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.

Investor Insight

Adjacent to Hudbay’s Copper Mountain mine (700 Mt reserve) and just 1.5 km from the mine’s deposits, Canada One’s Copper Dome project is in British Columbia’s Quesnel porphyry belt. With five-year drill permits secured and porphyry cluster-style mineralization targets currently being evaluated, the project is positioned for near-term catalysts. Committed to avoiding dilutive financing below $0.10, the company is self-funding to maintain the project until market conditions improve, aligning management with shareholders. Year-round road access, grid power and proximity to Vancouver reduce costs and accelerate timelines. Historical results show high-grade copper with gold and silver credits, and modern four-acid digestion assays are expected to capture stronger grades than legacy methods.

Overview

Canada One Mining (TSXV:CONE, OTC:COMCF, FSE:AU31) is an emerging exploration company focused on one of Canada’s most prolific critical mineral belts, the Quesnel porphyry belt. The flagship Copper Dome project, adjacent to the producing Copper Mountain mine, is a brownfield porphyry copper style system with excellent discovery potential. The proximity to Copper Mountain, a 45,000 t/day operation with reserves of 702 million tons (Mt) at 0.24 percent copper, 0.09 grams per ton (g/t) gold, and 0.72 g/t silver, provides both geological credibility and infrastructure advantages.

The company’s technical team believes the porphyry-style mineralization at Copper Mountain extends to the Copper Dome property, supported by alteration patterns, historical drilling and sampling that have already identified multiple copper-gold anomalies on the property.

Backed by an experienced management team and advisory board that includes proven mine builders and corporate developers, Canada One is advancing its assets with a disciplined, results-driven approach. The combination of tier-one jurisdictions and district-scale geology provides investors with a potential for asymmetric upside in an environment of growing global copper demand.

Company Highlights

• Flagship Copper Project in Tier-1 Jurisdiction: 12,800 ha Copper Dome land package, adjacent to Hudbay’s Copper Mountain mine, one of Canada’s most prominent copper operations.
• Discovery Thesis: Porphyry cluster-style deposit potential; Copper Mountain deposit analogs average ~150 to 200 Mt.
• Logistics Advantage: Year-round access, no camp/helicopters; 3 to 3.5 hrs from Vancouver; pine-beetle-thinned cover aids access.
• Technical Uplift: Transitioning to four-acid digestion (industry standard) vs. the historical three-acid will, on average, return materially high metal values especially where minerals are more resistant to dissolution.
• Near-term Catalysts: Five-year drill permits in place; upcoming geophysics, geochemistry and drill programs across multiple porphyry copper/gold zones.
• Multiple Assets in Canada: In addition to Copper Dome, Canada One’s other exploration assets include the historical small-scale, past-producing Goldrop property and the Zeus gold project.
• Valuation Upside: Market cap just below C$3 million provides significant leverage to discovery and exploration success.
• Capital Strategy: Management will not finance below $0.10; interim self-funding to minimize dilution.
• Experienced Leadership: Management team is supported by resource veterans such as Dave Anthony, head of the company’s advisory board, past COO of Barrick Africa and current CEO of Assante Gold Corporation (TSX:ASE) with a $1.7 billion market capitalization.

Key Project

Copper Dome Project

The flagship Copper Dome project is a 12,800-hectare, 100-percent-owned land package adjacent to the south of Hudbay Minerals’ Copper Mountain mine, about 1.5 km away from the mine’s deposits. Located just 18 km south of Princeton, BC and within a three-hour drive from Vancouver, Copper Dome benefits from year-round road access, grid power, water supply and local services including lodging in Princeton, requiring no camp or helicopters. The project lies within the lower portion of the Quesnel porphyry belt, one of Canada’s most prolific porphyry copper belts. With a fully permitted, five-year drill program in place, Copper Dome provides significant opportunities for near-term exploration and game-changing catalysts.

