Canadian Manganese Company Inc. - Investor Presentation - January 2020

1. Woodstock Manganese Project
January 2020
Canadian Manganese Company

2. Canadian Manganese Company Inc. (“CMC” or the “Company”) has prepared this presentation for information
purposes only. The information contained herein was prepared by management on a best efforts basis and is
believed to be accurate. This presentation contains or refers to "forward-looking information" within the meaning of
applicable Canadian securities legislation. All statements in this release, other than statements of historical fact,
which address activities, events or developments that the Company believes, expects or anticipates will or may
occur in the future are forward-looking information. Wherever possible, words such as "plans", "expects" or "does
not expect", "budget", "scheduled", "estimates", "forecasts", "anticipates" or "does not anticipate", "believes",
"intends" and similar expressions or statements that certain actions, events or results "may", "could", " "would",
"might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. In
particular, all statements in this presentation that address estimated resource quantities, grades and contained
metals, possible future mining, and exploration and development activities are forward looking statements.
Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to
differ materially from expected results. Shareholders and prospective investors are cautioned not to place undue
reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions,
inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions,
forecasts, projections and various future events will not occur. The Company undertakes no obligation to update
publicly or otherwise revise any forward-looking information whether as a result of new information, future events
or other such factors which affect this information, except as required by law.
This presentation may contain certain information derived from official government publications, industry sources
and third parties. While we believe inclusion of such information is reasonable, such information has not been
independently verified by us or our advisers, and no representation is given as to its accuracy or completeness.
Forward Looking Statement Disclaimer CMC
2

3. • CANADA’S LARGEST UNDEVELOPED MANGANESE
RESOURCES
– PROBABLY ONE OF THE LARGEST MANGANESE CARBONATE
(RHODOCHROSITE) RESOURCES OUTSIDE OF CHINA
• LOCATED IN NEW BRUNSWICK, CANADA
– CONSISTENTLY VOTED WITHIN TOP 10 WORLDS MOST MINING
FRIENDLY JURISDICTION BY FRASER INSTITUTE (2018).
• SIGNIFICANT EXPLORATION & MARKET UPSIDE POTENTIAL
• FULL INFRASTRUCTURE, REAGENT & POWER ACCESSABILITY
• POTENTIAL TO BE DEVELOPED INTO ONE OF WORLD’S
LOWEST COST ELECTROLYTIC MANGANESE METAL (EMM) AND
HIGH-PURITY MANGANESE METALS (HPMM) PRODUCERS
• METALLURGICAL STUDIES SUCCESSFUL IN PRODUCING HIGH-
PURITY MANGANESE SOLUTIONS TO PRODUCE HIGH-PURITY
ELECTROLYTIC MANGANESE METAL (HPEMM)
WOODSTOCK SUMMARYWoodstock Manganese Project
St. John’s
200 km
New
Brunswick
Woodstock
Manganese
Project
Halifax
Fredericton
CMC

4. CMC
4
Canadian Manganese Company Inc. (CMC) is a
Canadian mineral exploration and development
company aiming to become a major supplier of
High-Purity Manganese (Mn) products for the
Lithium-ion Battery Industry.
WOODSTOCK MANGANESE PROJECT
• 100% owned by CMC
• Located in New Brunswick, Canada
• Contains the Plymouth Deposit which hosts a
NI 43-101 Inferred Resource of 44.8Mt @
9.98% Mn
• Positive Preliminary Economic Assessment
(PEA) completed in 2014
• Approximate 40 Year Mine Life
• Existing infrastructure
• Low permitting risk
• Significant exploration and market potential
WOODSTOCK
Project Overview

5. • Canadian Manganese holds a 100%
interest in the Woodstock manganese
mineral claims
• Location:
• West central New Brunswick, Canada
• 6 km from the township of
Woodstock
• Near the border with Maine, US
• Close to highway 98
• Land position (58 km2)
• 3 main deposits (~80% of district’s
resources)
• best grades & largest deposits
• poorly explored gravity anomaly (20
km trend)
5
CMCWOODSTOCK
Property Location
Woodstock Mn Project
New Brunswick
CANADA
Maine
USA
50 km
Woodstock
Saint John
Fredericton
I-
95
TCH
TCH
Geology Legend
Ordovician- Silurian sediments
Silurian sediments
Manganese Deposit/ prospect

