Medallion Resources Provides Corporate Update
VANCOUVER, British Columbia, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), is pleased to provide a corporate update on initiatives that are underway to enhance shareholder value. The accelerating shift to renewable energy generation and electrified transport and the commitment to infrastructure upgrades in the US are providing excellent opportunities for companies involved in the production and processing of relevant raw materials. Medallion seeks to be a key participant in these industries.
During the past year Medallion achieved a key milestone with the preparation of a Techno-Economic Assessment (“TEA”) which integrated and financially modelled technical data from the previous five years of research and development on the Medallion Monazite Process. The TEA highlighted the technical and financial viability of the process developed to sustainably extract rare earth elements (“REE”) from mineral sand monazite.
The current competitive market and high price of mineral sand monazite has encouraged the Company to pursue a partnership and licensing approach for the Medallion Monazite Process. The recent announcement of a partnership with ACDC Metals Ltd in southeastern Australia is an example of this approach, enabling Medallion to be a pre-IPO shareholder, receive payments at future milestones and gain royalties on successful execution.
Medallion is also collaborating with Purdue University to advance and optimize the Ligand Assisted Displacement (“LAD”) Chromatography method for REE separation. As reported February 18, 2021, Medallion is the exclusive licensee of this breakthrough environmentally friendly technology for all non-coal sourced raw materials. The Medallion-Purdue team has successfully completed the separation of the magnetic REEs neodymium (Nd) and praseodymium (Pr) to high-purity from natural monazite sourced solutions. Medallion believes this technology can be efficiently paired with the Medallion Monazite Process and can also provide an efficient, small footprint and organic solvent-free REE separation for many other REE materials and projects. The Company is in conversation with prospective partners.
Positive developments in the US REE permanent magnet and electric vehicle sectors highlight the critical nature of a secure North American supply chain. In this light Medallion has engaged Chardan Capital Markets LLC (“Chardan”) to advise on, and if appropriate, support an up-listing to a major US stock market and complete a concurrent financing. A US listing will significantly strengthen Medallion’s profile in the REE technology sector, increase the capacity for US shareholders to invest in the REE and EV industries and enhance access to capital for future investment, execution and acquisitions.
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