“The Medallion business model uses by-product monazite where we don’t need to open a mine and go through a lengthy permitting process. That puts us in a great position where we can move a lot more quickly as customers are crying out for metals,” Medallion Resources CEO Mark Saxon explained.
Medallion Resources (TSXV:MDL,OTCQX:MLLOF,FWB:MRDN) is setting the pace in the rare earth magnet market as clean energy and electromobility demand accelerates. President and CEO Mark Saxon explains in this interview the low-capital, near-term and sustainable Medallion Monazite Process to generate rare earth elements (REEs).
“The Medallion business model uses by-product monazite where we don’t need to open a mine and go through a lengthy permitting process. That puts us in a great position where we can move a lot more quickly as customers are crying out for metals. And we’ll be more so in the next five to 10 years,” Saxon explained.
The mineral sand monazite undergoes an extraction process to produce neodymium and praseodymium, the key inputs to magnets needed in clean energy applications like generators of electric and hybrid vehicles. Medallion has already completed a suite of diagnostic test work at the Australian Nuclear Science and Technology Organization in Sydney to extract these REEs.
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“We’re using a system called chromatography because we need to demonstrate that we’re producing REEs in the most sustainable way. And that’s critically important to all mining industries as we move forward. Medallion has made a lot of progress in its business model that’s very low-capital intensive, near term and very sustainable,” said Saxon.
Medallion Resources announced the successful separation and purification of neodymium and praseodymium, which highlights the value-add opportunity created by the recent exclusive licensing of the Ligand Assisted Displacement Chromatography method and underlying patents from Purdue University.
Watch the full interview with Medallion Resources President and CEO Mark Saxon above.
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