Electric Metals (USA) Limited reports developments tied to its U.S.-domiciled critical minerals business and the North Star Manganese Project. Company updates cover the Emily manganese deposit in Minnesota, the planned domestic manganese mine and HPMSM chemical plant, and technical work supporting the project.
Electric Metals news also includes public-company and security-structure matters, including the OTCQB ticker change to EMUS following its U.S. redomicile. Other recurring categories include material agreements, capital-structure disclosures, governance matters such as Deferred Share Unit grants to directors, and operating and financial results.
Electric Metals (USA) (EMUS) warrants held through Eric Sprott’s beneficially owned corporation expired unexercised on October 29, 2026.
The expiry covered 4,166,666 common share purchase warrants held by 2176423 Ontario. Sprott’s common share holdings remained at 17,727,272, approximately 8.8% of outstanding shares. His warrants decreased from 5,833,332 to 1,666,666. Assuming exercise of his remaining warrants, his ownership is approximately 9.5%, compared with approximately 11.3% before expiry.
The expiry reduced his ownership on this partially diluted basis by approximately 1.9% since his last early warning report, bringing it below 10%. Sprott and 2176423 Ontario consequently ceased to be insiders of Electric Metals (USA).
Electric Metals (USA) (EMUS) announced the automatic termination of its agreement with Ameerex to sell its non-core Nevada silver assets. The company retained US$350,000 in previously received payments and fees under the agreement.
The proposed sale covered North American Silver Corporation and, indirectly, Centennial Mining, which hold the Corcoran silver-gold and Belmont silver properties. Electric Metals is discussing a sale with other interested groups and welcomes additional prospective purchasers. Its stated objective remains monetizing these assets while concentrating resources on its U.S. manganese strategy.
Electric Metals (USA) (EMUS) granted 631,630 deferred share units to its non-executive directors on September 30, 2026.
The units are deferred equity compensation awards covering directors' fees for the calendar quarter ended September 30, 2026. They were granted under the company's Omnibus Equity Incentive Plan, approved by shareholders on September 4, 2025, and subsequently amended and restated to reflect applicable U.S. tax and Delaware corporate law requirements. The company intends the awards to align non-executive directors' interests with those of shareholders.
Electric Metals (USA) (EMUS) reported results of a FEL-1, Class 5 cost study for its planned U.S. Gulf Coast processing facility for the North Star Manganese Project’s HPMSM production.
The study estimates total installed capital cost of US$452 million for a full-scale plant producing 200,000 tpy of HPMSM, about 3% below the US$464 million estimate from the 2025 PEA, both at ±50% accuracy. The estimate includes a 20% contingency and 5% escalation and assumes the plant occupies less than 40 acres. The schedule from start of detailed design to mechanical completion and start-up is estimated at 32 months, compared with 36 months to full production in the PEA.
Separately, an integrated 10,000 tpy EMM circuit was preliminarily costed at US$98.6 million of installed capital, designed as an add-on to the HPMSM plant. Economic assessments for both HPMSM and EMM will follow in future NI 43-101 reports.
Electric Metals (TSXV:EML, OTCQB:EMUS) launched a multi-workstream optimization program for its North Star Manganese Project in Minnesota, described as hosting the highest-grade manganese deposit in North America. The program spans geology, ore sorting, metallurgy, downstream engineering and environmental review to improve ore selectivity, recoveries, and processing costs and to advance the project toward pre-feasibility.
The previously published PEA outlined an after-tax NPV₁₀ of US$1.39 billion, a 43.5% after-tax IRR, average annual after-tax cash flow of US$249.6 million and a 23-month payback. Planned output includes 100,000 t/y of HPMSM ramping to 200,000 t/y in Year 3 and a 10,000 t/y EMM circuit now incorporated into FEL-1 engineering. Results from the optimization workstreams are expected to be reported progressively through 2026 and 2027.
Electric Metals (USA) (TSXV:EML, OTCQB:EMUS) launched a coordinated investor relations and capital markets communications program to expand investor awareness across North America. The company engaged Oak Hill Financial for marketing and investor outreach, Insight Capital Partners (ICP) for automated market making, and Darrow Associates for comprehensive investor relations and strategic communications.
Oak Hill will receive C$12,000 per month for an initial six-month term from July 24, 2026. ICP will provide market making using its ICP Premium algorithm for four months from July 27, 2026 at C$7,500 per month plus taxes. Darrow will be paid US$10,000 per month under a six‑month initial term from July 24, 2026 and has been granted 250,000 stock options exercisable at C$0.25 per share for 18 months, vesting quarterly over 12 months. According to Electric Metals, these engagements are intended to enhance visibility, improve liquidity and support long‑term shareholder value while complying with TSXV and OTCQB rules.
Electric Metals (TSXV:EML, OTCQB:EMUS) granted 468,643 Deferred Share Units (DSUs) to non-executive directors as of June 30, 2026, under its Omnibus Equity Incentive Plan, approved September 4, 2025. The DSUs relate to directors' fees for Q2 2026 and aim to align directors' interests with shareholders.
Electric Metals (OTCQB:EMUS) reported ore sorting assessment results for the Emily Manganese Deposit at its North Star Manganese Project in Minnesota.
Simulated XRF-based sorting upgraded drill core from an average 8.2% Mn to 17.5% Mn while recovering about 92% of contained manganese and rejecting roughly 57% of material before processing. Bulk sorting scenarios, higher-grade concentrate options and strong XRF–assay correlation support further engineering and economic evaluation.
Electric Metals (OTCQB:EMUS) launched a Preliminary Economic Assessment for downstream HPMSM and EMM processing facilities tied to its North Star Manganese Project. The study, led by Hargrove Engineers & Constructors, will define a U.S. Gulf Coast plant producing 100,000 t/y HPMSM and 10,000 t/y EMM.
The work builds on a prior North Star PEA indicating a post-tax NPV10% of US$1.39 billion, a 43.5% after-tax IRR, and a 23‑month payback. The scope includes process design, layouts, and a ±50% TIC estimate, with evaluation of a potential expansion to 200,000 t/y HPMSM.
Electric Metals (TSXV:EML / OTCQB:EMUS) announced planned multi-channel investor outreach across North America and Europe, subject to TSX Venture Exchange acceptance. The Company signed a 12-month consulting contract with Euroswiss for CAD 90,000 (paid CAD 22,500 quarterly) and a 6-month agreement with Northern Venture Group at C$3,000 monthly.
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