is essential in the ongoing development of new and existing battery chemistries
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MARKET OVERVIEW The era of manganese-rich batteries has arrived 9 All major EV makers, battery makers, and chemical companies have manganese-based batteries in their roadmaps Company Type Battery Roadmap (selected companies) T esla NCA, NMCA, LFP , LMFP Volkswagen LFP , LMFP (Gotion), NMC, Hi-Mn NMC Renault-Mits. Nissan Group “2 NMC based chemistry paths” Stellantis “ A dual chemistry for all EVs”Fe-Mn-x, Ni-Mn-y CATL LMFP , NMC SVOL T LFP , LMFP, NMC, Co-Free NMx P anasonic NMC, NMCA, LNMO, LMO, LFP , LMFP (40% to 80% Mn), NiMn LG Chem NMCA, NMC, LMFP , LMR (up to 60% Mn) Umicore “Mn-rich HLM” , NMC, up to 60% Mn in the cathode BASF “Over-lithiated, Mn-rich” e.g. NMC-370 (up to 80% Mn) Developing trends • Higher manganese loading per kWh, e.g.: • NMC-811 = 78g Mn/kWh (today’s mainstream) • LMFP = 300g to 600g/kWh • LNMO = 970g/kWh • Sodium-ion = 700g to 950g/kWh • Similar loading for LMR, HLM • Bigger battery packs in EVs. • Return of mid-nickel chemistries (= more Mn than in high-nickel batteries). • Commercialisation of sodium-ion batteries • Use of new Mn feedstocks by the battery industry Source: Industry sources, company announcements
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MARKET OVERVIEW Battery chemistry mix is evolving… and uses ever more manganese 10 Wider adoption of High-Mn chemistries (LMR, HLM, NMC-370, LNMO), LMFPs and Na-ion will rapidly increase Mn demand Source: 2015-2023: Bloomberg NEF, 2024: CRU, IDTechEx, IEA, SNE, IRENA, Marketeye, 2035: Marketeyeprojection 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2035 2035 0ther LFP LMFP LMO NMCA NCA-85 NMC-111 NMC-532 NMC-622 NMC-721 NMC-811 NMC-955 High-Mn Na-ion NCA-90 NCA-92 LMFPLFP Hi Mn Mn -using Hi Ni NM C 57% More “Mn GWh” • Up to 57% of batteries are likely to use manganese by 2035 (measured in GWh) More Mn per kWh/GWh • The manganese loading of these batteries is likely to be much higher than today due to the adoption of High-Mn chemistries, LMFPs, and sodium-ion batteries. (measured in grams of Mn per kWh of battery capacity)) The numbers after NCA refer to the percentage of nickel in the cathode, whereas for NMC, they refer to the metal ratio in the cathode, e.g. NMC (622) is 6 parts nickel, 2 parts manganese, and 2 parts cobalt, while NCA95 means the cathode is composed of 95% nickel. High-Mn batteries are LMR, HLM, NMC-370 and similar, and LMNO. 1.5 TWh 6.8 TWh
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MARKET OVERVIEW Feedstock flexibility is the key 11 New, emerging manganese feedstocks for cathode materials can be made from EMM Developing trends • High-Purity Manganese Sulphate (HPMSM) still dominates the market, but new feedstocks are being used too (Mn3O4, MnCO3). • All new Mn feedstocks can be made from High-Purity Manganese Metal (HPEMM). 71.5% 24.7% 3.8% EMM HMMSM Recycling Mn3O4 Production Routes in China 2024 The majority of Mn3O4 produced in China in 2024 was made from HPEMM. Project Pipeline Delayed • Reduced production of HPMSM in China. • Many Western HPMSM projects are delayed (none with FID) • The supply deficit may arrive sooner than expected. Source: ICC Sino
