Manganese X Energy Corp (TSX-V:MN, OTCQB:MNXXF) has provided an update on the preliminary economic assessment (PEA) of its Battery Hill manganese project, having commissioned a second market report which is due out in a few days.
The report titled 'Market Outlook for High-Purity Manganese Products' will be followed by the PEA in the near term. While focusing on the North American market, the report will also include information on world markets and help make the PEA a more accurate reflection of the recent spike in the price of manganese. The report also considers the increase in demand for high-purity manganese products.
"We are extremely excited to have the highly acclaimed Wood PLC conducting our PEA on the Battery Hill project located near Woodstock, New Brunswick, and we are also working very closely with our metallurgical team at Kemetco Research Inc,” Manganese X CEO Martin Kepman said in a statement.
"We anticipate this technical study will validate our new cost-saving metallurgical processes to economically produce a competitive, safe, sustainable, high-grade, EV compliant manganese product. With the demand for the creation of a USA-Canada supply chain lessening the need for foreign imports, along with the continuing of EV (electric vehicle) and backup energy storage units utilizing manganese, we are very optimistic for the future," he added.
READ: Manganese X is gearing up to be a provider to the electric vehicle battery manufacturers with its high-purity manganese
"At one time, manganese was known as the 'forgotten mineral' but these days, it's certainly getting a lot of attention. The recent announcement of Stellantis' $5 billion battery cell plant planned for Windsor, Ontario, is expected to increase interest in manganese. Also, on March 22nd, Tesla's Elon Musk commented that there was 'interesting potential for manganese'. We are all aware that Tesla has been exploring using more manganese in its battery cells," Kepman commented further.
The company also said it has formed an advisory board and appointed Gordon Jang as the inaugural member. The board will industry leaders offering innovative, unbiased perspectives and members will provide guidance on existing and future strategies.
Jang brings over 25 years of experience in the mining industry and capital markets having held senior management roles with mid-to-large mining companies, such as Fortuna Silver Mines Inc (TSX:FVI)., Augusta Resources Corporation, Lundin Mining Corporation (TSX:LUN), Hudbay Minerals Inc. and Pan American Silver Corp. (TSX:PAA, NASDAQ:PAAS) A graduate of the British Columbia Institute of Technology's Financial Management program, Jang has extensive experience in mergers and acquisitions, corporate restructuring, Sarbanes-Oxley compliance, external financial reporting, internal controls, tax planning, cost analysis and process improvements, the company said.
The company also announced that it has granted stock options to acquire an aggregate of 5,500,000 common shares in the capital of the company at an exercise price of $0.40 each in accordance with its 10% rolling stock option plan.
A total of 3,700,000 of these stock options were granted to certain directors and officers and all of these options are fully-vested and exercisable for a five-year term expiring March 25, 2027. Any stock options exercised prior to July 26, 2022, will bear a resale restriction expiring on such date.
Contact the author at jon.hopkins@proactiveinvestors.com