The License will be transferred to
NNSR has also entered into an offtake agreement (“Offtake”) with Neo’s affiliate, NPM Silmet OÜ (“Silmet”) that gives Silmet rights to purchase up to 60% of the ore or mineral concentrate produced from the Project once it is in operation. The Offtake enables Neo to secure access to a long-term supply of rare earth materials and to further diversify its global rare earth supply chain. The materials procured under the Offtake will be used as feedstock for Silmet’s rare earth separation facility in Sillamäe,
Silmet intends to produce magnetic rare earth oxides to supply raw materials for a new sintered rare earth permanent magnet manufacturing plant that Neo plans to build and operate in nearby Narva,
The Project hosts a mineral deposit enriched in neodymium and praseodymium -- two essential elements for rare earth permanent magnets. The Project is well situated for future development in that it is located just 60 kilometers from the international airport in Kangerlussuaq, is close to tidewater and a major port facility, and is adjacent to a potential source of hydroelectric power.
The License covers a portion of the large Sarfartoq carbonatite complex that also hosts Hudson’s ST1 rare earth elements project and the Nukittooq Niobium-Tantalum project.
Pursuant to the terms of the Transaction, if within five years from the date of closing of the Transaction (1) NNSR transfers the License, or there is a change in control of NNSR pursuant to an acquisition or merger, then Hudson will receive five percent (5%) of the total consideration received by NNSR in connection with such transfer, or (2) NNSR conducts an initial public offering on a stock exchange (“IPO”), then Hudson will receive five percent (5%) of the fully diluted equity interests in NNSR immediately prior to the IPO.
ON BEHALF OF THE BOARD OF DIRECTORS OF HUDSON RESOURCES
“Jim Cambon”
President and Director
Information Contacts
NEO
SVP, Corporate Development and Capital Markets
(416) 962-3300
Email: a.mahdavi@neomaterials.com
Media Relations
(303) 503-6203
Email: j.sims@neomaterials.com
www.neomaterials.com
info@neomaterials.com
HUDSON RESOURCES
President and Director
778-373-2164
jcambon@hudsonresourcesinc.com
www.hudsonresourcesinc.com
About Neo Performance Materials
Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo’s advanced industrial materials - magnetic powders and magnets, specialty chemicals, metals, and alloys - are critical to the performance of many everyday products and emerging technologies. Neo’s products help to deliver the technologies of tomorrow to consumers today. The business of Neo is organized along three segments: Magnequench, Chemicals & Oxides and Rare Metals. Neo is headquartered in
About
Hudson is an exploration and development company focused on critical metal projects in
Cautionary Statements Regarding Forward-Looking Statements (Neo)
This news release contains “forward-looking information” within the meaning of applicable securities laws in
Cautionary Statements Regarding Forward-Looking Statements (Hudson)
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”.
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to complete the Offering on the terms or on the timeline as announced or at all. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the
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Project Location
Project Location
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