Medallion Resources Ltd (CVE:MDL) (OTCPK:MLLOF) said it has appointed Mark Saxon as its president and chief executive with effect from May 25, with current president and CEO Don Lay to transition to a strategic advisor role while remaining on the board of directors.
Saxon previously served as president and CEO at Leading Edge Materials (TSX.V: LEM; OTCQB: LEMIF), a firm focused on the development of the Norra Kärr heavy rare-earth and other European mineral properties, with the company noting that he has “substantial experience in rare earth elements (REE) and other critical raw materials”.
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In a statement, Don Lay said: “There is a tremendous and growing opportunity in the REE industry, and we’re excited to attract someone of Mark’s caliber to lead Medallion Resources during this critical phase. He has been an advisor to the Company for several years and is well-positioned to quickly advance strategic alliances and development plans.
"Given the increased focus of US industry and national defense on achieving secure, transparent and domestic supply chains, Medallion’s activity to establish near term, US-based production of REEs is more appropriate and strategic than ever.”
Mark Saxon added: “Medallion has followed a unique path in the REE business. The Company’s strategy to develop a proprietary scalable and transferable technology that transforms an abundant low-value by-product into a high-value market-ready REE product makes excellent economic sense.
"The strategy delivers Medallion with a first-mover advantage within the US, requires relatively low capital to execute, and focuses on the production of the highest-demand magnetic REEs (neodymium, praseodymium, dysprosium). A monazite by-product can be sourced immediately from operating sites and stockpiles within the US. I look forward to executing for all Medallion shareholders and stakeholders.”
Medallion is focused on developing a proprietary process and related business model to achieve low-cost, near-term, rare-earth element production by exploiting monazite, a rare-earth phosphate mineral that is widely available as a by-product from mineral sand mining operations.
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