HPMSM Feasibility Study

Our feasibility study for a proposed integrated battery grade high purity manganese sulphate (HPMSM) facility based in the USA has returned strong financial results underpinned by competitive capital and operating cost estimates. At full production (2 trains), we anticipate a pre-tax average cashflow of US$155M per annum and an IRR of 29% pre-tax. The NPV pre-tax (real) at full production discount rate is US$1,662M.

Our proprietary flowsheet for converting Butcherbird manganese concentrates into HPMSM is covered by multiple patent applications and improves on existing HPMSM processing by reducing energy and reagent consumption while producing solid by-products in a form that can be repurposed.

The HPMSM plant will produce a nominal 65,000 t/year of battery grade HPMSM per train, expanding to 130,000 tonnes per annum with a second train. Additionally, the plant will produce re-usable material in the form of a fertiliser feedstock, a ferro-silicon (FeSi) smelter feedstock suitable for use in steel production processes, and a gypsum by-product for industrial use.

Our Louisiana location offers exceptional infrastructure, a deep local talent pool, low-cost energy, and proximity to local markets for the repurposing of by-product industrial materials to maximise circular resource use. We're proud to be producing HPMSM with an environmental impact significantly lower than incumbent producers to supply the rapidly growing electric vehicle supply chain in the United States.

We are also exploring an alternative location in Sarawak, Malaysia and in advanced discussions with the federal and state Malaysian Government bodies and potential offtake and finance partners to construct a HPMSM facility within the Samalaju Industrial Park. This alternative is not included in the financial model for the study, which focuses on the construction and operation of the Louisiana plant, but is being considered as a potential site for a future plant.

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