Eurobattery said the option under the investment and shareholders agreement is linked to an obligation to provide successive cash financing for investments in Hautalampi. The total amount for the transaction is €8.6 million, payable over 48 months.

The 2.8-sq.-km Hautalampi project is located in the Outokumpu mining camp, the same area as the famous Keretti copper mine, which was active between 1912 and 1989. According to Eurobattery, the deposit at Hautalampi is parallel to and above the mined copper deposit.

A historical NI 43-101 compliant mineral resource estimate for the project suggests 3.2 million tonnes grading 0.43% nickel, 0.35% copper and 0.12% cobalt.

“Existing surface and underground infrastructure provide significant location advantages in what is already a tier 1 mining jurisdiction,” Roberto García Martínez, the company’s CEO, said in the media brief. “This acquisition is an important milestone for Eurobattery Minerals as it accelerates our business strategy and shortens the time to us being producers.”