Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF;
Frankfurt: MRDN) – “Medallion” or the “Company”), is
pleased to announce completion of an internal strategic review of
the Company’s technologies, commercial opportunities, and
challenges conducted by the Company’s leadership team appointed in
late 2022.
Medallion’s vision is to power the energy
transition through innovation in critical minerals by becoming an
owner-operator of critical mineral processing facilities in
partnership with upstream feedstock and downstream offtake
partners.
The first step towards delivering that vision is
to establish a commercially-oriented magnetic rare earth evaluation
facility deploying patented displacement chromatography
methodologies developed by Purdue University. Medallion has
exclusively licensed patented displacement chromatography
methodologies, developed by Purdue University, from Purdue Research
Foundation to separate minerals including rare earth elements from
all raw material feed stocks excluding coal sources and excluding
recycled materials from manufacturing wastes and recyclates from
battery and magnet sources.
In the coming weeks, Medallion expects to
finalize a partnership with a highly respected technology incubator
in the UK and a collaboration with a global leader in
computer-aided engineering (CAE) to support the design and
operation of both the initial magnetic rare earth evaluation
facility and scale-up to pilot and commercial facilities.
Medallion plans to use state-of-the-art CAE
modeling backed by real-world verification at the evaluation
facility to establish commercial magnetic rare earth processing
plants that provide an essential bridge between mine and magnet,
addressing the supply resilience and ESG objectives of
consumer-oriented customers.
Medallion and Purdue Research Foundation have
recently signed an amended and restated agreement regarding the
Company’s rights to use the displacement chromatography
methodologies that better reflects Medallion’s strategic plan.
Under the new agreement, Medallion’s planned UK-based magnetic rare
earth evaluation facility will be supported by continued research
at Purdue University’s Davidson School of Chemical Engineering.
Medallion has committed to raise at least US$5 million over the
next six months to accelerate commercialization of the displacement
chromatography technologies.
Alfredo Ramos Plasencia said, “We are well
advanced in establishing the foundations necessary for us to
execute our strategic plan to provide commercial separation of
magnet rare earths. We are excited to enter a new phase of our
partnership with both the Purdue Research Foundation and Prof.
Linda Wang and her colleagues at the Davidson School of
Engineering.”
Ramos continued, “After a few months working
with the Medallion team, I am excited by the technical, commercial
and market expertise that the Company has assembled. In the last
few months since the team joined Medallion, we have focused on
assessing our position, establishing our capabilities and building
a partner ecosystem that will assist us in accelerating the
development and commercialization of our technologies. With a firm
handle on our strategy and opportunities, we can now communicate
our strategic vision and path to delivering on that vision.”
He concluded, “In the next three months we
expect to announce technical and other strategic partnerships
including detailed plans for the magnetic rare earth demonstration
facility, and non-dilutive government funding. During the balance
of the year we plan to announce technical milestones and anticipate
one or more feedstock supply agreement.”
Separately, the Company has decided that it will
not proceed with its previous plans to list on the Nasdaq Capital
Market and de-list from the TSX Venture Exchange (the
“TSXV”).
As a result of the decision to continue to
remain listed on the TSXV, the Company will not proceed with the
share consolidation that the shareholders authorized the Board to
undertake, at the Board’s discretion, at the last Annual General
and Special Meeting of Shareholders held on May 27, 2022.
Given the change of strategic direction and
focus, the Company will proceed with a “change of business”
application with the TSXV. The Company’s transition constitutes a
change of business in accordance with the TSXV policy as the
Company’s prior business was mineral exploration. As a result, the
transition is subject to TSXV acceptance and will also require
shareholder approval. The Company also intends to seek shareholder
approval to change its name to Medallion Innovations Corp.
The Company will provide a comprehensive
information circular in regards to the change of business and
change of name for the upcoming, annual shareholders’ meeting at
which it will seek shareholder approval for these changes.
About Medallion Resources
Ltd.Medallion Resources (TSX-V: MDL; OTCQB: MLLOF;
Frankfurt: MRDN) has exclusively licensed patented displacement
chromatography methodologies, developed by Purdue University from
Purdue Research Foundation to separate minerals including rare
earth elements from all raw material feed stocks excluding coal
sources and excluding recycled materials from manufacturing wastes
and recyclates from battery and magnet sources. Separately,
Medallion has developed a proprietary process and related business
model to achieve low-cost extraction of rare earth elements from
monazite, a phosphate mineral that is a common byproduct of heavy
mineral sand operations.
REEs are critical inputs to electric and hybrid
vehicles, robotics, electronics, imaging systems, wind turbines and
strategic defense systems. Medallion is committed to following best
practices and accepted international standards in all aspects of
mineral transportation, processing, and the safe management of
waste materials. Medallion utilizes Life Cycle Assessment
methodology to support investment and process decision making.
More about Medallion can be found at
www.mdl-innovations.com
Contacts: Alfredo Ramos,
President & CEO +44 777 762 9596 |
alfredo.ramos@mdl-innovations.com
Douglas Newby, CFO +1 212 867
1834 | douglas.newby@mdl-innovations.com
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Medallion management takes full responsibility
for the content of and has prepared this news release. Some of the
statements contained in this release are forward-looking
statements, such as statements regarding the commercialization of
its technologies and opportunities for expansion of the technology
portfolio in the future, expectations regarding the completion of
the change of business and change of name and related matters and
any statements that describe Medallion’s plans with respect to
general strategic matters and the advancement of its business plan,
and Medallion’s ability to advance and commercialize its technology
platforms and negotiate commercial agreements with third
parties.
Forward-looking statements are frequently, but
not always, identified by words such as "expects," "anticipates,"
"believes," "intends," "estimates," "potential," "possible,"
"projects," "plans," and similar expressions, or statements that
events, conditions or results "will," "may," "could," or "should"
occur or be achieved or their negatives or other comparable words.
Since forward-looking statements address future events and
conditions, by their very nature, they involve inherent risks and
uncertainties, including the risks related to market conditions,
failure to receive TSXV acceptance or shareholder approval for the
change of business and/or change of name and other regulatory
approval and other risks outlined in the Company’s management
discussions and analysis of financial results. Actual results in
each case could differ materially from those currently anticipated
in these statements. These forward-looking statements are made as
of the date of this press release, and, other than as required by
applicable securities laws, Medallion disclaims any intent or
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, except as required pursuant to applicable laws.
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