1. Black Swan Graphene (TSXV:SWAN)

Market cap: C$102.83 million

Black Swan Graphene describes itself as an emerging powerhouse in the bulk graphene business. UK-based global chemicals manufacturer Thomas Swan & Co. holds a 15 percent interest in Black Swan and brings a portfolio of patents and intellectual property related to graphene production. Through this partnership, Black Swan is building out a fully integrated supply chain from mine to graphene products.

Black Swan launched a number of new graphene products in 2024, such as its GraphCore 01 family of graphene nanoplatelets products, which includes powders and polymer-ready masterbatches designed for the polymer industry.

In addition, the company formed a commercial partnership with advanced materials engineering company Graphene Composites that will see Black Swan’s graphene used in the fabrication of GC Shield, a patented ballistic protection technology. It also secured a distribution and sales agreement with UK-based manufacturer of plastic materials Broadway Colours to incorporate Black Swan’s graphene nanoplatelets in the manufacture of graphene enhanced masterbatches for plastic manufacturing.

Black Swan closed on a C$6 million equity financing in February 2025 which will help to fund its capacity expansion and global commercialization plans for 2025.

This includes Black Swan’s newly formed strategic partnership with thermoplastic compounds and concentrates manufacturer Modern Dispersions (MDI). Under the preferred compounder agreement, Black Swan will provide graphene nanoplatelets to Modern Dispersions, which will manufacture Graphene Enhanced Masterbatch for graphene applications.

In July and August 2025, Black Swan grew its global distribution and sales network through agreements with METCO Resources, Ferro and Thomas Swan.

Black Swan is in the process of more than tripling its production capacity from 40 metric tons of high-quality graphene annually to 140 metric tons per year by installing further capacity at its Thomas Swan facility in the UK.

2. CVD Equipment (NASDAQ:CVV)

Market cap: US$18.82 million

CVD Equipment produces chemical vapor deposition, gas control and other types of equipment and process solutions for developing and creating materials and coatings for a range of industrial applications, including aerospace engine components, medical implants, semiconductors, battery nanomaterials and solar cells.

CVD’s processing can be used to produce graphene and nanomaterials such as carbon nanotubes and silicon nanowires. Its PVT200 system is designed to grow silicon carbide crystals for the manufacture of 200 millimeter wafers. In November 2024, CVD reported a US$3.5 million follow on order for a production chemical vapor infiltration system to produce advanced, energy efficient materials for use within gas turbine engines.

CVD’s 2024 financials show revenue of US$26.9 million, up 11.5 percent year-over-year on higher revenues from its aerospace contracts and semiconductor segment. This momentum carried into 2025, with revenue for the first half of the year up 19.2 percent to US$13.4 million over the prior half-year period. This was driven by its Q1 performance, with the company reporting its revenues for the quarter were up by 69 percent year-over-year to reach US$8.3 million.

3. Directa Plus (LSE:DCTA)

Market cap: GBP 11.24 million

Leading graphene nanoplatelet producer Directa Plus makes products designed for commercial applications such as textiles and composites. The Italy-based firm has developed a patented graphene material named G+ Graphene Plus, which is both portable and scalable. Directa Plus casts a wide net, even using its graphene for golf balls with the aim of improving users’ control and swings using elasticity.

Directa Plus inked in December 2023 what it called a ‘landmark agreement’ to acquire a proprietary system for preparing graphene compounds for market-ready battery and polymer applications, opening up two more potential markets for Directa Plus products.

Its graphene products also include its proprietary Grafysorber nanoplatelets-based technology that can absorb 100 times its own weight to recover oil and hydrocarbons through treating water, sludge and emulsions. The company stated it is seeing market traction in environmental contracts through its subsidiary Setcar, which is an environmental services company, and its Grafysorber tech.

Setcar secured a 1.5 million euro contract in February 2025 with Midia International to provide tank cleaning and waste disposal services using Grafysorber for Midia’s offshore drilling campaign in the Black Sea. That same month, Setcar renewed a 1.1 million euro contract with Ford Otosan, a Romanian subsidiary of Ford Motor (NASDAQ:F), to deliver total waste management services.

Later in April, Setcar reported another contract extension, this time with OMV Petrom worth 1.59 million euros for the use of Grafysorber technology to treat oil sludges, emulsions and contaminated water.