Copper Dome hosts at least two classic alkalic copper porphyry style systems, exhibiting strong geological similarities to Copper Mountain, where deposits average ~150 to 200 Mt. Copper Dome aims to test drill for mineralization of comparable scale. NE-trending structural controls, alteration halos and mineralization styles are directly analogous. Historic drilling shows a high intercept hit rate, and the maiden drill program will prioritize long intervals over isolated mineralized hits. While historic work used three-acid digestion, current work will use four-acid to better capture total copper, gold and silver returns.

Exploration zones at Copper Dome include:

• Boundary Zone: A 1 km x 2 km high-priority target defined by MMI geochemistry, returning copper values up to 40,000 parts per billion. Anomalies in this zone are of similar footprint to Copper Mountain’s Pit 1 and Pit 2 deposits. Infill MMI surveys, drone magnetics and induced polarization (IP) are planned to refine drill targets.
• South Zone: Geochemical and IP surveys suggest a buried copper-gold porphyry style system surrounded by pyritization. Copper and gold anomalies coincide with geophysical signatures, reinforcing its potential as a priority porphyry target.
• Other Targets: Friday Creek, Combination Creek, Haul Road and Orb Zone each show historical drilling or geophysical signatures consistent with porphyry-style systems. The northern border of Copper Dome lies just 1.5 km from Copper Mountain’s pits.

Given that Copper Mountain’s porphyry deposits occur in clusters, Canada One believes Copper Dome could potentially host cluster-style mineralization of similar scale to Copper Mountain (where deposits range between 150 to 200 Mt).

Key Management

Peter D. Berdusco – CEO, Interim CFO and President

Peter Berdusco brings over 20 years of executive experience in natural resources, corporate development and finance. He has led multiple public companies through reverse takeovers, acquisitions and listings, with projects spanning Africa, South America, the US and Canada. His expertise lies in structuring deals, capital raising and steering junior exploration companies through growth phases.

Dave Anthony – Head of Advisory Board

Dave Anthony brings 40+ years of mine project development and operations experience. He served as COO of African Barrick Gold, has worked across Canada, Africa, Ecuador, Brazil, Indonesia, Chile and Argentina, and has designed, delivered, and operated both open-pit and underground mines. He was COO of Cardinal Resources, which was acquired by Shandong Gold for AU$565 million, and is currently CEO of Asante Gold Corporation (TSXV:ASE), with a market capitalization of ~C$1.7 billion (as of Oct 2025).

Peter Holbek – Head Technical Advisor

Peter Holbek is a founding member of Copper Mountain Mining, whose Copper Mountain property is contiguous with the company’s Copper Dome project. He served as vice-president, exploration at Copper Mountain from 2006 to 2022, leading programs across discovery, resource definition and mine development. With 40+ years of experience in geology, mineral exploration, resource estimation and project execution, he has directed exploration that led to the discovery and/or development of copper-gold porphyry deposits. He has also authored numerous peer-reviewed papers on a range of deposit types, contributing practical insight and scholarly depth to the field.

Edward Rochette – Acquisition

Edward Rochette is the former senior vice-president of Ivanhoe Mining, with 25+ years’ experience negotiating and acquiring projects in more than 35 countries. He led or was responsible for the acquisitions of Monywa Copper, Bong Mieu gold mine, Bakyrchik gold mine and the Miwah gold project. He also consolidated and reopened the Cripple Creek mining district, now owned by Newmont and host to a ~13 Moz gold reserve. He currently serves as a consultant to Robert Friedland, founder and executive co-chairman of Ivanhoe Mines.

Dean Bertram – Exploration

A geologist with more than 35 years of global exploration experience, Dean Bertram currently also serves as VP exploration at Asante Gold. He has led exploration teams across West Africa and Australia and now oversees Canada One’s geology programs. His experience in porphyry and orogenic gold systems is instrumental in guiding exploration at Copper Dome.

David Mark – Geoscientist

David Mark has over 50 years of experience in geophysics and mineral exploration across North America, South America, Europe and Asia. He is recognized for his work in IP, EM and MMI surveys and operates Geotronics Consulting. A University of British Columbia-trained geophysicist, he provides technical leadership on geophysics for Canada One’s exploration programs.

