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.
