Manganese X Energy Secures Funding for Battery Hill Project

Electric Royalties Ltd. has announced a significant development regarding its Battery Hill Manganese Project in New Brunswick. Manganese X Energy Corp., the operator of Battery Hill, revealed plans for a private placement to raise up to C$2.1 million, with C$2 million committed by mining investor Eric Sprott. The funds are earmarked primarily for a pre-feasibility study.

A 2022 preliminary assessment for Battery Hill projected annual gross revenue of US$177 million and a mine life of 47 years. Brendan Yurik, CEO of Electric Royalties, highlighted this investment as a testament to the project's potential, aimed at providing high-purity manganese for the battery industry.

The completion of the pre-feasibility study marks a vital milestone, aligning with the growing demand for battery minerals in the electrification push. Meanwhile, the project involves inferred mineral resources that are yet to demonstrate economic viability.