Medaro Mining Provides Corporate Update
Medaro Mining Corp. (MEDAF) has announced significant strategic changes, including the suspension of all lithium exploration activities for 2025 and discontinuation of its lithium extraction technology development. The decision follows a comprehensive review, citing current market conditions and capital requirements as key factors.
The company will pause exploration across its lithium properties until lithium commodity prices improve or a strategic partner is found. The Technology, developed through Global Lithium Extraction Technologies Inc. joint venture, showed initial promise but requires significant capital investment deemed unsuitable under current market conditions.
Additionally, Michael Mulberry has resigned as CEO and Director, effective immediately. Faizaan Lalani, the company's President and Director, will serve as interim CEO until a permanent replacement is found. The company is now exploring other projects to add to its portfolio while maintaining its existing lithium assets for potential future opportunities.
Medaro Mining Corp. (MEDAF) ha annunciato cambiamenti strategici significativi, tra cui la sospensione di tutte le attività di esplorazione per il litio nel 2025 e l'interruzione dello sviluppo della sua tecnologia di estrazione del litio. Questa decisione è il risultato di una revisione complessiva, che cita le attuali condizioni di mercato e i requisiti di capitale come fattori chiave.
L'azienda metterà in pausa le esplorazioni su tutte le sue proprietà di litio fino a quando i prezzi delle materie prime di litio non miglioreranno o fino a quando non sarà trovato un partner strategico. La tecnologia, sviluppata attraverso la joint venture Global Lithium Extraction Technologies Inc., ha mostrato iniziali promesse ma richiede un significativo investimento di capitale considerato inadeguato alle attuali condizioni di mercato.
Inoltre, Michael Mulberry si è dimesso da CEO e Direttore, con effetto immediato. Faizaan Lalani, Presidente e Direttore dell'azienda, assumerà il ruolo di CEO ad interim fino a quando non verrà trovato un sostituto permanente. L'azienda sta ora esplorando altri progetti da aggiungere al proprio portafoglio, mantenendo i suoi attuali asset di litio per future opportunità potenziali.
Medaro Mining Corp. (MEDAF) ha anunciado cambios estratégicos significativos, incluida la suspensión de todas las actividades de exploración de litio para 2025 y la discontinuación del desarrollo de su tecnología de extracción de litio. La decisión sigue a una revisión exhaustiva, citando las condiciones actuales del mercado y los requisitos de capital como factores clave.
La empresa pausará la exploración en sus propiedades de litio hasta que mejoren los precios de las materias primas de litio o se encuentre un socio estratégico. La tecnología, desarrollada a través de la empresa conjunta Global Lithium Extraction Technologies Inc., mostró promesas iniciales pero requiere una inversión de capital significativa que se considera inadecuada bajo las condiciones actuales del mercado.
Además, Michael Mulberry ha renunciado como CEO y Director, con efecto inmediato. Faizaan Lalani, el Presidente y Director de la empresa, actuará como CEO interino hasta que se encuentre un reemplazo permanente. La empresa está explorando otros proyectos para añadir a su cartera, manteniendo sus activos actuales de litio para oportunidades futuras potenciales.
Medaro Mining Corp. (MEDAF)는 2025년까지 모든 리튬 탐사 활동을 중단하고 리튬 추출 기술 개발을 중단하는 등 중요한 전략적 변화를 발표했습니다. 이 결정은 현재의 시장 상황과 자본 요구 사항을 핵심 요소로 언급하며 포괄적인 검토 후 내려졌습니다.
회사는 리튬 원자재 가격이 개선되거나 전략적 파트너가 발견될 때까지 리튬 자산에 대한 탐사를 중단할 것입니다. Global Lithium Extraction Technologies Inc.의 합작 투자로 개발된 이 기술은 초기에는 잠재력을 보였지만 현재의 시장 조건에서는 부적절한 중대한 자본 투자가 필요합니다.
또한, Michael Mulberry가 CEO 및 이사직에서 사임했습니다, 즉시 효력이 발생합니다. 회사의 대통령이자 이사인 Faizaan Lalani가 영구적인 대체 인물이 찾아질 때까지 임시 CEO로 활동할 것입니다. 회사는 현재 기존 리튬 자산을 유지하면서 포트폴리오에 추가할 다른 프로젝트를 탐색하고 있습니다.
Medaro Mining Corp. (MEDAF) a annoncé des changements stratégiques significatifs, y compris la suspension de toutes les activités d'exploration du lithium pour 2025 et l'abandon du développement de sa technologie d'extraction du lithium. Cette décision fait suite à une révision complète, citant les conditions actuelles du marché et les exigences de capital comme des facteurs clés.
L'entreprise mettra en pause l'exploration de ses propriétés lithium jusqu'à ce que les prix des matières premières lithium s'améliorent ou qu'un partenaire stratégique soit trouvé. La technologie, développée grâce à la coentreprise Global Lithium Extraction Technologies Inc., a montré des promesses initiales mais nécessite des investissements en capital significatifs jugés inadaptés aux conditions actuelles du marché.