6. • Silurian manganiferous banded iron formations
– 1850s-1890’s iron production at Iron Ore Hill
– 1930’s manganese potential recognized (GSC)
– 1954 – Plymouth deposit discovered
– 1957 – Initial mineral resource estimates
– 1959 – Unable to produce concentrate
– 1970-80’s – Limited surveys & drilling
– 2011-2012 – Drilling
– 2013 – Updated Mineral Resource Estimate (43-101)
– 2014 – Preliminary Economic Assessment
– 2015-2019 – Metallurgical research and battery
market research
CMCWOODSTOCK
Resources & Potential
Woodstock Manganese
MAINE-U.S.A.
NEWBRUNSWICK-CANADA
Saint
River
gravity anomalies
5 km
Geology Legend
Ordovician- Silurian sediments
Silurian sediments
I-
95
R-
95
Woodstock
pop. ~5,000
North Hartford (historic)
45 M tonnes - 8% Mn & 12% Fe
South Hartford (historic)
45 M tonnes - 8% Mn & 12% Fe
Plymouth (Inferred-2013)
43.7 M tonnes - 9.98% Mn & 14.29% Fe
(5% Mn cut-off)
Iron Ore Hill (historic-geophysics
based)
23 M tonnes - 10% Mn & 14%
Fe
Moody Hill (historic-geophysics based)
9 M tonnes – 9.5% Mn
Sharpe Farm (historic-
geophysics based)
7 M tonnes – 9% Mn
Manganese X
Energy Claims
Canadian
Manganese
Claims

7. 1 km
Plymouth Deposit
Hartford Deposits
Plymouth Deposit Inferred Resource
(National Instrument 43-101 compliant)
Mn Cut-off
(%)
Tonnes
Mn
(%)
Fe
(%)
3 44,790,000 9.84 14.15
3.5 44,770,000 9.85 14.15
4 44,620,000 9.87 14.17
6 41,610,000 10.2 14.55
12 9,100,000 13.19 17.93
Notes:
1. An Mn cut-off value of 3.5% for this resource statement
reflects a reasonable expectation of economic viability
for a deposit of this nature based on market conditions
and open pit mining methods.
2. Mineral resources that are not mineral reserves do not
have demonstrated economic viability.
3. This estimate of mineral resources may be materially
affected by environmental permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant
issues.
…9.72 billion pounds contained Mn at 3.5%
Mn cut-off …
7
CMCWOODSTOCK
Plymouth Deposit Inferred Resource

8. 8
CMCWOODSTOCK
Exploration Potential – Underexplored Magnetic Anomalies
• Significant exploration
potential
• Property largely unexplored
• Correlation between
government airborne
magnetics (GSC,1965) with
historic reconnaissance
gravity surveys (National
Management, 1954)
• Gravity anomalies (22 km
trend)
o 4 holes drilled south of
Plymouth
historic
gravity
anomalies
Airborne Magnetics
(GSC historic data)
800 m line spacing
U.S.A.
CANADA
Saint
River
5 km
I-
95
R-
95
Plymouth Mn Deposit
Hartford Mn Deposits
Exploration Potential

9. PL-13-17
PL-13-19
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130
140
110
100
8090
70
120
60
50
50
60
70
110
CMC 2011 drill hole
historic drill hole (1985-87)
LEGEND
deposit outline
(historic data)
100m
1987 Magnetics
(total field – gammas)
CMC 2013 drill hole
(Inferred resource drilling)
Topographic contours metres above mean sea level
PL-13-11
PL-13-12
PL-13-15
PL-13-13
PL-13-14
PL-13-16
PL-13-18
PL-13-20
PL-13-22A
PL-13-18
PL-13-20
PL-13-22A
PL-13-17
PL-13-19
PL-13-25
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CMCWOODSTOCK
Plymouth Deposit Inferred Resource
CANADIAN MANGANESE COMPANY
Plymouth Deposit - Drill Plan
deposit location & magnetics
(magnetics compiled from 1987 data).

