Canadian microcap Medaro Mining Corp is aiming to spin out and separately list its 60% stake in Global Lithium Extraction Technologies, leaving it to focus on lithium exploration in Quebec.
Medaro, listed on Canada’s secondary Canadian Securities Exchange (CSE) and the New York over-the-counter (OTC) market, said earlier this month it had filed provisional patents on its spodumene processing technology. It claims the technology, in development for about two years, has the potential to cut spodumene processing costs by 30-50%.
It said in March it had narrowed its search for an initial pilot plant location to Tennessee, North Carolina and Georgia in the US.
“The technology utilises a combination of physical and chemical steps to extract both lithium and aluminium from spodumene with high efficiency and low environmental impact,” the company said.
“It will rapidly manufacture high-purity lithium carbonate and/or lithium hydroxide monohydrate from spodumene concentrates with widely varying Li2O contents [and] only requires three feedstock materials: spodumene concentrate, carbon dioxide and water.”
Medaro said it would offer its investors shares in “spin-co” and aim to complete a non-brokered equity placement to inject some funding into the fledgling tech firm.
Medaro also has a uranium exploration property in Saskatchewan’s Athabasca basin.
The company has a current market value around C$10 million. Its share price has fallen 50% year-to-date.