CVW CleanTech is excited to bring on a new partner and broaden the opportunity for Indigenous peoples' engagement in tailings management within the oil sands mining industry
Calgary, Alberta--(Newsfile Corp. - November 4, 2024) - Today, CVW CleanTech Inc. (TSXV: CVW) (OTCQX: CVWFF) ("CVW CleanTech" or the "Company") announces that the Fort McKay Métis Nation has joined as partners in the Company's non-binding framework agreement with four other First Nations and Métis Nations. This represents another step toward reconciliation by promoting meaningful partnerships and empowering Indigenous communities in the implementation and management of technologies such as CVW CleanTech's tailings reprocessing technology which can positively impact the quality of life for communities in the Treaty 8 region.
Fort McKay Métis Nation joined as partners following the Athabasca Chipewyan First Nation, Fort Chipewyan Métis Nation, Fort McMurray 468 First Nation Economic Development Corporation, and McMurray Métis, who signed the landmark agreement earlier this year. The agreement creates a framework for the economic participation and governance rights as part of the implementation of CVW CleanTech's proprietary technology, known as Creating Value from Waste™ (CVW™).
Focusing on reclamation, CVW CleanTech has developed an innovative technology that efficiently recovers valuable resources- bitumen, solvent, critical minerals, and water-from froth treatment tailings resulting from mining of the Athabasca oil sands.
Diverting froth treatment tailings from oil sands tailings ponds to CVW CleanTech's specialized reprocessing facilities can yield significant environmental and economic benefits for local communities and the industry. The industry-wide implementation of CVW CleanTech's ready-to-deploy technology could annually recover up to 13.2 million barrels of additional hydrocarbons and produce 1.5 million tonnes of titanium and zircon critical mineral concentrates. The Company is also in the process of developing a rare-earth element circuit to recover commercial grade monazite from oil sands tailings.
CVW CleanTech's technology would also improve oil sands water management, making the land and water more habitable for the intertwined neighbouring Indigenous communities while driving forward sustainability of this important industry.
Through the framework agreement, the CVW™ technology can bring substantial economic benefits to Indigenous communities. The agreement sets the framework for the participating First Nations and Métis Nations to purchase at their option a minimum 20 percent interest in the joint venture to deploy hydrocarbon recovery, volatile organic compound (VOC) abatement, and methane abatement technologies. Similarly, the framework agreement provides participating Nations with the opportunity to purchase a minimum of a 40 percent interest to deploy CVW™ mineral recovery technologies.
In addition, the framework agreement provides the participating Nations with the opportunity to participate in equity financings undertaken by CVW CleanTech to finance the potential joint venture, as well as to participate in the governance of CVW CleanTech.
These investments aim to generate sustainable long-term cash flows for Indigenous communities, providing opportunities for true ownership and generational wealth creation. Joining the framework agreement allows the Fort McKay Métis Nation to significantly contribute to innovative technology that promotes positive environmental outcomes related to oil sands waste such as water and air quality affecting their community.
The matters contemplated by the framework agreement are non-binding and remain subject to execution of definitive agreements and receipt of applicable regulatory approvals, including that of the TSX Venture Exchange.
CVW CleanTech welcomes the participation of other Indigenous groups in the advancement of its proprietary technology and is currently engaged with other communities in the region.
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Quotes:
Akshay Dubey, CEO, CVW CleanTech -
"We are excited to have the Fort McKay Métis Nation join our partnership with Indigenous communities in the Treaty 8 region and unceded lands/territory of the Métis, and we appreciate their confidence in our technology. By reprocessing froth treatment tailings produced by mining oil sands, we can improve the air, land, and water management while generating economic benefits through the recovery of hydrocarbons and critical minerals. Our ready-to-deploy technology offers a sustainable alternative to tailings ponds with the ability to make a meaningful impact toward Indigenous self-determination."
Loretta Waquan, President, Fort McKay Métis Nation -
"Finding meaningful solutions to address important matters of great concern to our community including treatment of water is critical to leaving a sustainable environmental legacy for our children. Economic reconciliation serves as an essential component of this working partnership with industry in achieving this vision. We look forward to a successful partnership with CVW CleanTech that establishes the collaborative way we should be doing business in this region with impacted communities on environmental issues."
Justin Bourque, President and Founder of Âsokan Generational Developments -
"This additional signing marks a continuation of our groundbreaking agreement established earlier this year, representing an opportunity for Indigenous communities to have the self-determination to actively engage in technological advancements that promote social and economic benefits to their communities while enhancing environmental outcomes related to oil sands tailings. The addition of the Fort McKay Métis Nation represents significant progress towards our shared goal of responsible and sustainable development in the region."
