Mason Graphite Inc. (“Mason Graphite” or “the Company”) (TSX.V:
LLG; OTCQX: MGPHF) is pleased to present a corporate update and a
change to its Board of Directors.
Commercial Development and Strategic
DiscussionsIn recent weeks, Mason Graphite has intensified
its discussions with important users of spherical graphite (2nd
transformation), a product used in Li-ion batteries. These
potential customers, active in the electrification of transports,
are actively working to develop and secure their future supply
chains in anticipation of the very high demand increase forecasted
for the coming years, in addition to the recent global uncertainty
of relying on a single, potentially unstable and unpredictable
source of supply for critical minerals. These discussions
confirm to Mason Graphite’s management that the Company represents
a secure and sustainable solution to meet the upcoming needs of its
future customers.
Second Transformation Project |
Value-Added Products Processes OptimizationIn the coming
weeks and to continue its development, Mason Graphite will perform,
in collaboration with COREM in Quebec City, optimization tests for
the chemical purification with the objectives being to maximize
reagents and water recycling and to reduce the environmental
footprint of the process. Moreover, a new piloting campaign to
produce coated spherical graphite is scheduled for the summer; this
will be the second lot of coated spherical graphite produced at the
pilot scale.
The cycling tests on the spherical graphite from
the first pilot lot, which were suspended because of the COVID-19
crisis, should resume shortly. The results obtained so far are very
positive.
Finally, Mason Graphite has recently received
samples of uncoated spherical graphite from potential suppliers;
these products will be used to further advance the development of
the 2nd transformation plant. Characterization and testing should
start in the coming weeks.
First Transformation Project |
UpdateThe Company continues to advance the mine and
concentrator project where work has mainly been focused on tailings
management, permitting and general upkeep (road repairs,
forestation work, etc.). As previously mentioned, the very
high-quality Lac Guéret graphite deposit and highly advanced
concentrator project (engineering, procurement, permits, etc.)
remain key assets for the Company, which will be re-activated as
soon as market conditions permit.
Balance Sheet and Financial
ResourcesWith a cash position of approximately $31M (as of
March 31st, 2020), no long-term debt, a lean and an experienced
management team with a defined corporate strategy and a low level
of cash expense rate, the Company is well-positioned to carry out
its activities in an orderly and sustainable manner.
Change to the Board of
DirectorsThe Company also announces that Paul Carmel,
Chair of the Board of Directors, and interim CEO, will resign on
September 1st, 2020, from these two functions to pursue a career in
the mining investment industry. Paul was elected to the Board and
as its chairman on March 15th, 2018; since April 1st of this year,
he is also acting as interim President and CEO after the departure
of the preceding President and CEO.The selection committee
responsible for finding a successor has been hard at work since the
end of February and is continuing its work, confident to fill the
position soon.
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