Geomega to receive $3M from Canada's Critical Minerals Research, Development and Demonstration Program

Geomega Resources Inc., a Montreal-based developer of clean and alternative technologies for the extraction, refining and recycling of rare earths and other critical materials, has announced that it will receive $3 million in funding from Canada’s Critical Minerals Research, Development and Demonstration Program (CMRDD), administered by Natural Resources Canada (NRCan), toward the construction of a magnet recycling demonstration plant.

The government of Canada is investing in the development of Canadian critical minerals value chains that will contribute to its goal of being a net-zero carbon emitter by 2050. It says that these critical minerals are essential inputs for renewable energy and clean technology applications such as permanent magnets that are used in wind turbines, electric vehicles, consumer electronics and many more applications.

The nondilutive NRCan funding will contribute to the construction of the magnet recycling demonstration plant in Quebec. Geomega says the facility will be used to demonstrate the economic and environmental benefits and the efficiency of the technology as the company strives to establish a circular economy for rare earth magnets. The company adds that the funding will also help advance the technology development to the pre-commercialization phase, cover costs arising from the detailed engineering work and equipment cost increases.

“Canadian innovators are leading the way towards a cleaner future,” says Canada’s Minister of Natural Resources Jonathan Wilkinson. “Today’s investment of $3 million in Geomega Resources will help to advance the development of a dynamic and competitive critical minerals sector through the development and demonstration of innovative processing technologies. This means good jobs for workers, more investment in Canadian innovation and lower emissions across the country—all part of our plan to build a cleaner Canada and a prosperous, sustainable economy that works for everyone.”

“We are very grateful to the federal government for their support,” Geomega President and CEO Kiril Mugerman says. “Government’s support in moving the Canadian innovations towards commercialization is a major advantage in what is becoming a very competitive global field. The need to develop sustainable technologies to recover critical minerals from secondary sources is very real, especially taking into consideration the 2050 net-zero targets. We are proud to be developing this first-of-a-kind facility to recycle permanent magnets here in Canada. This contribution provides us with the needed funding and support to deliver on our major milestones throughout this year as we move forward with the demonstration plant development.”