# Electric Metals Announces Positive PEA for the 100% US Domestic North Star Manganese Project Providing 100% U.S. Domestic Supply of HPMSM, Post-Tax NPV10% of US$1.39 Billion, IRR of 43.5%, and 23-Month Payback Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/electric-metals-announces-positive-pea-for-the-100-us-domestic-north-star-mangan--6ebed5ea-753e-43c2-ad60-51a5956367c5 Original source: https://money.tmx.com/en/quote/EML/news/6072285382814945/electric-metals-announces-positive-pea-for-the-100-us-domestic-north-star-mangan Publisher: tmx Original announcement: 2025-08-26T20:50:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Electric Metals \(USA\) Limited - Ticker: EML - Exchange: TSX - Region: Minnesota - Primary commodity: Manganese - Secondary commodities: Iron ore, Silicon - Document categories: Resource update, Other - Extracted: 2026-08-21 07:20:43 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Electric Metals has announced a positive Preliminary Economic Assessment \(PEA\) for its North Star Manganese Project in Minnesota. The PEA reports a post-tax NPV10% of US$1.39 billion and an IRR of 43.5%, positioning the project as a key domestic source of high-purity manganese sulphate monohydrate \(HPMSM\). Reasoning: The announcement of a positive PEA with robust economics \(43.5% IRR\) and a significant manganese resource is a major project milestone. - Positive factor: Strong economic indicators \(NPV $1.39B, IRR 43.5%\) - Positive factor: Strategic domestic supply positioning - Positive factor: High-grade manganese deposit - Positive factor: NI 43-101 compliant PEA - Negative factor: Includes Inferred resources - Negative factor: PEA is a preliminary study with higher uncertainty than PFS/DFS Facts used in scoring: 6 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA was prepared in accordance with NI 43-101 Standards of Disclosure. Evidence · text > prepared in accordance with NI 43-101 Standards of Disclosure **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate includes a significant Inferred component. Evidence · text > The PEA is preliminary in nature, includes Inferred Resources **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Donald Hulse and Deepak Malhotra are named as Qualified Persons. Evidence · text > reviewed and approved by Donald Hulse, SME-RM and Deepak Malhotra, SME-RM ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/electric-metals-announces-positive-pea-for-the-100-us-domestic-north-star-mangan--6ebed5ea-753e-43c2-ad60-51a5956367c5#fact-resource-facts-0) manganese #### Identity - Commodity: manganese - Ticker: EML #### Resource Data - Category: indicated - Tonnes: 7600400 - Grade: 19.07 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-08-26T00:00:00.000Z Reasoning: Indicated manganese grade of 19.07% is strong. - Positive factor: High grade indicated resource Evidence · table > 19.07 Context: 7,600.4 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/electric-metals-announces-positive-pea-for-the-100-us-domestic-north-star-mangan--6ebed5ea-753e-43c2-ad60-51a5956367c5#fact-resource-facts-1) iron\_ore #### Identity - Commodity: iron\_ore - Ticker: EML #### Resource Data - Category: indicated - Tonnes: 7600400 - Grade: 22.33 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-08-26T00:00:00.000Z Reasoning: Iron is a significant byproduct in the indicated resource. Evidence · table > 22.33 Context: 7,600.4 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/electric-metals-announces-positive-pea-for-the-100-us-domestic-north-star-mangan--6ebed5ea-753e-43c2-ad60-51a5956367c5#fact-resource-facts-2) silicon #### Identity - Commodity: silicon - Ticker: EML #### Resource Data - Category: indicated - Tonnes: 7600400 - Grade: 30.94 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-08-26T00:00:00.000Z Reasoning: Silicon is a significant component in the indicated resource. Evidence · table > 30.94 Context: 7,600.4 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/electric-metals-announces-positive-pea-for-the-100-us-domestic-north-star-mangan--6ebed5ea-753e-43c2-ad60-51a5956367c5#fact-resource-facts-3) manganese #### Identity - Commodity: manganese - Ticker: EML #### Resource Data - Category: inferred - Tonnes: 3725300 - Grade: 17.04 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-08-26T00:00:00.000Z Reasoning: Inferred manganese grade of 17.04%. - Negative factor: Inferred category limits economic certainty Evidence · table > 17.04 Context: 3,725.3 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/electric-metals-announces-positive-pea-for-the-100-us-domestic-north-star-mangan--6ebed5ea-753e-43c2-ad60-51a5956367c5#fact-resource-facts-4) iron\_ore #### Identity - Commodity: iron\_ore - Ticker: EML #### Resource Data - Category: inferred - Tonnes: 3725300 - Grade: 19.04 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-08-26T00:00:00.000Z Reasoning: Iron is a significant byproduct in the inferred resource. Evidence · table > 19.04 Context: 3,725.3 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/electric-metals-announces-positive-pea-for-the-100-us-domestic-north-star-mangan--6ebed5ea-753e-43c2-ad60-51a5956367c5#fact-resource-facts-5) silicon #### Identity - Commodity: silicon - Ticker: EML #### Resource Data - Category: inferred - Tonnes: 3725300 - Grade: 30.03 - Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-08-26T00:00:00.000Z Reasoning: Silicon is a significant component in the inferred resource. Evidence · table > 30.03 Context: 3,725.3 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.