RETRANSMISSION: Manganese X Energy Provides Battery Hill High-Purity Manganese Sample for NRC-Led POSCO LMR Cathode Research Project

Manganese X joins CA$632,111 R&D project to develop Canadian battery materials with NRC and POSCO.

What the company is saying

Manganese X Energy Corp. is announcing its participation in a collaborative research agreement dated August 18, 2026, with the National Research Council of Canada, E3 Lithium Ltd., NiVolt Technologies Inc., and POSCO America Corporation. The company emphasizes its role in supplying a 10-kilogram sample of high-purity manganese sulfate monohydrate, produced from its Battery Hill project in Woodstock, New Brunswick, for use in developing lithium-manganese-rich cathode materials. The release highlights the total project value of CA$632,111, with Manganese X contributing approximately CA$116,325 and the NRC contributing about CA$155,500. CEO Martin Kepman credits the NRC for organizing the collaboration and frames the project as a step toward integrating Canadian mineral production into the battery supply chain. The announcement underscores the involvement of major partners like POSCO, which will conduct technical verification and performance assessment, and details the NRC’s role in synthesizing and testing cathode materials. The tone is confident and forward-looking, with claims about the scale of the Battery Hill resource and the potential to supply the North American battery market.

What the data suggests

The agreement is formalized and the project budget is precisely disclosed at CA$632,111, with Manganese X’s share at CA$116,325 and the NRC’s at CA$155,500. The company has already provided a 10-kilogram HPMSM sample for research, confirming tangible participation. The project is led by the NRC and includes technical roles for all partners, with POSCO responsible for industrial validation. The Woodstock area, including Battery Hill, is described as the largest manganese resource in North America, but no resource estimate or comparative data is provided to substantiate this claim. The project aims to demonstrate an integrated Canadian battery materials supply chain, but all technical and commercial outcomes remain forward-looking, with no milestones or performance results yet reported. The scheduled completion date is March 31, 2027, indicating that technical and commercial validation is still at an early stage. The disclosure is detailed for project structure and funding, but lacks operational or financial data beyond the R&D initiative.

Analysis

The announcement is positive in tone, highlighting a collaborative R&D agreement with reputable partners and specific financial contributions. However, the majority of the claims relate to the initiation of a research project rather than realised technical or commercial milestones. While the agreement and sample provision are completed, the core benefits—demonstration of new cathode materials, technical validation, and integration into the battery supply chain—are all forward-looking and contingent on successful R&D outcomes. The project is scheduled to complete by March 31, 2027, placing any potential commercial impact well into the long-term. The CA$632,111 project value is modest for the sector and does not represent a large capital outlay, so the capital intensity flag is false. The language describing the Woodstock area as the 'largest manganese resource in North America' is not substantiated with data in this release, and the claims about integrated supply chain pathways and future production are aspirational. Overall, the narrative is somewhat inflated relative to the actual progress, which is limited to agreement execution and sample delivery.

Risk flags

• ●Execution risk is high, as the project is still in the research and development phase and no technical milestones or validation results have been disclosed. The success of the initiative depends on the ability of multiple partners to deliver on their roles and for the NRC and POSCO to achieve positive technical outcomes.
• ●Commercialization risk is substantial, since the project’s stated objective is to demonstrate an integrated supply chain and produce battery-grade HPMSM, but there are no offtake agreements, customer commitments, or commercial contracts disclosed. The pathway from R&D to revenue remains unproven.
• ●Disclosure risk exists around claims of scale and resource size, as the assertion that Woodstock represents the largest manganese resource in North America is not supported by resource estimates or comparative data in this release. Investors cannot independently verify the economic potential of Battery Hill from the information provided.
• ●Timeline risk is present, with the project scheduled to run until March 31, 2027. Any delays in technical progress, partner coordination, or funding could push back realization of any commercial value.

Bottom line

Manganese X has secured a place in a CA$632,111 collaborative R&D project with the NRC, E3 Lithium, NiVolt Technologies, and POSCO to develop lithium-manganese-rich cathode materials using Canadian mineral feedstocks. The company’s tangible contribution is a 10-kilogram HPMSM sample and a CA$116,325 funding share, while the NRC leads the project and POSCO will provide technical validation. All technical and commercial outcomes remain forward-looking, with no demonstration results or commercial agreements yet in place. The project’s scheduled completion in March 2027 means any value realization is at least seventeen months away and contingent on successful R&D. Investors should recognize that while the partnership and funding are real, the economic upside is speculative until technical milestones are achieved and commercial pathways are established. The most important takeaway is that this is an early-stage R&D collaboration, not a near-term revenue or production event.

Announcement summary

(TSXV:MN) (FSE:9SC) (OTCQB:MNXXF) Manganese X Energy Corp. announced it has entered into a collaborative research agreement dated August 18, 2026, with the National Research Council of Canada (NRC), E3 Lithium Ltd., NiVolt Technologies Inc., and POSCO America Corporation to develop and demonstrate lithium-manganese-rich (LMR) cathode materials using Canadian critical-mineral feedstocks. Manganese X is providing a 10-kilogram sample of high-purity manganese for research and testing. The high-purity manganese sulfate monohydrate (HPMSM) used in the project is produced from Manganese X's Battery Hill manganese ore in Woodstock, New Brunswick, Canada. The collaborative Canadian research and development project is valued at CA$632,111 and is led by the NRC. The Woodstock area of New Brunswick, including Battery Hill, is described as representing the largest manganese resource in North America. Kemetco Research Inc. supplied 10 kilograms of Battery Hill HPMSM for the research program. POSCO will conduct technical verification and performance assessment of the Canadian precursor and cathode materials at its R&D facilities. The NRC will integrate Canadian manganese, lithium, and nickel feedstocks to produce precursor cathode active material (pCAM), cathode active material (CAM), and coin cells, which will undergo characterization and electrochemical performance testing, including evaluation of capacity retention and stability. Manganese X CEO Martin Kepman stated that the NRC was instrumental in organizing the collaborative research agreement. POSCO is described as a major global industrial and materials organization with an expanding rechargeable-battery-materials business. POSCO Future M, an affiliate, has announced development of LMR cathode materials. Manganese X's contribution to the project is valued at approximately CA$116,325, while the NRC's contribution is approximately CA$155,500. The project is scheduled to be completed by March 31, 2027, and is also supported through separate NRC funding arrangements for eligible participants. The project aims to demonstrate an integrated pathway from upstream Canadian critical-mineral production through midstream battery-material manufacturing. Manganese X is advancing its Battery Hill Manganese Project in New Brunswick with the objective of producing battery-grade HPMSM for the North American battery supply chain. E3 Lithium is advancing its Clearwater Lithium Project in Alberta. NiVolt Technologies is focused on nickel processing and domestic battery-material supply capabilities. The NRC provides advanced research capabilities in battery materials, chemistry, and electrochemical technologies. POSCO will conduct technical verification, performance assessment, and industrial qualification activities. Manganese X's proprietary HPMSM beneficiation and processing flowsheet for Battery Hill is identified as Manganese X Background Intellectual Property under the agreement. The scientific and technical information in the release was reviewed and approved by Perry MacKinnon, P. Geo., Vice President of Exploration of the Company, who is a Qualified Person as defined in National Instrument 43-101.

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