Rare-earth elements (REE) company Medallion Resources has appointed Mark Saxon its president and CEO to lead the company through a “critical” phase as opportunities open up in the industry.
Saxon has substantial experience in REE and other critical raw materials. He was recently president and CEO of Leading Edge Materials, which focused on the development of the Norra Kärr heavy rare-earth and other European mineral properties.
Current Medallion president and CEO Don Lay will transition to a strategic adviser role and remain on the board of directors and an officer to support the future growth of the company.
“There is a tremendous and growing opportunity in the REE industry, and we’re excited to attract someone of Mark’s caliber to lead Medallion Resources during this critical phase. He has been an adviser to the company for several years and is well positioned to quickly advance strategic alliances and development plans,” said Lay.
“Given the increased focus of US industry and national defence on achieving secure, transparent and domestic supply chains, Medallion’s activity to establish near term, US-based production of REEs is more appropriate and strategic than ever.”
Saxon commented in a statement that Medallion’s “unique path" had won it a first-mover advantage within in the US.
“The company’s strategy to develop a proprietary scalable and transferable technology that transforms an abundant low-value by-product into a high-value market-ready REE product makes excellent economic sense. The strategy delivers Medallion with a first mover advantage within the US, requires relatively low capital to execute, and focuses on the production of the highest-demand magnetic REEs (neodymium, praseodymium, dysprosium). A monazite by-product can be sourced immediately from operating sites and stockpiles within the US," he said.
The US is pushing to shift supply chains, particularly in industries critical for national defence, away from China and back to the country. Last week, legislation was introduced to end US reliance on China for REEs.
Medallion, under its employee incentive option plan, has granted 1 750 000 options to officers and consultants to the company at an exercise price of C$.105, for a period of five years.