Manganese X Energy Corp (MNXXF)

[Everything-EV]

PEA Highlights:
• Robust Economics
o After-tax net present value using a 10% discount rate (“NPV10”): $486 million
o 25% internal rate of return (“IRR”)
o Capital costs (“CAPEX”) of $350 million with a payback of 2.8 years
o Average annual gross revenue of $177 million per year over the 47 years Project life
o Average annual gross revenue of $220 million over the first seven years
o Life of mine (“LOM”) operating cost (“OPEX”) of $122/t material processed
• HPMSM Market Price
o Base case market price of $2,900/t for battery-grade high-purity manganese sulphate (“HPMSM”) is well below the long-term forecast price of $4,200/t HPMSM estimated by CPM Group
• Price Sensitivity
o Base case undiscounted after-tax cashflow: $3.4 billion
o Sensitivity analysis shows after-tax NPV10 reaches $914 million at $4,200/t HPMSM - see sensitivity analysis Table 1 below
• Long Mine Life
o 40-year mine production life and seven years of stockpile reclaim feed
o Total LOM production of 3.2 million tonnes of HPMSM
o Average annual HPMSM production of 68,000 tonnes over the LOM
o Average annual HPMSM production of 84,000 tonnes in the first seven years of production
• Low Environmental Impact
o Flowsheet produces a filtered residue leach product with initial acid-base accounting and non-acid generating test results showing no acid drainage risk
• Project Objectives
o Project is now advancing towards a pilot project, pre-feasibility study as well as advancing a drilling program to upgrade and expand manganese resources