One Bullion (TSXV:OBUL) is a Toronto-based gold exploration company advancing a district-scale portfolio of gold assets in Botswana. The company holds approximately 8,004 sq km across three greenstone belt–hosted projects: Vumba, Maitengwe, and Kraaipan. Botswana is recognized as one of Africa’s most attractive mining jurisdictions, offering political stability, a transparent regulatory framework, and well-established mining infrastructure.

The company is focused on systematic, data-driven exploration. One Bullion has compiled extensive historical datasets, conducted modern geophysical surveys, and carried out substantial drilling—particularly at Vumba, where results have confirmed a continuous, structurally controlled gold system. The company plans to further advance its projects through targeted drilling and technical derisking, before exploring strategic partnerships or joint ventures with larger mining companies.

The company is led by CEO and President Adam Berk, supported by a management team and board with deep expertise in exploration, mine development, capital markets, and public company governance. The company prioritizes capital discipline and lean operations, directing the majority of funds raised into the ground to deliver results-oriented catalysts for shareholders.

Company Highlights

• Controls approximately 8,004 sq km across three gold-prospective greenstone belts in Botswana, one of Africa’s most stable and mining-friendly jurisdictions
• Portfolio includes Vumba, Maitengwe and Kraaipan, spanning early- to advanced-stage exploration with multiple near-term catalysts
• Vumba is the most advanced asset, with extensive historical work and drill results confirming a large, continuous gold system with expansion potential
• Kraaipan provides large-scale upside, with significant strike length along a prolific greenstone belt that hosts producing and past-producing mines nearby
• Backed by a data-rich exploration platform, including tens of thousands of historical assays and modern geophysical surveys
• Led by a management and board team with experience across mining, capital markets and company building

This One Bullion profile is part of a paid investor education campaign.*

Click here to connect with One Bullion (TSXV:OBUL) to receive an Investor Presentation

Manganese prices struggle as structural demand builds

By June 20, 2025, manganese’s H1 gains had eroded and ore prices fell to US$4.21.

Eramet (EPA:ERA,OTCPL:ERMAF), a major producer, said it expected supply of manganese ore to increase in the second half of 2025, partly as key producers such as Australia returned volumes to market after earlier disruptions.

‘Ore supply should increase in H2, driven by the full return to the market of the leading Australian producer, partly offset by a potential downward revision of South African exports,’ the company notes. Demand for manganese alloys was expected to weaken in line with seasonality and softer global steel production.

Analysts cautioned that production expansions from major manganese producers could exacerbate oversupply. “Production increases … can only lead to oversupply, leading to a reduction in price,” one industry executive said.

Protectionist measures in key markets, including new EU quotas on ferroalloys, added uncertainty by potentially disrupting traditional trade flows and affecting alloy pricing dynamics.

Beyond the steel sector, structural shifts in consumption patterns emerged.

Although steelmaking still accounts for the lion’s share of manganese demand, interest in battery-related uses, particularly high-purity manganese for lithium-ion and next-generation EV chemistries, continued to gain attention.

“Our expectations of ongoing strengthening battery-grade demand and production in China in Q4 have been tempered somewhat by ongoing challenges within the nickel cobalt manganese (NCM) market,” Rob Searle, battery raw materials analyst at Fastmarkets, wrote in a November battery metals market update.

“While we expect a level of demand ramp-up in Q4, in the wider context of geopolitical challenges and a challenging Chinese market, the manganese demand uptick in the short term could be somewhat tempered,’ he added.

Changing battery chemistries

During a June Supply Chain (SC) Insights webinar, experts noted that manganese-rich cathode chemistries are increasingly drawing attention as automakers seek to cut costs and reduce exposure to cobalt and nickel.

Andy Leyland, founder of SC Insights, pointed out “manganese-rich chemistry is really offering a good solution … in terms of costs,” highlighting the commodity’s role in emerging battery designs.

While high-nickel NCM batteries remain dominant, industry players are exploring manganese as a lower-cost, high-performance alternative in Europe and North America, where supply chains remain heavily reliant on imports, particularly from China. OEMs are under pressure to secure raw materials directly, with vertical integration and direct sourcing emerging as key strategies to manage price volatility and supply security.

John Mulcahy, supply chain specialist at SC Insights, emphasized that sourcing upstream allows companies to negotiate better terms and reduce exposure to market fluctuations, even amid low pricing environments.

Manganese-rich chemistries are expected to expand steadily, complementing existing NCM and lithium iron phosphate (LFP) batteries, rather than replacing them entirely.

As Leyland noted, these materials are “definitely very high up on the focus from the demand side,” signaling growing adoption in the global push for cost-effective, low-cobalt battery solutions.

