Medallion Resources Ltd. (TSX-V:MDL, OTCQB:MLLOF) has announced the appointment of Douglas Newby as its new chief financial officer (CFO) and corporate secretary as it prepares to up-list to the Nasdaq Capital Market.
The company noted that Newby has extensive and diverse experience in finance, financial management, and project evaluation and implementation primarily focused on industrial, precious, and specialty metals including rare earth elements and lithium.
Newby has also held senior positions with global investment banks, and from 2005 until 2017 was CFO of PolyMet Mining Corp, where he managed the transition from the TSX Venture Exchange to the NYSE American and TSX. He was also instrumental in the implementation of Sarbanes Oxley (SOX) financial controls, and was a key part of establishing and managing that company's relationship with Glencore PLC, Medallion added.
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“On behalf of myself and the board, I would like to thank Bob Doyle for his contribution to Medallion as CFO over the past two years and his continued support to ensure a smooth transition," the company’s president and CEO Mark Saxon said in a statement. ”The addition of a CFO with US public company experience is another important step for the company as it moves toward a listing and financing on Nasdaq. Douglas has provided extensive support for the up-listing to date, and we are very pleased to add him as a permanent member of our expanding leadership team.”
Upon completion of the planned up-listing to the Nasdaq Capital Market, Medallion said Newby's role will expand to a full-time position.
"I am excited to join the Medallion team,” Newby commented. “It is important that the key ingredients needed to support the clean energy transition are extracted and processed in a safe, clean, and energy-efficient manner that respects the health and environment of our communities. Medallion is positioned to provide cleaner, safer processes to deliver the feedstock for rare earth permanent magnets that are essential for high-performance electric motors and generators, as well as robotics, consumer electronics, medical devices, and other essential items."
Medallion is actively identifying key emerging technologies that can unlock bottlenecks within the supply of raw materials critical for the clean energy transition.
It also aims to produce REE by exploiting monazite, which is widely available as a by-product from mining mineral sands.
Notably, the Medallion process does not need mining to produce the rare earths and uses a high-grade by-product that typically goes to waste (monazite) and a design practice that maximizes energy and reagent re-use and produces zero liquid waste output.
Contact the author at stephen.gunnion@proactiveinvestors.com