- Geomega Resources (GMA) is receiving $3 million in funding from the Government of Canada for the construction of a magnet recycling demonstration plant
- The funding is from the Critical Minerals Research, Development and Demonstration (CMRDD) Program, administered by Natural Resources Canada (NRCan)
- The Government of Canada is investing in the development of Canadian critical minerals value chains that will contribute to Canada’s goal of being a net-zero emitter of carbon by 2050
- Geomega develops innovative technologies for the extraction and separation of rare earth elements and other critical metals essential for a sustainable future
- Geomega Resources Inc. (GMA) opened trading at $0.20 per share
Geomega Resources (GMA) is receiving $3 million in funding from the Government of Canada.
The funding is coming specifically from the Government of Canada’s Critical Minerals Research, Development and Demonstration (CMRDD) Program, administered by Natural Resources Canada (NRCan).
The $3 million funding will be directed toward the construction of a magnet recycling demonstration plant.
The Government of Canada is investing in the development of critical minerals value chains that will contribute to Canada’s goal of being a net-zero emitter of carbon by 2050.
These critical minerals are essential inputs for renewable energy and clean technology applications such as permanent magnets that are used in wind turbines, electric vehicles, consumer electronics and many more applications.
This non-dilutive NRCan funding will contribute to the construction of the magnet recycling demonstration plant in Quebec, Canada.
This facility will be used to demonstrate the economic and environmental benefits and the efficiency of the technology as Geomega strives to establish a circular economy for rare earth magnets.
This funding will help advance the technology development to the pre-commercialization phase, and cover costs arising from the detailed engineering work and equipment cost increases.
“Today’s investment of $3 million in Geomega Resources will help to advance the development of a dynamic and competitive critical minerals sector through the development and demonstration of innovative processing technologies,” stated the Honourable Jonathan Wilkinson, Canada’s Minister of Natural Resources.
“This means good jobs for workers, more investment in Canadian innovation, and lower emissions across the country – all part of our plan to build a cleaner Canada and a prosperous, sustainable economy that works for everyone,” he added.
“Government’s support in moving the Canadian innovations towards commercialization is a major advantage in what is becoming a very competitive global field,” said Kiril Mugerman, President & CEO of Geomega.
“This contribution provides us with the needed funding and support to deliver on our major milestones throughout this year as we move forward with the demonstration plant development,” he added.
Geomega develops innovative technologies for the extraction and separation of rare earth elements and other critical metals essential for a sustainable future.
Geomega Resources Inc. (GMA) opened trading at $0.20 per share.