Demonstration plant update
Bauxite residues pilot plant update
New Omnibus Incentive plan
Annual General Special Meeting of Shareholders (the 'AGSM') to take place on
Demonstration Plant Update
The demonstration plant is Geomega's most advanced project and has seen significant progress since the announcement of the new centralized facility in
Procurement activities have been ongoing since July and several main equipment items have been ordered in the last few months. Some equipment had to be adjusted to the new layout and will be ordered in the coming months as soon as the final quotes and designs are approved. In parallel, Geomega performed Factory Acceptance Tests (FAT) on 3 major pieces of equipment that were ordered in 2022 and earlier in 2023. Geomega's technical team has been abroad for 2 weeks in September performing these and obtaining the required training in preparation for equipment assembly and operation.
Several permitting activities are currently ongoing. Data continues to be collected on Geomega's process to perform the required modeling before a final submission for environmental permitting with the Ministere de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (MELCCFP) is done in Q4/2023. For that, a baseline environmental study has been performed at the
The HAZOP (Hazard and Operability) study report was received and the results were implemented into project design. To begin the mechanical engineering portion of the study, a geotechnical drilling program was completed at the
Bauxite Residues Pilot Plant Update
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, 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.
'It has been a very busy summer since the announcement of our new location in
New Director Nomination
Geomega is pleased to announce that
With 20 years of legal experience, she has developed a particular expertise in commercial negotiation with international major companies, including in manufacturing, distribution, licensing and intellectual property. Karine is well-qualified to implement risk management strategies with confidence and to recommend creative and pragmatic solutions. She is trained as a
'I'm very proud to be nominated to Geomega's board of directors as a long-term investor and a strong believer in the company. As someone who is motivated by positive change in society, joining Geomega was a natural fit for me to contribute to value creation and the deployment of the next critical steps for Geomega. As a new member of the board, I wish to support the management team with my legal expertise and negotiation skills to assist Geomega reaching its next milestones, which will ultimately benefit future generations.' commented
Omnibus Incentive Plan
The Corporation is pleased to announce that it has obtained conditional approval from the
The board of directors determined that it is desirable to have a wide range of incentive awards, including stock options ('Options'), restricted share units ('RSUs'), performance share units ('PSUs'), and deferred share units ('DSUs') (collectively, the 'Awards') to attract, retain and motivate employees, directors, executive officers and consultants of the Corporation.
The aggregate number of common shares reserved for issuance pursuant to Awards of Options granted under the Omnibus Plan (including the Predecessor Options currently outstanding under the Previous Plan) shall not exceed 8% of the Corporation's total issued and outstanding common shares from time to time.
In respect of DSUs, RSUs or PSUs, the aggregate number of common shares reserved for issuance pursuant to Awards other than for Options granted under the Omnibus Plan shall not exceed 5,000,000 common shares.
Annual General Special Meeting of Shareholders
The new director will be proposed together with the new Omnibus Plan at Geomega's AGSM which will be held at the offices of
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
Geomega also owns the Montviel rare earth carbonatite deposit, the largest 43-101 bastnaesite resource estimate in
Contact:
Tel :450-641-5119
Email: kmugerman@geomega.ca
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
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