Geomega Resources Inc. announce that it is receiving $3 million in funding from the Government of Canada's Critical Minerals Research, Development and Demonstration Program, administered by Natural Resources Canada, towards the construction of the magnet recycling demonstration plant. The Government of Canada is investing in the development of Canadian critical minerals value chains that will contribute to Canada's goal of being a net-zero emitter of carbon by 2050. 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.

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