09:47 AM EDT, 08/19/2024 (MT Newswires) -- Euro Manganese ( EMNAF ) on Monday said it inked an offtake agreement with Wildcat Discovery Technologies for the sale of high-purity manganese product from Euro's Chvaletice Manganese Project in the Czech Republic.

San Diego-based Wildcat partners with companies in the battery industry to help them achieve optimal performance, and is exclusively focused on nickel and cobalt free cathode production. Wildcat has announced the building of a U.S. plant in 2026-2027 to produce a portfolio of cobalt/nickel-free cathode materials for electric vehicle battery cells and other markets including stationary storage.

The term of the accord is for an initial seven years with potential for renewal and pricing is expected to be subject to market indicators. Deliveries will be subject to Euro Manganese ( EMNAF )' Chvaletice Demonstration Plant meeting Wildcat specifications.

While the term sheet is non-binding and contingent on Wildcat building its U.S. plant, both parties intend to enter a binding offtake agreement.

"This long-term offtake term sheet represents a significant percentage of the planned production of the Chvaletice Manganese Project over time," said Euro CEO Matthew James. "An important value proposition is our product does not originate from, or is processed by, a foreign entity of concern, a key purchasing criteria for North American customers."

Last week, Euro Manganese ( EMNAF ) hit a 52-week low of $0.035 on the TSX Venture Exchange before rebounding 14% on Friday.