MGX Minerals Inc (CE) (MGXMF) News

Lazerson destroyed investors here, and you're hawking his new mining scam to them.

That's absolutely PATHETIC.

Jared L was announced as CEO in Feb 2024 and since then things are progressing well

Jared is CEO there now

NBRI, I should say

JL has a couple of new companies ...(NBRI) NorthBay Resources and Zimtu Capital Corp. (ZC-V) anyone know if these are the real deal?

I see LinkedIn has him down as Part Time at NGRI and a few others

https://ih.advfn.com/stock-market/USOTC/north-bay-resources-pk-NBRI/stock-news/94062968/north-bay-resources-announces-composite-assays-of

I friend of mine was all excited by a 60 Minutes feature a month ago about extracting lithium from the Imperial Valley area. The idea was to get the Li from the water extracted in geothermal energy generation. As I recall, our company got some money a while back from the state of CA to look into extracting Li directly from the Salton Sea. Not sure what ever happened to that (or this company in general), but is there a smidgeon of a hope that we own some sort of rights to some relevant technology, at least enough to initiate a nuisance lawsuit?

Nice. With the share price at 0.000001 (according to investorsHub) I should be able to spend a buck and get 1000000 shares. It is interesting though that the lights are still on.

For what its worth.
https://sedar-filings-backup.thecse.com/00033313/2304281823595895.pdf

If you have to ask that question then you no what's going on.
DIDDLEY SHIT!!!!!!!!

Anyone know what's going on here? I emailed mgx a couple times....crickets.

Halted in Canada.
https://ceo.ca/@newswire/iiroc-trading-halt-xmg-3fa41

https://ceo.ca/@thenewswire/mgx-minerals-announces-non-brokered-private-placement

https://ceo.ca/@thenewswire/mgx-minerals-provides-update-on-management-cease-trade-8afda

There may be some hope yet of actually monetizing our Assets.





https://ceo.ca/@thenewswire/mgx-minerals-announces-silicon-partnership-with-dong

https://ceo.ca/@thenewswire/mgx-minerals-announces-engagement-of-metso-outotec

But this board is DEAD!

IT'S ALIVE! IT'S ALIVE!

Some are claiming MGX is sitting on a $80 Billion CAD (yes, with a "B") deposit of Magnesium.
https://ceo.ca/xmg

The Driftwood project is getting looked at again for its magnesium potential.

I checked out CEO.CA/XMG, thanks for posting that. Not much optimism there.

I also read this article that was posted there:
https://holtvilletribune.com/2021/07/04/to-get-white-gold-we-need-more-geothermal/
It discussed geothermal and lithium extraction in the Salton Sea area. MGX had received a grant a while back from the state of California having to do with lithium extraction in that area. I didn't have the the impression that MGX's technology had anything to do with this, but I could be wrong.

I have been keeping an eye on the CEO.CA/XMG page. Not much happening.

Anyone still following this? Not much current to say on their website.

http://mgxminerals.com/site/

Day 1
https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=CA%3Axmg&time=100&startdate=1%2F1%2F2019&enddate=3%2F10%2F2021&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=3&x=29&y=11&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9

Meanwhile

https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=CA%3Avli&x=40&y=12&time=100&startdate=12%2F1%2F2020&enddate=3%2F10%2F2021&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1&lf2=0&lf3=0&type=2&style=320&size=3&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=9

I wish I knew what business this company is in. As to the upward movement, I see it went from a low of 0.0375 on Friday to a high of 0.1128 yesterday (Tuesday). Unfortunately I wasn't paying attention so I missed out on the thrill. The current quote is 0.0688, down over 20%.

Finally some good news and some upward movement.
https://www.accesswire.com/598134/MGX-Minerals-Reports-Initial-Assays-from-Heino-Gold-Deposit-Underground

hello all, is there any progress with the Kibby Basin, Nevada Lithium Project. american lithium is starting to show progress with there lithium mining operation. is there any correlation.

good morning to all, is there any status update on purlucid or Mr. Mcechern status. if i remember correctly there are three units in operation, are the still in operation.

What news are you referring to?

News out. Maybe this might start moving this year.

New website: https://mgxminerals.com/ca/

It is annoying to have to research news through other means then the companies website...but here it is anyway and for what it's worth:

https://finance.yahoo.com/news/mgx-minerals-announces-completion-1-140500278.html

Yeah, I would say you are right, based on the number of lawsuits:

1&2 CHARLTON & COMPANY v MGX MINERALS INC; 2 cases
3 BRUNER, Marc v MGX MINERALS INC.
4 JWN ENERGY LIMITED PARTNERSHIP v MGX MINERALS INC.
5 BLUE SUN PRODUCTIONS INC. v MGX MINERALS INC.
6 KELLER, Randy v MGX MINERALS INC.
7 LIONS GATE RISK MANAGEMENT GROUP LTD. v MGX MINERALS INC.
8 A.I.S. RESOURCES LIMITED v MGX MINERALS INC.
9 PATRICK, Lyndon v MGX MINERALS INC.
10 KURO GEOSCIENCE SPA v MGX MINERALS INC.
11 FRANK, Michael v MGX MINERALS INC.
12 RIO MINERALS, LTD. v MGX MINERALS INC.
13 Dawson Geophysics Inc. v MGX MINERALS INC.
14 MARKET ONE MEDIA GROUP INC. v MGX RENEWABLES INC. when Lazerson was CEO of MGXR
15 KASBA LAKE LODGE LTD. v MARGARET LAKE DIAMONDS INC.

