2022: Significant progress
Penco Module flowsheet to produce High-Purity Rare Earths concentrate has been confirmed
Design focused on minimizing environmental impact
With improved recoveries compared to the technical report entitled 'Amended and Restated NI 43-101 Technical Report - Preliminary Economic Assessment for
With no radioactivity in the final product
Patented in
Withdrawal of environmental permit application in
New environmental baseline underway, with three seasons already completed
Completed innovative metallurgical closed-circuit process 'Circular Mineral Harvesting' to minimize environmental impact
Energy efficient: No crushing or milling
95% recirculation of water and 99% recirculation of the main reagent
No tailings dam, and no solid or liquid waste
Received award 'Sustainability Initiative of the Year' by Business Intelligence
Significantly advanced dialogue with the local community
Completed one-on-one conversations with 7,750 households
Shared information of the project via newspapers, radio, conferences and social media
Presented the project to several local and central political authorities
Begun construction of a pilot plant in Concepcion aimed towards:
Demonstrating the capacity to scale-up laboratory results to an industrial level
Showing stakeholders the benefits of the 'Circular Mineral Harvesting' process
Generating material samples for separation testing
Training local workforce for future employment on the full-scale plant
Exploration already showing positive results
Penco Module: Rare Earths measured and indicated resources were increased compared to resources reported in the Technical Report
New Modules:
Significant drilling executed in
Exploration in progress in
Commercial efforts have already begun, with interest already emerging from potential off-takers
High purity of the concentrate, high contents of heavy rare earths and high environmental standards have been recognized
Strong financial position o Disciplined approach towards spending o No debt
Approximately
2023: Outlook
Proceeding with NI 43-101 Feasibility Study for the Penco Module in Q1
Environmental permit application for the Penco Module expected to be submitted in Q2
Social dialogue to continue: Evaluation of community requests during H1
Pilot plant expected to be in operation during Q3
Drilling in
Definition of a potential second module: Exploration results to be reported in Q1
Exploring for potential international expansion
Overall budget of
Communications with potential off-takers expected to evolve during the year
Target of commencing production at Penco Module in Q1 2026 maintained
'The business case for heavy rare earths, especially Dysprosium and Terbium, continues to strengthen significantly. The demand for EVs is expected to grow very significantly, and the need from OEMs to secure a geopolitically independent supply chain for critical materials is becoming more evident every day. Also, the need for ensuring materials that have a low environmental impact, a low carbon footprint and are traceable is becoming a top priority for responsible companies.
In that regard,
The dialogue with the local community has been a top priority for us and we are pleased to have opened ourselves to them and have been receiving feedback as to how to improve. We are very pleased to be in
About
Forward-Looking Statements
This news release contains 'forward-looking information' within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events, including statements with regard to: the expectations of the Company's management as to the results of the Penco Module flowsheet, actions taken by the Company in order to strength the environmental, technical and social aspects of the Penco Module, advancement of the pilot plant in Concepcion and efforts expended by the Company in its greenfield and brownfield exploration campaigns; and the Company's operational and financial outlook in 2023 including, without limitation, expected capital requirements and ability to service same, feasibility study, environmental permit application, expected timing and progress of pilot plant construction and operation, potential drilling programmes and estimated target production dates. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, the factors discussed under 'Risk Factors' in the Company's annual information form dated as of
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