MONTREAL, Sept. 20, 2023 (GLOBE NEWSWIRE) — Geomega Resources Inc. (“GeomegaThe demonstration plant is Geomega’s most advanced project and has seen significant progress since the announcement of the new centralized facility in St Hubert for both the demo plant and the R&D activities (see press release April 27, 2023). After the restart of the engineering activities by BBA in May 2023, work focused on process and layout adjustments for the new facility. The updated plant 3D layout is now at about 50% completion. Additional information will be added from various mechanical engineering disciplines as that information becomes available. The current plant layout 3D model can be seen in Figure 1 below.
The second most advanced project for Geomega is bauxite residues (BR) valorization that has significant potential for creating shareholder value. Assembly of the pilot plant has been advanced (see Figure 2 and 3), and commissioning has been ongoing since August. Additional analytical equipment required for the operation of the pilot plant has been received and other is being currently ordered. Pilot testwork will begin as soon as commissioning is finished. The pilot plant will be adjusted and modified as needed based on the results. More information will be provided as piloting is progressing and milestones are achieved.
Geomega is pleased to announce that Karine Emond will be presented as a new nominee to the board of directors of Geomega at the upcoming AGSM. As a seasoned commercial lawyer specializing in manufacturing and supply chain, Mrs. Emond helps her clients enhance their business models through optimal commercial agreements, giving the tools required to management teams in the deployment of strategies and concrete action plans. She is a business enabler, always keeping in mind the business risks and objectives versus the legal perspective of things. She is known for developing synergies with stakeholders towards a common vision by strengthening links and collaborating on common goals.The Corporation is pleased to announce that it has obtained conditional approval from the TSX Venture Exchange for the adoption of a new omnibus equity incentive plan (the “Omnibus PlanThe new director will be proposed together with the new Omnibus Plan at Geomega’s AGSM which will be held at the offices of Fasken Martineau DuMoulin LLP located at 800, Square-Victoria street, #3500, Montreal, Quebec, on October 25, 2023 at 10:00 a.m. More details about the AGSM will be provided closer to the date of the event.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.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(GlobeNewsWire)