Manganese X Energy Advances Preliminary Economic Assessment of Battery Hill Manganese Project with Improved Flowsheet Optimisation Demonstrating Significant Cost Savings in the Production of High Grade Battery Material for the EV and Stored Energy Space
Montréal, Québec, Canada, August 3, 2021, Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (OTC:QB MNXXF) (“Manganese X”, “MN” or the “Company”) is pleased to announce an update and results from its ongoing processing and metallurgical studies. Manganese X, together with Kemetco Research Inc. (“Kemetco”) are completing the test work as part of the Preliminary Economic Assessment (“PEA”) which will characterize and assess the economic and commercial viability of producing high purity, battery grade manganese products from the Battery Hill project located near Woodstock, New Brunswick, Canada.
Highlights:
News Release dated July 7, 2021
- Battery Hill project mineral resource estimate consists of 34.86 million tonnes of Measured and Indicated mineral resources grading 6.42% Mn, plus an additional 25.91 million tonnes of Inferred mineral resources grading 6.66% Mn utilizing a 2.5% Mn cut-off grade that reflects total operating costs having “reasonable prospects for economic extraction”.
- Sensitivity analysis of the Battery Hill deposit to cut-off grade indicates 25 million tonnes of Measured and Indicated mineral resources at 8.77% Mn and 10.61 million tonnes of Inferred mineral resources grading 9.05% Mn utilizing a cut-off grade of 7% Mn.
- As part of the ongoing PEA, project economics will be maximized by optimizing production schedules and starter pit outlines towards higher grade material such as above.
- The large mineral resource base underlines the project’s potential to sustain long term production.
Processing & Metallurgical
- Consistent overall extraction rates ranging between 80 and 90% being achieved.
- Significant reduction in reagent consumptions have been observed during the leach process, which will result in significant cost reductions as well as permitting and environmental benefits.
- Streamlining within the purification process to produce high purity manganese products will also significantly reduce overall processing operating costs.
- Purification results are improved with extremely low levels of base and alkali metal contaminants.
- The above positive results and improving efficiencies in the processing flowsheet clearly enhance the opportunity for commercialization.
- Patent applications are planned to protect the innovative processing flowsheet being developed on behalf of the Company by Kemetco. The process focuses on production of 99.95 % High-Purity Manganese Sulphate Monohydrate (HPMSM) for the electric vehicle (EV) and back up energy storage sectors.
Martin Kepman CEO comments, “We are entering an exciting phase in our corporate evolution. With the improving cost efficiencies in our MnSO4 processing coupled with our upcoming PEA, the company is advancing towards the goal of becoming a North American battery materials supplier to the North American EV industry. As we know, Tesla is moving to high-purity-manganese as a primary raw material for its batteries. We are fully focussed on taking advantage of this development, as well as other unfolding and expanding markets. Our team is also working relentlessly and will spare no efforts to achieve our goal to become the first manganese mining operation in Canada and the USA. We are working and continuing to work with Government agencies to achieve and accelerate our objectives. “
The Company has received additional favourable Phase 3 metallurgical leach optimization and purification results, improving flowsheet optimization, which will lead to significant cost savings in producing high grade battery products for the EV and battery energy storage industries. The results confirmed that >85% manganese leach extraction rates can be achieved using a specific range in grind size. Leach optimization has been identified as a high priority for evaluating economic factors such as reagent consumptions and expected extraction rates. Kemetco continues to reduce steps in the processing flowsheet and has achieved further upgrades in both the leaching and purification processes. A very significant milestone was achieved by reducing the consumption of reagents that would result in major cost benefits.
Finalization of the Phase 3 processing studies is progressing well. This is the last stage of the ongoing test work to develop a commercially viable flow sheet to produce battery-grade manganese products using sustainable and ethically sourced North American mineralization at the Battery Hill property located near Woodstock, New Brunswick, Canada
This News Release has been reviewed and approved by Perry MacKinnon, P.Geo, Vice President of Exploration with Manganese X Energy and a “Qualified Person” as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Manganese X Energy
Manganese X’s mission is to advance its Battery Hill project into production, with the intent of supplying value-added materials to the lithium-ion battery and other alternative energy industries, The company is also striving to achieve new carbon-friendly more efficient methodologies, while processing manganese at a lower competitive cost. The company is moving toward commercialization of a manganese deposit in Canada.
Subsidiary Disruptive Battery’s mission is to develop an HVAC air purification delivery system for cleaner and healthier air, aiming to mitigate COVID-19 and other contaminants on surfaces and in the air.
For more information visit our website at www.manganesexenergycorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Martin Kepman
CEO and Director
martin@kepman.com
1-514-802-1814
Cautionary Note Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Such forward-looking statements include, but are not limited to, the Company’s expectations about (i) the terms, and timing for the completion of, the Plan of Arrangement, and (ii) the timing of the receipt of the final order of the Supreme Court of British Columbia. Forward-looking statements necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including, without limitation, risks relating to (i) the social and economic impacts of the COVID-19 pandemic, (ii) the receipt of the requisite shareholder, court, regulatory and stock exchange approvals in connection with the Arrangement, and (iii) the Company’s business, including the mining industry in general, as described in the Company’s public filings on SEDAR. The foregoing list is not intended to be exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that (i) the Company will satisfy, in a timely manner, all conditions precedent to completion of the Arrangement, (ii) all regulatory and stock exchange approvals will be obtained in a timely manner, and on terms acceptable to the Company, and (iii) the circumstances surrounding the COVID-19 pandemic, although evolving, will stabilize and will not materially impede or affect the ability of the Company to consummate the Arrangement), although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this press release may not be indicative of, and are not an estimate, forecast or projection of the Company’s future results. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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