Highlights

  • Butcherbird hosts Australia's largest onshore manganese resource at over 260 million tonnes of manganese ore.
  • US Department of Energy has offered up to US$166 million in non-dilutive funding for the Louisiana HPMSM facility.
  • Binding offtake and strategic equity partnerships in place with Stellantis N.V. and General Motors LLC.
  • E25 shares closed at $0.230, a market capitalisation of $74.97 million, after a 13.21% twelve-month decline.

Element 25(ASX:E25) is building a battery manganese supply chain that stretches from Western Australia's Pilbara to a Louisiana refinery — backed by a US$166 million DoE grant offer and binding offtake partnerships with Stellantis and General Motors, targeting the lowest-carbon HPMSM in the global battery market.

Integrated Supply Chain from Mine to Refinery

Element 25's foundational asset is the 100%-owned Butcherbird Manganese Project in the southern Pilbara region of Western Australia, which hosts Australia's largest onshore manganese resource at over 260 million tonnes of manganese ore, supporting multi-decade open-pit mining operations.

Shares traded at $0.230 on 2 October 2026 on volume of 92,186 shares, a market capitalisation of $74.97 million. The stock declined 13.21% over the trailing twelve months as markets navigated global EV adoption adjustments.

Butcherbird Expansion and Louisiana DoE Milestone

The primary catalyst throughout late 2026 is dual progress on expanding Butcherbird mine output to 1.1Mtpa of manganese concentrate alongside advancing revised grant terms with the US Department of Energy for up to US$166 million in non-dilutive funding for the planned Louisiana HPMSM processing facility.

Under the development strategy, Butcherbird will supply long-term, ethically sourced manganese concentrate feedstock to Louisiana. Proprietary hydrometallurgical processing eliminates toxic reagents, delivering the lowest-carbon HPMSM available and fulfilling critical US Inflation Reduction Act domestic procurement requirements.

Automotive Partnerships and Battery Market Position

Element 25 has secured binding offtake and strategic equity partnerships with Stellantis N.V. and General Motors LLC, two of the world's largest automotive manufacturers. Direct investment from these partners substantially de-risks customer off-take and product qualification hurdles.

Manganese transitions from traditional steelmaking additives into an essential cathode raw material for NMC and emerging LMFP electric vehicle batteries. The Louisiana facility targets direct supply to North American battery cell manufacturers meeting IRA compliance requirements.

Capital Execution and Market Risks

Developing an international processing refinery in the United States involves capital expenditure and execution risks including engineering procurement timelines, construction cost inflation, permitting in Louisiana, and local skilled labour availability.

The company remains exposed to global manganese ore benchmark pricing fluctuations and changes in international electric vehicle subsidies that could affect downstream demand from battery manufacturers.