Medallion Receives Notice of Default From Purdue Research Foundation
Medallion Resources Ltd., a leading rare earth elements (REEs) extraction company, is facing a critical situation with its license to use ligand assisted displacement chromatography. The company recently received a notice of default from Purdue Research Foundation (PRF), stating that Medallion has until October 17, 2023, to rectify the default or risk termination of its license.
Medallion Resources has been actively engaged in discussions with PRF to find a resolution and either cure the default or extend the license term. However, there is no guarantee that these discussions will yield a successful outcome. The company remains committed to exploring all possible avenues to protect its license and continue its groundbreaking work in the extraction of rare earth elements.
Medallion Resources has developed a proprietary process and business model that enables the low-cost extraction of REEs from monazite, a phosphate mineral commonly found as a byproduct of heavy mineral sand operations. These REEs are crucial components in various industries, including electric and hybrid vehicles, robotics, electronics, imaging systems, wind turbines, and strategic defense systems.
The company takes pride in adhering to best practices and internationally accepted standards in all aspects of mineral transportation, processing, and waste management. Medallion utilizes the Life Cycle Assessment methodology to support investment and process decision-making, ensuring sustainable practices throughout its operations.
Medallion Resources recognizes the importance of REEs in driving technological advancements and is dedicated to advancing its business plan and commercializing its technology platforms. The company actively seeks opportunities for expanding its technology portfolio and negotiating commercial agreements with third parties.
While the notice of default presents a challenge for Medallion Resources, the company remains optimistic about finding a resolution. The management takes full responsibility for the content of this news release and is committed to providing updates on any developments in a timely manner.
Investors and industry stakeholders can find more information about Medallion Resources and its innovative solutions for rare earth element extraction on the company’s website at www.mdl-innovations.com.