Medallion Resources Ltd., is pleased to announce the launch of a new strategic plan (the “Strategic Plan”) to position the Company in the near term as a technology leader within the industries essential to the generation, storage, and efficient use of clean energy. Key parts of the plan include a strengthened executive leadership team, up-listing to Nasdaq Capital Markets, and rebranding as Medallion Innovations Corp. to better reflect the future direction of the Company.
Medallion’s focus has been to identify and develop innovative technologies for the rare earth element (“REE”) industry that, when compared with incumbent technologies, are lower cost and reduce the environmental and social impacts of production.
Implementation of the new Strategic Plan is intended to enhance Medallion’s existing REE processing technology portfolio by identifying, incubating and gaining exclusive rights to the commercialization of additional innovative technology platforms across the entire REE value chain and broadening its focus to include other high-performance materials. Medallion believes that its technology portfolio will continue to facilitate the production of materials, deployment of processes, and/or generation of essential data for the clean energy transition.
The clean energy transition, involving the widespread generation of renewable energy and the electrification of transport is now demonstrating dramatic growth that is at risk because of weaknesses in global supply chains. Medallion’s new Strategic Plan reflects the global shift from fossil fuel-based to a minerals-based economy centered on “friendly nations” and is intended to position the Company for better access to capital, a larger playing field, and importantly the ability to build a team with the essential skills and experience in technology development and commercialization.
Medallion believes that up-listing to the Nasdaq Capital Markets (“NasdaqCM”) will significantly strengthen the Company’s profile and increase the capacity for US and international shareholders to invest in the REE and clean energy technology sectors.
Upon completion of the Nasdaq up-listing, Alfredo Ramos Plasencia will join the Company as Chief Executive Officer and Director, while Dr. Kurt Forrester will join the management team as Chief Technology Officer and continue to serve as a Director. Mark Saxon will continue as a Director and assume a business development role focused on mining industry opportunities.
As previously announced, the Company has engaged Chardan Capital Markets LLC (“Chardan”) to advise on an up-listing and simultaneous financing. The up-listing to the NasdaqCM is conditional on Nasdaq accepting the Company’s listing application, including the Company’s plan to meet the Initial Listing Requirements, and a registration statement being declared effective by the U.S. Securities and Exchange Commission (“SEC”). The Company is preparing to file a registration statement with the SEC on Form F-1 before the Annual General and Special Meeting of Shareholders (the “Shareholders’ Meeting”) on May 27, 2022 in Vancouver, B.C.
Medallion has begun the Nasdaq listing application process and has reserved the trading symbol “MDL” for trading on NasdaqCM after the up-list.
Medallion President & CEO Mr. Saxon stated “Medallion is setting the course for a strong and positive impact in the supply of materials and technologies for the energy transition. Our recent successful partnerships in the REE sector, based on deep industry knowledge and connections, have laid the groundwork for where we see many value-add opportunities. The proposed business and management changes deliver the opportunity to accelerate in line with the renewable energy and EV markets.”
“I am excited to be entrusted with the CEO role at Medallion at this key time in the Company’s history. My experience in the identification, incubation and commercialization of breakthrough technologies matches well with the new Strategic Plan. Medallion’s past investment in REEs and methodology in identifying new investment opportunities provides an excellent platform for future development.”
- Mr. Ramos
Medallion – the New Vision
The clean energy transition has triggered a fundamental change in the consumption of materials, as single-use oil, gas and coal is replaced by renewable energy alternatives. Energy generation and storage is now increasingly linked to high performance, critical raw materials at a time of heightened supply chain vulnerability, which has been exacerbated by the COVID-19 pandemic and recent geopolitical instability. Over the past decade, the U.S., Europe, Japan, and Korea have increasingly focused on the supply chain for critical minerals and, in the U.S., REE supply chain resilience is a bipartisan issue.