Gold price chart, January 15 to 22, 2026.

The yellow metal’s latest rise adds to an ongoing historic run.

After starting 2025 around US$2,640, gold had risen to the US$3,200 level by April. It stayed within a fairly flat range until the end of August, when it launched higher once again, breaking US$4,300 in mid-October.

The price of gold took a breather following that move, even falling briefly below US$4,000; however, its retracement was neither as steep nor as long as many market watchers expected it to be.

Gold began gaining steam again in mid-November, and took off again in earnest at the end of 2025.

In 2026, precious metals have continued to benefit from geopolitical tensions and economic uncertainty. Expectations of interest rate cuts after US Federal Reserve Chair Jerome Powell’s term ends later this year have provided support too. Trump’s feud with the Fed over rates took an eyebrow-raising turn on January 9, when the US Department of Justice served the Fed with grand jury subpoenas targeting Powell with a criminal indictment.

Earlier this week, gold climbed higher as investors moved out of global stocks after Trump said over the weekend that European nations opposing his bid to acquire Greenland could face tariffs of up to 25 percent.

The nations targeted included France, Germany, the UK, Denmark, Norway, Sweden, the Netherlands and Finland. The news prompted fears of a full-blown US-Europe trade war, a weaker US dollar, higher inflation and a worsening outlook for the global economy. There were even concerns that the conflict over Greenland could seriously weaken or dismantle the NATO alliance. Gold is traditionally used as a hedge against such risks.

Greenland’s key geographic position in the Arctic has long been coveted by the US as a necessary strategic asset in its geopolitical struggle with Russia and China. “China and Russia want Greenland, and there is not a thing that Denmark can do about it,” Trump wrote on January 17 on his social media platform Truth Social. “Only the United States of America, under PRESIDENT DONALD J. TRUMP, can play in this game, and very successfully, at that!”

‘As soon as the probability of escalation increases, defensive capital tends to move preemptively, rather than waiting for tangible impacts to materialize in economic data. In this context, gold functions as a portfolio risk-balancing asset.’

European leaders responded with vows that they would not be blackmailed into allowing Trump to take Greenland, and said they were preparing counter measures to the president’s tariffs.

Perhaps the pressure worked, as Trump made a point of stating in his Wednesday (January 21) Davos speech: ‘I don’t have to use force. I don’t want to use force. I won’t use force.’

Silver is also attracting attention, pushing past the US$96 per ounce mark for the first time. Although it is valued as an investment metal, silver is key for technology such as solar panels.

Elsewhere in the precious metals space, platinum rose to record highs on Thursday, reaching US$2,612 per ounce. Palladium remains below its top price level, but is elevated above US$1,800 per ounce.

Investor Insight

ILC Critical Minerals, formerly known as International Lithium Corp., offers investors exposure to the growing critical metals sector through its advanced-stage Raleigh Lake lithium-rubidium project in Ontario, early-stage copper-cobalt exploration at Firesteel in Ontario, and strategic focus on Southern Africa, all supported by strong infrastructure and a seasoned leadership team.

With strategic divestments, a robust financial position, and a focused growth strategy, ILC Critical Minerals is well-positioned to meet the rising demand for lithium and other critical metals

Overview

ILC Critical Minerals, (TSXV:ILC,OTC:ILHMF,FRA:IAH,OTCQB:ILHMF) is a Canada-based mineral exploration company focused on the discovery and development of lithium and other critical metals essential for the transition to a cleaner, greener planet. With a portfolio of projects located in mining-friendly jurisdictions, the company’s primary objective is to build shareholder value by advancing its key assets towards production while expanding its presence in emerging critical metals regions.

