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Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company") is pleased to announce that it has secured a firm commitment to purchase petalite concentrates produced at the Company's Separation Rapids Lithium Project north of Kenora, Ontario. The off-take agreement is for a multiple number of years with a major non-Chinese international glass ceramic manufacturer. The agreement is subject to a number of conditions precedent, including the delivery and acceptance of a larger commercial sample of the petalite product. The customer has agreed to initially pay the current market price for the petalite product for at least the first year after commercial shipment commences. There is now considerable interest from other major glass ceramic manufacturers in Europe and Asia as there is presently a global shortage of petalite supply after China took control of the traditional petalite supply sources in Zimbabwe.
Avalon's Separation Rapids Project hosts one of the few significant resources of the rare high purity lithium aluminum silicate mineral, petalite (LiAlSi4O10) in the world. Next steps involve processing the 5,000 tonne bulk sample collected from the project site in 2021 to produce trial quantities of the petalite product for the many end-users that have expressed interest. While the Company has been planning to establish a DMS processing facility on the property to begin producing trial quantities of the petalite product, Avalon now has access to an alternative process facility that will allow the Company to accelerate the process work to create the larger product samples this year that have been requested by the off-taker and the other glass-ceramic manufacturers that have expressed interest.
Commented Avalon's President & CEO, Don Bubar, "While Avalon remains committed to serving the emerging lithium battery materials market in Ontario through its recently announced partnership with LG Energy Solution, Ltd., Avalon is also well positioned to serve both the glass-ceramic and battery materials markets due to the large size of the Big Whopper pegmatite resource and the presence of several other petalite pegmatites on the property. It has been over 20 years since we first tried to serve the glass-ceramics market but it looks like our time has finally come! Lithium has other potential markets as well as a number of other historical applications including in pharmaceutical products to treat manic depression. For further information on Lithium please see an article I posted on the Innovation News Network: https://www.innovationnewsnetwork.com/lithium-developments-the-past-present-and-future/19251/"
About Avalon Advanced Materials Inc.
Avalon Advanced Materials Inc. is a Canadian mineral development company specializing in sustainably-produced materials for clean technology. The Company now has four advanced stage projects, providing investors with exposure to lithium, tin and indium, as well as rare earth elements, tantalum, cesium and zirconium. Avalon is currently focusing on developing its Separation Rapids Lithium Project near Kenora, Ontario while continuing to advance other projects, including its 100%-owned Lilypad Cesium-Tantalum-Lithium Project located near Fort Hope, Ontario. Social responsibility and environmental stewardship are corporate cornerstones.
For questions and feedback, please e-mail Avalon President and CEO, Donald Bubar, at ir@AvalonAM.com.
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements related to the off-take agreement, that next steps involve processing the 5,000 tonne bulk sample, that the Company now has access to an alternative process facility that will allow the Company to accelerate the process work to create the product samples this year and that Avalon is also well positioned to serve both the glass-ceramic and battery materials markets. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "potential", "scheduled", "anticipates", "continues", "expects" or "does not expect", "is expected", "scheduled", "targeted", "planned", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be" or "will not be" taken, reached or result, "will occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Avalon to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. Although Avalon has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to market conditions, and the possibility of cost overruns or unanticipated costs and expenses as well as those risk factors set out in the Company's current Annual Information Form, Management's Discussion and Analysis and other disclosure documents available under the Company's profile at www.SEDAR.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements have been provided for the purpose of assisting investors in understanding the Company's plans and objectives and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements. Avalon does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138504
