VALUE ADDED PRODUCT PROJECT BECOMES PRIORITY, MINE AND CONCENTRATOR PROJECT PUT ON HOLD
April 09 2020 - 8:45AM
Current market conditions have led Mason Graphite Inc. (“Mason
Graphite” or “the Company”) to re-prioritize its projects.
Therefore, Mason Graphite announces that the second transformation
project (coated spherical graphite) has become the priority of the
Company while the first transformation project (mine and
concentrator) has been postponed.
Priority to the Value-Added Products
ProjectGiven the greater market demand and superior
economics for value-added products of Mason Graphite, (VAP or
second transformation), this project has been placed in priority
sequence and will be the main focus of the Company’s resources. The
high-level technical and economic study completed internally at the
beginning of the year has demonstrated that a VAP plant, for the
production of coated spherical graphite used for Li-ion batteries,
presents sufficient potential to justify further analysis.
Furthermore, cycling tests on coated spherical
graphite produced at the pilot scale in 2019 from Lac Guéret
concentrate continue (within the limits imposed by the COVID-19
crisis) at three independent laboratories. To date, the results
from testing in half coin cells, full coin cells and single-layer
pouch cells demonstrate that:
- Specific capacity is higher than 350 mAh/g;
- Capacity retention after 100 cycles is higher than 90%;
- Results in power cycling (accelerated discharge) are
conclusive;
- Performances are coherent and reproducible for all three
laboratories.
In short, these electrochemical performances are
at the same level as commercial references currently available on
the market. Tests in multi-layer pouch cells will start as soon as
the circumstances allow.
First Transformation Project
PostponedGiven the current oversupply of graphite on world
markets and the unfavourable capital market conditions for natural
resources projects, the Company has decided to postpone, until
further notice, the development of the Lac Guéret mine and
concentrator (first transformation project). As a result of this
decision, Mason Graphite is forced to downsize its team dedicated
to the engineering and construction of the first transformation
project.
Lac Guéret is one of the highest grade and
highest quality known graphite deposits in the world, is located in
a highly desirable jurisdiction (Quebec) and remains a key asset
for the Company. To this end, all permits, stakeholder
relationships and technical studies will be kept current and in
good standing for when market conditions return to normal.
Appointment of Interim President and
CEOAs of April 1st, 2020, Paul Carmel, Chair of the Board
of Directors of Mason Graphite, has been appointed President and
CEO of Mason Graphite on an Interim basis. A search committee has
been formed – among the directors – and is actively seeking to
identify and appoint a permanent CEO.
Consent of the Qualified
PersonJean L'Heureux, Eng., M. Eng., Executive Vice
President, Process Development for Mason Graphite, and a Qualified
Person, as defined by NI 43-101 for Mason Graphite, was responsible
for the audit of data presented in this press release and read and
approved it.
About Mason GraphiteMason
Graphite is a Canadian company dedicated to the production and
transformation of natural graphite. Its long-term strategy includes
the development of value-added products, notably for green
technologies like transport electrification. The Company also owns
100% of the rights to the Lac Guéret graphite deposit, one of the
richest in the world. The Company is managed by an experienced team
cumulating many decades of experience in graphite, covering
production, sales, as well as research and development.
For more information: www.masongraphite.com.
Source:Ana
Rodrigues, at info@masongraphite.com or at +1 514 289
3580Head office: 3030, boulevard Le Carrefour, bureau 600, Laval,
Québec, H7T 2P5
Cautionary Statements
This press release contains
"forward-looking information" within the meaning of Canadian
securities legislation. All information contained herein that is
not clearly historical in nature may constitute forward-looking
information. Generally, such forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: (i) volatile stock price; (ii) the general global
markets and economic conditions; (iii) the possibility of
write-downs and impairments; (iv) the risk associated with
exploration, development and operations of mineral deposits; (v)
the risk associated with establishing title to mineral properties
and assets; (vi) the risks associated with entering into joint
ventures; (vii) fluctuations in commodity prices; (viii) the risks
associated with uninsurable risks arising during the course of
exploration, development and production; (ix) competition faced by
the resulting issuer in securing experienced personnel and
financing; (x) access to adequate infrastructure to support mining,
processing, development and exploration activities; (xi) the risks
associated with changes in the mining regulatory regime governing
the resulting issuer; (xii) the risks associated with the various
environmental regulations the resulting issuer is subject to;
(xiii) risks related to regulatory and permitting delays; (xiv)
risks related to potential conflicts of interest; (xv) the reliance
on key personnel; (xvi) liquidity risks; (xvii) the risk of
potential dilution through the issue of common shares; (xviii) the
Company does not anticipate declaring dividends in the near term;
(xix) the risk of litigation; and (xx) risk
management.
Forward-looking information is based on
assumptions management believes to be reasonable at the time such
statements are made, including but not limited to, continued
exploration activities, no material adverse change in metal prices,
exploration and development plans proceeding in accordance with
plans and such plans achieving their stated expected outcomes,
receipt of required regulatory approvals, and such other
assumptions and factors as set out herein. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such forward-looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such forward-looking
information. Such forward-looking information has been provided for
the purpose of assisting investors in understanding the Company's
business, operations and exploration plans and may not be
appropriate for other purposes. Accordingly, readers should not
place undue reliance on forward-looking information.
Forward-looking information is made as of the date of this press
release, and the Company does not undertake to update such
forward-looking information except in accordance with applicable
securities laws.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Mason Resources (TSXV:LLG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mason Resources (TSXV:LLG)
Historical Stock Chart
From Jul 2023 to Jul 2024