Manganese X Energy Corp - MNXXF stock

Overview

Manganese X Energy Corp. (OTC: MNXXF, TSXV: MN) is involved in the procurement and advancement of mineral assets within Canada. The company's primary focus lies in the exploration of copper, nickel, and cobalt deposits. Its key project is the Battery Hill manganese property, encompassing 55 claims spanning approximately 1,228 hectares, situated in Carlton County, southwestern New Brunswick. Additionally, the company is engaged in the development of a heating, ventilation, and air conditioning air purification delivery system. It was previously known as Sunset Cove Mining Inc. before changing its name to Manganese X Energy Corp. in December 2016. The company is headquartered in Saint-Laurent, Canada.

Manganese X Energy Corp is mainly focused on producing manganese that is ethically sourced and meets the highest EV quality standards along with being environmentally friendly. Located out of New Brunswick (Canada), the company’s primary manages deposit is strategically located in proximity to the top consumers of Manganese in Europe and North America. The company also owns cobalt, copper, and nickel deposit sites, although they constitute only a small portion of the company.

The company has a subsidiary, Disruptive Battery Corp., which is primarily involved in the air purification sector. Disruptive Battery Corp. is a 50% Joint Venture with PureBiotic AIR Corporation, an experienced company in air systems.

The Manganese produced by Manganese X Energy Corp is said to be 99.95% pure and free from selenium, an element that is considered highly toxic for batteries. Manganese Sulphate is one of the most used elements in EV batteries with a higher focus on EVs, the company expects demand for manganese to expand significantly in years to come.

The main Battery Hill project of the company consists of 55 claims totaling 1228 hectares in New Brunswick, Canada. The company’s plans for 2022 involve a Preliminary Economic Assessment (PEA), Pilot Project, and Preparation for Pre-Feasibility Study. The PEA was successfully completed providing some encouraging results. 2023 plans mainly involve obtaining mining permits with the actual production expected to start in 2024.

Projects

Battery Hill

The Battery Hill manganese property is situated in the Canadian province of New Brunswick, which the Fraser Institute has recognized as one of the most favorable mining jurisdictions in Canada. This property comprises 55 claims, encompassing approximately 1,228 hectares, located about 5 kilometers northwest of the town of Woodstock in Carlton County, southwestern New Brunswick. It includes all or parts of five manganese-iron zones: Iron Ore Hill, Moody Hill, Sharpe Farm, Maple Hill, and Wakefield. In his Master's Thesis focused on manganese occurrences in the Woodstock area, Brian Way (2012) reported that this region "contains a series of banded iron formations that collectively represent one of the largest manganese resources in North America, estimated at around 194,000,000 tonnes."

Peter Lake

The Peter Lake Property comprises 44 adjacent mining claims, covering an area of approximately 2,568 hectares. It is located within the Mont-Laurier Terrane in the Central Grenville Province of Quebec. The Property is situated within a sequence of altered sedimentary rocks known as the Rabot Suite, which have been intruded by gabbroic and varying compositions of intrusions, including the Serpent and Lacoste Suites.

Within the Property, there are two occurrences of Copper-Nickel-Cobalt, namely Peter Lake North and Peter Lake South. Previous grab sampling activities have yielded results ranging from 0.4% to 22.8% copper, 0.14% to 0.73% nickel, 500 ppm to 0.266% cobalt, along with elevated levels of gold and silver. This mineralization is associated with the mafic intrusions of the Serpent Suite and has been intermittently traced on the surface for a distance exceeding 2 kilometers. It's worth noting that the Property has seen very limited exploration to date, with only 2 shallow diamond drill holes carried out in 2002. Additionally, the Peter Lake South occurrence, discovered in 2012, remains untested by drilling.

Disruptive Battery Corp HVAC

Disruptive Battery Corp., a wholly-owned subsidiary of Manganese X, possesses a patent for the "Disinfection Apparatus" system, which is designed for the distribution of air disinfection agents through a building's HVAC distribution system. Manganese X has entered into a non-binding Letter of Intent to acquire a patent related to a system and method for purifying air in a confined environment. Tests were conducted in a 33-story apartment building located in the Toronto area, demonstrating the system's capability to purify contaminated units. This invention presents a method for reducing microbial levels within a building's interior. The process involves vaporizing an antimicrobial essential oil to create vaporized antimicrobial essential oil and then introducing this vaporized oil into an airflow. Subsequently, the airflow is directed into the building's air ducts and ultimately into the indoor air supply of the building.

Metallurgy

Manganese X has received further positive metallurgical findings from Kemetco Research Inc. (Kemetco) in the ongoing development process. These findings have shown increased efficiency and improved economic viability, paving the way for commercialization. During phase 1, the company successfully produced manganese sulfate with a purity exceeding 99.95%, while maintaining low levels of base and alkali metals. This represents a significant milestone and demonstrates that the resource material from its Battery Hill property can meet the requirements for electric vehicles and other applications. In addition, multiple Phase 2 bench scale metallurgical bulk tests have been conducted, yielding highly favorable results for optimizing processes such as leaching, neutralization, and solid-liquid separation. The company is actively progressing in the development of an extraction process and flowchart aimed at reducing purification steps. If successful, this could result in substantial cost savings.

Management Team

The leadership and management team at Manganese X Energy Corp is highly experienced with expertise in their respective domains. The leadership team consists of Martin Kepman (CEO and Director), Jay Richardson (CFO), Roger Dahn (Director), and Perry McKinnon (VP of Exploration).

Martin Kepman (CEO) is an experienced industry professional who started his consultancy agency in 1982. He has over 34 years of experience working on multiple projects and different management teams along with being recognized as a strategic expert. Jay Richardson (CFO) is a certified CPA who has served as the CEO or Chairman of listed public companies on five occasions and in many other CFO and private company situations. Perry McKinnon (VP- Exploration) is an accredited professional geologist having over 30 years of experience in the mining industry.

Funding

On December 8 2022, Manganese X Energy Corp announced the closure of their non-brokered private placement offering with the issuance of a total of 9,015,958 flow-through units (each, an “FT Unit”) at a price of $0.23 per FT Unit for aggregate proceeds of $2,073,670.34 (the  “Proceeds”). One FT Unit equals one-half of one common share purchase warrant of the Company. The proceeds from this offering shall be used for Canadian Exploration Expenses ("CEE") and “flow-through mining expenditures”. James Richardson, the company's chief financial officer, and director bought a total of 150,000 FT Units during the offering.

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OTC Symbol: MNXXF | OTC Tier: OTCQB