Electric Metals (USA) Limited
Electric Metals (USA) Limited (TSXV: EML, OTCQB: EMUSF, formerly Nevada Silver Corporation until May 2023) is a US-domiciled critical-minerals developer whose principal asset is the Emily manganese deposit in the Cuyuna Iron Range of central Minnesota -- described by the company as the highest-grade manganese deposit in North America. Its North Star Manganese Project pairs an underground mine at Emily with a planned domestic high-purity manganese sulphate monohydrate (HPMSM) and electrolytic manganese metal (EMM) chemical processing facility, with the strategic premise of establishing the first fully domestic US manganese supply chain for battery and steel end-markets. A Preliminary Economic Assessment effective 15 August 2025 reported an after-tax NPV at a 10% discount rate of US$1.390 billion, an after-tax IRR of 43.5%, initial capital expenditure of US$474.8 million including a 25% contingency, 23 years of mine and processing operations within a 25-year project life, and a 23-month payback from start of production, assuming US$2,500 per tonne HPMSM held constant. The mineral resource behind the PEA is 7.60 million tonnes at 19.07% Mn Indicated plus 3.73 million tonnes at 17.04% Mn Inferred. The company is divesting its legacy Nevada silver assets: a definitive agreement effective 30 January 2026 sells subsidiaries North American Silver Corporation and Centennial Mining, holding the Corcoran silver-gold and Belmont silver properties in Nye County, to Ameerex Corporation.
Notable vs. Peers
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.7/10.
- Trading within 1% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Jurisdiction (40%)5/10
Minnesota: Fraser PPI 2024 is 21.78 of 100 (rank 69 of 82; not rated in the 2025 survey), which maps to 5 on this site's scale. The Emily manganese deposit is in the Cuyuna Iron Range of central Minnesota, about 230 km north of Minneapolis, in a historic iron-mining district. The planned high-purity manganese processing plant is also in the United States, which is the premise of the project. Minnesota ranks near the bottom of Fraser's survey on policy: permitting of non-ferrous mines there has been contested for years.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at North Star Manganese Project -- Emily Manganese Deposit, Cuyuna Iron Range, Minnesota, USA (checked Sep 26, 2026; recheck due Mar 25, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Rainy River (Coeur Mining, Inc.), 234 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0/10
Nearest producing mine: Rainy River (Coeur Mining, Inc.), 234 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:6/10
Stage: Preliminary Economic Assessment
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:5/10
United States: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President, Chief Executive Officer and Director of Electric Metals (USA) Limited (TSXV: EML), appointed Mar 2024. MSc Mineral Economics, BSc Mining Engineering, Colorado School of Mines. Founded and co-founded several mining-development businesses in Kazakhstan, Ukraine, Russia, Guinea and the DRC, including Frontier Mining Ltd. (founded 1998); Chairman & CEO of Avellana Gold Ltd. (current, concurrent, since 2016); earlier career in investment banking at The Bank of New York, Sharps Pixley, Bank of Montreal and Nesbitt Burns Securities. Source: electricmetals.com (leadership pages); juniorminingnetwork.com Brian Savage director appointment coverage.
Chief Financial Officer of Electric Metals (USA) Limited (TSXV: EML); also Chief Financial Officer of Cascadero Copper Corp. Shareholder of Malaspina Consultants Inc., which provides professional/CFO-support services to the Company.
Non-Executive Director of Electric Metals (USA) Limited (TSXV: EML); also Director, Audit Committee Chair of Silver Bow Mining Corp.
Non-Executive Director of Electric Metals (USA) Limited (TSXV: EML). Source: Electric Metals (USA) Limited Management's Discussion and Analysis, six months ended 30 Jun 2025 (director fees disclosure); GlobeNewswire DSU-grant coverage confirming continued board service through Jun 2026.
Non-Executive Co-Chairman of Novo Resources Corp and a director of Condor Resources Inc., Electric Metals (USA) Limited, Silver Bow Mining Corp., Eskay Mining Corp. and Barksdale Resources Corp. Economic geologist with a PhD in Geology/Geochemistry from the Colorado School of Mines, whose early career included exploration roles at Homestake Mining, Newcrest Mining, and Newmont Mining, rising to chief geologist at Newmont by 2004. Moved into the junior mining sector in 2007, including work at Gold Canyon Resources leading exploration of the ~5 million ounce Springpole gold project near Red Lake, Ontario. Helped start Novo Resources in 2010 and built out its Australian exploration portfolio, later serving as President and Co-Chairman.
Non-Executive Director of Electric Metals (USA) Limited (TSXV: EML). Source: Electric Metals (USA) Limited Management's Discussion and Analysis, six months ended 30 Jun 2025 (director fees disclosure); GlobeNewswire DSU-grant coverage confirming continued board service through Jun 2026.
Non-Executive Director of Electric Metals (USA) Limited (TSXV: EML), appointed Sep 2024, and a Director and Chair of the Audit/Risk Committee of Osisko Development Corp.. President and Chief Executive Officer of McCarthy Law Professional Corporation and of Independent Review Inc.; CDI.D.
Non-Executive Director of Electric Metals (USA) Limited (TSXV: EML). Partner at StoneBridge Analytics LLC, a consulting firm engaged by the Company. Holds a BS in Foreign Service from Georgetown University, a Master's in Applied Economics from The American University, and a PhD in Mineral Economics from the Colorado School of Mines. Previously President, CEO and Director of TSX-listed Duluth Metals Limited, taking it from under US$1M to over US$350M in under four years; a former senior officer of base, precious, battery-metals and industrial-minerals companies and a former director of private and public corporations on Canadian, US and UK exchanges.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Eric Sprott's personal investment vehicle increased its stake in a cash-funded private placement in October 2025, taking his position to roughly 9-11% depending on how warrants are counted -- and the increase itself triggered a Canadian early-warning filing at the 10% threshold. No genuine open-market insider buying or institutional holder was found.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Electric Metals (USA), formerly Nevada Silver, is developing the North Star manganese project in Minnesota, which pairs an underground mine at the Emily manganese deposit in the Cuyuna Iron Range with a planned domestic plant making high-purity manganese sulphate monohydrate and electrolytic manganese metal for battery and steel markets. The resource behind its study is 7.60 Mt at 19.07% manganese in the indicated category plus 3.73 Mt at 17.04% inferred, at a 10% manganese cut-off. The preliminary economic assessment, effective 15 August 2025, shows an after-tax NPV10% of US$1.39B and a 43.5% IRR at a constant US$2,500/t for high-purity manganese sulphate, with initial capital of US$474.8M including a 25% contingency, 23 years of mining and processing within a 25-year project life and a 23-month payback. In August 2026 the company launched an optimisation program aimed at improving those economics and moving toward a pre-feasibility study, and it is selling its legacy Corcoran and Belmont silver properties in Nevada to Ameerex Corporation.