Geomega Resources Inc. (“
Geomega” or the
“
Corporation”) (TSX.V: GMA) (OTC: GOMRF), a
developer of clean technologies for the mining, refining, and
recycling of rare earths and other critical materials, is pleased
to announce that Innord Inc., its wholly owned subsidiary, has been
awarded a $1.5M funding from Sustainable Development Technology
Canada (SDTC) towards the construction of a pilot plant and
completion of a feasibility study using Innord’s technology which
is designed for a sustainable & complete valorization of
bauxite residues (BR) (the Project).
The Project cost is estimated at $4M, towards
which Rio Tinto will invest $1.2M, the Ministère de l'Économie et
de l'Innovation through Investissement Québec as mandatary of the
Government of Québec with the Programme Innovation has provided
$300K and Geomega will contribute $550K. The remaining $450K is
intended to be funded by a 3rd party organization towards the later
stages of the Project and will be announced accordingly. The
collaborative research work will be led by Dr. Pouya Hajiani,
Geomega’s Chief Technology Officer, and will be performed by
Innord’s research team in collaboration with Rio Tinto’s R&D
team.
“Bauxite residue, the waste generated from
aluminum production, requires significant management and monitoring
from mining companies to avoid environmental impacts. Innord Inc.
is developing a process that reduces the volume of red mud by
70-90% while recovering valuable minerals from that waste. SDTC is
pleased to provide funding to help Innord Inc. scale-up their
solution to make the industry more sustainable.” commented Leah
Lawrence, CEO of Sustainable Development Technology Canada.
Rio Tinto’s Director of By-product Valorization
Stephane Poirier said “We look forward to continuing our
partnership with Geomega to support their development of this
technology aimed at finding new uses for bauxite residue, the waste
from the alumina refining process. This has the potential to not
only reduce the environmental footprint of aluminium production,
but to also deliver new sources of materials such as critical
minerals needed to support a low carbon future.”
“Investing in green aluminum is a strategic move
for Quebec’s economy and the future of our manufacturing. We will
continue to support any project that gives us a competitive edge in
this area,” said Pierre Fitzgibbon, Minister of Economy and
Innovation and Minister Responsible for Regional Economic
Development.
“We wish to thank SDTC for their contribution to
this exciting, innovative and challenging Project. As a leading
Canadian organisation in supporting the development of innovative
clean technologies, we appreciate their contribution and look
forward to working with the SDTC team as a valued partner in
delivering a sustainable and complete solution to the bauxite
residues challenge that is so important to both the Canadian and
the global aluminum industry. Furthermore, we also wish to thank
Rio Tinto for their support over the last 12 months and their
continued collaboration on this Project. Working with the Rio Tinto
team has demonstrated that it is clearly a company that believes in
innovation and is committed to developing sustainable technologies
around the critical and strategic materials which the world
requires. The Corporation is very grateful for the continued
support from the Quebec Government through Investissement Quebec,
which is dedicated to supporting R&D, innovation and clean
technologies in Quebec.” commented Kiril Mugerman, President &
CEO of Geomega and Innord.
“Over the course of the last 12 months, Innord’s
research team has worked closely with technical experts from our
partner Rio Tinto to deliver a bench scale study project and is now
prepared for the next stage of scale up. The Project, estimated to
be completed over the next 24 months, will include the construction
of a pilot plant, to be installed and commissioned at Innord’s
facilities in Boucherville, which will ultimately form the basis
for a techno-economic feasibility study of the process. The
feasibility study will be used to assess the environmental
performance of the technology and address the marketability of the
final products. If this feasibility study is successful, it is
intended that the consortium will continue to work together to
bring the BR valorization process to commercialization.” commented
Dr. Pouya Hajiani, Chief Technology Officer of Geomega and
Innord.
Ownership of the intellectual property developed
through the research work associated with the Project will remain
with Innord.
The announced funding from all parties is
non-dilutive to both Geomega and Innord. The SDTC funding is
subject to a successful negotiation of a Project Funding Agreement
(PFA) with SDTC. The PFA is expected to be entered into
shortly.
About the technology for Bauxite
ResiduesBauxite residue is a by-product that is being
generated during refining of alumina using the Bayer process.
