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Innovation Metals Corp. Successfully Completes Initial Extraction Rate Test of RapidSX ™ Technology for Separation of Rare Earth Elements

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Innovation Metals Corp. Successfully Completes Initial Extraction Rate Test of RapidSX ™ Technology for Separation of Rare Earth Elements

TORONTO, July 6, 2021 (GLOBE NEWSWIRE) – Innovation Metals Corp. (“BMI“Or the”Business”) Is pleased to announce the successful completion of initial extraction rate tests of its proprietary RapidSX ™ separation technology and to provide an update on the company’s RapidSX commercialization demonstration program and related timelines. A key technical milestone in the commercialization of RapidSX, extraction rate tests quantitatively confirmed the technology’s ability to rapidly extract rare earth elements (“REE”) From an initial REE raw material using a standard extractant, at rates much faster than existing technology.

Reflexes

  1. Successful initial extraction rate tests demonstrated that RapidSX technology is highly effective in extracting REE from solutions, within a range of flow rates;
  2. The design of the RapidSX column for commercial implementation is in the completion stage; other
  3. IMC continues to advance the commercialization of RapidSX technology through proprietary commercial hardware and software capabilities. This innovative dual channel approach will support the successful commercialization of RapidSX for REE separation, while advancing RapidSX non-REE applications.

RapidSX extraction rate test
The extraction rate is an important factor in the final design of the individual columns to be used in the RapidSX-based solvent extraction (“SX“) Circuits, which influence their overall size when implementing the technology for particular applications. Recent tests looked at the effects of flow rate and residence time on the extraction rate of a mixed REE solution.

The results of the initial quantitative test using a standard commercial extractant for REE indicate that the mass transfer rate during operation of RapidSX columns can be at least an order of magnitude higher than that which occurs with the use of mixer-decanter units for the conventional SX extraction of REE from solutions, i.e. at least ten times faster.

President, CEO and Co-Founder of IMC, Dr. Gareth Hatchhe declared, Initial extraction rate test results for current RapidSX columns are very encouraging. Additional pull-rate tests will be conducted in the coming weeks to validate and optimize platform parameters, as IMC finalizes the design of the physical RapidSX hardware for deployment at IMC’s upcoming RapidSX demonstration plant. Additional extraction rate tests will also be used to observe the influence of alternative extractants, which are currently being evaluated using equilibrium isotherm work.

RapidSX column design completion
In addition to initial pull rate tests, IMC has been working to finalize the design of the individual physical RapidSX column assembly to be suitable for commercial deployment. Computational fluid dynamics (“CFD“) Software has been used to model fluid flows and later refine the design of certain components that will be used in the sets of physical columns.

Final column designs for the RapidSX demonstration plant (“Demonstration plant“) They are in the process of being finalized and will be tested in a demonstration scale module prior to construction of the demonstration plant, to empirically confirm efficacy, at IMC’s RapidSX Commercialization Development Facility (“CDF”) In Kingston, Ontario, Canada.

RapidSX technology commercialization
IMC’s ongoing commercialization work for REE raw material processing using RapidSX has now converged to concurrent hardware and software business development. Together, these two initiatives will support the deployment of RapidSX technology on a commercial scale.

  1. RapidSX commercial hardware platform development
    The development of the hardware platform focuses on all the physical hardware necessary for the use of RapidSX technology. This includes the patented RapidSX columns, as well as supporting instrumentation, controls, sensors, piping, pumps, and all other necessary physical equipment.

    Whenever possible, IMC will use the same hardware components in the next Demonstration Plant, as those that will be deployed on a commercial scale. This will allow the company to operate a demonstration plant at the CDF, scheduled to be built and commissioned later this year, that will look and feel like a full-scale commercial facility.