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MARKET OVERVIEW Manganese-rich chemistries likely to push the HP Mn market into significant deficit 12 HPEMM may play a greater role in battery production in the next five years Source: Marketeye 0 200 400 600 800 1,000 1,200 1,400 1,600 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 kt of HP Mn metal coontained Existing Producers Probable Possible Uncertain Supply Mn304 Supply HP Mn Demand HP Mn Supply-Demand balance* Evolving demand structure • LMFPs, LMRs, HLMs, and Na-ions will play a crucial role in rapidly increasing the demand for HP Mn. • Demand for HPEMM powders is likely to increase due to the production of Mn3O4. • Cathode dry-coating methods are driving the demand for new, heavier Mn feedstocks. • The HPEMM flakes are to be produced by EMN, allowing for flexibility in conversion to different feedstocks. *) Demand includes all HP Mn feedstocks, not just HPMSM
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The Only Integrated Project in Europe, Offering Clear Product Advantages Including Low-Carbon and Circular Production Negative Positive Neutral Security of supply Circularity benefit Regulatory environment Project stage Carbon emissions Non-production costs Likelihood of supply chain disruption arising from producer location Circularity of operations Any favourable/unfavourable regulatory environment How advanced players are in project lifecycle Emissions intensity of production method Additional non-production costs such as transport and environmental Chinese suppliers Geopolitical tensions pose a supply risk Limited to none Relatively loose and not fully enforced Most of the operational capacity is in China Typically, emissions intensive and unregulated Medium to high depending on location and setup Other global suppliers Local production favourable Very limited or none in place Favourable to most ex- China players Scoping to pre-feasibility for many, E25, South 32 & Giyani more advanced Varies, larger upstream emissions & reagents utilization Medium to high depending on plant location and process Euro Manganese Local production favourable 13Source: Industry PEA, pre-feasibilityand feasibilityanalysis for each HPMSM player Circular tailings reprocessing (only one in the world) Favourable in key jurisdictions (EU & NA) FEED ready (with on-site demonstration plant) Up to 65% lower emissions from production than Chinese players Limited due to location and production method
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Chvaletice Manganese Project Overview 14
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Focused on Production of High Purity Manganese Products Chvaletice to produce High Purity Manganese Metal (HPEMM) & High Purity Manganese Sulphate Monohydrate (HPMSM) PROJECT OVERVIEW PICTURE A unique recycling opportunity Production of two high- purity manganese products Demonstration Plant has produced HPEMM and HPMSM Feasibility Study completed in 20221 • Unique Mn tailings reprocessing project • Unique circularity (recycling under CRMA) • Ecosystembenefits • 25-year project life 1 2 3 4 • Commercial 5-step process including electrowinning • High quality product with low carbon output • Feasibility study complete • HPEMM and HPMSM producedon spec • ESIA approved • FEEDInitiated • $1.3B NPV (Base case) • 22% IRR • 59% EBITDA margin • 25-year project life • 16k tpa of HPEMM/yr • 100k tpa of HPMSM/yr 151Technical Report and Feasibility Study for the ChvaleticeManganese Project, Czech Republic, dated July 27, 2022.