Innord’s technology for BR valorization builds on the processes
originally developed for rare earth (REE) magnet recycling and
extraction of REE from Montviel ore. The technology offers high
reduction of waste volume, the recovery of valuable metal
concentrates (Fe, Al, REE, Sc, Ti) and effluents minimization by
recycling main reagents. For more details see the Corporation’s
announcement on May 25, 2021 and the BR section on our website.
About Geomega
(www.geomega.ca)Geomega
develops innovative technologies for extraction and separation of
rare earth elements and other critical metals essential for a
sustainable future. With a focus on renewable energies, vehicle
electrification, automation and reduction in energy usage, rare
earth magnets or neo-magnets (NdFeB) are at the center of all these
technologies. Geomega’s strategy revolves around gradually
de-risking its innovative technology and delivering cashflow and
return value to shareholders while working directly with the main
players in these industries to recycle the magnets that power all
those technologies.
As its technologies are demonstrated on larger
scales, Geomega is committed to work with major partners to help
extract value from mining feeds, tailings and other industrial
residues which contain rare earths and other critical metals.
Irrespective of the metal or the source, Geomega adopts a
consistent approach to reduce the environmental impact and to
contribute to lowering greenhouse gases emissions through recycling
the major reagents in the process.
Geomega’s core project is based around the ISR
Technology (Innord’s Separation of Rare Earths), a proprietary,
low-cost, environmentally friendly way to tap into a C$1.5 billion
global market to recycle magnet production waste and end of life
magnets profitably and safely.
Geomega also owns the Montviel rare earth
carbonatite deposit, the largest NI 43-101 bastnaesite resource
estimate in North America and holds over 16.8M shares, representing
approximately 14% of the issued and outstanding shares, of Kintavar
Exploration Inc. (KTR.V), a mineral exploration company that is
exploring for copper projects in Quebec, Canada.
About Rio TintoRio Tinto is a
mining and metals company operating in 35 countries around the
world that produces the materials essential to human progress. It
aims to help pioneer a more sustainable future, from partnering in
the development of technology that can make the aluminum smelting
process entirely free of direct GHG emissions, to providing the
world with the materials it needs – such as copper and titanium –
to build a new low-carbon economy and products like electric
vehicles and smartphones.
About Sustainable Development Technology
Canada (SDTC) (www.sdtc.ca)At SDTC, we support companies
attempting to do extraordinary things.
From initial funding to educational support and
peer learning to market integration, we are invested in helping our
small and medium-sized businesses grow into successful companies
that employ Canadians from coast to coast to coast. We are
relentlessly focused on supporting our companies to grow and scale
in an increasingly competitive marketplace.
The innovations we fund help solve some of the
world’s most pressing environmental challenges: climate change,
regeneration through the circular economy, and the well-being of
humans in the communities they live in and the natural environment
they interact with.
For further information, please
contact:
Kiril MugermanPresident and CEOGeomega450-641-5119
ext.5653kmugerman@geomega.ca
Nancy ThompsonVorticom Public
Relations212-532-2208nancyt@vorticom.com
Twitter: @Geomega_REE
Cautions Regarding Forward-Looking
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accuracy of this release.
This news release contains statements that may
constitute “forward-looking information” or “forward-looking
statements” within the meaning of applicable Canadian securities
legislation. Forward-looking information and statements may
include, among others, statements regarding future plans, costs,
objectives or performance of the Corporation, or the assumptions
underlying any of the foregoing. In this news release, words such
as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”,
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not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including as regards the
commercialization of any of the technology referred to above, or if
any of them do so, what benefits the Corporation will derive.
Forward-looking statements and information are based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond the Corporation’s control. These risks,
uncertainties and assumptions include, but are not limited to,
those described under “Risk Factors” in the Corporation’s annual
management’s discussion and analysis for the fiscal year ended May
31, 2021, which is available on SEDAR at www.sedar.com; they could
cause actual events or results to differ materially from those
projected in any forward-looking statements. The Corporation does
not intend, nor does the Corporation undertake any obligation, to
update or revise any forward-looking information or statements
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
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