:: Geomega Gearing Towards First Production of Rare Earths in Canada in 2020

Geomega Resources Inc. is pleased to provide an update on its proprietary ISR technology, financing, FEED study and rare earths market update.

Technology update

Pilot Plant operation continues to be optimized and has confirmed the following improvements to the process:

• The recovery of the main reagents has now reached over 95%, a critical point in developing a clean process for recycling and processing rare earth elements;
• In order to be as flexible as possible in accepting various magnet waste feeds from multitude of industries all over the world, the ISR technology has now been confirmed to function with both the metallic and the calcined phase of magnets;
• Various magnet types including NdFeB and SmCo have now been successfully processed using the ISR technology and work is still ongoing;
• In order to service the entire spectrum of the NdFeB magnet industry, the ISR technology has been successfully applied to both sintered (magnetic powder is press molded then heat treated) and bonded (magnetic powder is mixed with a binder and then molded) magnets. The bonded magnet industry is smaller than sintered magnets (11,000 tonnes vs 160,000 tonnes per year production) but is steadily growing. Bonded magnets pose some challenges with the traditional recycling method that is used in China due to the plastic, resin and epoxy content in them. The ISR technology is now a valid clean alternative to recycle bonded magnets which gives us access to the waste generated from the factories making this product.

Financing & FEED Study Update

Discussions are continuing with strategic partners, institutional groups as well as various levels of government in regard to financing the first rare earth elements recycling plant outside of China. The objective is to complete the financing during the FEED study that is being conducted by Seneca Inc. and which is on schedule for July 2019 completion. Demonstration Plant construction would start shortly thereafter.