SXOOF - St-Georges Inks Licensing & Development Agreement for Lithium Processing Technology
(TheNewswire)
Montreal - TheNewswire - December 1, 2020 - St-Georges Eco-Mining Corp. (CSE:SX)(C NSX :SX. CN ) (OTC:SXOOF) (FSE:85G1) i s pleased to announce that it hassigned a Binding Letter of Intent with Altair International (US-OTC: ATAO) pursuant to which St-Georges hasagreed to provide access to its patent pending lithium processingtechnology for lithium-in-clay mineral deposits, and also agreed tojointly develop a patentable electric vehicle battery recyclingindustrial process.
In return for the access to the lithium processingtechnology and as part of their contribution in the development ofpatentable intellectual property in regard to EV Battery Recycling,Altair will issue 2,000,000 common shares at signature of this BindingLOI. The company will also commit to 2 subsequent share issuance of 2million shares each, the first at the filing of a joint patentapplication in regards to the battery recycling R&D effort and thesecond at the start of an Industrial Pilot Plant demonstrator of thebattery recycling process. If all milestones are completed, a totalof 6 million common shares of Altair will be issued in favor ofSt-Georges.
Altair will also make a total of US $300,000 cashpayments to St-Georges. A first payment of US $150,000 on or beforeApril 1 st , 2021 and a second payment of US $150,000 on or beforeAugust 1 st , 2021. Both companies will contribute equally to thebattery recycling research & development effort and to the designand construction of a battery recycling industrial pilot-plant circuitin St-Georges contracted installations in Quebec.
Royalties
On Altair Nevada LithiumProject
The Parties will establish a 5% royalty stream on thecommercial output of the Nevada Property for the whole mine lifeperiod. This royalty will be transferable at the discretion ofSt-Georges or its successors. It will be opposable to any successorsof Altair as a lien on the mining assets. St-Georges and Altair willnegotiate a right of first refusal in favor of Altair. The royalty, tobe negotiated within the guidelines of the "RoyaltyFormula", will take the form of a Net Revenue Interest or NetRevenue Return ( " NRR " ).
Based on the location of the lithium-in-clay mineralproject of Altair, 20% of the established NRR will be assigned toIconic Minerals (TSX-V: ICM) based on current active agreementsbetween the two companies.
On the Commercial Recycling of EVBatteries
The p artieswill establish a mutually beneficial partn ershiproyalty stream on the commercial implementationand output of the battery recyclingt echnology. The proportionate ownership will betransferable at the discretion of St-Georges, Altair or itssuccessors.
The parties agreed to enter into a long form DefinitiveAgreement on or before February 5, 2021. D efinitive agreement will be subject toreview by regulatory authorities.
The companies expect to issue additional information inthe coming weeks regarding the joint battery recycling technologydevelopment effort.
Vilhjalmur Thor Vilhjalmsson, St-Georges' President& CEO commented: "(...) With the continued work of ourresearch and development team, it is a great pleasure to team up withAltair to take this process further. The SX team has been looking atalternative methods, including using our proprietary technology in recycling EV batteries. We can see this as anopportunity to further broaden the scope of our developments andwelcome the partnership. This will also enable us to finetune theNevada operations already in place with Iconic Minerals over theforthcoming years (...)"
Leonard Lovallo, President of Altair, commented that"We believe that the lithium extraction and purificationprocesses which St - Georgeshas developed have the potential to reshape the economics of thelithium mining sector, and we are incredibly excited to have partneredwith them on this endeavor. As the demand and marketplace for lithiumcontinues to expand with the ever-increasing popularity of EV vehiclesacross the globe, the scope and applications of the technologies whichwe are partnering with St - Georges on will only increase."
Lithium Processing Technology Update
St-Georges technical team is now ready to initiate workaimed at optimizing the purification process of its lithium processand recuperation technology. The objectives are to minimize chemicallosses, optimize total process recovery and optimizing the value ofthe byproducts. The company also intends to validate multipleresources and assure the selectivity of lithium recovery works ondifferent types of resources.
Multiple initiatives will be run in parallel with thecompany's strategic partners and suppliers. This effort should lead toa complete metallurgical simulation to size and price equipment.St-Georges is committed to utilizing multiple laboratories in parallelin order to protect intellectual proprietary processes and toaccelerate IP extension.
St-Georges contractors have completed the preparationof a spodumene concentrate sourced from a Quebec based mineralresources and the company is now ready to initial leaching tests in apilot plant environment. The company is expecting material recentlyprepared from the Bonnie Claire Project in Nevada from its partnerIconic Minerals. The company expects to run a complete pilot miningprocessing circuit on reception of the material. This nextdevelopment effort should establish the recuperation and purificationparameters needed specifically for that project as well as the finaltweaked chemical recipe for the resin used to coat the lithium ballsused in the last recuperation and refining stage.
ON BEHALF OF THE BOARD OF DIRECTORS
"Vilhjalmur T. Vilhjalmsson"
VILHJALMUR THOR VILHJALMSSON
President & CEO
About St-Georges
St-Georges is developing new technologies to solve someof the most common environmental problems in the mining industry. TheCompany controls all the active mineral tenures in Iceland. It alsoexplores for nickel & PGEs on the Julie Nickel Project and theManicougan Palladium Project on the Quebec's North Shore.Headquartered in Montreal, St-Georges' stock is listed on the CSEunder the symbol SX, on the US OTC under the Symbol SXOOF and on theFrankfurt Stock Exchange under the symbol 85G1
The Canadian Securities Exchange(CSE) has not reviewed and does not accept responsibility for theadequacy or the accuracy of the contents of this release.
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