ILC Critical Minerals’ flagship asset is the 100 percent owned Raleigh Lake lithium and rubidium project in Ontario. A preliminary economic assessment (PEA) for the Raleigh Lake project, completed in December 2023, demonstrated strong project economics and significant resource growth potential, including an annual after-tax cash flow of C$634 million, NPV of C$342.9 million and IRR of 44.3 percent, with a nine-year mine life and project duration of 11 years. This assessment did not yet include rubidium, which represents significant additional potential pending further market analysis.

Complementing its lithium focus, the company is advancing the Firesteel copper-cobalt project in northwestern Ontario, targeting high-grade base metal mineralization to further diversify its critical metals exposure.

In addition to its Canadian projects, ILC is positioning for further international growth with a strategic focus on Southern Africa. It has applied for exclusive prospecting orders (EPOs) in Zimbabwe, one of the world’s most prospective regions for hard rock lithium exploration.

Recent strategic divestments, including the sale of the Avalonia project stake, have strengthened ILC’s financial position, enabling focused investment in its core projects.

In 2025, ILC Critical Minerals acquired an option from Lepidico (Canada) Inc. to purchase 100 percent of Lepidico (Mauritius) for C$975,000. Lepidico Mauritius holds an 80 percent stake in Lepidico Chemicals Namibia (Pty) Ltd., which owns the Karibib Lithium, Rubidium and Cesium Project in Namibia.

The project comprises two areas with fully permitted mining licences, known as Rubicon and Helikon. It also hosts one of the largest disclosed rubidium resources in Africa, along with significant lithium and cesium mineralization.

Exercising the Karibib option would enable International Lithium to tap into the lithium market’s growth while solidifying its position as a leading rubidium producer. The project would also add major cesium resources outside China, strengthening the company’s role in three critical minerals vital to global supply chains.

As of October 2025, ILC Critical Minerals confirmed that Lepidico had met all loan drawdown conditions. The option, expiring after the pending Singapore arbitration between Lepidico Chemicals Namibia and Jiangxi Jinhui Lithium, remains dependent on the arbitration’s outcome and will guide International Lithium’s decision on proceeding with the acquisition.

The company is led by an experienced management team with a strong technical background in mineral exploration, project development and corporate finance. Supported by access to established infrastructure, a commitment to sustainable development practices, and a clear strategic focus, International Lithium is well-positioned to capitalize on the increasing global demand for lithium and other essential materials critical to the clean energy transition.

Company Highlights

• ILC Critical Minerals is focused on developing lithium and critical metals projects in Canada and Southern Africa, aiming to deliver shareholder value through project development, strategic partnerships and project sales.
• Raleigh Lake is ILC’s wholly owned flagship lithium-rubidium project in Ontario, Canada, with a positive PEA completed in December 2023.
• ILC holds a 90 percent interest in the Firesteel copper and cobalt project in Northwestern Ontario, with exploration permits filed and drilling programs planned.
• The company has applied for exclusive prospecting orders (EPOs) in Zimbabwe and is continuing to review further exploration opportunities in Southern Africa.
• ILC is debt-free with a robust financial position. It has monetized its non-core assets, including the sale of its stake in the Avalonia project in Ireland, resulting in a C$2.5 million payment and a 2 percent net smelter royalty.
• ILC secured an option to acquire 100 percent of Lepidico (Mauritius), which owns an 80 percent interest in Lepidico Chemicals Namibia, the owner of the Karibib Lithium, Rubidium and Cesium Project in Namibia.
• The company is led by an experienced management team with a proven track record in advancing mineral exploration projects.

Key Projects

Raleigh Lake

The Raleigh Lake project is ILC’s flagship asset, located approximately 25 kilometres west of Ignace, Ontario. The project covers a contiguous land package of 32,900 hectares and is 100 percent owned by the company. Raleigh Lake benefits from excellent infrastructure access, situated near the Trans-Canada Highway, a Canadian Pacific Railway line, and existing natural gas and hydroelectric infrastructure.

