Eurobattery Minerals Secures Majority Stake in San Juan Wolfram Mine

Eurobattery Minerals AB has announced a strategic agreement with Tungsten San Juan S.L. to acquire a 51% stake in the San Juan wolfram project in Galicia, Spain. The investment, totaling EUR 1.5 million, will be made in four tranches, with the first EUR 100,000 already paid. The funds will support the construction of a pilot processing plant and the start of mining operations.

The San Juan project, possessing necessary licenses for production, includes a letter of intent for an off-take agreement with Wolfram Bergbau und Hütten AG. With these agreements, TSJ plans to deliver tungsten material to Europe by 2026 and anticipates generating positive cash flow in the latter half of the year.

This venture marks a transformative move for Eurobattery Minerals, transitioning it from an exploration firm to an operational mining entity. The San Juan mine, long known for its tungsten reserves, holds 60,000 tons of ore and promises high geological potential.