Electric Metals Announces Private Placement Offering

On October 23, 2025, Electric Metals announced a non-brokered private placement to raise gross proceeds of up to C$4,000,000. The offering consists of up to 13,333,334 units at a price of C$0.30 per unit. Each unit comprises one common share and one-half of a common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share at an exercise price of C$0.45 for a period of 18 months.

The proceeds will be used to fund additional ore characterization, metallurgical test work, a scoping study for High-Purity Manganese Sulphate Monohydrate (HPMSM), environmental baseline studies, and the initiation of permitting for the Emily Mine, all part of advancing the North Star Manganese Project.

The announcement of this C$4 million financing is Material - Positive. Following the company's transformative Preliminary Economic Assessment (PEA) released in August 2025, securing capital to advance to the next stage is the most critical priority. While the amount is small relative to the project's US$474.8 million initial CAPEX, it is essential for the pre-feasibility work that will further de-risk the project and attract the larger-scale funding required for construction.

Electric Metals (USA) Limited is a mineral development company focused on advancing its 100%-owned North Star Manganese Project (formerly the Emily Project) in the Cuyuna Iron Range of Minnesota, USA. The project is touted as the highest-grade manganese deposit in North America. The company's strategy is to become a vertically integrated, domestic U.S. producer of High-Purity Manganese Sulphate Monohydrate (HPMSM) and other manganese products to supply the burgeoning electric vehicle (EV) battery and technology markets, reducing North American reliance on Chinese-dominated supply chains. The August 2025 PEA showed robust economics with a post-tax NPV10% of US$1.39 billion and an IRR of 43.5%.