Stockhead – Barry FitzGerald: Firebird heads downstream to take on China at the manganese chemical game
In his Garimpeiro column for Stockhead, veteran resources journalist Barry FitzGerald turns his attention to the "downstream" side of the sector: ASX companies using processing technology to turn ores into higher-value products. He notes that the market has strongly rewarded this group, pointing to IperionX, Alpha HPA, Novonix and Metallium as examples.
FitzGerald argues that Firebird Metals has not yet been recognised in the same way. At the time, the company had a market cap of about $25.6 million, even though it holds the Oakover manganese project near Newman, which has an NPV of $741 million. He sees the bigger opportunity in Firebird's patented, China-developed technology for manganese-rich battery chemistries, especially lithium manganese iron phosphate (LMFP). LMFP adds manganese to LFP batteries to lift energy density while keeping their low cost and safety.
The column quotes Firebird special advisor Ken Hoffman, formerly global head of Battery Metals at McKinsey & Co. Hoffman says Firebird appears to have a process that beats Chinese producers at their own game.
Stockhead, 29 August 2025.