Eurobattery Minerals AB announced that the first assay results have been received from the drill holes carried out as part of the 2021 diamond drilling campaign on its Spanish Project (Corcel Project), initiated in June 2021 and completed on time and on budget. The company believes the results are highly satisfactory for the continued projection of the Corcel resource. The first assay results have been received from the first two drill holes (COR005 and COR006) of the seven drill holes carried out in 2021 in the Corcel Project.

Elevated levels of nickel (Ni), copper (Cu) and cobalt (Co) intersected in drill holes COR005 & COR006. Assay highlights from the first two drill holes include: 17.6 m @ 0.27% Ni, 0.03% Cu and 0.01% Co (COR005). 23.2 m @ 0.24% Ni, 0.03% Cu and 0.01% Co (COR006).

The first assay results of this campaign verify the interesting potential of the "West Anomaly", where drill hole COR003 (19DD001) confirmed at depth the good results obtained in the geochemical campaign, with an average of 69 m @ 0.30% Ni, 0.04% Cu and 0.01% Co. Assay results pending from the remaining drill holes. Results anticipated in the first months of 2022 to obtain the accredited resource certification (Ni 43-101) in the first quarter of 2022.

Based on the results obtained in the 2019 campaign and the first results received this year, and taking into account the size of the anomalous zone, there is potentially a deposit of considerable size (around 60 million tonnes with 0.25% Ni). The 2021 drilling campaign was designed to define - from surface to a depth of approximately 150 metres - the existing resources of Ni, Cu and Co in an area that is approximately 150 metres in length along the western anomaly defined in the 2019 campaign, which has a North-South length of approximately 1,200 meters and an East-West width of approximately 375 meters. The results of the sample assays from the current drilling campaign are mostly pending.

To date, only those corresponding to hole COR005 and part of hole COR006 have been received. The assay results available to date are highly satisfactory and corroborate the interesting potential of the "West Anomaly" as can be seen in the table below, which presents the intersections of these drill holes determined at a 0.15% Ni cut-off grade (normally applied in Ni open-pit mines).