Geomega Announces $3M in Funding from Government of Canada’s Critical Minerals Research, Development and Demonstration Program
Geomega Announces $3M in Funding from Government of Canada’s Critical
Minerals Research, Development and Demonstration Program
MONTREAL, March 07, 2023 -- Geomega Resources Inc. (“Geomega ” or the “Corporation”) (TSX.V: GMA) (OTC: GOMRF),
a developer of clean and alternative technologies for the extraction, refining, and recycling of rare earths and other critical
materials, is pleased to announce that it is receiving $3M in funding from the Government of Canada’s Critical Minerals
Research, Development and Demonstration (CMRDD) Program, administered by Natural Resources Canada (NRCan), towards
the construction of the magnet recycling demonstration plant.
The Government of Canada is investing in the development of Canadian critical minerals value chains that will contribute to
Canada’s goal of being a net-zero emitter of carbon by 2050. These critical minerals are essential inputs for renewable energy
and clean technology applications such as permanent magnets that are used in wind turbines, electric vehicles, consumer
electronics and many more applications. This non-dilutive NRCan funding will contribute to the construction of the magnet
recycling demonstration plant in Quebec, Canada. This facility will be used to demonstrate the economic and environmental
benefits and the efficiency of the technology as Geomega strives to establish a circular economy for rare earth magnets. This
funding will help advance the technology development to the pre-commercialization phase, cover costs arising from the
detailed engineering work and equipment cost increases.
“Canadian innovators are leading the way towards a cleaner future. Today’s investment of $3 million in Geomega Resources
will help to advance the development of a dynamic and competitive critical minerals sector through the development and
demonstration of innovative processing technologies. This means good jobs for workers, more investment in Canadian
innovation, and lower emissions across the country - all part of our plan to build a cleaner Canada and a prosperous,
sustainable economy that works for everyone.” commented the Honourable Jonathan Wilkinson, Canada’s Minister of Natural
Resources.
“We are very grateful to the Federal Government for their support. Government’s support in moving the Canadian innovations
towards commercialization is a major advantage in what is becoming a very competitive global field. The need to develop
sustainable technologies to recover critical minerals from secondary sources is very real, especially taking into consideration
the 2050 net-zero targets. We are proud to be developing this first-of-a-kind facility to recycle permanent magnets here in
Canada. This contribution provides us with the needed funding and support to deliver on our major milestones throughout this
year as we move forward with the demonstration plant development.” commented Kiril Mugerman, President & CEO of
Geomega.
About Geomega (www.geomega.ca)
Geomega develops innovative technologies for extraction and separation of rare earth elements and other critical metals
essential for a sustainable future. With a focus on renewable energies, vehicle electrification, automation and reduction in
energy usage, rare earth magnets or neo-magnets (NdFeB) are at the center of all these technologies. Geomega’s strategy
revolves around gradually de-risking its innovative technology and delivering cashflow and return value to shareholders while
working directly with the main players in these industries to recycle the magnets that power all those technologies.
As its technologies are demonstrated on larger scales, Geomega is committed to work with major partners to help extract
value from mining feeds, tailings and other industrial residues which contain rare earths and other critical metals. Irrespective
of the metal or the source, Geomega adopts a consistent approach to reduce the environmental impact and to contribute to
lowering greenhouse gases emissions through recycling the major reagents in the process.
Geomega’s process is based around its proprietary, low-cost, environmentally friendly way to tap into a C$1.5 billion global
market to recycle magnet production waste and end of life magnets profitably and safely.
Geomega also owns the Montviel rare earth carbonatite deposit, the largest 43-101 bastnaesite resource estimate in North
America and holds over 16.8M shares, representing approximately 14% of the issued and outstanding shares, of Kintavar
Exploration Inc. (KTR.V), a mineral exploration company that is exploring for copper projects in Quebec, Canada.
For further information, please contact:
Kiril Mugerman
President and CEO
Geomega
450-641-5119 ext.5653
Nancy Thompson
Vorticom Public Relations
212-532-2208
Twitter: @Geomega_REE
Cautions Regarding Forward-Looking Statements
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Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within
the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among
others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying
any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”,
“intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No
assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including as
regards the commercialization of any of the technology referred to above, or if any of them do so, what benefits the
Corporation will derive. Forward-looking statements and information are based on information available at the time and/or
management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties,
assumptions and other unpredictable factors, many of which are beyond the Corporation’s control. These risks, uncertainties
and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s annual
management’s discussion and analysis for the fiscal year ended May 31, 2022, which is available on SEDAR at
www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking
statements. The Corporation does not intend, nor does the Corporation undertake any obligation, to update or revise any
forward-looking information or statements contained in this news release to reflect subsequent information, events or
circumstances or otherwise, except if required by applicable laws.