4. First Graphene (ASX:FGR,OTCQB:FGPHF)

Market cap: AU$39.14 million

First Graphene is an advanced materials company that has developed an environmentally sound method of converting ultra-high-grade graphite into the competitively priced, high-quality graphene in bulk quantities. First Graphene is part of a nine-member consortium working to develop and commercialize lightweight impermeable cryogenic all-composite tanks for the safe storage and transport of liquid hydrogen.

The firm is working with three Australian universities on developing graphene products and associated intellectual properties, including PureGRAPH, its graphene powder. First Graphene is vertically integrated, and applications for its products extend to fire retardancy, energy storage and concrete, among others.

First Graphene has secured funding for a collaborative research project aimed at commercializing its Kainos technology for the production of ‘high-quality, battery-grade synthetic graphite and pristine graphene from petroleum feedstock using a scalable hydrodynamic cavitation manufacturing process.’

First Graphene kicked off the new year in 2025 by announcing its Kainos technology secured patents from the Australian and South Korean governments. The following month, the company completed a AU$2.4 million private placement to help fund the acceleration of its global commercial pipeline.

In May 2025, the company secured an exclusive supply agreement with Indonesian industrial safety boots manufacturer Alasmas Berkat Utama. The contract will see First Graphene provide approximately 2.5 metric tons of PureGRAPH 10 masterbatch over the first two years to be used in safety footwear for workers in the Southeast Asia mining industry. The company’s fiscal year 2025 annual income was estimated at AU$1.2 million in its June 2025 quarterly report.

First Graphene initiated a 10 month project in partnership with Imperial College London and University College London in July 2025 aimed at incorporating graphene in the 3D printing of metal components for use in high-end applications in the aerospace and motor sports industries.

5. Graphene Manufacturing Group (TSXV:GMG,OTCQX:GMGMF)

Market cap: C$101.09 million

Graphene Manufacturing Group (GMG) is a clean-technology company bringing to market energy saving and energy storage solutions based on its proprietary graphene production process.

Its products include graphene enhanced energy-saving coatings for HVAC, electronic heat sinks, industrial process plants and data center applications, as well as a graphene lubricant additive for diesel and gasoline engines. The company is also working to develop and commercialize graphene aluminum-ion batteries in collaboration with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and the University of Queensland with funding from the Australian government.

In May 2025, GMG’s board of directors approved an AU$900,000 expenditure for the early works of its planned Gen 2.0 Graphene Manufacturing Technology plant will be built at GMG’s existing manufacturing facility in Queensland, Australia. With an estimated total capital cost of AU$2.3 million, the Gen 2.0 plant is expected to be online by end of June 2026. It will initially operate at 1 metric ton per annum, work will commence shortly after to upgrade its capacity to an expected 10 metric tons per annum.

That same month, GMG launched a website for direct sales of its engine performance enhancing graphene liquid concentrate G Lubricant, and in July it commenced direct sales to end customers in Australia, the UK, Europe, China, Canada and the US.

6. Haydale Graphene Industries (LSE:HAYD)

Market cap: GBP 23.78 million

Through its subsidiaries, Haydale Graphene Industries designs, develops and commercializes advanced materials. The company is focused on commercializing its proprietary heating ink-based technology and integrating graphene and other nanomaterials into next-generation industrial applications.

Haydale has a partnership with the University of Manchester’s Graphene Engineering Innovation Centre (GEIC), through which it is researching and developing graphene-based innovations such as conductive ink heating applications for the automotive and future homes sectors.

In March 2025, the company announced it had secured new commercial contracts for its new heating systems from Affordable Warmth Solutions to develop a further graphene heater ink product, and with the national gas grid, National Gas Transmission, for the use of its technology in upgrading the gas network.

The following month, Haydale shared that its JustHeat graphene-based heating system had achieved CE marking certification, meaning that it meets European safety and environmental standards compliance.

7. HydroGraph Clean Power (CSE:HG,OTCQB:HGRAF)

Market cap: C$518.48 million

HydroGraph Clean Power produces cost-effective, high-purity graphene, hydrogen and other strategic nanomaterials. The company has an exclusive license from Kansas State University to produce graphene and hydrogen via the organization’s patented detonation process, which results in 99.8 percent pure carbon content graphene.