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16 Project Transforms Waste-to-Value by Recycling Historic Tailings PROJECT OVERVIEW 1. Leachable carbonateores, most suitable for high purity Mn production,are rare. Oxide ores require extra treatment and removal of impuritiesis challenging. 2. Technical Report and Feasibility Study for the ChvaleticeManganese Project, Czech Republic, dated July 27, 2022 2017-2018 Drill Program 2017 drill holes 2018 drill holes Conventional, proven processing of tailings to produce high-purity manganese Recycling • Historic tailings containing leachable manganese carbonate1 • Well-defined Proven + Probable Mineral Reserve of 27 Mt @ 7.4% Mn with uniform distribution 2 • No blasting, crushing or grinding required Processing • Manganese is extracted using best-in-class environmentaland safety standards • Production of 48k tpa of Mn-equivalent for 25 years2 Remediation • Net positive environmental benefits from remediation of historic tailings area • Best practice tailings management (filtered, dry-stack)
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Prime Location, Favourable Government Policies and Key Approvals Received PROJECT OVERVIEW 17 REGULATION AND POLICY • Located in the Czech Republic, EU member state since 2004, a sophisticated,stable, and business-friendlyjurisdiction that is highly supportive of new, green investments • Ideally positioned to benefit from emerging EU and US regulationsand incentives regardingnearshoringof supply • Chvaletice Project declared Strategic Project under the EU Critical Raw Materials Act and Strategic Deposit under Czech legislation LOGISTICS • Well-locatedfor delivery of goods from regional,national,and internationalpoints of origin via a substantial highway/roadnetwork: o The Baltic-Adriatic corridor,part of the EU's Trans-European Transport Network, will serve to further enhance transportationoptions and availabilityto the project region o Ocean ports in northern Europe and the north Adriatic provide multiple opportunitiesfor delivery of overseasorigin goods with direct connections to major highwaysand/or rails PERMITS • Euro Manganese has receivedapprovalof the Environmentaland Social Impact Assessment(ESIA) for the Chvaletice ManganeseProject from the Czech Ministry of Environment • Major gating permit, Mining Lease Permit received in January 2025; remainingpermits are more procedural ENVIRONMENTAL • Life Cycle Assessment (LCA) shows net positive environmentalbenefits from remediationof historictailings (land, water, air, biodiversity) • Project intends to use 100% carbon free and renewableelectricity: CO2 1/3rd vs current industry in China. MoU in place with Statkraft, largest renewable energy company in EU • No freshwateruse: supply of industrial wastewaterfrom neighboring power plant for process make- up water • Use of by-product CO2 and hydrogenprocess emissions within the process circuit, as well as targeted reagentregeneration and recycling SOCIAL • Land access paymentsto local municipalities and local land holders • Strong engagementand communicationwith local communities • ~400 jobs createdduring operation, more in construction phase • ~US$1.5 billion in corporatetaxes and royaltiesover life of project • One-third of Governmentroyaltiesflow back to local municipalities
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Ore to Slurry Ore excavated, slurriedand fed into process plant 1 Magnetic Separation Beneficiation step increases Mn concentration Leaching & Purification Produces purified Mn solution for electrowinning 4Electrowinning produces HPEMM flakes (99.9% Mn) selenium-free process Dissolution & Crystallization produces HPMSM powder (32.3% Mn) Processing via the metal route provides several advantages 18 Flow Sheet Produces High-Purity Manganese Products: HPEMM & HPMSM Process uses commercialtechnologies and adheres to European environmentalregulations PROJECT OVERVIEW Facilitates purity for next stage sulphateproduction Metal used as feedstockfor emerging and new battery chemistries and technologies Metal can be converted to other feedstocks or used in specialty alloys 2 3 5 Metal can be further processed at satellite dissolution facilities for production of HPMSM
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Demonstration Plant has Produced On-Spec HPEMM and HPMSM PROJECT OVERVIEW • HPMSM produced from dissolution of HPEMM, both produced at the Demonstration Plant • Learnings from the Demonstration Plant basis for optimization work streams to reduce CAPEX and OPEX in the future commercial plant • Independent external labs confirmed products meet specifications, with low levels of impurities • Allows production of bulk, multi-tonne finished product samples of HPMSM and/or HPEMM for prospective customers' supply chain qualification • Successful completion of a 5-day continuous operation program of HPEMM, produced 172 kg of on-spec metal exceeded target production by 30% • Validates design flowsheet and facilitates continuation of customer offtake process including samples available for qualification Final commissioning of Demonstration Plant complete Enables large-scale product samples on batch basis 19
