YORK, March 10, 2023 /PRNewswire/ -- trueGold
Consortium, a joint venture of SMX (Security Matters) Public
Limited Company (NASDAQ: SMX) (NASDAQ: SMXWW), has received
Accreditation from The London Bullion Market Association (LBMA) for
the SMX ethical gold supply chain assurance platform that enables
transparency along the gold value chain from mine to refinery,
terminal to market, and through recycling and reuse.
The LBMA is an independent authority ensuring the highest
standards of integrity and transparency for the global precious
metals industry. trueGold was recognized along with four additional
companies accredited for security features.
The LBMA identified trueGold's platform as the only solution
capable of applying a full lifecycle marking system for ethical
gold supply chain assurance, tangible authentication and accurate
proof of quality, quantity, and origin for ESG reporting in real
LBMA - Accredited Gold Bar Security Features
The Accredited Gold Bar Security Features form part of the Gold
Bar Integrity (GBI) Initiative Program that was launched at the
Sustainability and Responsible Sourcing Summit by the LBMA in
London last year.
This initiative aims to digitally monitor gold moving through
the global supply chain by confirming provenance and providing
transparency over the chain of custody. Hence the Security Features
are a physical feature that will establish the identity and verify
the authenticity of a gold bar.
The ultimate goal is to increase trust through strengthening
governance across the entire gold supply chain, thereby mitigating
illicit trade risks and reducing the chance of fraudulent bars
entering the formal supply chain.
trueGold – Giving Gold a Memory of its Origination and
The LBMA has recognized trueGold's unique technological offering
that features tangible durable markers, unique patented readers to
detect the markers and a digital blockchain platform that spans the
whole gold value chain from mine to refinery to marketplace through
recycling and back again to refinery and final product.
By creating a digital twin that is recorded on a digital
blockchain platform, for every physical gold bar, coin, and gold
product – this will enable parties in the gold value chain to
authenticate and provide irrefutable proof of quality, quantity and
the gold's provenance. It could also identify gold that has been
"trueGold's unique technological offering is designed to provide
credible, non-destructive, real time ESG verification and digital
records for stakeholders, insurance, trading platforms, logistics,
financing, international customs and industry regulators."
Zeren Browne, Managing Director of
trueGold and a director and officer of SMX.
trueGold – A Technological Solution for the Global Gold &
Precious Metals Industry and Supply Chain
The key objective of trueGold is to enable the Gold Industry to
tangibly demonstrate its commitment to responsible mining, ethical
sourcing, recycling, and environmental and social responsibilities
in a transparent, credible, and measurable way.
"trueGold's tech offering is expected to enhance, complement and
promote the current ESG frameworks provided by the World Gold
Council (WGC) with its Responsible Gold Mining Principles and the
London Bullion Market Association (LBMA) with its Responsible
Sourcing Programme, by offering its members a Security Feature and
a blockchain platform designed to can promote and drive integrity,
anti-counterfeiting, corporate transparency, accountability and
sustainability." Jason Waters,
CEO of The Perth Mint, an owner of trueGold.
A key advantage of trueGold's Security Feature and digital tech
platform offering is its interoperability for the gold industry and
across the precious metals supply chain.
"The marker technology can be applied not just to gold but to
other different precious metals such as silver and platinum, as
well as diamonds. At the same time, the trueGold reader can be used
to detect the markers in a range of different materials as well as
other security and logistical features such as barcodes and QR
codes. Furthermore, the marker and operation of both the reader and
the digital blockchain platform, has been designed for ease of
implementation and to be efficient, lean, and easily integrated
into current operations and procedures." Grant Angwin, Chairman of trueGold - Industry
trueGold is committed to support the global gold and precious
metals market to meet the current ESG challenges and the demand for
greater provenance and supply chain transparency to meet the
expectations of the marketplace, end-users, the financial services
community, and regulators.
"We look forward to collaborating with the LBMA with the shared
objective to provide the gold and precious metal industry with an
industry wide solution to help provide trust, integrity, and full
transparency of the entire supply chain." Hugh Morgan, Chairman of trueGold
SMX enables materials to carry a history
that can be authenticated through origination, use, recycle, and
multiple reuse cycles.
