Electric Metals (USA) Limited (EML:TSX.V; EMUSF:OTCQB) is a United States-domiciled critical mineral and advanced material company developing the North Star manganese project. The company owns the Emily manganese deposit in Minnesota, considered the highest-grade manganese deposit in North America. Its fully U.S.-based North Star project includes a planned mine and downstream HPMSM/EMM processing plant supported by a NI 43-101 PEA.
The company aims to establish a domestic supply of manganese products for EV batteries, energy storage, defense, and industrial markets at a time when the U.S. has no domestic manganese, HPMSM, or EMM production. Electric Metals views manganese as a strategic mineral critical to battery technology, infrastructure, specialty alloys, and advanced manufacturing.
On May 12, the company announced it had launched a PEA engineering study for planned HPMSM and EMM processing facilities tied to its North Star manganese project, part of a strategy to establish a fully domestic U.S. manganese supply chain.
HPMSM is used in lithium-ion batteries for EVs and energy storage, while EMM supports specialty steel, aluminum alloys, defense, and advanced technologies.
Manganese is becoming increasingly important in next-generation battery chemistries due to its performance and cost advantages.
With no domestic production and high reliance on Chinese-controlled imports, the U.S. faces a critical manganese shortage. Electric Metals is addressing this by building a North Star supply chain — combining a Minnesota mine with a proposed Gulf Coast refinery to provide secure, domestic manganese for EVs.
A 2025 PEA reported strong projected economics, including a US$1.39B post-tax NPV10%, 43.5% IRR, and 23-month payback over a 25-year mine life. The project targets an annual production of 180,331 tonnes of HPMSM, with an initial processing design of 100,000 tonnes of HPMSM and 10,000 tonnes of EMM annually, plus expansion potential.
The study also outlines preliminary engineering, infrastructure planning, process design, and capital cost estimates, positioning the project as a strategic source of U.S. critical mineral supply for manufacturing and energy applications.
An Expanding Investor Outreach
Electric Metals (USA) Ltd. recently reported that it had engaged Euroswiss Capital Partners Inc. to enhance investor awareness in Europe through a 12-month consulting agreement (effective May 1, 2026), subject to TSX-V approval. The deal is part of a broader, multi-channel marketing approach designed to boost visibility in North America and Europe.
Northern Venture Group
The company has also reported that it entered into a marketing services agreement (effective May 1, 2026) with Northern Venture Group (NVG) in accordance with TSX-V Policy 3.4.
US Market Listing Update
The company's common shares are now quoted on the OTCQB under the ticker symbol EMUS, replacing the previous ticker symbol EMUSF.
The ticker update was processed by the Financial Industry Regulatory Authority (FINRA) following the company's redomicile to the United States, resulting in the removal of the F suffix previously used to designate foreign issuers.
Selling Silver Assets to Focus on Manganese
In March, the company announced it had agreed to sell its non-core Nevada subsidiaries, including the Corcoran and Belmont properties, to Ameerex Corporation for an initial US$300,000, aligning with its strategic focus on manganese projects.
The transaction, effective Jan. 30, 2026, involves assets in Nye County, featuring both an advanced-exploration silver-gold property and a historically significant mining area.
Risks
- Electric Metals is an early-stage developer with no current manganese production or operating cash flow.
- The North Star project requires significant financing, permitting, construction, and processing execution.
- Project economics are based on a preliminary economic assessment and remain subject to change.
- The company faces risks tied to commodity prices, cost inflation, technical challenges, and future share dilution.
- Future growth depends partly on EV adoption and demand for battery materials and specialty metals.
Shares Outstanding
- 200.76 million
Significant Shareholders
Technical Observations & Analysis
Figure 1: Electric Metals (EML.V) Monthly Price & Volume Chart
Analysis:
- Volume is rising with price rallies and falling on dips; bullish.
- A multi-year inverse H&S pattern is in play. Initial targets are CA$0.45 and CA$0.60, and then CA$1.00
Figure 2: Electric Metals (EML.V) Weekly Price & Volume Chart
Analysis:
- Volume is bullish, rising on price rallies and falling on dips.
- The price has pulled back to significant support at CA$0.25-CA$0.21 and is rising from the support.
Figure 3: Electric Metals (EML.V) & CDNX (venture stocks index) Comparison Chart
Analysis:
- Electric Metals is rallying when the CDNX rallies… and outperforming it on the rallies.
Figure 3: Electric Metals (EML.V) Daily Chart Momentum & Money Flow Indicators
Analysis:
- The RSI momentum oscillator exhibits a bullish divergence with the price; bullish.
- The MFI (Money Flow Index) shows the same bullish divergence.
- The CMF (Chaikin Money Flow) indicator has turned positive.
Stock Price at Time of Writing (May 14, 2026): Approx. CA$0.29
Short-Term Technical Price Target: CA$0.45
Medium-Term Technical Price Target: CA$0.60
Long-Term Technical Price Target: CA$1.00
Technical Rating: Speculative Buy
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Important Disclosures:
-
For this article, Electric Metals (USA) Limited has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Electric Metals (USA) Limited.
- Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts. The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
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