The Gold Report

American Manganese Inc. TICKER: AMY:TSX.V; AMYZ:OTCPK; 2AM:FSE Visit Company Website American Manganese Inc. is a junior development company focused on electrolytic manganese production from the Artillery Peak NI-43101 resource which contains 14.916 Blb. Indicated and 3.538 Blb. Inferred manganese. The company has contracted a prefeasibility study with Wardrop Engineering on the Artillery Peak project located in Mohave County, Arizona. Necessary for steel production, there is no domestic supply of manganese in North America. An NI 43-101 preliminary economic assessment indicates that American Manganese could be the world's lowest-cost electrolytic manganese producer at $0.44/lb.—half the price of that produced in China. The company is positioned to take a leading role in providing for the emerging rechargeable battery market with an extraction process well suited to produce any or all value-added manganese products. Operation of the pilot plant commenced on August 18, 2011. Click here for a 360° view.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Michael Berry, Morning Notes (2/16/12) "We like American Manganese Inc. for a host of reasons including its low potential cost of production, the fact that China controls 98% of the electrolytic manganese (EMM) market globally, rising costs and export taxes levied on EMM, the location in the history of the Artillery Peak project in Arizona and the successful pilot plant test where the company was able to demonstrate its ability to produce EMM on a large scale at potentially the lowest cost in the world. . .what really allows American Manganese to compete with the Chinese here is the strong economics of the Artillery Peak project. . .confirmation of the solid economics surrounding this project, confirmation of the EMM production process, and investor clarity surrounding the manganese market are the catalysts to drive the company's share price to a higher valuation."

Roger Wiegand, Trader Tracks (2/9/12) "We think American Manganese Inc. is poised for a double. . .as technicians, we see the shares based and moving into new rallies. . .we can see intermittent resistance on each 10-cent level from CA$.40, CA$.50, CA$.60, CA$.70 and finally CA$.80. A common 50% retracement would take the price to CA$.56, our next higher minimum forecast price for spring, 2012."

The Critical Metals Report Interview with Marcel Fuhrer (1/17/12) "We believe American Manganese Inc. is quite a unique project, located in Arizona. It is a proven resource that was widely used during the Second World War. Given that Chinese output of manganese is going to decline, there is a good chance that American Manganese can take over some of that market share. We are pretty close to the company and are well informed. We believe management does a good job and the infrastructure looks very easy to access. These are the main reasons we believe in this story. . .even if the growth is not that big, I believe the low-cost structure of American Manganese's project mean the company can easily compete with Chinese producers and deliver its electrolytic manganese to American steel producers." More >

The Critical Metals Report Interview with Chris Berry (1/10/12) "American Manganese Inc. is trying to position itself to be the first producer of electrolytic manganese outside of China by 2014. It is developing the Artillery Peak deposit in northwest Arizona, which is 13.8 Blb low-grade (2.84%) manganese in the inferred category and about 3.5 Blb in the indicated category (also at 2.84%). American Manganese is aiming to institute a patent-pending process that it developed with Kemetco Research Inc. where it will produce electrolytic manganese for about $0.70/lb. Electrolytic manganese sells on world markets right now from between $1.80 and $1.50, which creates about a $1 margin. Given that China produces roughly 98% of world Electrolytic Manganese Metal (EMM) supply and costs of production appear to be increasing there, American Manganese is well positioned to compete in this market. . .

One of the themes I think you'll see in mining is the drive for sustainability and efficiency. The lowest cost producer almost always wins and these two factors can lead to attaining lowest cost status. This is what American Manganese is aiming for in instituting this process. The process the company proposes to use will use less water and electricity in the production of EMM. Recycling factors prominently here. Also, the low cost of electricity in Arizona adds to the strong economics of the project. The biggest win for the company has been that it was able to produce EMM with this process on a pilot scale." More >

Standard & Poors (12/10/11) "American Manganese Inc. reported that a new NI-43-101-compliant resource estimate, which incorporates the results of the 2011 drilling program, shows a substantial increase in the amount of manganese contained in the Artillery Peak project; this has resulted in an upgrading of a large proportion of the resource from Inferred to Indicated. The step out drilling has resulted in a 39% increase of the overall tonnage and a 12% increase in the contained pounds of manganese."

• World Manganese Production and Use (10/6/11)
• Corporate Presentation (10/6/11)
• Corporate Fact Sheet (7/8/11)
• Strategic Metals interview with CEO Larry Reaugh (3/2/11)

(12/20/11) AMY: Moving to Production

(9/13/11) AMY on Equities TV

(10/8/11) AMY: Closing the Gap

(9/29/11) AMY Begins Pilot Plant Testing

(9/10/11) AMY: Update from Arizona

(9/6/11) Larry Reaugh on Jay Taylor's Radio Program

(7/14/11) Michael Berry Comments on AMY

(5/7/11) Laurentian Bank Initiates Coverage of AMY

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