Gabo Mining Ltd (MLLOF)

[Middleborder]

nowwhat2; Vancouver, BC – Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) – “Medallion” or the “Company”), is pleased to announce the signing of a non-binding letter of intent (“LOI”) with Australian private company ACDC Metals Pty Ltd (“ACDC”) to form a partnership to utilize Medallion’s proprietary process to extract rare earth elements from monazite (the “Medallion Monazite Process”) in southeastern Australia.

The Medallion Monazite Process is a proprietary method that enables sustainable extraction of rare earth elements (“REE”) from mineral sand monazite. Monazite is a rare earth phosphate mineral globally available as a by-product from heavy mineral sand mining operations. Medallion recently published the positive findings of a Techno-Economic Assessment (“TEA”) which provides the engineering and economic foundation for commercializing the Medallion Monazite Process. This includes seeking both operational and licencing opportunities with qualified partners in mineral sand monazite rich jurisdictions.

ACDC is securing the right to acquire three historical non JORC/NI43-101 compliant mineral sand resource properties and other exploration assets in Victoria (Australia), to potentially underpin a supply of monazite suitable for the Medallion Monazite Process. ACDC is planning to complete an Initial Public Offering (“IPO”) upon the Australian Stock Exchange (“ASX”) within 12 months.

ACDC Managing Director Mr. Andrew Shearer commented, “ACDC recognizes the potential value add available to shareholders and stakeholders by the extraction of rare earth elements from mineral sand monazite. In partnering with Medallion Resources, we believe we have accessed the right technology at the right time, allowing us to be fast to market as REE prices rise and the market expands. We are excited to play a role to improve supply security and reduce environmental impact of rare earth element production.”

... snip "In compensation, Medallion shall receive a significant allocation of pre-IPO shares of ACDC, transferable rights to contribute funding to ACDC at seed and IPO stages, milestone payments and a royalty on successful operation of the refinery. Medallion will issue additional press releases related to the final legal and commercial structure within the Binding Contract as it becomes available. The Binding Contract is subject to regulatory approval. Investors are cautioned that the LOI is non-binding, and there is no guarantee that the parties will enter into the Binding Contract, or that the transactions contemplated in this press release will be completed."

more at link.

https://medallionresources.com/2021/07/loi-partnership-medallion-monazite-process-se-australia/


ACDC does not have the properties and will need to raise money. Some portion of the IPO e money will be directed to Medallion.