Canaccord - Top Australian Stock Picks — Calendar Year 2022One...

Canaccord - Top Australian Stock Picks — Calendar Year 2022

One of 4 mining stocks

Euro Manganese (EMN-ASX | SPEC BUY, $1.30 TP): EMN is developing the most advanced manganese for the Lithium Ion Battery supply chain project globally. The company plans to deliver a demonstration plant in the first half of 2022 which should significantly progress offtake discussions and financing, in our view. EMN has recently appointed a new CEO and secured C$8.5m from the European Bank for Reconstruction and Development to progress the project. EMN is strategically located in the Czech Republic and once in production will provide a domestic source of manganese, which we believe will be favourably treated by the EU battery supply chain. Key catalysts we expect in 2022 include commissioning of the demonstration plant, offtake agreements with customers and progress on financing.