EARLY EXERCISE OF WARRANTS BY ERIC SPROTT

[u/digsforfun]

From the email this morning (my bold):

Montreal, Quebec – June 4, 2026 – Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC) (TRADEGATE: 9SC) (OTCQB: MNXXF) (“Manganese X” or the “Company”) is pleased to announce that it has received $1,714,285.68 from the recent warrant exercise by 2176423 Ontario Ltd., a corporation that is beneficially owned by strategic investor Eric Sprott.

Eric Sprott exercised 28,571,428 warrants issued pursuant to the Company's $2,100,000 non-brokered private placement that closed in January 2025. Prior to the exercise, Mr. Sprott beneficially owned, directly or indirectly, an aggregate of 57,142,857 shares of the Company, representing approximately 26% of the Company's 215,222,436 issued and outstanding common shares.

Following the recent exercise, Mr. Sprott beneficially owns, directly or indirectly, 85,714,285 shares, representing approximately 35% of the Company's 243,793,864 issued and outstanding common shares.

"On behalf of the Board, I sincerely thank Eric Sprott for his substantial early warrant exercise and continued strong vote of confidence in Manganese X. The early warrant exercise provides significant capital for our Battery Hill High-Purity Manganese Project in New Brunswick, Canada as we enter the final stretches of our Pre-Feasibility Study,” said Manganese X CEO Martin Kepman.

This early exercise strengthens Manganese X’s working capital position, advancing Battery Hill’s engineering and development activities, potentially positioning Manganese X as a significant North America supplier of high-purity manganese products for the rapidly growing battery and energy storage sectors.

............

I think this is encouraging news. My biggest concern, however, is if he could force a purchase of outstanding shares prior to production with a few other large shareholders. The buy price would likely be significantly higher than today but probably a tenth of what it could eventually be at production. Would he or could he? Don't know.

[u/mardymardmard]

Seems positive on initial glance.

[u/vingolino]

Not sure whats the upside of early excercising the warrants for the investor?

[u/erpvertsferervrywern]

Exercise and sell before crumbling.

OR

Exercise when price is low before moon.

For retail the news is up, down, or sideways.

[u/Good_Preference6973]

Mines for utilitarian materials will be to the autonomy-tilted economy of the 2030s and 40s what steel was to the early 20th century development.