Vancouver, BC – Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF – “Medallion” or the “Company”), is pleased to report that, following its recent private placement financing, it has resumed its process development test-work to extract rare-earth elements (REE) from by-product monazite sand at the Saskatchewan Research Council (SRC). Kurt Forrester PhD, a UK-based Chartered Chemical Engineer and Chartered Professional Metallurgist, with extensive experience in REE metallurgy, is managing SRC’s process development work for Medallion.
“The rare-earth magnet metals have seen a significant increase in prices driven by new energy demands. Our by-product monazite approach is ideal for near-term production with low capital costs,” said Don Lay, President and CEO. “We can quickly move forward with our flow-sheet optimization work because of our successful bench level test-work and on-hand commercial monazite feedstock.”
Medallion is pursuing production of REEs by sourcing and processing the by-product mineral monazite, which is rich in neodymium and praseodymium REEs (often shortened to NdPr). NdPr is the key input to powerful rare-earth magnets used in the drive trains of electric and hybrid vehicles, wind energy generation, robotics, and other clean energy applications.
Banking group UBS recently identified NdPr, along with battery materials lithium and cobalt, as the commodity inputs most positively affected by growing market demand for electric vehicles. Adamas Intelligence has estimated the value of global annual rare-earth oxides for the production of rare-earth permanent magnets totaled $1.44 billion in 2016. Adamas’ long-term forecast anticipates an increase in demand for the magnet-oriented, rare-earth oxides to $6.07 billion by 2025, representing a compound annual growth rate of 17.4%.
About Medallion Resources
Medallion Resources is developing an approach for low-cost, near-term, rare-earth element (REE) production by exploiting monazite. Monazite is a rare-earth phosphate mineral that is widely available as a by-product from mineral sand mining operations. REEs are critical inputs to electric and hybrid vehicles, electronics, imaging systems, wind turbines and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mineral transportation, processing and the safe management of waste materials. More about Medallion (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) can be found at medallionresources.com.
Donald Lay, President & CEO at +1.604.681.9558 or email@example.com
Medallion management takes full responsibility for content and has prepared this news release. Neither 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. Some of the statements contained in this release are forward-looking statements, including statements in relation to the successful extraction of REEs at the SRC, the projected demand for magnet-oriented rare-earth oxides and the commencement of the flow-sheet optimization work. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks related to market conditions and regulatory approval and other risks outlined in the Company’s management discussions and analysis of financial results. Actual results in each case could differ materially from those currently anticipated in these statements. Also, in order to proceed with Medallion’s plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion’s plans. These forward looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, Medallion disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.