At the top of the year, results from a research study conducted with Arizona State University demonstrated that HydroGraph’s Fractal Graphene is an ideal material for ultra-high-performance concrete and 3D-printed structures. Then, in February, the company announced a technical collaboration with an unnamed global leader to use graphene technology in high-performance fiber applications.

HydroGraph launched an advanced graphene dispersions product line in March which is designed to produce high-performance electrodes for use in energy storage solutions. The line was developed in collaboration with battery materials and testing services company NEI.

In July, Hydrograph kicked off a Compounding Partner Program aimed at reaching commercial-scale production of its high-performance Fractal Graphene in thermoplastics. The first group of certified partners are in the automotive and packaging sectors.

Hydrograph’s graphene products also have applications in the medical sector. In August, the company announced a new commercialization agreement that will see Ease Healthcare market the LEAP early detection lung cancer test that incorporates HydroGraph’s patented fractal graphene with Hawkeye Bio’s patented biosensor.

8. NanoXplore (TSXV:GRA,OTCQX:NNXPF)

Market cap: C$536.64 million

Established in 2011, NanoXplore is able to produce high volumes of graphene at affordable prices due to its unique and environmentally friendly production process. The company’s GrapheneBlack graphene powder can be used in plastic products to greatly increase their reusability and recyclability.

NanoXplore is also targeting lithium-ion batteries with its patented SiliconGraphene battery anode material solution, which employs GrapheneBlack as a coating agent around silicon to make a safer, more reliable cell. NanoXplore’s graphene products are also being used in internal combustion engine vehicles.

As part of its five year strategic plan, last year NanoXplore increased the production capacity at its plant in Québec, Canada. The capacity expansion will enable the company to meet increased demand from an existing customer for its graphene-enhanced composite products. The customer assumed a significant portion of the expansion costs.

In its fiscal Q3 2025 financials for the quarter ended March 31, 2025, the company reported total revenues of C$30.45 million for the quarter, down 10 percent from the same quarter in the previous year. NanoXplore highlighted increases in its adjusted earnings before interest, taxes, depreciation and amortization, which totaled C$1,420,555 compared to C$571,968 in Q3 2024.

9. Talga Group (ASX:TLG,OTCQX:TLGRF)

Market cap: AU$230.05 million

Talga Group is a vertically integrated battery anode and materials company, mining its own graphite and producing anodes. It has operations in Sweden, Japan, Australia, Germany and the UK. The company also produces graphene additives for use by materials manufacturers in applications such as concrete, coatings, plastics and energy storage.

Talga has the Talphite and Talphene lines of graphene products, which include conductive additives for battery cathode and anode products, solid-state anodes and graphite recycling.

In April, the Swedish Agency for Economic and Regional Growth granted Talgas’ Luleå anode refinery in Sweden Net-Zero Strategic Project status under the EU Net-Zero Industry Act. Luleå will be supplied by graphite from its Vittangi graphite project in Sweden. Two months later, the company announced that the Swedish government gave the greenlight to its mining permit for the Nunasvaara South natural graphite mine in Northern Sweden.

As for its end products, in May Talga secured a binding offtake agreement with battery charging technology company Nyobolt for approximately 3,000 metric tons of Talga’s flagship battery anode product, Talnode-C, for an initial term of four years starting May 13, 2025. The anodes will be supplied from the Luleå anode refinery.

In mid-August, Talga launched a new proprietary graphite anode product, Talnode-R, made from recycled lithium-ion battery waste from two recycling streams: gigafactory production scrap and spent anodes from end-of-life batteries.

Private graphene companies

The graphene stocks listed above are by no means the only graphene-focused companies. Investors interested in graphene would also do well to learn more about the private companies focused on graphene technology, including ACS Material, Advanced Graphene Products, Graphene Platform, Graphenea, Grafoid and Universal Matter.

FAQs for graphene

Vanadium demand trends

Vanadium applications have grown in recent years, contributing to price growth. The vast majority of vanadium is used as an additive in the steel industry to make a high-strength product that is lighter, stronger and more resistant to shock and corrosion.

Vanadium content of less than 0.1 percent is needed to double the strength of steel, and although other metals — including manganese, molybdenum, niobium, titanium and tungsten — can be interchanged with vanadium for alloying with steel, there is no substitute for vanadium in aerospace titanium alloys.