Major public infrastructure relative to the Raleigh Lake project

Raleigh Lake is notable for its dual potential to host both lithium and rubidium mineralization. The lithium is found primarily in spodumene-bearing pegmatites, while rubidium is associated with microcline-rich zones of the same lithium-cesium-tantalum pegmatite system. In 2023, International Lithium published a maiden mineral resource estimate (MRE) that delineated significant resources for both lithium and rubidium using separate cutoff criteria.

For lithium (Li₂O), the project hosts a measured and indicated resource of 5.88 Mt grading 0.79 percent Li₂O, and an inferred resource of 2.07 Mt grading 0.77 percent Li₂O, primarily within pegmatite #1. This lithium resource forms the basis of the company’s PEA, which demonstrated robust project economics with an after-tax NPV (8 percent) of C$342.9 million and an IRR of 44.3 percent.

The rubidium component, though not included in the PEA due to current market constraints, represents an additional potential value stream. The company has reported a measured and indicated resource of 133,000 tons at 6,163 ppm rubidium (0.67 percent Rb₂O) and an inferred resource of 123,000 tons at 4,224 ppm rubidium (0.46 percent Rb₂O), using a 4,000 ppm cutoff. The rubidium zones are found in association with potassic feldspar, offering a potentially recoverable byproduct pending further market and technical evaluation.

Given the project’s strong infrastructure position, mineral endowment, and defined development path, Raleigh Lake represents a compelling advanced-stage opportunity in North America’s lithium supply chain. International Lithium is continuing infill and expansion drilling, environmental baseline studies, and metallurgical testing to support project advancement toward pre-feasibility.

Firesteel Project

The Firesteel project is an early-stage copper-cobalt exploration property located in northwestern Ontario, approximately 10 km west of Upsala along Highway 17. Spanning a 16-km corridor to the Firesteel River, the property lies within a geologically favorable region characterized by Archean metavolcanic and metasedimentary rocks, which are prospective for volcanogenic massive sulphide (VMS) and sedimentary copper systems.

ILC Critical Minerals completed the acquisition of a 90 percent interest in the Firesteel project in May 2024, aiming to diversify its critical metals portfolio beyond lithium. Historical sampling on the property has returned encouraging results, including copper assays up to 2.6 percent and cobalt values reaching 309 ppm. Notably, the ‘Roadside 1’ occurrence features semi-massive sulphide mineralization comprising pyrite, pyrrhotite, chalcopyrite and bornite. These findings suggest the presence of a highly metamorphosed VMS or sedimentary copper system, potentially up to 20 meters wide and extending over a kilometer in length.

The project’s proximity to major infrastructure, including highways and railways, coupled with its strategic location near the company’s Raleigh Lake project, enhances its development potential. International Lithium plans to conduct systematic exploration, including geochemical sampling and geophysical surveys, to refine targets for future drilling campaigns.

Wolf Ridge Project

Wolf Ridge is a 5,700-hectare grassroots lithium project located 20 km southwest of Upsala and near ILC’s Firesteel copper claims. The area benefits from excellent infrastructure, including proximity to Highway 17, power, and road access.

The project was highlighted by the Ontario Geological Survey (2021–2022) for its standout lake sediment anomalies – among the highest lithium values in the region – indicating strong potential for LCT pegmatite mineralization.

Read more on page 54 of the report here.

Southern Africa Exploration Initiative

Southern Africa is recognized as a prospective region for hard rock lithium, and International Lithium’s strategic focus reflects a proactive move to establish a presence in this emerging jurisdiction.

As part of its strategy to expand its critical metals footprint, International Lithium has applied for Exclusive Prospecting Orders (EPOs) over several prospective areas in Zimbabwe. The targeted regions are known for hosting spodumene, lepidolite and petalite-bearing pegmatites, indicating potential for significant lithium resources.

