Electric Metals Files NI 43-101 Preliminary Economic Assessment for the North Star Manganese Project on SEDAR+ Results Underscore Robust Economics and a U.S. Manganese Ore to HPMSM Pathway
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Electric Metals Files NI 43-101 Preliminary Economic Assessment for the
North Star Manganese Project on SEDAR+
Results Underscore Robust Economics and a U.S. Manganese Ore to HPMSM Pathway
Toronto, Ontario – October 6, 2025 – Electric Metals (USA) Limited (“EML” or the “Company”) (TSXV:
EML) (OTCQB: EMUSF) announces it has filed on SEDAR+ the National Instrument 43-101 Preliminary
Economic Assessment (“PEA”) for its North Star Manganese Project (NSM P), a 100% domestic U.S.
project, comprising a manganese mine in Emily, Minnesota , and a high-purity manganese sulfate
monohydrate (HPMSM) chemical plant in the U.S. Prepared by Forte Dynamics, Inc., the PEA represents
a significant milestone in the Company’s strategy to deliver 100% U.S.-sourced high-purity manganese
chemical and metal products to power the electrifica]on of everything. The PEA has an effective date of
August 15, 2025, and an issue date of September 30, 2025.
PEA At-a-Glance: A@er-tax NPV(10%) US$1.39B; IRR 43.5%; IniSal CapEx US$474.8M.
The full NI 43-101 PEA is available under Electric Metals (USA) Limited on SEDAR+. This filing follows the
Company’s news release dated August 26, 2025, which summarized the PEA results. The filed NI 43-101
Technical Report provides the underlying assumptions, parameters, and risks that form the basis of the
PEA and should be read in conjunction with that earlier disclosure.
The Indicated and Inferred Mineral Resources used in the PEA operational and financial models are
presented in Table 1.
Table Error! No text of specified style in document.: NSM Emily Classified Mineral Resource Estimate
Top 10 Takeaways from the PEA
1. PEA filed on SEDAR+ (milestone achieved).
2. NSMP integrates an underground mine at Emily, Minnesota with a U.S. HPMSM chemical plant
(site under evaluation).
3. Strong after-tax economics. NPV(10%) US$1.39B and IRR 43.5% at base assumptions.
4. Initial capital scoped to enable underground development, surface infrastructure, and HPMSM
production, including contingencies.
5. Life-of-Mine operating expenditures itemized across mining, processing, transportation, and G&A
to support HPMSM economics.
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6. Indicated and Inferred Resources underpin the mine plan; further work is defined to de-risk and
potentially grow the mineral inventory.
7. Underhand cut-and-fill mining method selected for geometry and selectivity.
8. Metallurgical test work supports battery-grade HPMSM; a pre-feasibility study optimization will
finalize the flowsheet and unit costs.
9. NPV and IRR remain robust across the entire range of Mn prices, capital expenditures, and
operating expenditures.
10. Future work program includes drilling, metallurgy/flowsheet optimization, siting/logistics, and
environmental/hydrologic studies toward Pre-Feasibility.
Brian Savage, CEO, commented: “Filing the PEA is a major milestone for Electric Metals’ North Star
Manganese Project. With strong economics and North America’s highest-grade manganese resource,
we’re posi]oned to deliver U.S.-sourced, HPMSM for the electrifica]on of everything—and to support
defense, steel/alloy, technology, and industrial markets. Next, we move directly into pre -feasibility,
flowsheet op]miza]on for bapery-grade HPMSM, and permiqng and si]ng for both the mine and the U.S.
chemical plant.”
Qualified Persons
The PEA was prepared by Forte Dynamics, Inc. The following independent Qualified Persons (NI 43-
101) are responsible for the report and have reviewed and approved the scientific and technical content
of this news release:
• Donald E. Hulse, P.E., SME-RM – Mining/Resource Estimation
• Deepak Malhotra, Ph.D., SME-RM – Metallurgy
• Gordon Sobering, P.E., SME-RM – Mining Engineering
• Ronald A. Steiner, Ph.D., CPG-AIPG – Geology
• Douglas F. Hambley, P.E., P.Eng., SME-RM – Mining/Geotechnical
About Electric Metals (USA) Limited
Electric Metals (USA) Limited (TSXV: EML; OTCQB: EMUSF) is a U.S. -based critical minerals company
advancing manganese and silver projects that support the clean energy transition. The Company’s
principal asset is the Emily manganese deposit in Minnesota, the highest-grade manganese deposit in
North America. The North Star Manganese Project has been the subject of extensive technical work,
including a Preliminary Economic Assessment prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects.
Electric Metals’ mission is to establish a fully domestic U.S. supply of high-purity manganese chemical and
metal products for the North American electric vehicle battery, technology, and industrial markets. With
manganese playing an increasingly important role in lithium-ion battery formulations, and with no current
domestic production in North America, the development of the North Star Manganese Project represents
a strategic opportunity for the United States, the State of Minnesota, and the Company’s shareholders.
For further informaSon, please contact:
Electric Metals (USA) Limited
Brian Savage
CEO & Director
(303) 656-9197
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively,
"forward-looking information") within the meaning of applicable securities laws. Forward -looking
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information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates,"
"intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the
negative of such expressions.
Such statements in this news release include, without limitation: the Company's mission to become a
domestic U.S. producer of high-value, high-purity manganese products for the North American electric
vehicle battery, technology and industrial markets; that manganese will continue to play a critical role in
lithium-ion battery formulations; that with no current domestic supply or active mines for manganese in
North America, the development of the North Star Manganese Project represents a significant
opportunity for America, Minnesota and for the Company's shareholders; and planned or potential
developments in ongoing work by Electric Metals.
Forward-looking information also includes statements with respect to the results of the Preliminary
Economic Assessment ("PEA"), including but not limited to estimates of NPV, IRR, capital and operating
costs, mine life, production, recovery rates, timelines, and pricing assumptions. The reader is cautioned
that the PEA is preliminary in nature, includes Inferred Mineral Resources, and is subject to a high degree
of uncertainty. Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability. Inferred Resources are considered too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty
that the PEA will be realized.
These statements address future events and conditions and involve inherent risks, uncertainties and other
factors that could cause actual events or results to differ materially from those estimated or anticipated.
Such risks include, but are not limited to: failure to obtain all necessary stock exchange, regulatory,
environmental and governmental approvals; risks relating to the accuracy of resource estimates; the
speculative nature of Inferred Resources; risks relating to metallurgical test work, recoveries and process
design; delays in or failure to advance to more detailed studies, including a Feasibility Study; the ability to
secure project financing on reasonable terms; risks relating to construction, cost overruns and schedule
delays; risks associated with securing offtake agreements; risks relating to the availability and cost of
infrastructure, reagents, power, labor and transportation; fluctuations in commodity prices and exchange
rates; potential changes to U.S. government policy or support for domestic critical mineral development;
general market conditions and investor appetite; and risks associated with exploration, development and
mining activities.
Forward-looking information is based on the reasonable assumptions, estimates, analysis, and opinions
of management made in light of its experience and perception of trends, updated conditions , and
expected developments, and other factors that management believes are relevant and reasonable in the
circumstances as of the date such statements are made. Although the Company has attempted to identify
important factors that could cause actual results to differ materially, there may be other factors that cause
results to differ from what is anticipated. There can be no assurance that such information will prove to
be accurate, as actual results and future events could differ materially. Accordingly, readers should not
place undue reliance on forward-looking information.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the
Company disclaims any obligation to revise or update any such forward-looking information or to publicly
announce the result of any revisions to any of the forward-looking information contained herein to reflect
future results, events, or developments, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.