Over the last few years, China has increased its vanadium use, producing steel rebar with high tensile strength for construction. Vanadium compounds are also used in nuclear reactors because they have low neutron-absorbing properties. Vanadium oxide is used as a pigment for ceramics and glass, and can act as a catalyst in the production of superconducting magnets.

In addition to the steel alloy sector, the metal is often used to make parts for jet engines, as well as crankshafts, axles and gears. What’s more, vanadium redox batteries (VRFB) are currently generating excitement because they are reusable over semi-infinite cycles, and do not degrade for at least 20 years, allowing energy storage systems the ability to bank renewable energy.

However, these batteries are quite large compared to lithium-ion batteries, and are better suited for industrial or commercial use rather than for use in electric vehicles. That said, there are a number of companies around the world working on developing the technology for residential and smaller-scale use.

Vanadium supply trends

The top vanadium producing countries are China, Russia and South Africa, and worldwide vanadium production totaled 100,000 metric tons (MT) in 2024. China was the world’s largest producer of vanadium by far, contributing 70,000 metric tons of vanadium. Russia came in at a distant second with output of 21,000 MT, and South Africa was in third place with 8,000 MT.

Russian-owned Evraz is a large vanadium producer with assets in Russia and Czechia, and is a major supplier of ferrovanadium to the European steel market. In the first half of 2022, Russia’s invasion of Ukraine and subsequent trade sanctions have prompted end-users to look for more secure vanadium supplies. By the end of 2024, Russian vanadium pentoxide exports to China had dried up, and supply uncertainties were also reported in South Africa.

For his part, CRU Group’s Goel believes other nations are also interested in boosting domestic vanadium production. “Governments worldwide have recognized vanadium as a critical mineral, leading to increased support for emerging vanadium projects,” he said. Goel cited as an example the private Australian company Vecco Group, which received an AU$3.8 million grant to advance the feasibility and design of its vanadium project in Brisbane.

However, vanadium will have to break free from the current low pricing environment if ex-China projects are to move from discovery to production.

Investor Insight

Purpose-built for today’s energy transition, xU3O8 sits at the intersection of technology, finance, and nuclear energy, offering a simplified and transparent alternative to legacy uranium investments amid surging global demand. The xU3O8 token, now accessible on leading global exchanges, is a groundbreaking digital asset that provides direct, efficient exposure to the uranium market.

Overview

Uranium.io is a next-generation platform revolutionizing how investors access and trade physical uranium (U3O8). By leveraging blockchain technology, it enables individuals and institutions to directly own and trade uranium, bypassing many of the inefficiencies, opacity and high costs traditionally associated with uranium exposure. Each xU3O8 token represents real, physical uranium stored securely in a regulated depository operated by Cameco, with Archax, a UK-regulated digital asset firm, as the custodian for the physical uranium ensuring transparency and trust in asset backing.

The platform is designed to meet growing investor demand for exposure to uranium, a commodity that is a critical component of the global energy transition. As countries commit to reducing carbon emissions, nuclear energy is increasingly seen as a reliable and scalable source of low-carbon electricity. Governments across North America, Europe and Asia are ramping up their nuclear energy capacities, as part of their net-zero targets. This includes restarting idled reactors, constructing new reactors, and accelerating the development of small modular reactors.

Nuclear power is also emerging as a stable and scalable option for supporting artificial intelligence (AI) data centers, which require massive amounts of electricity to operate. Industry leaders, including Microsoft, have announced nuclear energy investments, and several technology firms have secured long-term agreements for nuclear power.

Like gold and silver before it, uranium is entering a phase of financialization — with physical holding trusts, ETFs, and now platforms like uranium.io offering direct physical uranium ownership via xU3O8, making it more accessible to a wider set of investors.

As traditional financial markets converge with digital innovation, tokenized assets are becoming a preferred vehicle for commodities investing. Uranium.io’s use of the Etherlink blockchain ensures secure, real-time trading with minimal friction — a distinct advantage in an increasingly digitized investment landscape.

Development of the uranium.io platform is led by the team at London-based Trilitech, a group of entrepreneurs and technologists driving blockchain innovations.

