Applied Minerals Provides Update to Shareholders
Thu, January 28, 2021, 12:10 PM
EUREKA, UT / ACCESSWIRE / January 28, 2021 / Applied Minerals, Inc. (the "Company" or "Applied Minerals") (OTCPINK:AMNL), a producer of halloysite clay, under the trade name DRAGONITE, and natural iron oxides, under the trade name AMIRON, has released the following update to its shareholders.
Management continues to actively pursue near-term and intermediate-term revenue opportunities within the application areas of (i) molecular sieves, (ii) flame retardant additives, (iii) polymer reinforcement, (iv) packaging using recycled polymers, and (v) ceramics for its halloysite products. The Company's CTO, Sharad Mathur, Ph.D., is leading all product development and sales activities as well as building and improving upon the Company's prior technical work to identify additional customer prospects and markets for the Company's halloysite products.
Iron oxide is widely used as a hydrogen sulfide (H2S) scavenger for natural gas, biogas, and industrial and municipal wastewater. Management believes the high surface area of the iron oxide found at the Dragon Mine makes it an effective scavenger compared to competitive products. The recent expiration of an exclusive supply agreement entered into by the Company five years ago enables management to now market the Company's iron oxide products to potential customers of iron-based H2S scavengers globally.
Management continues to engage in development work related to the use of its halloysite clay in lithium-ion battery (LIB) technologies. Management's current focus is on the development of halloysite-derived porous silicon for use as anode material in place of graphite. The project is in the early stages, but recent encouraging test results give management the confidence to continue its development efforts. The Company will provide an update on any future progress with respect to this project when appropriate.
Since the fourth quarter of 2019, the Company's Board of Directors has significantly reduced overhead expenses primarily through the elimination and consolidation of a number of executive positions. Management's focus is to utilize its resources prudently to accelerate the development of those opportunities that it believes have high probability of commercialization.
Management and the Board of Directors are grateful for the continued support of its shareholders and remain focused on pursuing the above opportunities to create value for all its stakeholders. Future corporate updates will be provided when appropriate.
