Manganese Power Play: Miners Fuel Critical Supply Shift

Close Important Disclosures:

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Aftermath Silver.
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Manganese is a hard, brittle, silvery metal best known for its role in strengthening steel and enhancing durability. While too brittle to be useful as a pure metal, manganese is a critical component in alloys. Steel typically contains about 1% manganese to boost strength, workability, and wear resistance, while manganese steel (composed of around 13% manganese) is prized for its extreme toughness and is used in railway tracks, safes, rifle barrels, and prison bars. Manganese also plays a vital role in the production of aluminum alloys, improving corrosion resistance, and in highly magnetic alloys when combined with aluminum, antimony, and copper.

Manganese's industrial uses extend beyond metallurgy. Manganese (IV) oxide is widely used as a catalyst, a rubber additive, and a decolorizing agent in glassmaking. Manganese sulfate is essential for fungicide production, while manganese (II) oxide is used in fertilizers and ceramics. Biologically, manganese is crucial for all living organisms. It is a component of various enzymes, including the one responsible for oxygen production during photosynthesis. Humans typically consume about 4 milligrams of manganese daily through foods such as nuts, cereals, tea, and parsley. Without adequate manganese, bones become weaker and more prone to fractures. According to the Periodic Table's overview of the element, manganese is the fifth most abundant metal in the Earth's crust, with significant deposits in China, Africa, Australia, and Gabon.

Global Market Dynamics: Manganese Demand and Supply Trends

The manganese market has undergone significant changes over the past year, driven by shifting demand between traditional industries and emerging technologies. According to Investing News Network on January 14, demand from the electric vehicle (EV) sector provided notable support in 2024 as automakers increasingly turned to manganese-rich chemistries such as lithium-manganese-iron-phosphate (LMFP) to reduce reliance on nickel and cobalt. However, the market also faced headwinds from oversupply conditions, particularly as Chinese steel demand fell short of expectations.

Fastmarkets, as cited by Investing News Network on the same date, reported that manganese sulphate prices turned bearish in the fourth quarter of 2024 due to slow spot buying in China and weather-related supply disruptions in Australia. Despite these pressures, Fastmarkets projected a longer-term recovery in manganese demand, noting that new battery chemistries would continue to drive growth into the 2030s, even as China's supply base remains dominant in the short to mid-term.

SMM provided additional detail in its January 17 analysis, stating that the annual average price of 46% Australian lump manganese at Tianjin Port rose by 16% year over year in 2024, while the 45.5% Gabonese lump saw a 17.77% rise. However, despite these increases, oversupply — particularly in the second half of the year — pushed prices downward, with slow port inventory destocking and limited enthusiasm from alloy plants in southern China contributing to weaker market performance.

Yahoo! Finance, in a report last July, projected that global manganese demand would grow from 27.4 million metric tons in 2023 to 39.3 million metric tons by 2030, marking a compound annual growth rate of 5.3%. The report highlighted that while manganese remains integral to traditional steel production, its role in battery manufacturing is expected to expand steadily, supported by advances in mining, refining processes, and sustainability efforts across the sector.

With manganese's importance spanning both traditional industries and the rapidly evolving battery market, a growing number of mining and materials companies are positioning themselves to meet future demand. While global supply chains remain dominated by China, new projects and expansions in regions such as Australia, Africa, and North America are aiming to diversify sources and reduce reliance on a single supplier base. The following companies have made moves within the manganese space, reflecting both the opportunities and challenges of operating in a market shaped by shifting demand, evolving technology, and geopolitical considerations.

Electric Metals (USA) Limited

Electric Metals (USA) Limited (EML:TSX.V; EMUSF:OTCQB) is a U.S.-based mineral development company focused on advancing domestic production of high-purity manganese products, an area in which the United States currently has no active production.

The company's flagship asset, the Emily Manganese Project in Minnesota, is recognized as the highest-grade manganese deposit in North America and is central to Electric Metals' strategy to supply critical materials to the electric vehicle, defense, technology, and industrial sectors.

The Emily Project has outlined approximately 6.2 million tonnes of inferred resources at 19.3% manganese and 4.9 million tonnes of indicated resources at 17.5% manganese, based on a 10% cut-off grade. The company is planning a 500,000 tonne-per-year underground mining operation expected to support a mine life of at least 20 years. According to a company update on April 21, 2025, metallurgical testing has confirmed the ability to produce high-purity manganese sulfate monohydrate (HPMSM) using conventional sulfuric acid leaching, with extraction rates exceeding 95% and effective removal of impurities.

Electric Metals is also pursuing vertical integration through plans to construct a 100,000 tonne-per-year HPMSM production plant in the U.S. and has submitted applications for federal funding to advance this initiative. The company is additionally exploring the potential acquisition of a U.S.-based downstream processing facility with existing commercial production and long-term offtake agreements, which could generate approximately US$50 million in annual revenue and EBITDA of US$4 - US$7 million.