With its emphasis on direct fractional ownership and 24/7 worldwide accessibility, xU3O8 is uniquely positioned to serve as the gateway to physical uranium exposure for a global investor base. Alignment with broader energy and digital asset trends makes it a compelling vehicle for those seeking to capitalize on uranium’s strong fundamentals and the disruptive power of decentralized finance.

In July 2025, the company launched its xU3O8 token on KuCoin, MEXC, and Gate.io — ushering in a new era of uranium investment. This simultaneous, multi-platform listing marks a major milestone in the evolution of real-world asset (RWA) tokenization, delivering institutional-grade exposure to uranium markets to a combined audience of over 115 million global traders.

By debuting across multiple top-tier platforms, xU3O8 ensures broad accessibility and liquidity for investors:

• KuCoin – With over 41 million users in 200+ countries, KuCoin offers a full suite of trading services—spot, margin, options, and futures. As a technology-first exchange focused on accessibility, KuCoin shares xU3O8’s mission to dismantle traditional investment barriers.
• MEXC – Founded in 2018, MEXC serves 36 million users globally and has seen explosive 2024 growth: 143 percent increase in spot trading and 118 percent in futures. Its intuitive platform makes crypto trading “simple, accessible, and rewarding,” mirroring xU3O8’s goal of democratizing uranium investment.
• Gate.io – Ranked among the top 3 global crypto exchanges by real trading volume, Gate.io boasts 32 million users and supports over 3,600 digital assets. With institutional-grade security and a commitment to 100 percent reserve holdings, Gate.io provides the infrastructure essential for tokenized commodity trading.

Company Highlights

• Uranium.io is a pioneering platform for buying and selling uranium, providing direct ownership of physical uranium via a blockchain-powered token xU3O8.
• Built on Etherlink, powered by Tezos technology, enabling transparency, low fees, energy efficiency and programmable compliance.
• FCA-regulated digital asset custodian, Archax, holds physical uranium in trust on behalf of token holders.
• Physical supply is brokered by Curzon Uranium, a trusted uranium trading and logistics partner with deep industry roots and over $1 billion in uranium trades.
• The uranium bought on the platform is physically stored at a regulated depository owned and operated by Cameco, one of the world’s leading global uranium providers/converters.
• Global 24/7 market access offering fractionalized and direct uranium exposure with real-time settlement and cross-border accessibility.
• Capitalizing on nuclear energy’s role in clean energy transition and the financialization of critical minerals.
• The company has launched the xU3O8 token across three of the world’s leading cryptocurrency exchanges: KuCoin, MEXC, and Gate.io.
• Uranium.io launches a near-real-time pricing oracle, disrupting uranium market opacity and delivering unmatched transparency and efficiency.

Technology Platform

Uranium.io is built on a secure, decentralized technology stack that integrates blockchain infrastructure, digital asset custody, and real-world commodity supply — delivering unprecedented access and transparency to the uranium market. The platform bridges traditional commodities trading with Web3 innovation, allowing users to seamlessly acquire, hold and trade physical uranium via xU3O8 tokens.

Uranium.io unveiled the world’s first uranium spot pricing oracle, aimed at addressing the price opacity issues in the uranium market. Unlike oil, gold, base metals, and agricultural commodities, uranium pricing has traditionally relied on fragmented, privately negotiated over-the-counter deals, leaving market participants in the dark and creating inefficiencies and uncertainty that limit broad participation.

Uranium.io’s oracle transforms this landscape with:

• Real-time pricing oracle: Launched to tackle uranium market opacity, providing near-instant spot price updates and boosting transparency and efficiency.
• Tokenized uranium trading: Investors can trade fractional shares of physical uranium, democratizing access to a traditionally restricted market.
• Market interest surging: Uranium-related financial instruments, including ETFs, have outperformed Bitcoin in 2025, reflecting growing investor demand.
• Data-driven insights: Aggregates dozens of sources—spot feeds, nuclear equities, commodity funds—and uses algorithms to mirror uranium’s complex market dynamics.

Blockchain Infrastructure: Etherlink, Powered by Tezos

At the heart of xU3O8’s digital asset engine is the Tezos blockchain, a highly secure, energy-efficient and self-amending Layer 1 protocol. Tezos is uniquely suited to power real-world asset tokenization due to its low transaction costs and energy efficiency; on-chain governance and smart contract flexibility; and enterprise-grade security and decentralization.

