VANCOUVER, British Columbia, Aug. 04, 2020 (GLOBE NEWSWIRE) — Medallion Resources Ltd. (TSX-V: MDL; OTCPK: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”) is pleased to announce it has entered into a services agreement with Singapore-based Talaxis Limited (“Talaxis”), a subsidiary of global trading house Noble Group Holdings Limited. The non-binding Memorandum of Understanding (“MOU”) specifies the terms for a close working relationship whereby Talaxis delivers to Medallion support for the global sourcing and transport of monazite, along with marketing of finished products from Medallion’s proposed rare-earth element (“REE”) extraction plant. Medallion and Talaxis anticipate a definitive agreement will be executed before the calendar year-end.
Importantly, Talaxis is a founding partner in Medallion’s recently announced technical and financial consortium. The consortium was formed to accelerate the development of a comprehensive REE supply chain within the United States through the selection of proven technology and low capital risk pathways.Daniel Mamadou, Executive Director of Talaxis stated, “This MoU is another important development for Talaxis, which will further strengthen our position as the supply chain partner of choice in the technology metals industry. The North American focus of this MoU will bring added capability to all market participants while the short cycle supply chain will provide significant cost efficiencies. We are also very pleased to be partnering with Medallion, a leading technology provider in the REE industry, which will facilitate our expansion into North America. Developing a robust and cost-efficient supply chain positions us well as we continue to play our part in the global energy transition.”“Medallion will achieve excellent leverage by working with the Talaxis team,” said Medallion President & CEO Mark Saxon. “Talaxis brings operating knowledge and experience in the REE logistics markets that few can provide, greatly strengthening the business model being executed by Medallion. We see this relationship as a cornerstone of our current US-focused consortium initiatives”.Rare Earth Consortium (announced July 10, 2020)The Company recently announced the formation of a technical and financial consortium to accelerate development of a comprehensive US-based REE supply chain. The addition of Talaxis greatly strengthens the consortium, with the demonstrated ability to source, transport and deliver monazite to Asian markets. Talaxis provide the capacity to co-fund research, provide access to raw materials, and manage customer, infrastructure and transport requirements.Medallion’s contribution to the consortium is as a core technology partner. Medallion has developed a proprietary REE extraction process that can play an important role in contributing to the development of an emerging North American REE value chain. Medallion’s unique technology-led business model can deliver the most critical magnet REEs quickly and cost-effectively.In addition, to Medallion and Talaxis, the group includes leading financial advisory firm Amvest Capital Inc., a current Medallion investor. Amvest Capital Inc. is a New York-based investment management and corporate finance firm focused on natural resources. Amvest is active in the REE investment area as principals, agents, and advisors. The group is in discussions with other potential partners, including several technology providers.The Medallion business strategy is focused on extraction of REEs from the mineral monazite. Monazite is used today as a source of commercial 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).US BackdropThe ability to source essential industrial and medical supplies and critical raw materials in a time of crisis is a key test of the robustness of a national supply chain. For many countries including the US, the COVID-19 pandemic highlighted that in crisis, supply chains may be unable or unwilling to adequately deliver access to critical materials, chemicals, pharmaceuticals, or key enabling technologies.While the push to re-industrialize the United States has been a multi-year trend, the devastating impact of the pandemic is now rapidly accelerating this process, driven by both private and public interests. The supply chains that underpin the strength of US defense, health services and industry are being re-evaluated, with secure domestic access now prioritized alongside quality and cost considerations.About Medallion ResourcesMedallion 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 [email protected]About TalaxisFounded in 2016, Talaxis is a wholly-owned subsidiary of Noble Group Holdings Limited and invests in and develops projects that are related to technology metals, with a special focus on rare earth elements. Talaxis focuses on battery and electric vehicle materials such as nickel, lithium, graphite and vanadium. Talaxis has supply chain partners in the upstream and midstream segments, and also focuses on research and development solutions for industrial consumers in the downstream segment. Talaxis prioritizes sustainable ventures with a strong emphasis on corporate social responsibility. These include projects that contribute to the decarbonisation of the economy and that are aligned with the United Nations Sustainable Development Goals.For more information, please visit www.talaxis.comNeither 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 the Private Placement 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. 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.
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