10. 10
CMCWOODSTOCK
Plymouth Deposit Drill Core Samples

11. 11
CMCWOODSTOCK
Plymouth Deposit - Mining Plan

12. Mill Throughput 3,000 t/d ~ 82,000 tonnes of EMM per annum
Period, year
Tonnage,t
ManganeseGrade,%
Waste
Mn Grade of Pit
resource
Mn Grade of Stockpile
resource
Grey
resource
Red
resource
Mn Grade combined
Resource
From Stockpile
Resource
To Stockpile
12
CMCWOODSTOCK
Plymouth Deposit - Mining Schedule

13. • Manganese predominately occurs as a manganese carbonate
(Rhodochrosite) in the Plymouth Deposit:
o Manganese carbonate – a reduced form of manganese (Mn with an
oxidation state of II)
o Manganese carbonates are preferred for production of high purity
manganese metal relative to high-grade manganese oxide feed
materials (i.e. Mn with an oxidation state of III or IV)
o Lower operating costs from preferred mineralogy yielding lower power
consumption
o Readily soluble in sulphuric acid, forming a solution containing
manganese sulphates with a minimal amount of heavy metal
impurities
13
CMCWOODSTOCK
Plymouth Deposit Mineralogy

14. Crushing and Grinding
Grind to a P80 of 58 to 62 micron.
Magnetic separation
Mass rejection of 34% for 85.7% recovery & increase in
grade to 15.65% Mn
Sulfuric Acid Leach
Direct leaching manganese carbonate to form manganese
sulfate – over 120 batch tests indicate overall recoveries of
90%. Total circuit recovery after both magnetic separation
& leach of 77%
Goethite Precipitation/ Washing
Multi-stage precipitation of iron / formation of stable iron
complex.
Sulfide Precipitation
Precipitation of heavy metals from solution.
Electrowinning/ Recycle Acid
Electroplating of >99.7% manganese metal and
generation of sulfuric acid.
Grinding
Sulphuric Acid
Leach
Primary Goethite
Precipitation
Electrowinning
Run-of-Mine Ore
Electrolytic Manganese Metal
To End User
Crushing
Sulphide
Precipitation
Ammonium
Sulfide
Metal Sulphide Residue
To Tailings Management
Process Water
Secondary
Goethite
Precipitation
E/W Efficiency Promoting Reagent
Manganese
Precipitation
Spent Electrolyte /
Acid Recycle
Manganese Precipitate Recycle
Goethite II
Residue
Recycle
Spent Electrolyte
Bleed Stream
Misc. Wash Filtrates
Leach and Goethite I Residue To Tailings Management
Ammonium Hydroxide
Makeup
Ammonia
Recovery
Steam
Cooling Water
Process Wastewater
To Tertiary Wastewater Treatment
Recovered
Ammonium
Hydroxide
Vent To
Ammonia
Recovery
Vent To
Ammonia
Recovery
Vent To
Ammonia
Recovery
Vent To
Ammonia
Recovery
Crushing Calcining
Run-of-Mine Limestone
Pulverized
Limestone
Calcined Lime
Grinding
Sulphuric Acid
Plant
H2SO4 Makeup
Elemental Sulphur Process Water
Air
Air
Leaching
Solution Purification
Product Recovery
Comminution
Reagent Management
Grouping of Unit Operations
High Gradient
Magnetic
Separation
Process Water
Iron Ore Product To Market
Magnetic Separation Tailings To Tailings Management
Preconcentration
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CMCWOODSTOCK
Hydrometallurgical Flowsheet

15. What Is Manganese? CMC
15
− Mostly sold as raw ore and semi-processed product, i.e. ferro-manganese
− Essential to iron and steel production, representing 85% - 90% of total demand
of manganese
− Also used in the production of aluminum alloys, dry cell battery, ceramic/glass,
LED lights, and others
• Ultra High-Purity Manganese products have emerged
as a critical cathode material in Li-ion batteries:
− Sold as:
o High-Purity Electrolytic Manganese Metal
(HPEMM/99.9% EMM); or
o High-Purity Manganese Sulphate
Monohydrate (HPMSM/HP MnSO4)
− Application:
o EVs
o Utility storage devices
o Electronics
o Power tools, E-bikes and others.
Manganese is one of the most widely used metals – 5th most mined metal in the world.
HPEMM HPMSM
• Conventional Manganese Products:

16. Electrolytic Manganese Metal (EMM):
• EMM is primarily consumed in the steel
industry as an alloy additive:
– Steel Sector: 74%
– Specialty Mn Alloy: 12%
– Electronic, chemical, and other
industries: 14%
• EMM is produced primarily from Mn
carbonate deposits that offer lower
operating costs than Mn oxide deposits.
High Purity Manganese Metals:
• Li-ion battery market is growing exponentially with increased consumption of electric
vehicles.
• High Purity Manganese products are key components used in the cathode structure of
lithium-ion batteries with other minerals such as lithium, nickel and/or cobalt, and can be
produced in the form of:
− High Purity Electrolytic Manganese Metal (HPEMM); or
− High Purity Manganese Sulfate Monohydrate (HMMSM). 16
CMCWOODSTOCK
Electrolytic Manganese Metal &
High-Purity Manganese Metal

17. o High performance, low cost, fast
charging, thermal stability, long shelf-
life
o Li-ion battery cathodes with Mn
content currently are and will
continue to be the most dominant
types:
➢ Mn demand is estimated to
grow at a CAGR of 23% from
2017 to 2027*
➢ The primary cathode chemistry
in 2040 will be NMC and
LNMO, requiring Mn input of
over one million tonnes of Mn
metal equivalent – Source: Cairn
ERA.
Manganese Market Opportunity in Li-ion Battery
Industry
CMC
17
• High demand for renewable energy sources drives growth of Li-ion Battery Market:
o 11.6% CAGR*
o from 99 GWh of annual capacity production in 2017 to 2,325 GWh in 2040 – Source: Cairn ERA.
*”Manganese: No Longer Just an Input on Steel”, www.theassay.com/technology-metals-edition-insight/manganese-no-longer-just-an-input-on-steel/
Source: CAIRN ERA
• Manganese is a preferred cathode material for Li-ion batteries:

18. Manganese in Li-ion Battery Production CMC
18
Manganese is used in the production of NMC and LNMO cathode formulations:
• NMC - there are several major formulations based on the ratio of Nickel to Manganese to Cobalt:
• LNMO (Lithium-Nickel-Manganese Oxide):
− The highest consumer of Mn per 1 kWh of capacity (over 1 kg)
− Will mature commercially after 2025
How much manganese is needed to produce Li-ion battery?
Mn weight required per EV (90kWh battery pack)*:
HPEMM HPMSM
42.57 kg 130.77 kg
36.36 kg 111.69 kg
36.36 kg 111.69 kg
11.43 kg 35.01 kg
88.74 kg 272.79 kg
98.64 kg 303.03 kg
Mn weight required for 1kWh of battery capacity*:
Formulation HPEMM HPMSM
NMC 1-1-1 0.473 kg 1.453 kg
NMC 5-3-2 0.404 kg 1.241 kg
NMC 6-2-2 0.404 kg 1.241 kg
NMC 8-1-1 0.127 kg 0.389 kg
NMC 3-7-0 0.986 kg 3.031 kg
LNMO 1.096 kg 3.367 kg
A 90kWh battery pack contains ~11 kg to 99 kg of Mn*
e*Source: Cairn ERA

19. CMC Strategic Development Plan
• Since completion of PEA, CMC has undertaken and
plan to continue further evaluation work on
Woodstock’s Plymouth Deposit
➢ Further metallurgical test
➢ Battery market research: North America,
Europe and Asia.
• Strategic Partnership Opportunities:
➢ Seeking partnership opportunities with Li-ion
battery industry experts
➢ Further advance development process and
unlock Woodstock’s massive potential
19
CMC

20. Canadian Manganese Company Inc.
55 University Avenue, Suite 1805
Toronto, Ontario, Canada
M5J 2H7
Tel: +1 (416) 362-8243
Fax: +1 (416) 368-5344
investors@CanadianManganese.com
www.CanadianManganese.com
20
Canadian Manganese Company Inc.
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