Giyani Metals reports positive feasibility study for Botswana manganese project
Proactive
Thu, May 28, 2026
Giyani Metals reports positive feasibility study for Botswana manganese project Proactive uses images sourced from Shutterstock
Giyani Metals Corp (TSX-V:EMM, OTC:CATPF, FRA:KT9) has released a definitive feasibility study for its K.Hill battery-grade manganese project in Botswana, which outlined a projected post-tax net present value of $481.5 million and an internal rate of return of 20.3%.
The study covers the company’s 100%-owned K.Hill project in the Kanye Basin and supports the declaration of mineral reserves for the planned open-pit mine and hydrometallurgical processing facility.
The project is designed to produce high-purity manganese sulphate monohydrate (HPMSM) and high-purity manganese oxide (HPMO), materials used in electric vehicle and energy storage batteries.
According to the study, the project would have a 25-year mine life and generate estimated post-tax cumulative free cash flow of about $1.6 billion over the life of mine.
Initial capital expenditures are estimated at approximately $535 million, including contingency, while total life-of-project capital costs are projected at $679 million.
Giyani said the project is expected to achieve an operating margin of 46%, based on projected revenues of about $4.86 billion from HPMSM and $395 million from HPMO. The company estimated average realized prices of $3,220 per tonne for HPMSM and $4,004 per tonne for HPMO.
The feasibility study assumes an annual processing capacity of roughly 220,000 tonnes of dry run-of-mine ore using conventional drill-and-blast mining methods. Steady-state metallurgical recovery is projected at 87%.
The reserve estimate includes 5.35 million tonnes grading 12% manganese, consisting of 1.92 million tonnes of proven reserves and 3.42 million tonnes of probable reserves.
Measured and indicated mineral resources total 6 million tonnes grading 16.5% manganese oxide, with an additional 4.4 million tonnes classified as inferred resources.
Giyani said inferred resources were excluded from the mine plan but could provide potential mine life extensions or support higher-grade production over time.
Giyani Metals Corp (TSX-V:EMM, OTC:CATPF, FRA:KT9) has released a definitive feasibility study for its K.Hill battery-grade manganese project in Botswana, which outlined a projected post-tax net present value of $481.5 million and an internal rate of return of 20.3%.
The study covers the company’s 100%-owned K.Hill project in the Kanye Basin and supports the declaration of mineral reserves for the planned open-pit mine and hydrometallurgical processing facility.
The project is designed to produce high-purity manganese sulphate monohydrate (HPMSM) and high-purity manganese oxide (HPMO), materials used in electric vehicle and energy storage batteries.
According to the study, the project would have a 25-year mine life and generate estimated post-tax cumulative free cash flow of about $1.6 billion over the life of mine.
Initial capital expenditures are estimated at approximately $535 million, including contingency, while total life-of-project capital costs are projected at $679 million.
Giyani said the project is expected to achieve an operating margin of 46%, based on projected revenues of about $4.86 billion from HPMSM and $395 million from HPMO. The company estimated average realized prices of $3,220 per tonne for HPMSM and $4,004 per tonne for HPMO.
The feasibility study assumes an annual processing capacity of roughly 220,000 tonnes of dry run-of-mine ore using conventional drill-and-blast mining methods. Steady-state metallurgical recovery is projected at 87%.
The reserve estimate includes 5.35 million tonnes grading 12% manganese, consisting of 1.92 million tonnes of proven reserves and 3.42 million tonnes of probable reserves.
Measured and indicated mineral resources total 6 million tonnes grading 16.5% manganese oxide, with an additional 4.4 million tonnes classified as inferred resources.
Giyani said inferred resources were excluded from the mine plan but could provide potential mine life extensions or support higher-grade production over time.
“These results demonstrate strong economic returns and endorse K.Hill as a unique, mine-to-market battery-grade supplier of manganese to meet growing Western demand, and provide a solid foundation for further optimization and continued development of the project,” Giyani Metals interim executive chair Nigel Robinson said in a statement.
“Building on the successful production of both HPMO and HPMSM from our Demonstration Plant in Johannesburg, we are now well-positioned to meet the evolving requirements of the battery and energy storage markets.”
The company also highlighted ongoing optimization work aimed at improving project economics, including further metallurgical test work, front-end engineering and design activities, expanded use of solar power, and evaluation of lower-carbon reagent sourcing options.
Under the current development schedule, early construction activities are expected to begin in 2027, with commissioning targeted for late 2028 and first ore feed planned for March 2029. Commercial ramp-up to full production capacity is expected by mid-2029.
“Alongside the optimization work that we will now be looking to undertake in the next phase of the project's delivery; we will be progressing our discussions with strategic partners and evaluating opportunities within the battery-grade manganese sector that have the potential to enhance value for our shareholders,” Robinson added.
The study noted that global demand for battery-grade manganese products is projected to grow significantly through 2040, driven by increasing adoption of electric vehicles and energy storage systems.
Giyani cited market forecasts showing demand for contained manganese in battery applications rising from about 175,000 tonnes in 2025 to approximately 800,000 tonnes by 2040, with the market potentially entering deficit conditions by 2029.
Shares of Giyani rose 17.7% in Canada after the release.
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