Mr. Martin Kepman reports

MANGANESE X ENERGY CORP. ANNOUNCES CONVERSION OF SUBSCRIPTION RECEIPTS FROM $2.1 MILLION PRIVATE PLACEMENT, INCLUDING INVESTMENT FROM NEW CONTROL PERSON ERIC SPROTT

Following the closing of Manganese X Energy Corp.'s $2.1-million offering of 60 million subscription receipts, at a price of 3.5 cents per subscription receipt, on Jan. 28, 2025, the escrow release conditions (as defined below) related to the subscription receipts have been satisfied.

This has resulted in: (i) the subscription receipts being automatically converted into units of the company; and (ii) the escrowed funds (as defined below) being released to the company. In connection with the offering, 57,142,857 subscription receipts were issued to 2176423 Ontario Ltd., a corporation beneficially controlled by Eric Sprott, for gross proceeds of $2-million.

Each unit consists of one common share of the company and one-half of a share purchase warrant. Each whole warrant entitles the holder to purchase one additional share at a price of six cents per warrant share for a period of 36 months from the date of issuance.

The gross proceeds from the sale of the subscription receipts, together with any interest earned thereon, were placed into escrow on Jan. 28, 2025, and have been released to the company, following the satisfaction of the escrow release conditions. This included, among other things, the company having obtained the requisite approval of its shareholders and the TSX Venture Exchange to authorize Mr. Sprott to become a control person (as defined in the policies of the TSX Venture Exchange) of the company, upon conversion of the subscription receipts. The company secured shareholder approval during its annual and special meeting held on Feb. 28, 2025.

All securities issued under the offering are subject to a statutory hold period of four months and one day from the issuance date of the subscription receipts, as required under applicable securities laws and the policies of the TSX Venture Exchange.

Use of proceeds

The proceeds from the offering are expected to support the advancement of the company's Battery Hill project in New Brunswick, including the completion of a prefeasibility study, with a portion allocated to general working capital. The company confirms that no proceeds from the offering will be used for payments to non-arm's-length parties or investor relations activities.

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 United States 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.