Geopolitical developments have further bolstered Electric Metals' strategic positioning. In an April 21 news release, the company commended the U.S. government's Executive Order invoking Section 232 to investigate national security risks linked to dependence on imported critical minerals. Electric Metals' CEO Brian Savage stated that this directive "strengthens the case for what we're already building," reinforcing the company's focus on delivering a secure, domestic HPMSM supply chain.

On April 29, Electric Metals closed a CA$3.0 million non-brokered private placement led by Eric Sprott and Crescat Capital to fund the advancement of the Emily Project.  Kevin Smith, CEO of Crescat Capital, underscored the national security implications, stating that Electric Metals holds "the highest-grade manganese deposit in North America" and is "deeply undervalued," with strong potential for fast-tracking under U.S. policy.

Technical analyst Clive Maund also noted positive momentum for Electric Metals in a recent market commentary, observing that the stock had entered a new bull market in early 2025 after breaking higher on record upside volume.

As Maund explained, "Electric Metals has been in a bear market since it started trading early in 2021, and its bear market is believed to have bottomed when it briefly plunged intraday on a day late in December to just CA$0.005, which action left behind a large bullish reversal candle on its chart. Despite the market mayhem of the past couple of weeks, it looks like it has begun a new bull market. It staged a dramatic break higher on huge record upside volume early in February that took it way above its 200-day moving average, resulting in a bullish cross of its main moving averages last month, and while the broad stock market was dropping hard it has drifted back on light volume to support above its now flattening 200-day moving average which classically is a good point to buy. Both its volume indicators are strong, and if any stocks are set to buck the general trend, this looks like one of the contenders, and it is therefore considered to be a strong buy here."

As Electric Metals continues to advance its Emily Manganese Project and explore strategic partnerships, it remains one of the few companies directly positioned to address U.S. critical mineral vulnerabilities. With China currently controlling over 96% of global HPMSM supply, Electric Metals is aiming to establish itself as a first mover in reshaping the North American manganese supply chain

According to Refinitiv, 30.58% of Electric Metals is held by management and insiders. Of them, Gary Lewis holds 11.40%, Oliver Lennox-King has 7.13%, Henry J. Sandri owns 5.36%, Steve Durbin has 4.07%, and John Joseph Kutkevicus owns 1.84%.

14.70% is owned by strategic entity Green Mineral Investors. The rest is retail. EML has 144.71 million shares outstanding, 79.18 million free float shares, and a market cap of US$19.89 million. Their 52-week range is CA$0.165–CA$0.56 

Giyani Metals Corp. 

Giyani Metals Corp. (EMM:TSXV) has positioned itself as a vertically integrated developer of battery-grade manganese, an increasingly vital material for electric vehicle (EV) batteries.

High-purity manganese (HPMSM and HPMO) plays a critical role in next-generation lithium-ion chemistries, including LMFP and LMNO, and also strengthens traditional NMC batteries by stabilizing nickel and enhancing energy density. With more than 90% of global supply controlled by China, Giyani's K.Hill project in Botswana offers a much-needed alternative for Western OEMs seeking secure, low-carbon sources of manganese.

The company's early-mover advantage is backed by tangible milestones. Its 1:10-scale demonstration plant in Johannesburg completed commissioning and produced its first high-purity manganese oxide (HPMO) in February 2025. First production of high-purity manganese sulphate monohydrate (HPMSM) is on track for Q1 2025. The demonstration facility is a critical part of de-risking Giyani's full-scale commercial plant, which aims for 80 ktpa capacity by 2027–28.

The company's flagship project, The K.Hill Project is located in Botswana's Kanye Basin, widely regarded as a Tier 1 mining jurisdiction, and is 100%-owned. The K.Hill project holds 14.7 Mt at 14.7% MnO, with high-purity oxide ores that eliminate the need for CO₂-intensive carbonates. The site benefits from strong infrastructure and has secured key Mining, SEZ, and Environmental Authorizations within 15 months. An open-pit mining plan targets 200 ktpa of feed from 2028, with conventional truck-shovel operations and integrated solar power expected to reduce Scope 2 carbon emissions by about 30%.

Giyani began production ramp-up commissioning at its Johannesburg demonstration plant in early 2025, with CEO Charles FitzRoy stating the facility "is progressing to the production ramp-up commissioning phase, and the team continues to work determinedly towards first production of battery-grade manganese." The company reported that its independently operated on-site lab, equipped with ICP-OES and XRF instruments, has already completed full analytical assays, ensuring product quality for upcoming qualification trials with offtakers. These trials are expected to be a key step toward securing project financing and final investment decisions for the commercial facility.

According to Refinitiv, 19.99% of Giyani Metals is held by ARCH Sustainable Resources GPCo Ltd. .Management and Insiders own .83% and Institutions have 1.93%. The rest is retail. 

Giyani has 274.31million outstanding shares, 217.19 million free float shares, and a market capitalization of CA$16.87. Their 52 week trading range is US$0.0600 - 0.1400.

