Manganese X Energy Corp (TSX-V:MN, OTCQB:MNXXF) has noted that 2021 “was another year of significant growth” for the company, highlighted by the advancement of its Battery Hill manganese project located near Woodstock, New Brunswick.
“The manganese metal price has increased 100% during the year and has performed very well among the minor metal sectors. Experts are predicting that starting next year there will be a shortage of high purity manganese,” said Martin Kepman, CEO of Manganese X in a year-end review.
He added: “This shortage will continue and by 2030 present production will only be fifth of the projected demand. Manganese X Energy Corp (TSX-V:MN, OTCQB:MNXXF) is poised to take advantage of this situation and to become a major supplier to North American EV and back-up energy storage requirements within the near future.”
The company said that for 2022, it is planning to successfully complete the Battery Hill project PEA and fast track directly into pre-feasibility or feasibility study.
READ: Manganese X subsidiary joint-venture partner PureBiotic AIR receives positive results from Mist Solutions testing
Other strategies for the new year include pursuing negotiations with a multi-national company to explore future development and sales of its value-added manganese materials to the North American markets.
The company will also continue to aggressively advance the development of its Battery Hill manganese property and the innovative, cost-effective metallurgical process developed to produce high purity manganese products to the fast-growing North American lithium-ion battery market.
Manganese X noted that JV partner Purebiotic Air Corp anticipates application for FDA Certification of products in 2022. The development of a pilot plant is envisioned, as well as upgrading of the HVAC patent disbursement unit is planned.
Operational highlights for 2021 included:
- The company selected Wood PLC to complete a Preliminary Economic Assessment (PEA) on its Battery Hill project located near Woodstock, New Brunswick. The PEA will evaluate the commercial viability of producing premium, high purity manganese products for the electric vehicle (EV) and backup energy storage sectors
- It released an NI-43-101 Compliant Mineral Resource Estimate in preparation of the PEA
- The phase 3 metallurgical work by Kemetco Research led to a state-of-the-art processing technology with significant cost reductions in the production of high-grade battery material for EV and stored energy applications. This milestone was a critical part of completing the company's PEA, since cost-effective metallurgical processing is a key economic component of the project
- Manganese X Energy spun out LAB graphite assets to its shareholders through a new subsidiary known as Graphano Energy Ltd under trading symbol GEL
- Manganese X Energy subsidiary and JV partner Purebiotic Air Corp received positive updated data on Virginia State University testing on an important range of pathogens and biofilm, including coronavirus (COVID-19)
Contact Ritika at ritika@proactiveinvestors.com