What you need to know: Demand for electric vehicle batteries will significantly increase demand for high-purity manganese as supply remains fairly constrained globally Increased use of manganese in new battery formulations will drive further demand growth Absence of North American supply make the few deposits that exist much more attractive, especially given global onshoring trends Despite recent market slowdowns, the push for carbon-free energy continues, driven by zero-emission goals and specifically, electric vehicle (EV) supply. Within the acceleration of electric vehicle demand, the supply of batteries and battery metals continues to be squeezed and as a result, prices have soared so much so, that manufacturers are turning to alternative battery metals. This brings us to manganese, which makes up ~17% of the average electric vehicle battery, yet has not taken part in drastic price increases like lithium which recently hit new all-time highs and is up over 400% since 2020. Additionally, with this pricing discrepancy, it is anticipated that manganese will continue to make up higher percentages of EV batteries as manufacturers substitute the more expensive battery metals with manganese. Manganese was regarded as a worry-free component of the Lithium-Ion Battery group; however, this ignored the fact that there is no battery-grade production of the metal in North America and little outside of China. This has sparked a push for local supply in a paradigm where developed economies are attempting to decrease their reliance on China. The manganese industry has significant tailwinds for both the metal price and mining companies. With parts of the world pushing for 100% EV adoption, electricity storage becoming more important, manganese gaining market share as a battery material, and governments stating their interest in focusing on local battery metal supply chains, we believe over the next 3-5 years, the North American manganese industry is going to be one of the best performers.