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PROJECT OVERVIEW 2025/2026 Pathway Near-term catalysts 20 2024 Q1 2025 2026 2027+Q2 2025 Q3 2025 Q4 2025 ✓ On-spec HPEMM and HPMSM produced ✓ 100% reliability and 30% above production target ▪ Customer samples dispatch for qualification ▪ Customer site visits ▪ Testing and staff training as needed Financing and Offtake Contracts ✓ Five commercial offtake term sheets executed ✓ CRMA strategic project ▪ Strategic partner process ▪ Continued customer offtake process Land Access and Permitting ✓ 4/5 land access agreements completed ✓ Land rezoning complete ✓ ESIA completed ✓ Mining Lease Permit ✓ Strategic Deposit declaration by Czech government Optimization Program and Next Steps ✓ Early FEED partially completed ▪ Testing program resulting from optimization work and potential updates to technical studies ▪ Complete final land access agreement ▪ Site permits (grid connection, infrastructure relocation, etc.) ▪ Land planning permit ▪ Mining permit ▪ Site preparation work ▪ Construction permit ▪ Collection of data from demonstration plant for plant optimization work streams ▪ Detailed engineering and construction Demonstration Plant ▪ Project financing ▪ FID
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• Professor and Industrial Research Chair in Hydrometallurgy at the University of British Columbia • International consulting practice focused on major hydrometallurgical projects and plants • Former Director, PolyMet Mining, Search Minerals, LeadFX; Director of Cascadero Copper Corp.; officer positions with Camrova Resources, Clifton Star Resources and South American Silver Board of Directors PROJECT OVERVIEW • Over 30 years of experience with PwC including former BC Managing Partner, Assurance Leader in Romania and head of mining practice in Canada • Extensive experience as audit partner and advising private and listed clients, international experience with mine development projects • Director, Eldorado Gold • Seasoned strategy, governance, and policy executive with more than 20 years of experience in European and emerging markets • Managing Partner at Latitude Five, leading the Mining and Minerals practice with expertise in mining policy and governance, including working with policy shapers on critical minerals and responsible sourcing priorities • Named one of the 100 Global Inspirational Women in Mining in 2013 • Currently a Visiting Fellow with the European Council on Foreign Relations • Over 30 years of global technology management, operations and engineering experience • Currently President and Director of Ampirus Technologies • Formerly CEO and Chairman of South 8 Technologies and Operating Partner at KCK Investment Group, Director and former CEO, Primus Power Solutions, VP at Applied Materials • BS and MS in Mechanical Engineering, Massachusetts Institute of Technology 21 John Webster Director Dr. David Dreisinger Director Ludivine Wouters Director Thomas M. Stepien Director • Over 30 years of experience in corporate and commercial law focusing on the resource sector and 10 years in the lithium sector • Former Director of Corporate Development at Alkem Limited (as Orocobre) from its initial IPO as a small exploration company, through its merger with Galaxy Resources to create Allkem and the A$16B merger between Allkem and Livent to form NYSE listed Arcadium Lithium • Chairman of Savannah Resources, Greenwing Resources and Rapid Lithium Rick Anthon Chairman
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• 19 years experience as an executive leader in the Czech Republic • Responsible for leading Euro Manganese’s subsidiary in the Czech Republic • Previously Head of Transformation Team for Europe, Technical Director for Central Europe, and Executive Chairman and Managing Director for the Czech Republic for Lafarge Holcim • Doctorate in mechanical engineering • Over 25 years of legal experience in corporate, securities, governance, and mining gained from a large national firm and in- house, and regulatory experience including working at the British Columbia Securities Commission • Previously partner at McMillan LLP, with speciality in mining • Previous in-house roles include Senior Legal Counsel at HSBC, and Leader and Senior Legal Counsel at Vancouver Coastal Health • Over 15 years of accounting and public company management experience with emphasis on the resource sector • Extensive experience with corporate governance, regulatory compliance, corporate finance and financial reporting, investor relations and marketing, public company financing and merger transactions • CPA, CA, Bachelor of Commerce, Master of Professional Accounting Leadership Team PROJECT OVERVIEW • 25 years experience in finance including public practice with PwC and EY in the Czech Republic and UK • Previously CFO and Corporate Controller for Euro Manganese • Held senior roles in automotive and mining industry, including Manager of Financial Reporting at SSR Mining • CPA, CGA (Canada), ACCA (UK), Masters Degree in International Business • 25 years of experience in the geosciences, consulting, mining, carbon credit and automotive sectors • Previously Head of Sales & Sourcing and Managing Director with two UK-based specialist automotive and motorsport engineering firms • Previously with Permian Global, an investment fund focused on forest carbon, senior positions in commercial and technical fields at Rio Tinto, strategy consultant for McKinsey • Doctorate in Earth Sciences, University of Oxford Martina Blahova CEO, Director Sherry Roberge Interim CFO Laurel Petryk Chief Legal Officer & Corporate Secretary James Fraser VP Commercial Jan Votava Managing Director, Mangan Chvaletice Jan-Erik Back Advisor • CEO of Galiant Partners, an independent advisory firm focused on the global, metals mining and related sectors • Former Head of Project Finance at Stifel and Managing Director at Hatch Corporate Finance • Completed over US$100B of assignments in the mining sector • BSc in Economics from the London School of Economics and Political Science 22
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Corporate Snapshot CAPITALIZATION – at September 30, 2025 Shares (including ~48.6 million CDIs) 142,804,504 Options 11,046,481 Warrants 89,438,868 Fully Diluted 243,289,853 FINANCIAL METRICS – at 30 June 2025 Cash Balance C$10.9 million Total Liabilities C$31.7 million Debt C$28.8 million Market Cap (at C$0.17/share) C$25.0 million 23 RESEARCHCOVERAGE Canaccord Genuity TRADING SYMBOLS TSX-V & ASX: EMN | Frankfurt:E060 CORPORATE MEMBERSHIPS EMN is a member in good standing of the following organizations and is bound by their ESG codes and standards: • European Battery Alliance • European Raw Materials Alliance • Global Battery Alliance • International Manganese Institute • Critical Materials Forum
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Project Funding 24
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Project Financing Strategy Provides Optionality EuropeanInstitutions EBRD – Largest EMN shareholder, potential debt provider EIB* – Mandate to support energy transition & localization of EV supply chain. Potential debt provider ExportCreditAgencies Potential pool of debt financing being explored StrategicInvestment At project level, based on NAV • OEMs & key off-takers • Industry strategics ESG Funds StrongESG credentialsof the project expectedto be of interest to these sources of debt funding CommercialBanks PrivateOffering At corporatelevel • Institutional • Privateequity PublicOffering • EMN shareholders • Institutional • Retail Up to US$100M Funding Package • US$20M loan received; amended December 2024 to defer interest payments, effective January 1, 2025 • US$30M upon condition precedents met; convertible • Potential US$50M Royaltyat final investment decision Equity Debt Lower funding cost 25 Higher funding costMultiple pools of debt capital available European Investment Bank (EIB) is the lending arm of the European Union and is one of the largest multilateral financial institutions in the world Ongoing preliminary discussions with syndicate of leading European project finance banks PROJECT FUNDING
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Redefining the Offtake Strategy Primary focus on the development of a robust term sheet stage “offtake book” PROJECT FUNDING • Non-exchange traded product requiring bilateral contractual commitments • Pricing is defined by global market but with specific customer/contract variances • Number of clients require varying volumes across contract lengths (e.g. for their own production ramp-up requirements) HPEMM and HPMSM offtake agreements are highly tailored and require a curated approach • Ensure optimal product/volume mix without over/under commitment • Balance overall sales portfolio to avoid customer concentration risk and allow all customers to participate • Enable optimal pricing mix to maximize revenue EMN has prioritised developing a term sheet “offtake book” prior to entering binding contracts • Enables EMN to pre-qualify its products and to confirm contractual specifications • Provides overall credibility to EMN in materially derisking its production capabilities Completion and successful operation of the Demonstration Plant is a key milestone in the offtake process • By-products that may be sold include: • 80,000 tpa of magnesium carbonate – used in fertilizer industry • 60,000 tpa of gypsum – various industrial applications By-product opportunities to be explored further 26
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HPEMM HPMSM BY-PRODUCTS Executed Offtake Term Sheet Contractual Offtake Rights Offtake Progress Significant volumes of HPEMM and HPMSM now under term sheet and contractual offtake right • Target to secure offtake contracts for approximately 80% of annual production with appropriate minimum incentive price • Five offtake term sheets executed, and one contractual offtake right executed • Over 100% of annual HPEMM volume from 2034 under term sheets and contractual offtake rights • Over 25% of annual HPMSM volume from 2034 under term sheets and contractual offtake rights • Focus on additional term sheet commitments from North American and European OEMs PROJECT FUNDING ✓ ✓ ✓ ✓ ✓ ✓ ✓ 1. Orion secured offtake rights to 22.5% of production volume under its royalty financing agreement 27 ✓