Aftermath Silver Ltd.

Aftermath Silver Ltd. (AAG:TSX.V; AAGFF:OTCQX; FLM1:FRA) is developing one of the largest silver-focused junior portfolios in Latin America, with a flagship project that also brings critical battery metals into play.

The company's Berenguela project in Peru is a polymetallic deposit with a unique mix of silver, copper, and high-purity manganese sulphate monohydrate (HPMSM), a key precursor for lithium-ion batteries. With global HPMSM demand expected to rise over 1,000% by 2031 and 97% of current supply coming from China, Berenguela is strategically positioned to address Western supply chain needs while advancing a significant silver resource.

Institutional support underpins Aftermath's growth strategy. Notably, major shareholder Eric Sprott deepened his backing with a CA$10 million private placement in late 2024, reinforcing confidence in the company's ability to deliver long-term value.

The 6,594-hectare Berenguela project, located in southern Peru about 6 km from Santa Lucia. The project's resource, updated in 2023, includes 101.2 Moz of silver (78 g/t), 589 Mlb of copper (0.67%), and 2.45 Mt of manganese (6.1%), plus zinc credits. Recent metallurgical tests confirmed silver recoveries of up to 96% and demonstrated the potential to produce 99.9% pure HPMSM, meeting and exceeding common battery-grade specifications.

Aftermath is progressing Berenguela toward a preliminary economic assessment (PEA) that will evaluate its ability to deliver silver doré, copper metal, and battery-grade HPMSM as co-products — positioning the project as a future supplier of both precious and battery metals from a single source.

In early 2025, Aftermath appointed Danny Keating, a mining veteran with extensive experience in battery metals, as strategic advisor to help fast-track Berenguela's advancement. CEO Ralph Rushton noted that Keating's "understanding of battery metals projects and their fast-track development will play a key role in shaping our corporate strategy." Concurrently, metallurgical work continues, with Kappes, Cassiday & Associates advancing process design and plant sizing studies as part of Aftermath's preparation for its next-stage economic assessment.

According to Refinitiv, holding company 2176423 Ontario Ltd holds 25.03% of Aftermath Silver. Management and insiders hold 1.06%. 

As for institutional ownership, nine entities together own 4.97%.The Top 2 are Mirae Asset Global Investments (US) with 1.67% and Tidal Investments LLC at 1.46%. The remaining is in retail.

The company has 295.48 million outstanding shares and 218.47 million free float traded shares. Its market cap is CA$109.01M, and its 52-week range is CA$0.165−$0.56 per share.

Manganese X Energy Corp.

Manganese X Energy Corp. (MN:TSX.V; MNXXF:OTCMKTS) is aiming to become North America’s first domestic producer of high-purity manganese sulphate monohydrate (HPMSM), a critical material for electric vehicle (EV) batteries.

With global HPMSM demand expected to grow tenfold by 2030 with no active manganese mining in the U.S. or Canada, the company’s Battery Hill project in New Brunswick is uniquely positioned to fill a major supply gap.

Battery Hill is one of North America’s largest manganese carbonate deposits, boasting 34.86 million tonnes of measured and indicated resources grading 6.42% manganese, plus 25.91 million tonnes of inferred resources grading 6.66%. Located just 12 km from the U.S. border, the project has easy access to infrastructure, including highways, rail, and power. Manganese X completed its robust Preliminary Economic Assessment (PEA), outlining a 47-year mine life, an after-tax NPV of US$486 million, and an IRR of 25%.

A key differentiator is the company’s patent-pending purification process, which enables the direct production of battery-grade HPMSM from ore without the environmentally unfriendly and costly electrolytic manganese metal (EMM) stage. Independent tests have validated 99.95% purity levels, and the pilot plant has already produced EV-compliant samples. Manganese X signed a Memorandum of Understanding (MOU) with U.S. battery tech leader C4V, which is now in the second phase of pre-qualification testing for potential offtake deals.

CEO Martin Kepman highlighted a pivotal CA$2 million investment by Eric Sprott, which is supporting the company’s pre-feasibility study, set to begin in mid-2025. Clive Maund recently rated Manganese X a “Strong Buy,” citing bullish technical indicators and undervaluation relative to its resource size and strategic importance.

Technical analyst Clive Maund described Manganese X as “seriously undervalued,” noting that after a long bear market, the stock showed a bullish reversal pattern in late 2024. He pointed to strong volume surges, a breakout above the 200-day moving average, and a consolidating symmetrical triangle as clear signs that another significant upward leg is likely imminent. Maund concluded that Manganese X is a “Strong Buy for all timeframes.”

According to Refinitiv, 27.29% of Manganese X is held by 2176423 Ontario, Ltd. Management and Insiders own .66%. The rest is retail.

Manganese has 214.59 million shares outstanding, with 156.04 million in the free float. Manganese X has a market cap of approximately CA$10.86 million, and its 52-week trading range is CA$0.02–CA$0.115.