Geomega and Rio Tinto Extend Collaboration on Bauxite Residues

• Rio Tinto to invest additional $1M
  

MONTREAL, April 25, 2022 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX.V: GMA) (OTC: GOMRF), a developer of clean technologies for the mining, refining, and recycling of rare earths and other critical materials, is pleased to announce that Innord Inc., its wholly owned subsidiary, has signed a Term Sheet with Rio Tinto to enter into a Development Agreement for Bauxite Residues Iron Phase Product. As part of the agreement, Rio Tinto will provide $1M in funding for Innord to complete the required proof of concept work and the subsequent small scale locked cycle pilot plant at its Boucherville facilities.

Following the announcement of the funding for a $4M pilot plant and feasibility study of a sustainable and complete valorization of bauxite residues (see announcement on March 31, 2022), Rio Tinto and Innord have agreed to begin evaluating in parallel various opportunities to monetize the iron compounds produced by Innord’s Bauxite Residues Technology (IBRT). As part of the project, over the next 12 months, Innord has committed to develop and test an extension technology to IBRT to produce the desired product that will then be evaluated by Rio Tinto.

The Intellectual property developed from this project extension will be owned by Rio Tinto who is fully funding the project. Innord will receive a royalty payment for the underlying base technology (IBRT) upon commercialization of the technology and any production of commercial products. Details of the agreement between Geomega and Rio Tinto, including the royalty level, will remain confidential.

“We are excited to further extend our cooperation with Rio Tinto on bauxite residues. Iron is the largest component of bauxite residues, and we believe that this stream holds the keys to a successful implementation of Innord’s complete and sustainable valorization of said residues. This project will evaluate the added value transformation of the iron compound produced using IBRT, creating potentially new and more profitable markets for this product. A successful project has the potential to increase the commercial viability of IBRT and contribute to its expedited commercialization.” commented Kiril Mugerman, President & CEO of Geomega and Innord.

The announced $1M of additional funding from Rio Tinto is non-dilutive to both Geomega and Innord. The project will be starting immediately, and the definitive development agreement is expected to be finalized later in 2022.

About the technology for Bauxite Residues
Bauxite residue is a by-product that is being generated during refining of alumina using the Bayer process. Innord’s technology for BR valorization builds on the processes originally developed for rare earth (REE) magnet recycling and extraction of REE from Montviel ore. The technology offers high reduction of waste volume, the recovery of valuable metal concentrates (Fe, Al, REE, Sc, Ti) and effluents minimization by recycling main reagents. For more details see the Corporation’s announcement on May 25, 2021 and the BR section on our website.

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 core project is based around the ISR Technology (Innord’s Separation of Rare Earths), a 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 NI 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.

About Rio Tinto
Rio Tinto is a mining and metals company operating in 35 countries around the world that produces the materials essential to human progress. It aims to help pioneer a more sustainable future, from partnering in the development of technology that can make the aluminum smelting process entirely free of direct GHG emissions, to providing the world with the materials it needs – such as copper and titanium – to build a new low-carbon economy and products like electric vehicles and smartphones.

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