This company really is a disaster:

MGX Minerals Announces Date of Meeting of Shareholders and Appointment of Patrick Power as Director and CEO
Mon March 23, 2020 4:05 PM|Accesswire|About: MGXMF
VANCOUVER, BC / ACCESSWIRE / March 23, 2020 / MGX Minerals Inc. (MGXMF) ("MGX" or the "Company") (CSE:XMG)(FKT:1MG)(OTC:MGXMF) announces that the board of directors of the Company (the "Board") has called a meeting of the Company's shareholders (the "Meeting") in response to the requisition (the "Requisition") that the Company received on March 6, 2020, from certain shareholders (the "Dissidents").

The Meeting is scheduled to take place on June 30, 2020, at a time and location to be determined. The record date for determining shareholders entitled to notice of the Meeting, and to vote at the Meeting, has been set as May 20, 2020. The Company will provide further information about the meeting in a management information circular that will be mailed to shareholders and posted on SEDAR in due course. The Board believes that the Dissidents' actions are without merit and will only continue to force the Company to incur unnecessary expenses and distraction.

Appointment of CEO, Director and Chairman

MGX also announces the engagement of Patrick Power as CEO and Director and the appointment of Jared Lazerson as Chairman. Mr. Power has extensive venture capital, mining and technology experience. As Founder and VP of Finance of Western Potash Corp. (WPSHF), Mr. Power was responsible for raising approximately $200 Million and arranging the sale of the company. In addition to experience in industrial minerals such as potash and lithium, Mr. Power has experience in solution mining and extraction of minerals from fluids. As well, Mr. Power has industry knowledge and experience in renewable energy storage, in particular vanadium redox flow batteries.

The Board approved Mr. Power's and Mr. Lazerson's appointments on March 22, 2020, effective immediately. Mr. Power has filled a vacancy on the Board.

The current Board is Patrick Power, Jared Lazerson, Andris Kikuaka, and Lyndon Patrick.

Pennsylvania Petrolithium

MGX announces that, contrary to instruction and understanding, the commissioning and operation of its first commercial rapid lithium recovery system at an environmental wastewater facility in Pennsylvania has ceased. MGX's subsidiary, PurLucid Treatment Systems ("PTS"), left the facility and has had no meaningful communication with MGX's CEO or VP of Operations for an extended period, providing no comprehensible details of their actions. Further, the PTS' CEO has claimed to have unilaterally cancelled the lithium extraction technology agreement with MGX. As such, MGX has advised PTS' CEO that he is in gross breach of his duty and requested plans for repayment of the approximately $10 Million invested to date, and reasonable explanation of PTS' actions. MGX owns approximately 64% of PTS, and finds no basis for the CEO's action. MGX has begun a search for a new CEO for PTS, and continues to request clarification on repayment of its investment, the status of the Pennsylvania project, and a variety of other lithium, potash, and water purification projects. Additionally, the petrolithium site operator has requested repayment of $114,000 in claimed installation costs prior to any further discussions as a result of the abandonment.

Dawson Arbitration

An arbitration award in favor of Dawson Geophysics Inc. (the "Claimant" or "Dawson") in regard to planned geophysical survey and pre-survey work on its formerly optioned Utah Petrolithium property has been awarded as follows:

Unpaid invoice amount of $183,728.85 USD
5% surcharge of $9,186.44 USD
Lost profits of $580,511.00 USD
Total sum of $773,426.29 USD
The Claimant was not awarded legal costs of $150,000 USD.

MGX finds the award of lost profits egregious as the Claimant provided no proof of actual losses simply that had the contract been executed. MGX did not pay the deposit to initiate the actual geophysical survey and the outstanding amount was the preparation work for the survey. Lost profits were not part of the original claim. The Claimant added the claim of such lost profits in the amount increasing the amount far in excess of the arbitration limit of $400,000 USD and the original claim of $183,728.85 USD. MGX's defense largely rested on its reliance on the operator of its Utah Petrolithium property to properly manage the project and only became aware of the excessive work planned on the project after the period that became the subject of litigation. The operator aggressively and forcefully insisted on a $4 Million USD, 64 square mile geophysical survey - far in excess of what was required to meet property obligations and the requirement of drilling 2 holes to earn a 75% interest in the property over 3 years. As a result of the decision, MGX plans to appeal and, failing that, will commence litigation against the operator.