En outre, Michael Mulberry a démissionné de son poste de PDG et de directeur, avec effet immédiat. Faizaan Lalani, le président et directeur de l'entreprise, assurera l'intérim en tant que PDG jusqu'à ce qu'un remplaçant permanent soit trouvé. L'entreprise explore maintenant d'autres projets à ajouter à son portefeuille tout en maintenant ses actifs actuels en lithium pour de futures opportunités potentielles.
Medaro Mining Corp. (MEDAF) hat bedeutende strategische Veränderungen angekündigt, darunter die Aussetzung aller Lithiumexplorationsaktivitäten für 2025 und die Einstellung der Entwicklung ihrer Lithiumextraktionstechnologie. Die Entscheidung folgt einer umfassenden Überprüfung, in der die aktuellen Marktbedingungen und Kapitalanforderungen als Schlüsselfaktoren genannt werden.
Das Unternehmen wird die Exploration in seinen Lithium-Eigentümern pausieren, bis sich die Preise für Lithium-Rohstoffe verbessern oder ein strategischer Partner gefunden wird. Die Technologie, die durch das Joint Venture mit Global Lithium Extraction Technologies Inc. entwickelt wurde, zeigte anfangs vielversprechende Ansätze, erfordert jedoch eine signifikante Kapitalinvestition, die unter den aktuellen Marktbedingungen als ungeeignet erachtet wird.
Zusätzlich hat Michael Mulberry seine Position als CEO und Direktor niedergelegt, ab sofort. Faizaan Lalani, der Präsident und Direktor des Unternehmens, wird bis zur Ernennung eines dauerhaften Nachfolgers als interimistischer CEO fungieren. Das Unternehmen erkundet nun weitere Projekte zur Erweiterung seines Portfolios und hält gleichzeitig seine bestehenden Lithiumvorräte für potenzielle zukünftige Möglichkeiten bereit.
- None.
- Suspension of all lithium exploration activities for 2025
- Discontinuation of lithium extraction technology development
- CEO Michael Mulberry's immediate resignation
- Pause in development of existing lithium properties
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2025) - Medaro Mining Corp. (CSE: MEDA) (OTC Pink: MEDAF) (FSE: 1ZY0) ("Medaro" or the "Company") announces that, following a comprehensive strategic review, it has decided to suspend all exploration activities on its lithium projects in 2025 and intends to discontinue the development of its lithium extraction technology. The Company is exploring other projects to add to its portfolio and will seek strategic partners for its existing lithium project portfolio.
Over the past several years, to complement its portfolio of lithium exploration properties, the Company has pursued the research and development of an innovative technology for extracting lithium from spodumene concentrate (the "Technology"), which has been carried out through its joint venture, Global Lithium Extraction Technologies Inc. While the initial test work showed promise, due to the significant level of capital resources necessary to further develop the Technology, and the current market conditions and the industry outlook on the lithium sector, the Company has determined that further investment in the Technology is not in its best interests at this time.
Additionally, the Company has completed an internal review of its exploration plans across its lithium property assets, and after assessing the existing exploration data, logistical realities, and future funding requirements, the Company has concluded that, at this time, it will pause any further exploration activities on these properties, until Lithium commodity prices improve or the Company finds a strategic partner.
The Company believes this shift will allow the Company to optimize its capital allocation, giving it the ability to direct its resources toward initiatives that better align with its strategic objectives while preserving capital for potential future opportunities. However, the Company will continue monitoring the global lithium landscape, and will remain open to opportunities to unlock potential value in its existing property assets. The Company is committed to keeping stakeholders informed and will issue updates regarding any material developments throughout this transition.
The Company announces that Michael Mulberry has resigned as Chief Executive Officer and Director of Medaro, effective immediately. Since joining Medaro in 2022, Mr. Mulberry has played a pivotal role in expanding the Company's lithium portfolio, overseeing key acquisitions and significant advancements on projects such as the Rapide and Darlin Lithium Properties. During his tenure, he fostered essential partnerships and exploration programs that set the stage for Medaro's strategic growth in the battery metals sector.
"We extend our deepest gratitude to Michael for his vision, dedication, and the measurable progress he achieved," commented Faizaan Lalani, President and Director of the Company. "While broader market conditions have influenced our near-term plans in the lithium space, we remain immensely grateful for Michael's work. His leadership and accomplishments have laid a strong foundation for Medaro's continued evolution, and we wish him every success in his future endeavors."
In the interim, Mr. Lalani will assume the role of Chief Executive Officer until a permanent successor is named. The Board and management team will continue to build upon the solid framework established under Mr. Mulberry's guidance as the Company navigates the evolving lithium and battery metals landscape.
On Behalf of the Board of Directors
Faizaan Lalani
Interim CEO, President & Director
About the Company
The Company is a lithium exploration company based in Vancouver, BC, and holds options over the Darlin, Rapide, Lac La Motte and CYR South lithium properties in Quebec. The Company owns the James Bay Pontax Project in Quebec. The Company is a party to a joint venture agreement that engages the Company in the development and commercialization of a new process to extract lithium from spodumene concentrate.
For more information, investors should review the Company's filings that are available at www.sedarplus.ca.
Contact Information
info@medaromining.com
778-837-7191
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the Company's plans to discontinue the development of the Technology and exploration activity on its lithium properties, future capital allocation, and the possibility of future business activity related to the Company's existing lithium properties, are "forward-looking statements." These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-Looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238937
FAQ
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