Medallion Resources Ltd. (TSX-V:MDL, OTCQB:MLLOF) has updated investors on its growth initiatives amid the shift to greener energy and electrification, revealing it has plans to potentially up-list to a major US stock market.
The company wants to produce rare earth elements (REE), which are vital to make electric vehicles (EVs) and greener energy equipment, by exploiting monazite, which is widely available as a by-product from the mining of mineral sands.
It has developed the Medallion Monazite Process, and this year has seen the release of a key techno-economic assessment (TEA), which integrated and financially modeled technical data from five years of research and development (R&D).
In July, the company unveiled a tie-up with private company ACDC Metals Pty Ltd (ACDC) to potentially produce rare earths from monazite from Australia's Murray Basin using its extraction process.
"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," said Medallion.
READ: Medallion Resources scales up rare earth separation research program with Purdue University
"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," it added.
In conjunction with Purdue University, the firm noted it had also 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," it said.
Medallion also highlighted positive developments in the US rare earth (REE) permanent magnet and EV sectors and said it had hired 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," said the company.
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