Mr. Martin Kepman reports

MANGANESE X ENERGY CORP. REPORTS KEY ACHIEVEMENTS AND OUTLINES 2024 STRATEGIES

Manganese X Energy Corp. has celebrated significant milestones in 2023, marking notable progress for the Battery Hill manganese project near Woodstock, N.B.

The company progresses toward becoming the first publicly traded mining company in Canada and the United States to commercialize high-purity electric-vehicle-compliant manganese.

Martin Kepman, chief executive officer of Manganese X, shared his future outlook: "As we navigate the dynamic landscape of EV investments, the Canadian government's ambitious transition plan sets a compelling stage. The infusion of $35-billion into significant EV battery production facilities further underscores the industry's momentum. Research firm BloombergNEF's recognition of manganese's pivotal role in EV battery cathode chemistries affirms our strategic focus.

"Looking ahead, the anticipated shortage of high-purity manganese by 2030 places Manganese X at the forefront. We stand poised to address this challenge, positioning ourselves as a major supplier to the burgeoning North American EV and energy storage supply chain. This aligns seamlessly with our commitment to drive innovation and contribute significantly to the sustainable evolution of the electric vehicle sector."

2024 strategies and goals

Pilot plant project:

• Complete pilot plant project in first quarter, validating and optimizing patent-pending technology to ensure the most cost-efficient and effective methods are utilized in the Battery Hill prefeasibility study.

End-user verification:

• Test electric-vehicle-compliant, high-purity manganese samples for North American supply chain preapproval.

Partnerships and offtake agreements:

• Continue with memorandum of understanding (see news release dated Jan. 10, 2024), confirm with C4V, a U.S. battery technology leader, that the company's HPMSM meets specifications, and secure a binding offtake agreement;
• Continue negotiations with potential customers for future HPMSM production.

Environmental and prefeasibility-related studies:

• Continue environmental, social/community and geotechnical studies to support the coming prefeasibility study for the Battery Hill deposit;
• Complete life cycle assessment studies for environmental impact assessment to assist with project development decisions, highlight potential areas for improvements and form an essential component in negotiations with potential partners.

Prefeasibility study:

• Commence PFS in third quarter for the advancement and permitting of the Battery Hill deposit, maintaining current strategy of fast-tracking the development of the deposit.

Demonstration plant:

• Work toward financing of a larger capacity demonstration/processing plant in 2025.

Highlights of 2023 activities

MOU with C4V:

• Non-binding MOU with U.S. battery technology leader C4V signed at the end of 2023 regarding a potential offtake deal; a sample is currently being prequalified by C4V for its Gigafactory joint ventures.

Non-provisional patent filing:

• Filed for non-provisional patent protection on high-purity EV manganese technology -- provides full patent protection after acceptance, as well as allows the company to license its technology.

Pilot plant progress:

• Distributed HPMSM samples for electric-vehicle-compliant testing.

Advancements at Battery Hill:

• Completed successful drill program and initiated environmental studies toward the prefeasibility stage.

Membership in International Manganese Institute:

• Joined the International Manganese Institute, contributing to the promotion of high-purity manganese in EV battery chemistries.

About Manganese X Energy Corp.

Manganese X's mission is to advance its Battery Hill project into production, thereby becoming the first public actively traded manganese mining company in Canada and the U.S. to commercialize electric-vehicle-compliant high-purity manganese, potentially supplying the North American supply chain. The company intends on supplying value-added materials to the lithium-ion battery and other alternative energy industries, as well as striving to achieve new carbon-friendly more efficient methodologies while processing manganese at a lower competitive cost.

We seek Safe Harbor.