Mr. Larry Reaugh reports

RE-CYCLING SPENT ELECTRIC VEHICLE BATTERIES POTENTIALLY RECOVERS SIGNIFICANT AMOUNTS OF LITHIUM, COBALT AND OTHER CATHODE METALS

American Manganese Inc., having successfully completed proof-of-concept testing and filing of the U.S. provisional patent application, is presently studying potential downstream benefits to guide the company's next phase of work. The company has successfully recycled lithium-cobalt cathode material, and is working with Kemetco Research Inc. to complete recycling bench tests on nickel, aluminum and manganese cathode chemistries and cobalt ores. Work to date suggests high recovery rates of materials at industry-standard purity levels, ready for reuse.

At current metal prices, the gross contained metal value of the cathode materials in a typical 85-kilowatt-hour electric vehicle (EV) battery pack, weighing about 500 kilograms, for the most popular battery chemistries is estimated in the attached table.

Battery chemistry                 Lithium       Cobalt    Nickel   Manganese   Aluminum       Total
    
Price ($/kg)                    $42.29 (1)      $35.02    $10.14       $1.98      $1.80 
Lithium-cobalt (LCO)              11.0 kg      93.7 kg                                 
Estimated value                   $465.00    $3,280.00                                    $3,745.00
Nickel-manganese-cobalt (NMC)      9.7 kg      27.5 kg   27.4 kg    25.6 kg                   
Estimated value                   $410.00      $963.00   $278.00     $51.00               $1,702.00
Nickel-cobalt-aluminum (NCA)      8.5 kg       10.9 kg   57.7 kg                 1.7 kg           
Estimated value                   $360.00      $382.00   $585.00                  $3.00   $1,327.00
            
(1) Converted from carbonate to metal.
(2) Prices for nickel and aluminum are sourced at Kitco, for electrolytic manganese dioxide at
United States Geological Survey, for lithium sourced from the Outsiders Club, and for cobalt from
Infomine.

Larry Reaugh says: "The amounts of metals contained in the cathode materials of a single spent EV battery is significant and encourages the company to aggressively pursue its spent electric vehicle recycling research program. As the EV market expands and drives material demand, this could be a major secure supply source for these strategic metals."

He goes on to say: "Not included in these values is a hazardous waste tipping fee paid to the recycler, typically in the order of about $6.60 per kilogram of battery, which equates to $3,300 per battery. Moreover, with additional research, it may be possible to directly produce LCO, NMC or NCA powders suitable for heat treating to make cathode material. Such a synergistic product -- turning recovered metals into an advanced material -- would likely have a selling price higher than the value of the contained metals."

The company cautions readers that the above values are estimated gross amounts for the contained cathode material which do not factor in recoveries or operational costs as no studies have been completed on either.

About American Manganese

American Manganese is a diversified specialty and critical metal company focused on capitalizing on its patented intellectual property through low-cost production or recovery of electrolytic manganese products throughout the world, and recycling of spent electric vehicle lithium-ion rechargeable batteries.

We seek Safe Harbor.