Commissioning of the Demonstration Plant Remains On Time and Under Budget With Near Term Production Set to Commence
TORONTO, Sept. 05, 2024 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE: NVRO | OTCQB: ESGLF | Fr: YGK) (“EnviroGold,” or the “Company”), a technology company enabling the global mining industry to monetize valuable metals contained in mine waste and tailings, reduce environmental liabilities and improve social and environmental outcomes, is pleased to provide the following corporate and technical update.
Appointment of Royston Denysschen as Commercial Director The Company is excited to announce the appointment of Mr. Denysschen to the EnviroGold team. With over 25 years of experience in international business development, metals and minerals trading, logistics and strategic growth and having held senior leadership roles at Transamine and Manica Africa, where he successfully expanded business networks and managed large-scale operations across Africa and Australia, Mr. Denysschen will focus on EnviroGold’s strategic customer engagement and project execution.
Demonstration Plant The previously announced demonstration plant is currently being commissioned at the Company’s facility. The 100% owned demonstration plant, acquired from the Australian government’s Commonwealth Scientific and Industrial Research Organisation (CSIRO), was designed as a nickel leaching plant and has been repurposed for the NVRO Clean Leach Process. The reinstallation and commissioning process is running ahead of schedule and under budget, and the Company expects to commence processing customer tailings in the coming weeks.
Technology Enhancements – Extended Targeted Ore Types and Metals Recovery The Company has expanded its Clean Leach Technology capabilities to include a broader range of metallurgical types and targeted metals recovered beyond the previously targeted Volcanogenic Massive Sulphides (“VMS”) deposits. As a result of additional research, development and test work, the broader application of the NVRO Clean Leach Technology to Massive Sulphide (“MS”) deposits are amenable to the Clean Leach Process increasing the commercial and sustainability opportunities for EnviroGold customers.
In addition, the Company has expanded its target metals recovery to include increased recovery of copper and nickel from VMS and MS ore types.
The Company is further developing the ability to remove the iron content from VMS and MS tailings to produce a saleable high grade iron product. The Company is currently in discussions with several potential customers regarding the application of this technology to current and future tailings stockpiles. This technology enhancement has the potential to assist iron ore miners, steel companies and metal trading houses looking for an edge to increase margins and market share.
CEO Statement Chief Executive Officer David Cam stated: “The appointment of Mr. Denysschen, along with the incremental technology developments and metal recovery enhancements, allow EnviroGold to address current and pressing economic and environmental issues to a broader global mining audience, and further establishes EnviroGold’s first mover advantage in this growing sector of the mining and metals market.
Of significance and further to the Company’s ability to extract valuable metals from mine tailings, is the ability to reduce carbon emissions compared to contemporary mining, and reduce the acid mine drainage potential of tailings after treatment with the NVRO Clean Leach Process.”
Customer Engagement EnviroGold has increased its customer engagement activity to align with the availability of the demonstration plant to process customer tailings and the incremental technology developments.
Discussions are ongoing with EnviroGold’s top 11 target customers that contain in excess of 336 million tonnes of mine tailings representing over US$95 billion in-situ metal value providing NVRO with an estimated US$5.1 billion revenue opportunity.
Private Placement The Company has received an extension from the Canadian Securities Exchange allowing it to close its private placement until October 5, 2024. This previously announced private placement is a non-brokered private placement (the “Financing”) for aggregate gross proceeds of up to C$2,000,000. The Financing is in the form of a unit offering of up to 20,000,000 units with each unit consisting of one common share at a price of C$0.05, and one full warrant exercisable at a price of C$0.08 for a term expiring on April 30, 2026. To date, EnviroGold has closed three tranches of the Financing for aggregate gross proceeds of $1,378,734.
About EnviroGold Global EnviroGold is a technology company enabling the global mining industry to monetise valuable metals from mine waste and tailings and reduce environmental liabilities. EnviroGold’s proprietary technology is at the leading edge of demand for precious and critical metals and greater social demand for better environmental outcomes. The Company operates on a technology license fee model with low capex requirements and intends to establish itself as a leading global technology company focussed on shareholder value.
Forward-Looking Statements This news release contains “forward-looking statements” within the meaning of applicable securities laws, including, without limitation, earnings guidance, economic guidance, operational guidance and future capital spending amounts. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.Generally, such forward-looking information or forward-looking statements 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 may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements pertaining to the Company’s expectation to commence processing customer tailings through the plant in the coming weeks, closing an additional tranche of the private placement on or before August 29, 2024, the Company’s discussions with several potential strategic partners and investors introduced by Sequoia and the outcomes of these discussions, products expected to be further developed and commercially released in 2025, any revenue opportunities for the Company, or significant economic and environmental benefits to the Company’s customers, and the Company’s ability to accelerate the world’s transition to a circular resource economy. Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the continued commercial viability and growth in the clean technology and mining waste reprocessing industry; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; the continued development of clean technology and mining waste reprocessing technology; and the continued growth of the Company. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the Company’s inability to accelerate the world’s transition to a circular resource economy, the risks associated with assessing metallurgical recovery rates from mine tailings and waste and related volumetric assessments, the risks associated with the mining and mining waste recycling industry in general; increased competition in the clean technology and waste reprocessing market; the potential unviability of the clean technology and mining waste reprocessing market; incorrect assessment of the value and potential benefits of various transactions; risks associated with potential governmental and/or regulatory action with respect to clean technology and mining waste reprocessing; risks associated with a potential collapse in the value of clean technology and waste reprocessing; and risks relating to the Company’s potential inability to expand its reprocessing pipeline.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
