Medallion Resources CEO Mark Saxon: REE Processing Technology Could Unlock US Supply
Medallion Resources (TSXV:MDL,OTCQX:MLLOF,FWB:MRDN) CEO Mark Saxon recently joined the Investing News Network to discuss the company’s latest progress in the rare earth elements (REE) space, including his recent appointment as the company’s new CEO.
Saxon has been working with Medallion Resources for years and believes he has a unique opportunity to guide the company through potentially uncertain times moving forward. Because the United States has limited exposure to the REE supply chain, Saxon believes a US-based supplier could radically change the industry while potentially improving America’s economic footing.
Medallion Resources is currently working to develop an REE processing technology capable of taking a low-value feedstock and converting it into a high-value REE product. As the United States continues to work towards resource independence, Medallion Resources is hopeful the company can provide a domestic source of REEs through its technology, leveraging the country’s preference to develop its own resources.
Below is a transcript of our interview with Medallion Resources CEO Mark Saxon. It has been edited for clarity and brevity.
Investing News Network: What have you learned from your first month as CEO of Medallion Resources?
Medallion Resources CEO Mark Saxon: It has been a very interesting transition to the CEO role of Medallion and I appreciate the board providing me with the opportunity to build upon the work of the former CEO Don Lay. While the limitations on travel have created a unique set of challenges, I have been supporting Medallion as an advisor for the past four years and know the people and the corporate positioning very well.
In the last month, I’ve had the opportunity to speak with many current and prospective shareholders and key participants within the North American rare earth element industry on Medallion’s behalf. Following the US-China trade dispute and the global uncertainty of COVID-19, there has been a strong appetite for a US-based REE supplier, and that appetite is putting wind in Medallion’s sails. I believe the company is in the right place at the right time, in a crucial industry.
INN: What originally drew you to the opportunity to lead Medallion?
MS: REEs remain a passion for me after my last role where our team made an important discovery and made rapid progress towards development. It was natural for me to utilize those skills and my industry contacts leading another REE focused company. Medallion has taken a relatively low risk and technology-driven path in the rare earth element industry which I find both interesting and compelling. By applying our proprietary and transferable technology, Medallion can be a first mover in the supply of US domestically sourced magnetic REEs.
The US is poorly placed just at a time when REE-based technology is becoming more essential than ever, and as supply uncertainty from China dramatically escalates. This makes for an exciting time to be leading Medallion and working on solutions for near term REE supply.
INN: What will be your focus for the company moving forward?
MS: Medallion has developed a proprietary processing technology that enables the extraction of REEs from an abundant by-product material, monazite, from mineral sand mining. This means a mine does not need to be built, but instead, we take a widely available low-value feedstock and convert it to a high-value REE product.
Medallion has made excellent technical progress over the past years, and it is now time to increase the scale of our work through pilot plant testing, and choosing a location for the installation of our commercial-scale operation. Furthermore, we are building relationships up and down the supply chain that are essential to the company’s success. Our initial focus is within the US, where raw material security for REEs is low and there is strong interest from government and industry to strengthen supply chains. But we also have our eye on operating in other jurisdictions where monazite is abundant.
Due to the critical nature of the supply chain to industry and defense, we are seeing substantial opportunities for public funding within the US. As Medallion’s technology is well advanced, I believe we are in a strong position to benefit.