:: MGX Minerals and Eureka Resources Enter Joint Venture Agreement to Install World’s First Commercial Rapid Petrolithium Recovery System

The newly formed JV will initially focus on fast tracking deployment of the world’s first commercial rapid lithium recovery system at Eureka’s state-of-the-art Standing Stone advanced wastewater Treatment Facility (“Standing Stone”) near Towanda, Pennsylvania. The JV is working to commission the system in Q3 2019.

Eureka’s Standing Stone facility, which originally opened in 2013, provides regional energy producers with advanced wastewater treatment services for raw oil and gas brines. Post-concentration lithium values in the range of 1,000ppm have been reported by Eureka and verified by MGX from produced water from within the Marcellus Shale.

Additional System Deployments

In addition to the initial system installation at Standing Stone, the JV has also outlined a growth strategy that focuses on growing lithium output and deploying additional rapid recovery systems throughout the Marcellus and Utica shale formations. This includes scaling up lithium output at Standing Stone, deploying additional systems to other Eureka facilities, and identifying new installation sites at third-party treatment facilities. Eureka shall retain exclusive rights to develop all JV relationships with third-party facilities within the Marcellus and Utica shall formations for an initial period of five years. Both Parties will have mutual discretion to further extend the JV for up to four additional years thereafter.