Presidential Action under U.S. Defense Production Act Authorizes Comprehensive Funding Tools for Battery-Grade Lithium, Cobalt, Nickel, Manganese and Graphite
AMY's Patented RecycLiCo Process Recovers Four of the Five Defense-Critical Materials
American Manganese Inc. ("AMY" or the "Company"), a pioneer in advanced lithium-ion battery cathode recycling-upcycling, commented today on the decision by U.S. President Joe Biden to invoke the Defense Production Act (DPA) of 1950 to accelerate the development of essential battery materials including lithium, cobalt, nickel, manganese and graphite. Under the longstanding DPA authorities, the Presidential action carries the force of U.S. federal law and opens up funding authorities ranging from federal loans and loan guarantees, to grants financing production facilities, material purchases, and futures contracts
The Presidential Determination states in part:
"The United States depends on unreliable foreign sources for many of the strategic and critical materials necessary for the clean energy transition - such as lithium, nickel, cobalt, graphite, and manganese for large-capacity batteries. Demand for such materials is projected to increase exponentially as the world transitions to a clean energy economy.
To promote the national defense, the United States must secure a reliable and sustainable supply of such strategic and critical materials. The United States shall, to the extent consistent with the promotion of the national defense, secure the supply of such materials through environmentally responsible domestic mining and processing; recycling and reuse; and recovery from unconventional and secondary sources, such as mine waste. [emphasis added]"
"President Biden's official DPA statement recognizes recycling as an essential means of meeting rising demand," said Larry Reaugh, CEO of American Manganese. "American Manganese, with its RecycLiCo™ process, is well-positioned to deliver sustainable, high-purity supply of four of the five materials the U.S. Government is now prioritizing as essential to its national defense."
American Manganese's patented RecycLiCo™ process is focused on the recycling and upcycling of lithium-ion battery waste into high-value battery cathode materials. With minimal processing steps and up to 99% extraction of lithium, cobalt, nickel, and manganese to create high-value lithium-ion battery materials for reintegration into new lithium-ion battery manufacturing.
The Company announced on March 15, 2022, that its RecycLiCo demonstration plant in Vancouver, Canada is ready for commissioning and is scheduled to demonstrate continuous operating conditions with a processing capacity of 500 kg/day of lithium-ion battery waste once commissioning is complete. The demonstration plant is intended to validate scaled-up processing efficiencies and qualify the lithium, nickel, manganese, and cobalt battery materials produced. The company's ultimate business model is to license and joint venture its patented RecycLiCo™ process to battery and electric vehicle manufacturers as an in-house technology that offers a circular supply of critical battery minerals.
American Manganese Inc. is a critical metals company focused on recycling and upcycling lithium-ion battery waste into high-value battery cathode materials, using its closed-loop RecycLiCo™ process. With minimal processing steps and over 99% extraction of lithium, cobalt, nickel, and manganese, the upcycling process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.
On behalf of Management
Larry W. Reaugh
President and Chief Executive Officer
Telephone: 778 574 4444
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
SOURCE:American Manganese Inc.
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