We first brought MGX Minerals (CSE: XMG) to the attention of our readers in the summer of 2015. Since then, under the leadership of visionary Jared Lazerson, the company has made some great strides. I liked the company then, and my readers know I like it a lot more and earlier made it a top pick.
Monday’s news release click here demonstrates that the company is taking forward steps to help solve the magnesium/lithium dilemma. The share price rose 20% at the end of close yesterday.
On Monday, Rockstone Research did a report on MGX and the news release – quotes are below:
“Today, MGX Minerals Inc. made an announcement that has the ingredients to change the lithium industry as we know it. MGX and its technology partner, PurLucid, made ground-breaking progress in treating complex brines with high magnesium content. Their technology tested bulk lithium brine samples from a US site with very high magnesium levels (76,000 mg/L): The pre-treatment process successfully removed all of the magnesium to non-detectable levels (<1 mg/L).
This sounds like a game-changer for the lithium and electric vehicle industries because this feat was achieved with a low energy, low cost process under patent and patent pending applications.
For a long time, brines with high magnesium content have been considered of inferior quality and have therefore been largely ignored. MGX now values such brines completely different, because the company may not only remove the magnesium but extract it in a saleable form: Magnesium hydroxide. MGX‘s technology has the potential to make some of the world‘s largest lithium occurences viable for production and change the supply picture of the market. In order to do that, MGX needs to show commercial viability. As announced today: The buildout of the first commercial brine treatment system for rapid lithium recovery is near completion. The first system, called NFLi5, will be ready for deployment next month in November. This unit has a capacity of 120 cubic meter per day, or 750 barrels of water per day. In case the NFLi5 unit shows commercial viability, much larger units will be built and commissioned.
The report continues:
On top of the first petrolithium system to be commerially deployed next month, MGX is also fabricating units only for water treatment (i.e. without the lithium extraction process) for deployment in the Alberta oilfields. Three additional commercial systems are now being built and PurLucid expects to deploy the first unit in late 2017, with subsequent units to be deployed in early 2018. According to today‘s news, MGX is seeing strong interest from petroleum and environmental companies throughout North America for cross applications of technology in water treatment with or without the mineral extraction system. MGX also provided an update on the status of commercial offtake agreements: ‘Lithium chloride recovered from brine has been tested and accepted for upgrade to lithium hydroxide based on previously shipped samples to MGX’s UK based upgrader. Lithium hydroxide is the primary form of lithium used in lithium-ion batteries as an electrolyte. Additional samples were shipped this week to a major consumer of lithium feedstock for evaluation. Negotiations remain ongoing for large volume off take.’
Full report: click here
We look forward to providing you updates on MGX Minerals.
Dr. Kal KoTECHa
We have been compensated by MGX Minerals. We are biased. We encourage you to do your own thorough due diligence.
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