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Mag One Subsidiary Concludes Agreement with Canadian Government's Clean Growth Program

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Natural Resources Canada, under its Clean Growth Program, will provide Mag One Operations with up to $1,666,500 in non-repayable funding for its Front-End Engineering Design study for a high purity magnesium oxide demonstration plant using serpentinite tailings from former Quebec mining operations.

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Company: Mag One Products
Website: http://www.MagOneProducts.com
Stock Symbol: CSE: MDD
Date Published: Apr 21, 2020
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

Mag One Products, a technology, processing and production company, has concluded, through its Quebec-based subsidiary, Mag One Operations, a Contribution Agreement with the Government of Canada.

Natural Resources Canada, under its Clean Growth Program, will provide Mag One Operations with up to $1,666,500 in non-repayable funding for its Front-End Engineering Design study for a high purity magnesium oxide demonstration plant using serpentinite tailings from former Quebec mining operations.

The Clean Growth Program will also provide an additional $247,000 in funding directly to CanmetMINING through its Science and Technology Assistance for Cleantech projects initiative, providing a total of $1,913,500 towards Mag One’s project.

The overall budget for the forthcoming work in this project, including in-kind contributions, is $3,600,000.

The project consists of performing the basic engineering, along with developmental work to fill the technical data gaps, for Mag One Operations’ 30,000 tonne per year high purity magnesium oxide demonstration plant to be located in Southeastern Quebec.

Since 2016, Mag One Operations has been collaborating with a number of organizations, including CIMMS, the University of Sherbrooke, and the Government of Quebec's Ministry for Economy and Innovation, in the development of this game-changing, clean technology to produce valuable products from these mine tailings.

Mag One Operations has also secured access to up to 110 million tonnes of serpentinite tailings in two Quebec locations.

Tony Louie, President and CEO of Mag One Products, stated: "We are grateful to the Government of Canada for their support. This Agreement will propel our efforts in Quebec to bring our first state-of-the-art plant to fruition and create value for our shareholders. Moreover, our investment in Quebec will be a stimulus for the creation of jobs in the region and will serve as a foundation to move our magnesium metal technology developments forward."

Gillian Holcroft, President of Mag One Operations, added: "I must thank all of our collaborators who have helped get us to where we are today, including the Government of Quebec. Our novel, zero waste modular (HP MgO) production technology is ideally suited for rapid ramp up towards commercialization. This new support from the Government of Canada will enable us to quickly bring to market new value-added products such as HP MgO and high value amorphous silica as well as generate a new source of nickel and cobalt, all the while enabling remediation of the land where the tailings are located for eventual repurposing."

Using its game-changing technology, Mag One Products aims to be the most environmentally friendly & sustainable producer of magnesium metal, ultrapure magnesium compounds, by-products and vertically integrated co-products.

The shares are trading at $0.085.

For more information please visit the company’s website www.MagOneProducts.com, or email info@MagOneProducts.com.

I’m Fiona Forbes for Investmentpitch Media