MGX Minerals Inc said it has identified several sites close to its Kootenay silicon properties in British Columbia and is evaluating the primary requirement of available power to support its proposed silicon furnace operations.
The company said it is working closely with local First Nations to achieve the goals of both its shareholders and local stakeholders regarding an appropriate site.
“Capital requirements and basic equipment cost have been identified to be as low as US$3 million for a test plant separate from the proposed high-efficiency large scale plant proposed by Metso-Outotec, which is in the US$100 million range,” the company said.
“The company continues to work diligently to evaluate the cost-benefit of traditional small scale equipment versus advanced large scale equipment,” it added
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MGX said site visits are expected from May 12-15, 2022, and a preliminary site and design decision is expected shortly after.
Updating investors on the Cease Trade Order (CTO) issued by the British Columbia Securities Commission in connecting with the filing of its annual financial statements for the year to July 31, 2021, the company announced it has appointed Mo Ahmad of Westmark Tax as its corporate accountant.
It noted that Ahmad has over 17 years of experience as the founder of Westmark Tax, before which he had over 12 years with Ernst & Young and other big four accounting firms.
Additionally, it said it has identified a new chief financial officer and expects to conclude employment negotiations shortly. Its auditor, SHIM & Associates LLP, remains the same, it added.
MGX was unable to file its 2021 financial statements and management discussions and analysis (MD&A) by the November 29, 2021 deadline, primarily due to unforeseen incompatibility between accounting software platforms used by previous and current accountants, the company said.
“The company, along with its new corporate accountant and its auditor are working diligently to prepare and file the annual filings,” MGX said.
MGX is a diversified Canadian resource and technology company with interests in strategic metals, precious metals and advanced energy technologies.
Contact the author at stephen.gunnion@proactiveinvestors.com