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Manganese X Energy Corp
Symbol MN
Shares Issued 154,593,865
Close 2025-02-05 C$ 0.085
Market Cap C$ 13,140,479
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Manganese X CEO says Sprott as control person "pivotal"

2025-02-05 03:27 ET - News Release

Mr. Martin Kepman reports

MANGANESE X ENERGY CORP. REPORTS KEY ACHIEVEMENTS AND OUTLINES 2025 STRATEGIES

Manganese X Energy Corp. has made significant progress on its Battery Hill manganese project near Woodstock, N.B. The company is on track to become the first publicly traded mining company in Canada and the United States to commercialize high-purity, electric-vehicle-compliant manganese.

Major milestones

Chief executive officer Martin Kepman outlined the company's strategic vision, emphasizing a pivotal $2-million investment from Eric Sprott, who has subscribed to 57,142,857 subscription receipts. Subject to shareholder approval of the control person resolution at the Feb. 28, 2025, annual general meeting and the final acceptance of the TSX Venture Exchange, this investment positions Mr. Sprott as a control person of Manganese X.

"This investment has received widespread support from shareholders and the public," Mr. Kepman stated. "We are inspired to welcome Mr. Eric Sprott to the Manganese X family. His expertise and significant investment enhance our financial stability, accelerate progress on the upcoming prefeasibility study, and open doors to licensing and technology opportunities."

Looking ahead, Mr. Kepman added: "The anticipated shortage of high-purity manganese by 2030 positions us as a leader in supplying North America's EV and energy storage markets. Our efforts are driving innovation and advancing the sustainable evolution of the electric vehicle industry."

2025 strategies and goals

Prefeasibility study:

  • Initiate the PFS in second quarter to fast-track development and permitting of the Battery Hill deposit;
  • Conduct environmental, social, community and geotechnical studies to support the PFS;
  • Complete life cycle assessments to guide environmentally responsible decisions;
  • Continue discussions and provide updates to first nations in the project area.

Partnerships and offtake agreements:

  • Continue prequalification confirmations with C4V, a U.S. battery technology leader, that HPMSM meets specifications; in connection with signed non-binding memorandum of understanding and leading to potential offtake agreement;
  • Secure additional non-binding offtake agreements and continue discussions with potential customers.

Non-provisional patent filing:

  • Advance to successful completion of non-provisional patent protection for high-purity manganese technology to secure licensing opportunities and full patent protection.

Pilot plant validation:

  • Complete and refine first quarter validation of patent-pending technology for cost-effective production.

End-user testing:

  • Provide high-purity manganese samples for North American supply chain preapproval.

Demonstration plant financing:

  • Secure financing for a larger-capacity demonstration/processing plant.

2024 highlights

MOU with C4V:

  • Signed a non-binding MOU with C4V for a potential offtake agreement, with samples undergoing Gigafactory prequalification; completed phase 1 of three prequalification processes.

Patent progress:

  • Filed for non-provisional patent protection, paving the way for licensing opportunities.

Pilot plant success:

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

Battery Hill advancements:

  • Completed a successful drill program and initiated environmental studies to advance the prefeasibility stage.

By leveraging strategic partnerships, innovative technology and sustainable practices, Manganese X is positioned to address the growing demand for high-purity manganese in North America's electric vehicle and energy storage markets.

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.

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