About CVW CleanTech Inc.
CVW CleanTech's vision is to invest in innovative technologies which provide returns linked to commodities and which operate in a sustainable manner that helps accelerate the world's transition to net zero. CVW CleanTech is in the process of building a portfolio of royalty-based cash flow streams by partnering with clean technology innovators in the commodity space. CVW CleanTech is the 100% owner of its proprietary technology, Creating Value from Waste™, which is designed to recover bitumen, solvents, critical minerals, and water from oil sands froth treatment tailings, which would reduce tailings pond fugitive methane emissions, volatile organic compounds, and enhance tailings management.
About Âsokan Generational Developments
Âsokan in nêhiyawêwin (Cree) means "bridge" symbolizing its mission of building bridges to a sustainable and prosperous future for generations to come. Aiming to be the leading catalyst for sustainable Indigenous and industry partnerships, empowering Indigenous communities towards self-determination and driving positive change in society. The organization's ultimate goal is to Empower Indigenous Lives today, with Tomorrow In Mind.
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Disclosure Regarding Forward-Looking Information
This news release contains forward-looking statements and information within the meaning of applicable Canadian securities laws (collectively, "forward-looking information") that reflect the current expectations of management about the future results, performance, achievements, prospects, or opportunities for CVW CleanTech (the "Company").
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. The forward-looking statements may include statements regarding expected deployment and results of deployment of CVW™ technologies, the adoption of CVW™ technologies by industry participants, estimated recoveries, environmental impacts, benefits and financial results from the implementation and adoption of CVW™ technologies, the prospective terms of the involvement of joint venture and the of the proposed joint venture and all other statements regarding the benefits and implications of the implementation of our technologies and the joint venture or other statements that are not statements of fact. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company may differ materially from those reflected in forward-looking statements due to a variety of risks, uncertainties and other factors. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include: binding agreements in respect of the joint venture may never be entered into or on the terms set forth in the non-binding agreement; adoption or use of the Company's technologies by industry participant; the ability to advance the technologies of the Company on a timely basis or at all; reliance on estimates prepared by third parties; current estimates and predictions being based on certain assumptions about the industry in which the Company operates and macroeconomic conditions generally; uncertainties in the timing and receipt of regulatory and exchange approvals; uncertainties involved in disputes and litigation; fluctuations in interest rates, commodity prices, currency exchange rates, and other financial conditions, and the resultant effect on viability of investments; changes in the availability, and cost, of technical labour required for our business; price escalation and/ or inflationary pressures affecting the cost of equipment and material required to commercialize our projects; the uncertainty of estimates of capital and operating costs; the need to obtain additional financing and uncertainty as to the availability and terms of future financing; the impact on the Company of increasing inflation; and other risks and uncertainties disclosed in other information released by the Company from time to time and filed with the appropriate regulatory agencies.
All forward-looking statements are based on the Company's beliefs and assumptions which are based on information available at the time these assumptions are made, and is necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. The Company has made the following assumptions in relation to the forward-looking statements in this press release: the anticipated terms of the binding agreements in respect of the proposed joint venture; that there will be adoption by industry participants of the Company's technologies; the expected environmental and economic benefits to be achieved from CVW™ technologies; the ability of the Company to successfully access various government funding programs; reliance on economic estimations prepared and assumptions made by third parties; that the Company will continue to be able to protect its intellectual property and proprietary technologies; assumptions as to various market and commercial opportunities for the Company and its technologies; and the ability of the Company to continue to develop and commercialize its technologies. The forward-looking statements contained herein are as of the date set out above and are subject to change after this date, and the Company assumes no obligation to publicly update or revise the statements to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Although management believes that the expectations represented by such forward-looking information or statements are reasonable, there is significant risk that the forward-looking information or statements may not be achieved, and the underlying assumptions thereto will not prove to be accurate. Actual results or events could differ materially from the plans, intentions and expectations expressed or implied in any forward-looking information or statements, including the underlying assumptions thereto, as a result of numerous risks, uncertainties and factors including: failure to enter into definitive agreements with Indigenous Communities or that such agreements will be on terms different than those set forth herein; failure to receive regulatory approvals required for the transactions described in this news release; failure to enter into agreements with industry participants; the possibility that opportunities will arise that require more cash than the Company has or can reasonably obtain; dependence on key personnel; dependence on corporate collaborations; potential delays; uncertainties related to early stage of technology and product development; uncertainties as to fluctuation of the stock market; uncertainties as to future expense levels and the possibility of unanticipated costs or expenses or cost overruns; and other risks and uncertainties which may not be described herein.
Neither the 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.
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