Montreal, Quebec--(Newsfile Corp. - August 27, 2024) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC) (TRADEGATE: 9SC) (OTCQB: MNXXF) (the "Company" or "Manganese X") is pleased to present a quarterly review and update of its projects and accomplishments as the Company makes strides to become the first publicly traded mining company in Canada and the US to commercialize High Purity Electric Vehicle (EV) compliant manganese.
Manganese X CEO Martin Kepman shared his outlook on the future, "As we continue to navigate the dynamic landscape of EV investments, the Canadian government's ambitious transition plan sets a compelling stage. The government's infusion of billions of dollars into significant EV battery production facilities further underscores the industry's momentum."
He added, "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 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."
Kepman stated, "We are very encouraged and look forward to the third quarter of 2024, as we advance on our projects noted below."
C4V MOU Update: Pretesting Prequalification Process
At the end of 2023, the Company signed a non-binding MOU regarding a potential offtake deal with US battery technology leader C4V. A High Purity Manganese Sulphate Monohydrate (HPMSM) sample is currently being prequalified by C4V for its Gigafactory joint ventures. Notably, the results of C4V's Phase One tests demonstrated that electrodes could be calibrated and also, while testing its rate, performance and capacities, these met the required EV standards. Capacities and performance of the sample also appeared stable during long cycling.
C4V is currently moving into Phase Two of the prequalification process, that of more stringent validation to determine if Manganese X's sample meets standards required for long cycling performance and capacity retention of the cells.
Filing of Non-Provisional Patent
Manganese X filed for non-provisional patent protection on its EV compliant manganese technology which when granted, will provide full patent protection, as well as enabling the Company to license its technology. Progress is being made as evidenced by the US Patent and Trademark Office (USPTO) recently seeking more information by contacting Kemetco Research Inc., the technology innovation company which wrote the patent application and is located in Richmond, BC, Canada. The USPTO representative stated that he was satisfied with the discussion.
Pilot Plant Project
The Company, along with Kemetco Research Inc., is continuing to evaluate multiple technologies, demonstrating the technical feasibility of Manganese X's technology, including that of its own proprietary technology. This includes upgrading the Project's metallurgical flow sheet project in preparation for the Company's upcoming Battery Hill pre-feasibility study.
This Project represents a significant step forward in the Company's strategic plan to commercialize manganese. Battery Hill, strategically located in Woodstock, New Brunswick, Canada, is one of largest manganese carbonate deposits in Canada and the US. The Company filed its Preliminary Economic Assessment (PEA) on SEDAR in June 2022, the first step towards its end goal of commercialization of High Purity Manganese.
Third Party Independent Lab Verification of Company's High Purity Manganese
Manganese X recently engaged an independent US lab to perform an analysis of its HPMSM sample in order to detect the degree of contaminant impurities and ultimately determine if the test results will meet rigid EV battery standards.
This sample was produced by Kemetco Research Inc. with the manganese carbonate originating from the Company's Battery Hill Mining Project. The results proved to be very successful and passed the rigid requirements.
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 US to commercialize EV 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.
On behalf of the Board of Directors of MANGANESE X ENERGY CORP.
Martin Kepman CEO and Director Email: [email protected] Tel: 1-514-802-1814
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Manganese X, are forward-looking statements. Forward-looking statements in this news release relate to the Company's goals and plans for 2024, including, among other items, its pilot plant project and PFS. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Manganese X, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. These risks, as well as others, are disclosed within the Company's filings on SEDAR+, which investors are encouraged to review prior to any transaction involving the securities of the Company. Readers should not place undue reliance on the forward-looking statements. Manganese X does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