Although the EPO applications are still pending approval, the company has already conducted initial due diligence, including geological reviews and desktop studies, to prioritize exploration targets once access is granted. Zimbabwe’s growing importance as a global lithium supplier, combined with favorable mining policies, offers a compelling backdrop for the company’s expansion efforts. International Lithium intends to leverage its technical expertise and exploration experience to quickly evaluate and develop these opportunities upon receiving the necessary permits

Management Team

John Wisbey – Chairman and CEO

John Wisbey joined International Lithium in 2017, initially serving as deputy chairman before being appointed chairman and CEO in March 2018. Under his leadership, the company has undergone a significant transformation, including achieving 100 percent ownership of the Raleigh Lake project, divesting non-core assets, and expanding into new jurisdictions such as Zimbabwe. He founded two London AIM-listed companies: IDOX, which provides software for the UK local government; and Lombard Risk Management, which specializes in software for bank risk management and regulation. He also established CONVENDIA, a private company that specializes in software for cash flow forecasting, project valuation and M&A financial analysis. With a background in banking and financial technology entrepreneurship, Wisbey brings extensive experience in corporate leadership and strategic development. He is also the company’s largest shareholder.

Maurice Brooks – Director and CFO

Maurice Brooks joined the board of ILC in 2017. He is a licensed senior statutory auditor in the UK. Since 2000, he has been a senior partner at Johnson Smith & Co. in Staines, Surrey. Before that, Brooks was a senior partner in Johnsons Chartered Accountants in the London Borough of Ealing. His commercial and investment experience includes executive directorships in manufacturing and an investment accountant role in the superannuation fund of the Western Australian state government. His early professional employment includes Ball Baker Leake LLP and LLC and Price Waterhouse Coopers-UK.

Anthony Kovacs – Director and COO

Anthony Kovacs joined the board of ILC in 2018 and has worked with the company since 2012. He has over 25 years of experience in mineral exploration and development. Before joining ILC, he held senior management roles in which he sourced and advanced iron ore and industrial minerals projects. Kovacs was involved in early-stage work at the Lac Otelnuk Iron Ore project in Quebec, Canada and the Mustavaara Vanadium Mine in Finland. Before that, Kovacs worked for Anglo American where he focused on Ni-Cu-PGE and IOCG projects. At Anglo-American, Kovacs was directly involved in several discoveries internationally. Kovacs has significant experience with industrial minerals, ferrous metals, non-ferrous metals and precious metals projects throughout the Americas, Europe and Africa.

Ross Thompson – Non-executive Director

Ross Thompson joined the board of ILC in 2017 and is the chair of the audit and remuneration committees. He is a speaker and expert in marketing behavioral science. In 1995, he founded Giftpoint Ltd. which is now one of the largest specialist promotional merchandise businesses in the UK. with offices in London and Shanghai. Giftpoint Ltd.’s clients include L’Oreal, Oracle, Ocado and Pernod Ricard among others. Thompson was president of IGC Global Promotions, one of the world’s oldest and largest global networks of premium resellers, for seven years. He is an active investor with a special interest and understanding of natural resources businesses.

Geoffrey Baker – Non-executive Director

Geoff Baker joined the board of ILC at the end of 2022 and is a member of the audit committee. He has a career in the natural resource and finance industries. He is a director of Tim Trading, a company offering consultancy services in the oil and gas industry. During his tenure as manager of Insch Black Gold Funds, Baker received the Investors’ Choice Swiss Fund Manager of the Year Award. He is a co-founder of a digital collectible non fungible token CryptoChronic and of Cannastore, a pilot e-commerce website. Baker holds a bachelor’s degree from the University of Windsor in Ontario.

Muhammad Memon – Corporate Secretary and Financial Controller

Muhammad Memon became corporate secretary of ILC in 2021. He has over 10 years of experience in managing finance and compliance functions of public companies in various sectors including mining exploration, investment management, real estate and technology. He assists companies with debt and equity financings, cash flow management and forecasting, legal and regulatory compliance, investor communications, stakeholder engagement and risk management. He is a member of the Chartered Professional Accountants of Canada and a fellow of the Association of Chartered Certified Accountants, United Kingdom.

Four vectors driving demand

S&P Global groups copper demand growth into four distinct but overlapping “vectors” that together explain the scale and persistence of the coming surge.