In March, Firebird Metals (ASX:FRB,OTCPL:FRBMF) produced its first lithium manganese iron phosphate (LMFP) EV batteries, becoming the first Australian company to achieve the feat. The move could position Firebird as a low-cost manganese cathode player, and highlights growth in the LMFP battery production segment.

Rising nationalism presents trade challenges

With the demand picture for manganese showing promise, analysts warn that export restrictions in Gabon could lead to a supply crunch before the decade is over. According to the US Geological Survey, 63 percent of US manganese imports come from Gabon. In June, the African nation announced plans to implement an export ban in January 2029.

Gabon’s renewed push to ban manganese ore exports from 2029 underscores Africa’s broader shift toward value addition, but it also risks tightening an already fragile global supply picture, a Project Blue market note reads.

As the world’s second largest exporter, Gabon shipped more than 7 million metric tons of high-grade ore in 2024, material that is critical to both ferroalloy production and emerging battery supply chains.

An export ban would hit Chinese buyers and European processors reliant on Gabonese feedstock, while adding pressure to the high-grade market at a time when Australia’s GEMCO mine is expected to wind down later this decade.

Although in-country processing — through ferroalloys or batteries — offers a path to capture more value locally, it would require significant investment and could shift, rather than eliminate, environmental and logistical costs.

For global markets, Gabon’s move signals rising resource nationalism in Africa and a potential structural squeeze on manganese supply heading into the next decade.

“However, without large-scale investments from China, a key battery producer, such ambitious plans of African governments risk remaining unrealised,” the Project Blue overview states.

“China has invested in Africa’s mineral industry (e.g. Ghana), securing access to the continent’s high-quality raw materials, while keeping production of high value-added products directly in China.”

In early 2025, Euro Manganese (TSXV:EMN,OTCPL:EUMNF) scored a major boost when its Chvaletice manganese project was designated a “strategic project” under the EU’s Critical Raw Materials Act.

The move underscores the EU’s push to secure local supply of critical battery materials and could tighten the manganese market by prioritizing European production in the continent’s energy transition.

Oversupply vs. new manganese demand drivers

For 2026, analysts expect the manganese market to remain broadly balanced, but with pressures and opportunities on both the supply and demand fronts. However, longer-term fundamentals point to steady growth.

Global market forecasts indicate the manganese industry could expand modestly in value and volume by 2035, driven by ongoing demand from steel and increasing uptake in battery and clean-energy applications.

Some reports project market size rising through the decades, with Asia-Pacific demand remaining dominant and new opportunities emerging in the electrification and high-purity material segments.

Steel demand will continue to be the principal driver in 2026, with India’s expanding production offering a potential buffer against slower growth in China and Europe. Battery applications may not yet move the pricing needle dramatically, but their structural importance is increasing as automakers and cathode developers look to diversify away from nickel and cobalt reliance, a trend that could support manganese demand in the medium term.

“Looking ahead to the coming weeks and months, it is likely we won’t see too much further upward pressure on prices. Asian markets are heading towards the seasonal lull in demand and manufacturing activity in February as the Lunar New Year holidays begin,” Searle said in a January Fastmarkets report.

“At the same time, there are concerns around what China’s EV demand outlook looks like in Q1 2026, with changes to subsidy schemes potentially leading to softening consumption of battery-grade manganese.”

Investor Insight

One Bullion offers investors leveraged exposure to gold through the largest district-scale gold exploration land package in Botswana, combining extensive historical data, multiple drill-ready targets and a disciplined strategy focused on value creation through discovery and partnership.

Overview

One Bullion (TSXV:OBUL) is a Toronto-based gold exploration company focused on advancing a district-scale portfolio of gold assets in Botswana. The company controls approximately 8,004 sq km across three greenstone belt–hosted gold projects: Vumba, Maitengwe and Kraaipan. Botswana is widely regarded as one of Africa’s most attractive mining jurisdictions due to its political stability, transparent regulatory framework and established mining infrastructure.

The company’s strategy is centered on systematic, data-driven exploration. One Bullion has amassed extensive historical datasets, conducted modern geophysical surveys and completed significant drilling, particularly at Vumba, where results have confirmed the presence of a continuous, structurally controlled gold system. The company aims to advance its assets through drilling and technical derisking before pursuing strategic partnerships or joint ventures with larger mining companies.

One Bullion is led by CEO and president Adam Berk, alongside a management team and board with experience spanning exploration, mine development, capital markets and public company leadership. The company emphasizes capital discipline, lean operations and directing the majority of funds raised into the ground to generate results-driven catalysts for shareholders.