Accounts Payable and Issuance of Shares for Debt

The Company advises shareholders that due to a failure to significantly monetize its MGX Renewables and PurLucid investments in 3rd and 4th Quarter 2019, as planned, and unanticipated interference in capital raising activities, MGX has incurred significant overdue accounts payable, legal claims and related litigation. The Company has been issued a notice of payment by the Canadian Revenue Agency of approximately $517,036.21 related to an incomplete flow through exploration expenditures. The failure to acquire a permit to drill, as anticipated but now issued, at its Driftwood Creek Magnesium project prior to December 31, 2018 was the primary reason for this liability. The Company expects to meet this obligation shortly, with recently announced transactions expected to net the Company $2.1 million (see press release dated March 11, 2020). Further, to reduce payables the Company has reached the following shares for debt arrangements:

1,808,000 common shares of the Company (the "Common Shares") be issued to OCI Holdings Inc., at a price of $0.075 per share.
924,000 Common Shares be issued to Generation IACP Inc., at a price of $0.075 per share.
Upon issuance, the Common Shares will be subject to a hold period of four months and one day.

Advisors

Norton Rose Fulbright Canada LLP is acting as legal advisor to the Company in connection with the Requisition and Meeting. Kingsdale Advisors is acting as strategic shareholder, communications and proxy advisor to the Company in connection with the Requisition and Meeting.

About MGX Minerals

MGX Minerals is a diversified Canadian resource and technology company with interests in advanced materials, battery technologies, gold and industrial minerals.

Contact Information

Patrick Power
CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com

Halted by CSE for not meeting exchange requirements ;

That's what an active message board looks like. So it turns out that I'm not the only one who thinks 10 cents per share for MGX Renewables is not a good deal.

If you have not checked out the CEO.CA page for MGX, I suggest looking at it.
https://ceo.ca/xmg

Also for ZInc8
https://ceo.ca/mgxr

This sounds like maybe good news for MGX Renewables, but not for MGX Minerals. "Also as part of the settlement, MGX Minerals Inc. has agreed to sell to Zimtu Capital Corp. 5,500,000 shares of Zinc8 for $550,000... ." That is 10 cents a share (Canadian I assume), which is way below the recent price.

Halted, pending news. Hopefully good news.

Maybe some good things to come:

https://zinc8energy.com/investors/press-releases/2020/49-zinc8-energy-solutions-inc-announces-settlement-of-debt-and-resignation-of-director

The one very positive note not mentioned in the correspondence, which haunted me up to this point, was whether or not there was a problem with the mineral extraction technology that Purlucid developed and MXG sold. Since there was no hint in any part of recent correspondence, my comfort level on this investment is a little bit higher. We just need new blood in control....Once that happens, I would have no problem adding to this investment.

That was surprising to me as well about Purlucid. How can MGX own over half and loose the rights?

WOW!!! Way over due!!!! I only hope the change in management evolves quickly. In summary, as of today, MGXMF does not have any rights to the PurLucid technology, hence, no product....and therefore, no business....

There is hope for a turn around.

https://ceo.ca/@nasdaq/concerned-shareholders-requisition-annual-general-meeting

Looking at who is buy shares, it's not always clear if they have information us uninformed have or don't have. Or, what might be their intended strategy. However, Yesterday, BMO Nesbitt Burns Inc. bought almost a 100k shares. Again, uncertain if they bought on information or as a possible tax write off (loss) or some other strategy.. Maybe its a sign of good things to come...time will tell.

I can't find to quote from Jared right now, but I seem to recall that sometime in 2016 or 2017 that he made the statement that he was not going to play the wall street game with this company...If that's true, it would certain shed light on the current situation. I just don't know what exactly that means, but it could be why there is so much turmoil presently. I think that maybe he sees wall street as an enemy..just a guess...

Aside from that, I had previously mentioned MGX's business model. The model is very cash intensive for each installation. It requires MGX to front all of or the majority of the cost of the installations. This causes a bad lag in reaching profit as you have to cover your cost first before profit is realized. This makes it very difficult from a cash flow situation to meet the next installation as cash is now in short supply.

There are much better models to make this work. Jared maybe too stubborn to change.

Thanks so much for a sensible answer.

Nobody that I know of right now has any concrete answers to the situation noted. All anyone can do is try to put the puzzle together by looking at the types of law suits (both internal and external) and the lack luster business model. What I surmised was that Jared has an agenda that is inflexible and, as shown after all these years in business, not profitable. The inflexibility is drawing lawsuits, from what I can tell.

The company definitely has potential, assuming that the product(s) are working without significant issues. So, there should be no reason under proper management and a good market model that the company couldn't be profitable right now.

It's frustrating everyone from investors to management below Jared. Either the top level management must change or simply sell the company... I would prefer selling the company that would replace the present management and turn it into something profitable.

I am a bit behind here. Is this a power play to get rid of Jared. What has he done wrong? Perhaps he knows what he is doing? Any help on answering this without the emotional BS is appreciated.

I believe it includes the shares and not sure on the warrants. I used this site for the numbers:https://www.thecse.com/en/listings/technology/mgx-renewables-inc. The Issued & Outstanding recently was increased by about the amount of the PP.

Regardless of what % of MGX Renewables MGX Minerals owns, 13,540,629 shares times US$0.33/share (most recent price at this moment) is US$4.46m. The market cap of MGXMF at this moment is US$11.6m. So this is something to keep an eye on, but there isn't anything out of wack here.