Manganese X Energy Corp. Provides Key Updates on Strategic Advancements Towards EV Compliant High Purity Manganese Commercialization

Rhea-AI Summary

Manganese X Energy Corp. (MNXXF) has provided key updates on its progress towards commercializing High Purity Electric Vehicle (EV) compliant manganese. The company is advancing in several areas:

1. C4V MOU Update: Prequalification process for a potential offtake deal is in Phase Two, with initial tests meeting EV standards.

2. Non-Provisional Patent: Filed for protection on EV compliant manganese technology, with positive feedback from USPTO.

3. Pilot Plant Project: Evaluating technologies and upgrading metallurgical flow sheet for the upcoming Battery Hill pre-feasibility study.

4. Third Party Verification: Independent US lab analysis confirmed the company's HPMSM sample meets rigid EV battery standards.

CEO Martin Kepman highlighted the company's position to address the anticipated shortage of high-purity manganese by 2030, aligning with the Canadian government's EV transition plan.

Positive

• Potential offtake deal with C4V progressing, with Phase One tests meeting EV standards
• Non-provisional patent application for EV compliant manganese technology receiving positive feedback from USPTO
• Independent lab verification confirming HPMSM sample meets rigid EV battery standards
• Strategic position to address anticipated high-purity manganese shortage by 2030
• Advancement in pilot plant project and metallurgical flow sheet for Battery Hill pre-feasibility study

Negative

• None.

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.

For more information visit the website at www.manganesexenergycorp.com.

On behalf of the Board of Directors of
MANGANESE X ENERGY CORP.

Martin Kepman
CEO and Director
Email: martin@kepman.com
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.

Cautionary Note Regarding Forward-Looking Statements:

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221183

FAQ

What is the current status of Manganese X Energy Corp's (MNXXF) C4V MOU?

Manganese X Energy Corp's MOU with C4V is currently in Phase Two of the prequalification process. Phase One tests demonstrated that electrodes met required EV standards, and Phase Two involves more stringent validation for long cycling performance and capacity retention of the cells.

Has Manganese X Energy Corp (MNXXF) filed for patent protection on its EV compliant manganese technology?

Yes, Manganese X Energy Corp has filed for non-provisional patent protection on its EV compliant manganese technology. The US Patent and Trademark Office (USPTO) has contacted Kemetco Research Inc., the company that wrote the patent application, for more information and expressed satisfaction with the discussion.

What were the results of the third-party lab verification of Manganese X Energy Corp's (MNXXF) HPMSM sample?

The independent US lab analysis of Manganese X Energy Corp's High Purity Manganese Sulphate Monohydrate (HPMSM) sample proved to be very successful. The results passed the rigid requirements for EV battery standards, confirming the quality of the company's product.

What is the significance of Manganese X Energy Corp's (MNXXF) Battery Hill project?

Battery Hill, located in Woodstock, New Brunswick, Canada, is one of the largest manganese carbonate deposits in Canada and the US. It is a key project for Manganese X Energy Corp in their goal to commercialize High Purity Manganese. The company filed its Preliminary Economic Assessment (PEA) for Battery Hill in June 2022.