12 July 2019


Mission to Acquire 100% of Pilbara Metals Group

Mission NewEnergy Limited (ASX:MBT, OTC:MNELF) (“Mission” or the “Company”) announces today that it has entered into a Heads of Agreement to acquire Pilbara Metals Group Pty Ltd (“PMG”), an exciting Western Australian business in the EV battery chemical market.

  • Acquisition of 100% of PMG by issuance of 99.0m fully paid ordinary shares in Mission;
  • PMG aims to be the first producer of high purity manganese sulphate (HP MnSO4) in Australia using a novel production process[1];
  • HP MnSO4has emerged as a critical EV battery material;
  • Novel, low cost production process utilising low to medium grade manganese ore that is readily available;
  • HP MnSO4 is driven by the need to reduce the $/kwh of a high performance EV battery;
  • Mission will raise up to $6 million through the issue of new shares, anticipated to be at $0.035c per share[2]to complete its Front End Engineering Design (FEED) Study along with its Bankable Feasibility Study (BFS);
  • Transaction subject to conditions precedent by both MBT and PMG; and
  • MBT Board and management shall materially change at the conclusion of the transaction.

[1]Provisional Patent lodged

[2]Subject to the Company obtaining the appropriate ASX Waiver