Tezos’ track record with real-world assets, including tokenized real estate and art, positions it as an ideal foundation for the secure, scalable digitization of uranium ownership.

Digital Custody: Archax

To ensure that each xU3O8 token is backed with physical uranium, uranium.io is supported by Archax, a London-based, digital asset custodian and exchange regulated by the Financial Conduct Authority. Archax provides regulated asset custody, KYC/AML-compliant onboarding, and real-time asset reconciliation.

Archax brings institutional-grade governance and accountability to the storage and oversight of physical uranium, ensuring that investor holdings are not just theoretical but physically secured.

Physical Supply: Curzon Uranium

Access to physical uranium is facilitated by its partnership with Curzon Uranium, a specialized uranium trading and logistics firm. Curzon acts as the platform’s uranium provider, sourcing, purchasing and delivering uranium from trusted upstream suppliers to secure storage.

Curzon’s decades of experience in uranium procurement adds physical credibility and market depth to the xU3O8 ecosystem — making the platform more than just a digital asset project, but a fully integrated uranium trading platform.

Physical uranium storage: Cameco

The physical uranium ore concentrate (U3O8) is securely stored at a regulated storage facility, operated by Cameco, one of the three globally recognized uranium conversion and storage providers. For transparency, Proof of Reserves is always available on the website and is updated with monthly statements from Cameco.

Together, Tezos, Archax and Curzon Uranium form the digital, custodial and physical backbone of the uranium.io platform. This trio of technologies and partnerships ensures a secure, compliant and efficient path for investors to gain physical uranium exposure — fractionalized, tokenized and tradable 24/7 on a global scale.

What is manganese?

Manganese is a silvery white transition metal that is nearly as abundant in the earth’s crust as another transition metal, iron. It has many of the same properties of iron, but is harder and more brittle. Manganese is also an essential nutrient for plant growth and human health.

What is manganese used for?

The steel sector accounts for most manganese demand, and its use in batteries is the largest demand growth driver.

Used as an alloy constituent, manganese improves the strength, toughness and stiffness of steel. Manganese is also mixed with aluminum to manufacture tin cans. In addition, manganese may be used as an additive in refined oil to help coat and protect vehicle engines.

Manganese dioxide has long been used as a cathode material in alkaline batteries, but this is not the manganese battery market that is now the most interesting. Manganese is drawing attention for its role in several types of lithium-ion battery cathodes that require the metal, including the popular nickel-manganese-cobalt (NMC) and lithium manganese iron phosphate (LMFP) batteries.

NMC batteries are in high demand in the electric vehicle sector as they improve energy loading and lifespan, and electric vehicles using this cathode type have been popular in North America. LMFP batteries show improved energy density, capacity and low-temperature performance over lithium-iron-phosphate (LFP) batteries by adding manganese. Battery makers seeking to reduce costs and secure supply chains have been adopting this battery chemistry as an alternative to nickel and cobalt chemistries.

Manganese supply and demand trends

The battery industry is the second largest consumer of manganese today, and many market watchers believe that demand from this sector could be set to increase in the future. However, the steel sector still remains the biggest drive of manganese demand.

However, mining companies are increasingly focusing on the growing battery market for their projects.

“When looking for investment, companies like to align their projects with growing market sectors, so when companies are talking about new mine investments, they often reference the EV supply chain — even if in practice, most of the ore will likely go to ferroalloy producers for consumption in steel production,’ Hanna added.

That strategy on the part of manganese miners makes sense given Fastmarkets’ forecast for the metal’s role in the battery metal in the next decade. “We expect demand to grow from now and into the 2030s, driven in part by new chemistries like LMFP,” the firm stated.

China represents the geographical focal point of the manganese market as the country is the largest producer and consumer of steel. It also dominates the manganese battery market as it is the top producer of high purity manganese sulphate. Investors keen on the manganese space should watch for signs of strength or instability in the Chinese economy, particularly the real estate, infrastructure and EV markets.

Looking at supply, the three top manganese producing countries are South Africa, Gabon and Australia. Global manganese production reached 20 million metric tons in 2024, a slight increase of 400,000 metric tons from 2022, as per the US Geological Survey.

With an output of 7.4 million metric tons, South Africa accounts for about 37 percent of total global manganese production. The country is also home to almost 33 percent of global economic manganese mineral reserves.

