# Manganese X Energy Announces Eric Sprott's Commitment to Fund Pre-Feasibility Study of Electric Royalties' Flagship Manganese Royalty Asset in New Brunswick Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/manganese-x-energy-announces-eric-sprott-s-commitment-to-fund-pre-feasibility-st--c9225670-c0b5-4197-839e-852c95eaf2b5 Original source: https://money.tmx.com/en/quote/ELEC/news/6880403019585886/manganese-x-energy-announces-eric-sprott-s-commitment-to-fund-pre-feasibility-st Publisher: tmx Original announcement: 2025-01-03T17:55:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Electric Royalties Ltd. - Ticker: ELEC - Exchange: TSX - Region: New Brunswick - Primary commodity: Manganese - Secondary commodities: None reported - Document categories: Resource update, Agreement transaction, Economic study - Extracted: 2026-09-19 21:15:20 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Electric Royalties announced that Manganese X Energy has secured a C$2 million commitment from Eric Sprott to fund a Pre-Feasibility Study for the Battery Hill Manganese Project, in which Electric Royalties holds a 2% gross metal royalty. The document also references a 2022 PEA for the project which projected significant annual revenues and a short payback period. Reasoning: The announcement highlights a significant funding commitment from a major mining investor \(Eric Sprott\) to advance a key project \(Battery Hill\) where the company holds a royalty, de-risking the upcoming PFS. - Positive factor: Strategic investment from Eric Sprott to fund upcoming PFS - Positive factor: Existing royalty interest in a high-purity manganese project - Positive factor: Historical PEA shows strong revenue and short payback - Negative factor: Electric Royalties only holds a 2% gross metal royalty, limiting direct upside Facts used in scoring: 4 ## Classification and evidence **Nearology Play** Polarity: neutral Story-specific tag Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: The company's value is derived from its royalty interest in the Battery Hill Manganese Project. Evidence · text > Electric Royalties Ltd. ... is pleased to provide an update on the Battery Hill Manganese Project \("Battery Hill" or "the Project"\) in New Brunswick, Canada, on which it owns a 2% Gross Metal Royalty. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: David Gaunt, P.Geo., a qualified person, has reviewed and approved the technical information. Evidence · text > David Gaunt, P.Geo., a qualified person who is not independent of Electric Royalties, has reviewed and approved the technical information in this release. ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/manganese-x-energy-announces-eric-sprott-s-commitment-to-fund-pre-feasibility-st--c9225670-c0b5-4197-839e-852c95eaf2b5#fact-resource-facts-1) Battery Hill Manganese Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Battery Hill Manganese Project - Commodity: manganese - Region: canada\_nb - Reported Region: New Brunswick - Ticker: ELEC #### Resource scope - Estimate type: resource - Effective date: 2022-05-12T00:00:00.000Z - Resource group id: resource:969754780dc83adff65d #### Resource Data - Category: measured - Tonnes: 5900000 - Grade: 7.65 - Grade Unit: % - Cutoff Grade: 3.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2022-05-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-05-12T00:00:00.000Z #### Dates - Event date: 2025-01-03T00:00:00.000Z Reasoning: The resource figures are part of the historical PEA technical report. - Positive factor: High grade manganese reported - Negative factor: Historical data from 2022 PEA Evidence · text > Measured MR of 5.90 Mt grading 7.65% Mn #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.6 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/manganese-x-energy-announces-eric-sprott-s-commitment-to-fund-pre-feasibility-st--c9225670-c0b5-4197-839e-852c95eaf2b5#fact-resource-facts-2) Battery Hill Manganese Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Battery Hill Manganese Project - Commodity: manganese - Region: canada\_nb - Reported Region: New Brunswick - Ticker: ELEC #### Resource scope - Estimate type: resource - Effective date: 2022-05-12T00:00:00.000Z - Resource group id: resource:924463b98e00709daf2d #### Resource Data - Category: indicated - Tonnes: 6370000 - Grade: 7.26 - Grade Unit: % - Cutoff Grade: 3.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2022-05-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-05-12T00:00:00.000Z #### Dates - Event date: 2025-01-03T00:00:00.000Z Reasoning: The resource figures are part of the historical PEA technical report. - Positive factor: High grade manganese reported - Negative factor: Historical data from 2022 PEA Evidence · text > Indicated MR of 6.37 Mt grading 7.26% Mn #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.6 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/manganese-x-energy-announces-eric-sprott-s-commitment-to-fund-pre-feasibility-st--c9225670-c0b5-4197-839e-852c95eaf2b5#fact-resource-facts-3) Battery Hill Manganese Project · manganese Historical result Needs review: historical\_restatement #### Identity - Project: Battery Hill Manganese Project - Commodity: manganese - Region: canada\_nb - Reported Region: New Brunswick - Ticker: ELEC #### Resource scope - Estimate type: resource - Effective date: 2022-05-12T00:00:00.000Z - Resource group id: resource:cb55b75deffbcc0990e8 #### Resource Data - Category: inferred - Tonnes: 4730000 - Grade: 8.26 - Grade Unit: % - Cutoff Grade: 3.3 - Cutoff Unit: % #### Prior Estimate - Resource Date: 2022-05-12 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-05-12T00:00:00.000Z #### Dates - Event date: 2025-01-03T00:00:00.000Z Reasoning: The resource figures are part of the historical PEA technical report. - Positive factor: High grade manganese reported - Negative factor: Historical data from 2022 PEA Evidence · text > Inferred MR of 4.73 Mt grading 8.26% Mn #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.6 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.