EVSX Completes Installation of Multi Chemistry Line

Rhea-AI Summary

EVSX, a wholly-owned subsidiary of St-Georges Eco-Mining Corp. (CSE:SX)(OTCQB:SXOOF), has completed installing its multi-chemistry waste battery processing line in Thorold, Ontario. The line has a 10,000-tonne annual capacity and can process various battery types. The facility is moving to final testing before full commissioning expected in January 2025.

EVSX has filed for additional Environmental Compliance Approval (ECA) to process more battery chemistries, receiving Priority Review status. The company already holds an existing ECA and a three-year battery supply agreement with Call2Recycle. The line is one of three automated systems recovering battery metals, steel, aluminum, and other materials with over 95% efficiency.

Additionally, EVSX secured a $356,000 Convertible Debenture financing with a one-year maturity and 25% annual interest, convertible to shares at $0.0625.

Positive

• 10,000-tonne annual processing capacity installed
• Secured three-year battery supply agreement with Call2Recycle
• 95% recycling efficiency rate
• Priority Review status received for expanded ECA
• Secured $356,000 in financing through convertible debentures

Negative

• High 25% interest rate on convertible debentures indicates expensive financing
• Operations not yet commenced, pending final testing and commissioning

MONTRÉAL, QC / ACCESSWIRE / December 24, 2024 / St-Georges Eco-Mining Corp. (CSE:SX)(OTCQB:SXOOF)(FSE:85G1), announces that EVSX Corp, its wholly-owned subsidiary, has completed the installation of its multi chemistry waste battery processing line in its facility located in Thorold, Ontario.

The EVSX battery processing line is now moving to final testing prior to full commissioning. This line, with an annual capacity of 10,000 tonnes and capability to process virtually any type of battery, was previously fully commissioned for testing under the supervision of WSP Group PLC before shipping to Canada. The EVSX engineering team is working closely with the manufacturing engineers to ensure a smooth start-up.

EVSX further announces that it has filed an additional Environmental Compliance Approval ("ECA") submission which will permit the processing of a wider range of battery chemistries, more adapted to the line's capability. The submission was approved for Priority Review by the Ministry of the Environment, Conservation and Parks, a critical step in fast tracking ECA approval.

"We are pleased to announce that the installation of our multi chemistry line is now complete and undergoing final testing prior to full commissioning. EVSX holds an existing ECA which permits us to sort and process various battery chemistries under our battery supply agreement, so it's important to note that the new ECA submission to expand battery chemistries will not impact operational startup expected in January 2025." Commented Mr. Ian C. Peres, Chief Executive Officer of EVSX.

EVSX holds an existing ECA and a three-year battery supply agreement with Call2Recycle, a not-for-profit institution responsible for battery collection across Canada and the United States. Advanced discussions are underway to secure a greater range and volume of battery chemistries in 2025.

This line is one of three highly automated multi-chemistry lines that process waste batteries and recover battery metals (black mass), steel, aluminium, paper and plastics and other materials. There is no acid or similar product used in the process and end products are sold downstream for further processing as fertilizer, feed stock and back to the supply chain, with nothing ending up in waste landfill.

EVSX also announces that it has secured a Convertible Debenture ("Debenture") financing for gross proceeds of $356,000. Each debenture has a one-year maturity and bears a face value of $1,000, with an implicit annual interest of twenty five percent capitalized in advance. Each Debenture is convertible, at the discretion of the holder, into common shares in St-Georges Eco Mining Corp. at an exercise price of $0.0625. EVSX has the option to redeem the Debentures not earlier than ninety days following closing, and upon five day written notice to the debenture holders. Proceeds will be used to fund the installation of the line and for general working capital purposes.

ON BEHALF OF THE BOARD OF DIRECTORS

Neha Edah Tally

Corporate Secretary

About EVSX

EVSX holds three highly automated, multi chemistry processing lines that efficiently process and recover critical battery metal elements, steel, aluminium, plastic and other materials used in battery manufacturing, with annual capacity of 10,000 tonnes each, and an industry leading recycling efficiency rate of over 95%, allowing the battery metals to be reused, other metals such as aluminium and steel repurposed, and waste materials processed downstream for fertilizer and feed stock.

The EVSX plant is ideally situated in Thorold, Ontario (Niagara) within one of the most populated hubs for battery collection and is centrally located covering the largest automotive cluster in North America including Ford, General Motors, Stellantis (formerly Fiat Chrysler Automobiles), etc.

About St-Georges Eco-Mining Corp.

St-Georges develops new technologies and holds a diversified portfolio of assets and patent-pending Intellectual Property within several highly prospective subsidiaries including: EVSX, a leading North American advanced battery processing and recycling initiative; St Georges Metallurgy, with metallurgical R&D and related IP, including processing and recovering high grade lithium from spodumene; Iceland Resources, with high grade gold exploration projects including the flagship Thor Project; H2SX, developing technology to convert methane into solid carbon and turquoise hydrogen; and Quebec exploration projects including the Manicouagan and Julie (CSM) projects on Quebec's North Shore, and Notre-Dame niobium Project in Lac St Jean.

Visit the Company website at www.stgeorgesecomining.com

For all other inquiries: public@stgeorgesecomining.com

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, general business, economic, competitive, political, and social uncertainties, and uncertain capital markets. Readers are cautioned that actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

SOURCE: St-Georges Eco-Mining Corp.

View the original press release on accesswire.com

FAQ

When will EVSX's battery processing facility in Thorold begin operations?

EVSX's battery processing facility is expected to begin operations in January 2025, following final testing and commissioning.

What is the annual processing capacity of EVSX's new battery recycling line?

The new battery processing line has an annual capacity of 10,000 tonnes and can process virtually any type of battery.

What are the terms of EVSX's convertible debenture financing (SXOOF)?

The convertible debenture financing is for $356,000 with a one-year maturity, 25% annual interest, and is convertible to shares at $0.0625.

What materials can EVSX recover from battery recycling?

EVSX can recover battery metals (black mass), steel, aluminum, paper, plastics, and other materials with over 95% efficiency rate.

Who is EVSX's battery supply partner and what is the agreement duration?

EVSX has a three-year battery supply agreement with Call2Recycle, a non-profit organization responsible for battery collection across Canada and the United States.