Eurobattery Minerals faces a potential delisting from Sweden’s Nordic Growth Market (NGM), adding uncertainty to its Hautalampi nickel-cobalt-copper project in Finland and San Juan tungsten development in Spain.
On 20 October 2026, NGM announced plans to refer alleged exchange-rule breaches to its disciplinary committee and request the removal of Eurobattery’s shares. Trading has been suspended since 15 September. No final delisting decision has been made, and the company has pledged to cooperate.
Governance Problems Affect Corporate Stability
Eurobattery plans to hold an extraordinary general meeting in November 2026 to elect additional directors and appoint a new auditor. Its board has fallen to two members following chairman Jan-Olof Arnbom’s resignation, while the auditor and deputy auditor also resigned. Exchange mentor Mangold Fondkommission terminated its agreement.
The developments followed disclosures concerning chief executive Roberto García Martínez, including a Spanish fraud conviction upheld in January 2026 and separate Swedish suspicions of aggravated insider dealing that have not resulted in a criminal conviction. Board member Eckhard Cordes handles matters concerning the chief executive.
Finnish Nickel-Cobalt-Copper Project Needs Funding
Eurobattery’s subsidiary FinnCobalt controls Hautalampi, which has a reported 9.3 million tonnes of measured and indicated resources, grading 0.28% nickel, 0.19% copper and 0.07% cobalt.
A historical prefeasibility study estimated capital expenditure at approximately €75 million, including contingency. The project still requires operating approvals and construction financing. FinnCobalt submitted additional environmental documentation in August covering water management, mining waste, historic impacts and closure obligations.
Spanish Tungsten Project Faces Suspension Proceedings
Eurobattery holds 58.58% of Tungsten San Juan after converting €700,000 in shareholder loans into equity in June. The project’s proposed processing plant is designed for 20 tonnes per hour, and equipment orders worth several million euros have been placed.
Testing by SLR Consulting produced a concentrate grading 63.1% tungsten trioxide, with approximately 49.9% tungsten recovery. The subsidiary initiated a procedure for the temporary suspension of mining activities following communication from the local authority in A Gudiña. Although the mining licence had reportedly been extended until 2055, the company’s target of starting production in 2027 faces uncertainty.
Convertible Financing and EU Strategic Project Applications
In May 2026, Eurobattery secured a convertible-bond facility of up to €5.5 million from Loft Capital, with an initial drawdown equivalent to approximately €0.9 million. The facility supports working capital and project development but does not constitute fully secured construction financing. The company reported no operating revenue and a €350,000 loss after financial items in the second quarter.
Eurobattery applied for EU Strategic Project recognition for both developments in January. The applications align with European efforts to strengthen domestic supplies of critical raw materials, but neither strategic status nor the existing financing facility guarantees construction. The planned November meeting, the unresolved NGM proceedings, Hautalampi’s permitting and financing requirements, and San Juan’s suspension procedure will shape the company’s next steps.