At the core of the demand surge is electrification. The research firm expects global electricity consumption to rise by nearly 50 percent by 2040, outpacing growth in any other form of energy.

Copper is essential at every stage of that system, from power generation and transmission to end use in buildings, vehicles, and industrial equipment. What has changed in recent years, however, is the pace of electrification and the emergence of new demand vectors layered on top of traditional uses.

Artificial intelligence (AI) is the most recent and most visible of those new forces. While AI research has been underway for decades, its commercial breakout in late 2022 triggered what many analysts now describe as an “AI arms race,” centered on massive investments in data centers, chips and supporting power infrastructure.

Data centers are among the most electricity-intensive facilities in the modern economy, and copper is critical to their wiring, cooling systems, and grid connections.

S&P Global estimates that data centers could account for as much as 14 percent of total US electricity demand by 2030, up from about 5 percent today.

The knock-on effects are substantial. New data centers require expanded transmission, additional power generation capacity, and increasingly sophisticated cooling systems—all of which are copper-intensive.

Despite the attention AI is drawing, it is not the single largest driver of copper consumption. Core economic demand, often referred to as “Dr. Copper” because of the metal’s sensitivity to economic health, remains the backbone of the market.

Construction, machinery, appliances, transportation, and conventional power generation together still account for the largest share of copper use globally. S&P Global forecasts that this traditional demand will grow at about 2 percent annually through 2040, rising from roughly 18 million metric tons in 2025 to around 23 million metric tons.

Much of that growth is expected to come from developing economies. One striking example cited in the report is cooling: the developing world is projected to add as many as two billion new air conditioners by 2040, each requiring copper.

In advanced economies such as the US, reshoring of manufacturing and grid upgrades are also contributing to rising copper intensity.

The energy transition forms the second major pillar of demand growth. Electric vehicles (EVs) require nearly three times as much copper as conventional internal combustion cars, while solar and wind installations are heavily copper-dependent.

In 2025, more than 90 percent of new global power generation capacity came from solar and wind, according to S&P Global. Battery storage, now a growing feature of electricity systems, adds another layer of copper demand.

A fourth, less discussed but increasingly important vector is defense. Rising geopolitical tensions and the electrification of military systems are pushing governments to invest heavily in advanced equipment and infrastructure.

Further, defense-related demand is considered relatively inelastic given national security priorities, and adds further pressure to an already tightening copper balance.

Supply constraints tightens the outlook

Geographically, the demand picture is uneven. S&P Global expects China and the broader Asia-Pacific region to account for about 60 percent of incremental copper demand growth through 2040, driven by electric vehicles, renewable power, grid expansion and continued industrialization.

North America and Europe are also poised for meaningful increases, particularly linked to AI data centers, clean energy deployment and electrification of transport. The Middle East, meanwhile, is forecast to post one of the fastest growth rates in copper demand, reflecting ambitious infrastructure and energy investment plans.

On the supply side, the outlook is far more constrained. Existing copper mines are aging, ore grades are declining, and new discoveries are becoming harder and more expensive to develop.

S&P Global notes that the average copper mine now takes about 17 years to move from discovery to production, with permitting delays, environmental reviews and community consultations accounting for much of that timeline.

Without major new projects, primary mined copper supply is expected to peak around 2030 and then begin to decline.

Recycling will help, but it is not a silver bullet. Even under aggressive assumptions, secondary supply is projected to meet at most about a quarter to a third of total copper demand by 2040. That leaves a substantial gap that can only be filled through new mine development or significant expansions of existing operations.

Overall, the report furthers a crucial message going forward: copper is no longer just a cyclical industrial metal, but a strategic asset tied to the future of energy, technology, and national security.

That demand trajectory, however, is colliding with structural constraints on supply. Mining remains the indispensable foundation of the supply chain, but geology alone will not determine outcomes.

S&P Global concludes that addressing this imbalance will require greater regional diversification and multilateral cooperation to build a more resilient and environmentally robust copper system.