MGX Minerals Provides Revenue Projections for Initial Contracted Wastewater Treatment Systems

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MGX Minerals Provides Revenue Projections for Initial Contracted Wastewater Treatment Systems

MGX Minerals Inc. and engineering partner PurLucid Treatment Solutions ("PurLucid") are pleased to provide the following update on the commercial-scale deployment of its first two contracted wastewater treatment systems.

The first contracted system is now fully manufactured and being commissioned at an oilsands SAGD operation in Alberta to process evaporator blowdown water (EBD) and is expected to be operational shortly. Fabrication and deployment of the second contracted wastewater treatment system are scheduled for June and will also be deployed to an oilsands SAGD operator in Alberta. Both systems are capable of processing 10m3 per hour and upon completion of the test and optimization phase, the customers will pay a fixed processing fee. The Company and PurLucid anticipate generating revenue of C$2.0 million in 2019 during the ramp-up period from the first two contracted operations. Contracts are currently being negotiated for additional wastewater treatment systems and are expected to be finalized shortly.

The Company has issued a total of 520,000 common shares as consideration for services rendered to consultants of the Company. The shares are subject to a four-month hold period. Additionally, the Company has granted an aggregate of 3,825,000 options to certain consultants, directors, and officers. The options are exercisable at a price of $0.39 per share for a period of two years from the date of grant.

Rapid Lithium Brine Extraction Technology

MGX and PurLucid developed a rapid lithium extraction technology eliminating or greatly reducing the physical footprint and investment in large, multi-phase, lake-sized, lined evaporation ponds, as well as enhancing the quality of extraction and recovery across a complex range of brines as compared with traditional solar evaporation. This technology is applicable to petrolithium (oil and gas wastewater), natural brine and other brine sources such as lithium-rich mine and industrial plant wastewater.

Source: PR Newswire