  2. RapidSX commercial software tool development
    Parallel to the RapidSX hardware development work, the IMC technical team is focused on developing a proprietary RapidSX software tool to instruct and control the hardware platform during operation. At the heart of this software tool will be the mathematical model previously disclosed by IMC, which will use the empirical REE extraction and separation data generated by IMC over the last few months, from a number of REE raw materials. Once completed, the integrated software tool will work in conjunction with the hardware platform to provide near real-time adjustments to variations in feed and flow parameters, as appropriate. The same tool will also be responsible for determining the optimal metallurgical flow diagram for specific mixed REE concentrate feedstocks (input) and the specific REE oxides that will be produced (output). This dictates the setup and staging of the RapidSX hardware and controls the hardware platform. The software tool will allow IMC to analyze numerous flowchart scenarios to achieve cost optimization, without the need for costly and time-consuming “wet chemistry” development work.

For more information on IMC’s RapidSX merchandising development, check out the following IMC video: Dr. Hatch Discusses RapidSX ™ Separation Technology Commercialization Development Program.

RapidSX Time to Market
As announced by IMC in February 01 other May 4, 2021, commissioning of IMC’s RapidSX demonstration plant is scheduled to begin late Q3 / early Q4 2021, with a comprehensive and independent techno-economic study and design of a commercial-scale REE separation facility. , both scheduled for completion in the first quarter of 2022. With the anticipated ability to demonstrate the effectiveness of the Demonstration Plant on currently available REE raw materials, IMC expects RapidSX technology to be ready for adoption and commercial implementation in less 12 months (in Q2 / Q3 2022), through revenue-generating licensing agreements with IMC Clients.

About Innovation Metals Corp.
IMC has developed the patented RapidSX ™ process, for the low-cost separation and purification of rare earth elements, Ni, Co, Li and other technology metals, through an accelerated form of solvent extraction. IMC is commercializing this approach for various metals, to help mining and metal recycling companies compete in today’s global marketplace. IMC is a wholly owned subsidiary of Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF).

For more information please visit www.innovationmetals.com or the IMC YouTube channel at www.youtube.com/InnovationMetalsCorp.

About RapidSX ™ Technology
IMC developed RapidSX separation technology with initial assistance from the United States Department of Defense (“US Department of Defense“), Which subsequently resulted in the production of commercial grade separated rare earth oxides (“REOs“) On a pilot scale. RapidSX combines the time-proven chemistry of conventional solvent extraction (“SX”) With a new column-based platform, which significantly reduces completion time and plant footprint, as well as potentially reducing capital and operating costs. SX is the international rare earth element (“REE“) Industry standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of heavy and light REEs. Using chemistry similar to SX Conventional, RapidSX is not a “new” technology, but represents a significant improvement on the well established, well understood and proven conventional SX separation technology preferred by REE producers.

Forward-looking statements
This press release contains projections and statements that may constitute forward-looking statements within the meaning of the applicable regulations of Canada, the United States and other laws. Forward-looking statements in this release may include, but are not limited to, statements about the future plans, costs, objectives, or performance of Innovation Metals Corp. (“BMI“), Or the assumptions underlying any of the above. In this press release, words like May“,”might“,”would do“,”want“,”probable“,”believe“,”suppose“, “Foresee“,”try“,”plan“,”objective“,”estimate“, and similar words and negative forms thereof are used to identify forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are beyond IMC’s control, and which may cause IMC’s actual results, activity level, performance or achievements to be materially different from those of IMC. expressed or implied in such statements. forward-looking statements. Such risks and uncertainties could cause IMC’s actual results and plans and objectives to differ materially from those expressed in the forward-looking information. IMC cannot offer any guarantee that its plans will be completed. This and all subsequent written and oral forward-looking information are based on management’s estimates and opinions as of the date and / or dates made and are expressly qualified in their entirety by this notice. Except as required by law, IMC does not undertake any obligation to update forward-looking information should circumstances or management’s estimates or opinions change.

Contact
Tyler dinwoodie

President and CEO
Innovation Metals Corp.
+1 416 218 2006
info@innovationmetals.com
www.innovationmetals.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/28171a01-2258-41ed-b297-bce48d1d7f36

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