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Appendix 28
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• EBRD is a multilateral development bank established in 1991 to foster the development of market economies through private- sector investments with commercial partners • Invested over €210 billion in more than 7,300 projects across three continents. Providing policy guidance, technical assistance, and capacity building to enhance governance, competitiveness and sustainability • Headquartered in London, the EBRD is owned by 71 countries and two EU institutions. https://www.ebrd.com/who-we-are.html • In December 2021, EMN completed a private placement of 3,560,000 common shares1 to the EBRD, generating gross proceeds of C$8.5 million; funding enabled EMN to complete a feasibility study and construct and operate the demonstration plant • In May 2025, subscribed for an additional 21,400,000 shares in a follow-on financing • Currently the largest shareholder of EMN, with a 17.5% interest in the Company EBRD Overview European Bank for Reconstruction and Development (“EBRD”) 29 EBRD is a leading global financial institution supporting the development of market-oriented economies Euro Manganese and EBRD EBRD Partnership Benefits PROJECT FUNDING Influential Investor and Partner Large-scale investor and an influential development actor with in-depth local, and sector- specific knowledge Battery Supply-Chain Investment Experience EBRD has invested in companies such as Sarytogan Graphite Limited, and European Metals Holding Plc, which provide critical materials in the battery supply chain Sustainability Focus The EBRD's key area of investment is the green transition, providing support for resource efficiency, decarbonization, and more Support for Policy Dialogue The EBRD engages in policy dialogue and provides technical advice to foster innovation 3 41 2 1. Adjusted for March 2025 share consolidation
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Bécancour, Québec First-Mover Advantage in North America for Production of HPMSM NORTH AMERICA OPPORTUNITY 30 Bécancour overview • Scoping study completed in March 2023 to evaluate development of an HPEMM dissolution plant to produce HPMSM. Study leveraged process development and engineering work completed to support the Chvaletice, Czech project • Feasibility Study will be the next stage of project development but currently on hold and subject to financing • Option agreement in place with SPIPB to purchase 8Ha, Lot 3A. • Service agreements in place with WSP Canada for feasibility study and AtkinsRéalis (previously SNC Lavalin) for permitting, on hold Cooperation Agreement with the W8banaki • Defines how the Company and the W8banaki intend to communicate and work together to develop Bécancour • Working closely with local stakeholders and community of paramount importance to Company Bécancour land parcel Benefits of location • Major EV battery supply chain cluster, excellent industrial infrastructure • Stable, supportive government, qualified workforce and service providers • Reliable and competitively-priced green energy
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Positive Scoping Study Highlights Released for Bécancour Dissolution Plant Study outlined strong preliminary project economics, modest capex, and short build time GROWTH OPPORTUNITY 31 1. Economic analysis run on a constant $ basis with no inflation, no government grants, and unlevered. Outcomes and economics have a margin of error of -30%/+50%. Cost estimates based on Q4 2022 pricing. Assumes full HPEMM supply secured from non-Chinese supplier Plant Design • Throughput of 16k tpa of HPEMM to produce 48k tpa of HPMSM • Leverages extensive process development & engineering work already completed at Chvaletice • Minimal infrastructure required; offsite infrastructure limited to powerline connection and potential railway spur from main line Next Steps • Confirm metal supply; customer off-take. • Commence Feasibility Study for the Plant; WSP Canada selected • Permitting to advance in parallel with Feasibility Study; AtkinsRéalis selected • Option agreement in place with SPIPB to purchase lot 15 or 3A. Currently under review2 Scoping Study Highlights ($ figures in CAD)1 IRR 26% (post tax, ungeared) 2. Subject to final purchase agreement regarding the Port of Bécancour. Production 48,500 tpa (HPMSM) NPV C$190M (post tax, 8% discount) Capex C$110M (incl $15M contingencies) Payback ~4 years Build P eriod ~2 years engineering/construction North American Manganese cautions that the Study does not constitute a scoping study within the definition used by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"), as it relates to a standalone industrial project and does not concern a mineral project of the Company. As a result, disclosure standards prescribed by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI-43-101") are not applicable to the scientific and technical disclosure in the Study. Any references to Scoping Study or Feasibility Study by North American Manganese in relation to the Bécancour Plant are not the same as terms defined by the CIM Definition Standards and used in NI 43-101.