South32 (ASX:S32), which has operations in South Africa and Australia through the Samancor 60/40 joint venture with Anglo American (LSE:AAL,OTCQX:NGLOY), is the world’s largest manganese-producing company. Disruptions to its operations can have major impacts on the manganese market and prices for the metal.

For example, the suspension of operations at its Australia-based Groote Eylandt Mining Company (GEMCO) operations in March 2024 due to a tropical cyclone was one of the key drivers of manganese prices that year.

While a phased return to mining began in June 2024, the severity of the flooding brought about by the cyclone damaged the wharf with which the company exported its products to the global market. The company officially opened its reconstructed wharf in late August 2025.

How to invest in manganese

As the manganese story has picked up speed in recent years with its necessity to popular electric vehicle cathodes, more publicly traded companies are focused on manganese, offering investors more choices for exposure to the metal.

Manganese mining and junior stocks

Large-cap manganese stocks

While there are plenty of large companies are involved in manganese production, many of them are private. Still, there are a few major publicly traded mining companies currently producing manganese products for the steel and battery industries.

Anglo American (LSE:AAL,OTCQX:NGLOY)
Anglo American is a British multinational miner that owns 40 percent of the Samancor manganese joint venture alongside operator South32. Samancor’s operations include the GEMCO manganese mine in Australia’s Northern Territory and the South Africa Manganese operation. GEMCO is the world’s second largest manganese mine.

Eramet (EPA:ERA)
Eramet produces manganese ore from the Moanda mines in Gabon. Eramet is the largest producer of manganese worldwide and also produces manganese alloy at its plants in four countries.

Jupiter Mines (ASX:JMS)
Jupiter Mines operates the Tshipi Borwa manganese mine in South Africa’s Kalahari Manganese Field, considered the largest manganese mine in the country by export volume and one of the largest in the world. Jupiter holds a 49.9 percent interest in the Tshipi joint venture.

South32 (ASX:S32)
South32 is the operator of multiple manganese operations through its 60/40 Samancor joint venture with Anglo American. Samancor holds a 74 percent interest in the South Africa Manganese operations in South Africa’s Kalahari Basin alongside Broad-based Black Economic Empowerment entities. South32 is also the operator of the joint venture’s wholly owned Groote Eylandt, or GEMCO, mine in Australia.

Junior manganese mining stocks

Investors interested in smaller-cap manganese companies may want to look at junior manganese mining stocks. These manganese stocks are some of the options available to investors. They had market caps above $20 million as of September 16.

Element 25 (ASX:E25,OTCQX:ELMTF)
Element 25 is working on an expansion and a restart to operations at its Butcherbird manganese mine in Western Australia by 2026. The company is also planning to build a battery-grade high-purity manganese sulphate monohydrate refinery in Louisiana, US.

Euro Manganese (TSXV:EMN)
Euro Manganese is developing its Chvaletice manganese project in Czechia. Instead of mining manganese, the company plans to recycle tailings from a past-producing mine to produce manganese and decontaminate the site. The EU designated it as a strategic project under the Critical Raw Materials Act.

Firebird Metals (ASX:FRB)
Firebird Metals aims to create a vertically integrated manganese company, mining high-purity manganese from its Oakover project in Western Australia, and processing it into battery-grade manganese sulfate at its proposed plant in China.

Giyani Metals (TSXV:EMM)
Giyani Metals has a portfolio of manganese oxide projects in Botswana, including its flagship K.Hill project, from which it plans to produce high-purity manganese sulfate monohydrate, with first production on track for Q3 2025.

Manganese X Energy (TSXV:MN,OTCQB:MNXXF)
Manganese X Energy is exploring and developing its Battery Hill manganese project in New Brunswick, Canada, with the goal of producing high-purity manganese for the North American market.

OM Holdings (ASX:OMH,OTCQX:OMHI)
OM Holdings is a vertically integrated manganese ore and ferroalloys company based in Singapore with global operations. It holds a 26 percent interest in the Tshipi joint venture that owns the Tshipi Borwa manganese mine in South Africa.

RecycLiCo Battery Materials (TSXV:AMY,OTCQB:AMYZF)
RecycLiCo Battery Materials’ technology recycles cathode materials from battery waste and upcycles them into lithium and battery cathode precursors. The company designs and installs on-site battery material recycling plants globally.