5 Best Manganese Stocks To Buy In 2022

Electric car batteries need lithium, cobalt, and nickel. These “green metals” and their rising prices have been getting a lot of media attention of late. But batteries also need manganese, a metal with many uses outside batteries. Learn why manganese is crucial and whether you should invest in it.

David Dierking   Updated May 29th, 2022

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Why is manganese important in the transition to clean energy?

Manganese is a silvery metal often found alongside iron. It is primarily mined in China, Mexico, South Africa, and Australia, though most of it is refined in China. 

Although today most manganese is used in steelmaking, where it strengthens steel, high-quality manganese has a key role to play in electric cars. According to research by the IMF, a typical EV battery pack needs 8 kilograms (18 pounds) of lithium, 35 kilograms of nickel, 20 kilograms of manganese and 14 kilograms of cobalt.

Some carmakers have even suggested that the metal could be used to replace costlier battery ingredients. Because manganese is widely available, it’s easier to obtain than green metals like cobalt, a metal with two-thirds of the global supply mined in the Democratic Republic of Congo. Research suggests that batteries using manganese may significantly increase energy storage capacity.

And even though manganese prices are on the rise, it is still relatively cheap. Besides, additional projects are being launched around the world as investors and carmakers seek to reduce reliance on China.

What are the top manganese stocks?

You need to target small company stocks for pure-play manganese exposure. Vale was one of the few large companies mining manganese, but it recently divested its operation. The stocks listed below are all pink sheet stocks. That means they trade in the less-regulated over-the-counter market and can be riskier. They are often thinly traded and exposed to high volatility.

Manganese stock list

  • American Manganese Inc (AMYZF)
  • Manganese X Energy Corp (MNXXF)
  • Element 25 Limited (ELMTF)
  • Euro Manganese (EUMNF)
  • Giyani Metals (CATPF)

Read more about each option.

1. American Manganese Inc. (AMYZF)

  • Market cap: 138 million CAD

American Manganese is a sustainable battery recycler. It uses a proprietary process to extract metals and minerals from spent lithium-ion batteries. They recover manganese, lithium, cobalt, nickel, and aluminum, among others. The company’s RecycLiCo process is proprietary and patented, which should provide some protection against competitors in this space.

American Manganese operates in a hot market. The lithium-ion battery recycling market is expected to hit $38 billion by 2030 as electric car batteries start to get recycled. In addition, the lithium-manganese-oxide segment accounts for about a third of this market.

However, even though the industry has great potential, American Manganese is a very risky stock. The company doesn’t yet generate revenues from operations. At least it has over 23 million CAD in cash on its balance sheet after raising 20 million CAD through a private placement at the end of 2021.

2. Manganese X Energy Corp (MNXXF)

  • Market cap: 43 million CAD

Manganese X Energy aims to become a premier miner and supplier of high-purity EV-grade manganese. It also wants to be a low-cost supplier, serving as an alternative to China’s producers, which dominate the manganese market.

The company’s primary manganese deposit is located in New Brunswick, Canada. It is estimated to contain several million tons of manganese. A preliminary economy assessment (PEA) of the property indicates a net present value of nearly $500 million and a 25% internal rate of return.

However, the company is not going to produce any metal until 2024. The next two years will be spent conducting feasibility studies, obtaining permits, and testing systems. Presently, no manganese production takes place in the United States or Canada. 

There is plenty of potential in being the primary manganese miner in North America, but this is a high-risk, long-term play.

3. Element 25 Limited (ELMTF)

  • Market cap: 97 million AUD

Element 25 is an Australia-based manganese miner and producer. It owns the Butcherbird Project located in Western Australia. Their goal is to produce high-quality manganese concentrate for export markets. With an estimated 260 million tons of manganese ore on-site, the company has a large deposit to mine.

The financial feasibility of the site looks very promising. The base case net present value of the site is more than $400 million, with the potential to double that under an aggressive expansion scenario. With a total capital cost of $20 million, the expected payback period would be just six months, though, as always, there are project risks.

Another plus is that Element 25 is already mining and shipping product. In the first half of fiscal 2022, the company mined more than 400,000 tons of manganese and shipped roughly 94,000 tons. In the second half of 2021, it generated $11 million in sales but incurred a significant net loss in the process.

Given where this company is in its production cycle, its promising manganese deposit, and short payback period, this is one of the more promising pure plays.

4. Euro Manganese (EUMNF)

  • Market cap: 122 million CAD

Euro Manganese is a Canada-based company that holds a 100% interest in the Chvaletice Manganese Project. The project involves reprocessing a large manganese deposit from a decommissioned mine in the Czech Republic.

This project is unique because it’s not mining manganese but recycling waste tailings. That helps minimize some of the harmful environmental impacts of traditional mining. Reclaiming these resources helps clean up the original mining site and eliminates a significant source of wastewater pollution.

The company claims that it has the potential to provide 20% of the projected 2030 European demand for high-purity manganese.

Euro Manganese is in the early development stages and generates no operating revenue. It does have $32 million in cash on the books, so it appears to be liquid for the time being. This company could take years for its story to play out, however.

5. Giyani Metals (CATPF)

  • Market cap: 74 million CAD

Giyani is a battery metal development company with manganese assets in Botswana, Africa. It aims to be a low-carbon company with an ESG and renewable energy focus. This company is also early in development. A 2021 feasibility study showed a net present value of more than 400 million CAD and an internal rate of return of 80%. However, the project would have a three-year payback period and ten-year mine life.

Giyani is pre-revenue, so it’s risky.


Manganese has a future in EV batteries, but it is very early and risky for investors. Most pure plays generate no revenue at the moment, and the investment cases are based on a promise.

🔔 Looking to invest in other “green metals”? Check out this list of lithium stocks.

Author: David Dierking, CFA

David Dierking has been writing about investment strategies using ETFs and mutual funds since 2007. He has extensively contributed to The Street, Investopedia, Seeking Alpha, ETFdb.com, ETF Trends, and ETF Daily News. David received his BA in finance from Michigan State University. He has also been a CFA Charterholder since 2004.

NOT INVESTMENT ADVICE. The content is for informational purposes only; you should not construe any such information as investment advice.

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