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Resources Converted to Reserves with 98% Classified in Proven Category 32 160-hole drilling program (2017-2018) key findings: • Manganese is evenly distributed through the entire tailings deposit • Finely milled, unconsolidatedtailings placed above ground expected to result in very low mining and virtually zero ore dressing costs • ~80% of manganese is containedin easily leachablemanganese carbonate minerals that require no calcinationor chemical reductionprior to leaching, unlike manganeseoxide ores RESERVE STATEMENT Estimatedin accordance with the CIM Definition Standardson Mineral Resources and Mineral Reservesadapted by CIM Council, as amended, which are materially identical to the JORC Code Chvaletice Mineral Reserve Statement, Effective Date July 14, 20221 Tailings Cell # Classification Volume (m3) Tonnage (MT) Dry In-situ Bulk Density (t/m3) Total Mn (%) #1 PROVEN 6,651,000 10,132,000 1.51 7.83 PROBABLE 141,000 208,000 1.52 8.24 #2 PROVEN 7,929,000 12,106,000 1.53 6.91 PROBABLE 119,000 183,000 1.54 7.35 #3 PROVEN 2,744,000 3,979,000 1.46 7.49 PROBABLE 25,000 36,000 1.46 7.98 TOTAL PROVEN 17,325,000 26,217,000 1.50 7.35 PROBABLE 284,000 427,000 1.51 7.84 COMBINED PROVEN & PROBABLE 17,609,000 26,644,000 1.51 7.41 1Technical Report and Feasibility Study for the Chvaletice Manganese Project, Czech Republic, dated July 27, 2022. Probable Reserves have lower confidence than Proven Reserves. Inferred Resources have not been included in the Reserves.
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Notes to Mineral Reserve Statement 33 RESERVE STATEMENT 1. Estimated in accordancewith the CIM Definition Standards on Mineral Resourcesand Mineral Reservesadopted by CIM Council, as amended, which are materially identical to the JORC Code. 2. The Mineral Resourceis inclusive of the Mineral Reserves. 3. Probable Reserves have lower confidence than ProvenReserves. InferredResourceshave not been included in the Reserves. 4. A break-even grade of 2.18% total Mn has been estimated for the Chvaletice deposit based on preliminary pre-concentration operatingcosts of $6.47/t feed, leaching and refiningoperating costestimatesof $188/t feed, total recovery to HPEMM and HPMSM of approximately60.5% and 58.9% respectively and product prices of US$9.60 kg/t for HPEMM and US$3.72 kg/t for HPMSM (CPM Group Report, June 2022). The actual commodity price for these products may vary. 5. Grade capping has not been applied. 6. Numbers may not add exactly due to rounding. 7. Minimal dilution and losses of <1% are expected to occur at the interfacebetween the lower bounds of the tailings cells and original ground as the surface is uneven.
