Magnis Increases Ownership in the New York Lithium-ion Battery Plant

Magnis Energy Technologies Limited (ASX: MNS) has increased its shareholding in the iM3 New York Battery Plant.

Magnis Energy Technologies Limited (“Magnis”, or the “Company”] (ASX: MNS) is pleased to announce that the Company has increased its shareholding in the iM3 New York Battery Plant, following an investment made into the project, coupled with the signing of an agreement [“Transaction”] to acquire Boston Energy and Innovation Pty Limited’s [“BEI”] entire shareholding [“Shareholding”] in the US based entity, Imperium 3 New York LLC [iM3NY].

Under the terms of the Transaction, Magnis has acquired BEI’s entire holdings in iM3NY as well as Boston Opportunities interest in iM3NY. The consideration for the Shareholding is US$350,000, with funds to be paid by 30 June 2020. An additional US$150,000 bonus payment is to be paid to BEI on the condition that iM3NY successfully secures project finance or a joint venture agreement with an offtake partner for the iM3 New York Battery Plant, within a twelve month period. At the completion of the Transaction, Magnis will hold a 53.39% direct holding in iM3NY. CLIV will have a direct holding of L-15.17%, with Primet Precision Materials Inc and C&D Assembly Inc the remaining holders.

As announced on 30 September 2019, iM3NY equipment was independently valued at US$71.3L1 Million [A$115.5 Million] by O’Brien 6- Gere, a wholly owned subsidiary of Dutch engineering giant Ramboll Group. Magnis remains a 10% shareholder of DIV, and following this transaction, the Company’s ownership in iM3NY on a direct and indirect basis will be 57.91%. Magnis Chairman, Frank Poullas, commented: “We are committed to seeing the New York project through to production. Recent news events have highlighted the current shortage of Lithium-ion cells in the marketplace and we have an opportunity to take advantage of this situation. We look forward to providing an update in the near future regarding the progress of our project with an emphasis on financing.”

Click here to connect with Magnis Energy Technologies (ASX:MNS) for an Investor Presentation.

Click here for the full press release.

Graphite Metallurgical Test Work Update

Highlights:

  • Bulk sample of Springdale graphite concentrate estimated to be completed in Q2 2021.
  • Concentrate material will then be sent to Germany to test its amenability for the production of battery anode material suitable for use in EVs.
  • Final test results expected in Q3 2021.

Comet Resources Ltd (ASX:CRL) is pleased provide an update on ongoing test work on natural flake graphite from its Springdale Graphite Project (Springdale) located in Western Australia. Both excellent grade and recoveries were achieved on initial tests, leading to commencement of work to produce a bulk sample for further testing. Importantly, the graphite concentrates previously produced demonstrated a unique and potentially very valuable characteristic in its small size distribution, with two-thirds of the product passing the 38 µm size fraction screen. Generally, this small size fraction of graphite is a by-product of processing of larger flake fractions, which produces smaller size graphite, but in doing so also damages the smaller flake material in the process, reducing their performance and value. Deposits that contain high quality ultra-fine graphite are uncommon and are potentially suitable for supplying the expanding battery anode market, which continues to grow as the sales of electric vehicles (EVs) increase. Graphite suitable for battery anode production also achieves premium pricing in graphite markets, making it a highly sought-after product.

Keep reading... Show less

Medallion Completes Diagnostic Testing with Australian Nuclear Science and Technology Organization

Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) “Medallion” or the “Company”) announces completion of a suite of diagnostic test work at the Australian Nuclear Science and Technology Organization (ANSTO) in Sydney, to extract rare earth elements (REE) from mineral sand monazite. The monazite was sourced from an Australian mineral sand mine. Discussion is ongoing with additional prospective suppliers.

Mineral sand monazite is an abundant REE-rich feedstock, that can be accessed as a by-product from global mineral-sand mines that target zirconium and titanium, without the need for additional mining. Medallion’s business model is centered on the Medallion Monazite Process , a transferable and scalable technology designed to accept multiple mineral-sand monazite feedstocks and extract high-value REEs with high efficiency, high recovery and zero liquid waste.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcements have been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Corporate Presentation – Sal de Vida Development Plan
  • Sal de Vida development Plan
  • Sal de Vida Resource & Reserve Update
  • March 2021 Quarterly Results Conference Call
  • Notice of Annual General Meeting/ Proxy Form
  • 2020 Annual Report
  • 2020 Sustainability Report
  • 2020 Corporate Governance Statement
  • Appendix 4G

The announcement can be viewed at:

Keep reading... Show less

Torian Resources Limited Significant Gold Results from Surface at Mt Stirling

Perth, Australia (ABN Newswire) – Torian Resources Ltd (ASX:TNR) is pleased to advise that recent drilling results continue to extend the Mt Stirling Gold System over ~1.1km of Strike, ~300m at depth, and it remains open in multiple directions.

Highlights:

– The interpreted strike of the Mt Stirling gold system exceeds 1.160km with Mt Stirling Main Zone; Hanging Wall and Viserion lodes all remaining open along strike and down-dip.

Keep reading... Show less

eMetals Limited Updates Shareholders On Exploration – April 12, 2021

eMetals Limited (ASX:EMT) (eMetals or Company) is pleased to update shareholders on exploration activities which have commenced across the Company’s projects.

HIGHLIGHTS

Keep reading... Show less

Top News

Related News