VANCOUVER, British Columbia, Sept. 25, 2020 (GLOBE NEWSWIRE) — Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), is pleased to announce the initiation of a comprehensive comparative technical and commercial review of existing and emerging rare-earth element (REE) separation technologies.  

Medallion’s REE extraction process from monazite has achieved the technical milestones needed to consider binding downstream partnerships, while the Company’s improved financial position is enabling stronger commitments within the REE supply chain. Leading technologies, subject to appropriate business conditions, will be considered for partnership or investment by Medallion or its North American focused REE Consortium financial backers Talaxis Limited, (the technology metals unit of Noble Holdings) and Amvest Capital Inc., both significant Medallion shareholders.

“Medallion has identified four leading and approximately ten additional groups with potential technologies for REE separation, alongside the industry incumbent liquid-liquid solvent extraction,” said Mark Saxon, CEO & President. “There is no clear winner, and the time is therefore right to thoroughly compare downstream opportunities, with a view to achieving the lowest cost and risk partnering to provide REEs for the magnet industry. An extraction-separation technology pairing will ensure the most economic technical solutions are found in every part of the shared flowsheet. We thank Dr Eriksen for his input and analysis in this technically challenging field.”

The Company has engaged on an exclusive basis a highly regarded and independent European chemist, Dr Dag Øistein Eriksen with decades of REE processing experience. Dr Eriksen has been tasked to review and compare data from the various REE separation alternatives that are either commercially available or emerging. The review is focused entirely on the most cost-effective method for the separation of the highest value magnet metals neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb) from a cerium-depleted heavy mineral sand monazite feedstock. Furthermore, the time to commercial readiness, execution risk and the environmental footprint will be key discriminating factors.    

Nd, Pr, Dy and Tb are the essential feedstock for REE high strength permanent magnets, and together typically comprise greater than 85% of the value of REEs within monazite. A permanent pairing with a separation technology that is highly suitable for Medallion Resources’ monazite-extraction technology will provide customers with the confidence that market ready materials will be available in the shortest time frame with the lowest environmental footprint possible.      

To date, Medallion has worked closely with two US based private REE separation companies with distinct technology platforms. Dr Eriksen will assess these alongside other opportunities. Interested parties may reach Medallion management at info@medallionresources.com. Results of the study and participants in the study will remain confidential.

Medallion has developed a proprietary REE extraction process that can play an important role in providing security, first to an emerging North American REE value chain, followed by other attractive locations. Medallion’s unique technology-led business model can deliver the most critical magnet REEs quickly and cost-effectively.  

The Medallion business strategy is focused on extraction of REEs from the mineral monazite. Monazite is used today as a source of REEs in both China and India, where it is considered an attractive feedstock due to its high REE content (up to 65% REE by weight) and the relatively high abundance of the magnet metals neodymium (Nd) and praseodymium (Pr).  

Rare-Earth Product Flow: https://www.globenewswire.com/NewsRoom/AttachmentNg/f6656d66-2d6d-4dab-ab07-d70f09234894

About Medallion Resources

Medallion Resources has developed a proprietary process and related business model to achieve 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.

Contact(s):

Mark Saxon, President & CEO
Donald Lay, Director & Strategic Advisor  
+1.604.681.9558 or info@medallionresources.com

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.

Medallion management takes full responsibility for content and has prepared this news release. Some of the statements contained in this release are forward-looking statements, such as statements that describe Medallion’s plans with respect to the completion of additional tranche(s) of the Offering and the intended use of the proceeds. 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.