Company Highlights

• Controls approximately 8,004 sq km across three gold-prospective greenstone belts in Botswana, one of Africa’s most stable and mining-friendly jurisdictions
• Portfolio includes Vumba, Maitengwe and Kraaipan, spanning early- to advanced-stage exploration with multiple near-term catalysts
• Vumba is the most advanced asset, with extensive historical work and drill results confirming a large, continuous gold system with expansion potential
• Kraaipan provides large-scale upside, with significant strike length along a prolific greenstone belt that hosts producing and past-producing mines nearby
• Backed by a data-rich exploration platform, including tens of thousands of historical assays and modern geophysical surveys
• Led by a management and board team with experience across mining, capital markets and company building

Key Projects

Vumba Gold Project

The Vumba gold project is One Bullion’s most advanced assets and near-term focus. Located on the same greenstone belt that hosts Zimbabwe’s Blanket Mine, Vumba has benefited from extensive historical and modern exploration, including soil sampling, trenching, reverse circulation drilling and diamond drilling. To date, approximately 11.5 kilometres of reverse circulation drilling and more than 3 kilometres of diamond drilling have been completed at Vumba.

Mineralization at Vumba resembles characteristics of deposits in the region. Pervasive ‘flood silica’ alteration, suggesting more bulk tonnage potential.

Exploration results at Vumba have confirmed a large, continuous gold system with multiple mineralization styles, including quartz veins, sulphide-rich zones and pervasive silica alteration. Historic surface sampling and drilling returned multiple high-grade gold intercepts, and recent work supports the potential for shallow mineralization and possible bulk-tonnage styles, subject to further drilling. The company plans to continue drilling and geophysical work to further delineate known zones and test additional targets throughout 2026.

Maitengwe Gold Project

The Maitengwe gold project is an early-stage exploration asset covering approximately 132 sq km, located between the town of Tutume and the Zimbabwean border within a prospective greenstone belt. Exploration to date has identified widespread gold occurrences, with grab samples returning gold values indicative of a fertile mineralized environment.

The company plans to advance Maitengwe through airborne magnetic surveys and initial drilling, adding another pipeline of targets to One Bullion’s portfolio. Maitengwe provides additional upside as a greenfield discovery opportunity within the company’s broader district-scale landholding.

Kraaipan Gold Project

The Kraaipan gold project represents One Bullion’s largest-scale opportunity, with approximately 65 kilometers of strike length controlled along the western limb of the Kraaipan Greenstone Belt in Botswana. This belt hosts multiple past-producing and operating mines, including Harmony Gold’s Kalgold mine in South Africa, which lies along strike from One Bullion’s land position.

Despite its geological endowment, the Botswana extension of the Kraaipan belt remains underexplored with modern techniques. One Bullion has completed extensive geophysical surveys, identifying numerous priority targets, and plans to advance the project through systematic drilling. The scale of the land package and proximity to known gold deposits underpin the project’s potential to host significant discoveries.

Management Team

Adam Berk – Chief Executive Officer and President

Adam Berk has a background in finance, entrepreneurship and public company leadership. He holds degrees from Cornell University and the University of Miami, and has previously served as CEO and chairman of multiple companies. At One Bullion, Berk is focused on capital discipline, exploration execution and positioning the company for strategic partnerships.

Sohail Thobani– Chief Financial Officer

Sohail Thobani brings over 23 years of global experience across banking, private equity and investment fund management, providing senior financial leadership within complex, regulated environments. He is a Canadian CPA and a Fellow Chartered Certified Accountant in the United Kingdom. At One Bullion, he is focused on capital efficiency, balance sheet strength, and strong financial governance to support the Company’s exploration strategy and sustainable, long-term growth.

Arno Brand – Chief Operating Officer and Director

Arno Brand is a Namibian entrepreneur with more than 15 years of experience in mining and large-scale project development across Africa. He has negotiated international offtake agreements and played key roles in taking private companies public, contributing operational and regional expertise to One Bullion.

Peter Sheppeard – Director

Peter Sheppeard brings over three decades of experience in mining and capital markets, and is the founder of a boutique Australian stock brokerage. His background supports strategic oversight and capital markets execution.

Stuart Hensman – Director

Stuart Hensman has held senior leadership roles at Scotia Capital in the US and UK and has extensive experience in financial services, governance and public company oversight.

Sheldon Inwentash – Director

Sheldon Inwentash is a seasoned investor and entrepreneur, best known as the founder of Pinetree Capital and chairman of ThreeD Capital. He has been involved in multiple high-profile resource sector successes, providing strategic and investment insight.

Adrian Morante – Director

Adrian Morante is an investment professional with experience in equities, high-yield debt and arbitrage strategies. A CFA charterholder, he contributes capital markets and governance expertise to the board.