The company's B2B white label platforms power commercial
sustainability applications across a variety of industries,
including timber, rubber, palm oil, cocoa, steel, gold, luxury
goods, leather, plastics, and non-ferrous metals, to transition
successfully to a sustainable circular economy, thus reducing their
carbon footprint and waste.
SMX offers a robust, innovative, and scalable solution for
supply chain authentication, traceability, and transparency to
transform businesses for participation in the circular economy. Its
technology gives materials in solid, liquid, and gas forms the
ability to maintain a virtual memory of origination, processing and
supply chain journey, including the ability to authenticate
provenance, as well as to track recycling loop counts and the
percentage of authenticated and/or recycled materials contained.
The data is recorded digitally on blockchain, and a linking
molecular chemical marker is embedded in the product itself and can
be read with a proprietary reader. The SMX technology has been in
active operational use on a national scale by the Israeli
Government for more than ten years, is environmentally sustainable
and has a proven track record.
The SMX solution is an efficient, cost effective, drop-in
solution within an existing supply chain, enabling substantial
benefits for manufacturers, consumers, and others in the value
chain – and the planet, including providing the necessary data for
product recycling and re-use. In addition, the SMX technology
addresses the issue of the increase in waste globally by enabling
the increase in demand for verified, usable recycled materials by
creating a commoditized, tradable certified asset which is the
recycled material, which can be traded and sold to other players in
the value chain and ecosystem.
announced on 29 July 2020, that SMX
formed a joint initiative with Perth Mint to develop a
mine-to-marketplace ethical gold supply chain technology solution.
Since the incorporation of trueGold Consortium Pty Ltd ("trueGold")
in June 2020, this research and
development project aims to promote a 'mine to product'
transparency solution dedicated to responsible mining of materials.
SMX's track & trace technology provides information on the
origin of the materials and how they move across production and
distribution chains towards recycling and back to refining.
The information in this press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, statements regarding expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "forecast," "intends," "may," "will,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this press release may include, for example: changes
in SMX's strategy, future operations, financial position, estimated
revenues and losses, projected costs, prospects and plans; SMX's
ability to develop and launch new products and services; SMX's
ability to successfully and efficiently integrate future expansion
plans and opportunities'; SMX's ability to grow its business in a
cost-effective manner; SMX's product development timeline and
estimated research and development costs; the implementation,
market acceptance and success of SMX's business model; developments
and projections relating to SMX's competitors and industry; and
SMX's approach and goals with respect to technology. These
forward-looking statements are based on information available as of
the date of this press release, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not
be relied upon as representing views as of any subsequent date, and
no obligation is undertaken to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws. As a
result of a number of known and unknown risks and uncertainties,
actual results or performance may be materially different from
those expressed or implied by these forward-looking statements.
Some factors that could cause actual results to differ include: the
ability to maintain the listing of the Company's shares on Nasdaq;
changes in applicable laws or regulations; the effects of the
COVID-19 pandemic on SMX's business; the ability to implement
business plans, forecasts, and other expectations after the
completion of the business combination, and identify and realize
additional opportunities; the risk of downturns and the possibility
of rapid change in the highly competitive industry in which SMX
operates; the risk that SMX and its current and future
collaborators are unable to successfully develop and commercialize
SMX's products or services, or experience significant delays in
doing so; the risk that the Company may never achieve or sustain
profitability; the risk that SMX will need to raise additional
capital to execute its business plan, which may not be available on
acceptable terms or at all; the risk that SMX experiences
difficulties in managing its growth and expanding operations; the
risk that third-party suppliers and manufacturers are not able to
fully and timely meet their obligations; the risk that SMX is
unable to secure or protect its intellectual property; the
possibility that SMX may be adversely affected by other economic,
business, and/or competitive factors; and other risks and
uncertainties described in SMX's filings from time to time with the
Securities and Exchange Commission.
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