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Compliance Statements 34 LEGAL Competent and Qualified PersonsStatement All production targets for the Chvaletice Manganese Project referred to in this presentation are underpinned by estimated Proven and Probable Reserves prepared by competent persons and qualified persons in accordance with the requirements of the Joint Ore Reserves Committee AustralasianCode for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 Edition (“JORC Code”) and National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), respectively. The NI-43-101 report, including the results of the Feasibility Study, was filed on SEDAR at www.sedarplus.ca on September 9, 2022 and is available on the Company’s website. The JORC Technical Report was lodged with the ASX on September 14, 2022. The scientific and technical information included in this presentation is based upon information prepared and approved by Mr. James Barr, P. Geo, Senior Geologist, Mr. Jianhui (John) Huang, Ph.D., P. Eng., Senior Metallurgical Engineer, Mr. Hassan Ghaffari, P.Eng, M.A.Sc., Senior Process Engineer, Mr. Chris Johns, P.Eng, Senior Geotechnical Engineer, Davood Hasanloo, P.Eng, M.A.Sc., Senior Hydrotechnical Engineer, and Mrs. Maurie Marks, P.Eng, Senior Mining, all with Tetra Tech Canada Inc. (“Tetra Tech”), and Dr. Dreisinger, P. Eng., for Euro Manganese. Mr. Barr, Mrs. Marks, Mr. Ghaffari, Mr. Johns, Mr. Hasanloo and Mr. Huang are consultants to, and independent of, EMN within the meaning of NI 43-101, and have sufficient experience in the field of activity being reported to qualify as Competent Persons as defined in the JORC Code, and are Qualified Persons, as defined in NI 43-101. Messrs. Barr, Huang, Ghaffari, Johns, Hasanloo and Mrs. Marks have no economic or financial interest in the Company and consent to the inclusion in this presentation of the matters based on their information in the form and context in which it appears. In addition, technical information concerning the Chvaletice Manganese Project is reviewed by David Dreisinger, P. Eng, Director of Euro Manganese, and a Qualified Person under NI 43-101. Dr. Dreisinger has reviewed and approved the information in this presentation for which he is responsible and has consented to the inclusion of the matters in this presentation based on the information in the form and context in which it appears. References to ASX and TSX-V Market Announcements This presentation contains information extracted from certain of the Company’s ASX and TSX-V market announcements,as shown below, including estimates of Proven and Probable Reserves, and production targets as reported in accordance with the JORC Code and NI 43-101 standards: i. The Feasibility Study results as reported on page 16 of this presentation was reported in the TSX-V and ASX market announcementdated 27 July 2022. ii. The flow sheet summarized on page 19 of this presentation was reported in the TSX-V and ASX market announcement dated 27 July 2022. iii. The Reserve Statement reported on pages 32-33 of this presentation was reported in the TSX-V and ASX market announcementdated 27 July 2022. iv. The expected annual production as reported on page 16 of this presentation was reported in the TSX-V and ASX market announcementdated 27 July 2022. v. Information on the ESG benefits and Life Cycle Assessment results as reported on page 18 of this presentation were reported in the TSX-V and ASX market announcementdated 7 Dec. 2022. vi. Information on the demonstration plant commissioning status as reported on page 20 of this presentation was reported in the TSX-V and ASX market announcements dated 13 April 2023 and 13 November 2023. vii. Information on the Orion Funding Package as reported on page 25 of this presentation was reported in the TSX-V and ASX market announcement dated 28 November 2023, and December 4, 2024. viii. Information on the Env. & Social Impact Assessment approval referred to on page 18 of this presentation was reported in the TSX-V and ASX market announcementdated 27 March 2024. ix. The Bécancour Scoping Study results summarized on page 31 of this presentation were reported in the TSX-V and ASX market announcement dated 9 Aug 2023. The Company is not aware of any new information or data that materially affects the information contained in the above-referenced market announcements. The Company also confirms that all material assumptions and technical parameters underpinning the estimates of Proven and Probable Reserves as provided in the relevant market announcements, as well as all material assumptions underpinning the production targets and financial forecast information, continue to apply and have not materially changed, and that the form and context in which the Competent Persons’ findings are presented have not been materially modified.
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TSXV: EMN | ASX: EMN | Frankfurt Stock Exchange: E060 info@Mn25.ca | www.Mn25.ca 35 Leading the Charge for Sustainable Mobility