Minnova is an evolving resource development company with an exciting green hydrogen and cleantech innovation strategy to compliment its development-stage PL Gold Mine restart plan.
In addition to expanding gold resources on its PL and Nokomis gold deposits, the Company has established a wholly owned subsidiary, Minnova Renewable Energy, to rapidly develop renewable energy with an initial focus on green hydrogen production and distribution in Manitoba.
Minnova announced an exclusive agreement to acquire up to 100 per cent of the outstanding share capital of DUMA Engineering (2018) Inc. (“DUMA”) on Dec. 13, 2022. The closing of the acquisition of DUMA is subject to a number of conditions and is expected to be concluded by the end of Q2 2022.
Minnova Renewable Energy is rapidly evolving as a green energy production and clean technology company. To accelerate development, site selection discussions are progressing for initial green hydrogen development projects on 3 continents with emphasis on access to low-cost power and feedstock, existing infrastructure, and access to established European and North American markets as well as new emerging markets.
Update on Green Hydrogen Production Strategy
On February 15, 2022, Minnova provided an update on ongoing design and testing of a new generation of gasification technology by DUMA Engineering (2018) Inc. (“DUMA”) in collaboration with leading European Institutes that is capable of producing higher hydrogen content and tar free syngas than existing technologies. Results from level 8 cold test work carried out earlier this year were positive and confirmed different fluid dynamics configuration options. Design and test work is ongoing and is expected to be finalized in the second quarter of 2022. Upon completion of final tests, global patents will be filed to protect this innovative gasification technology in parallel to ongoing commercialization discussions considering both licensing and build-own-operate options.
In addition to supporting the development and commercialization of a proprietary new gasification technology, Minnova Renewable Energy is expanding its research and development efforts to include analysis of biochar derived from pyrolysis to improve environmentally friendly processing techniques to produce graphite and graphene. Biochar already has demonstrated commercial uses ranging from soil enhancement to filtration systems, but more recently offers potential to be a natural source of graphene. The planned research initiative will inform its strategy to maximize green hydrogen production and produce a high quality biochar with potential to be transformed to a commercial renewable graphene product.
The energy sector has come to a turning point. The major countries of the world have made significant long-term commitments to this energy transition with a focus on electrification and zero carbon green hydrogen.
Minnova believes it is well positioned to advance quickly to green hydrogen production via 2 proven, conventional processes (electrolysis and pyrolysis) on a global basis.
In Manitoba, Minnova has access to some of the lowest cost hydro power available anywhere in the world and the province is also well endowed with sustainable forest and agricultural biomass.
The Canadian government has made a significant financial commitment to support the infrastructure required to achieve net-zero carbon emissions by 2050. Federal funding commitments total over C$10 billion (2020/21) to accelerate decarbonatization to develop new clean energy technology and green energy production. This is just the beginning of policy and fiscal stimulus that will ultimately transform all sectors of the Canadian economy.
Manitoba is also committed to new development projects, particularly in northern communities in need of economic development and diversification. In the November 2021, Throne Speech Premier Stefanson confirmed the government's intention to reduce red tape for businesses and foster investment to expand job opportunities for northern and First Nations communities, help get new products to market, and improve access to capital for Manitoba businesses.
Achieving a zero-emission future clearly requires the alignment of all levels of government and industry and this is exactly the current situation Minnova is exposed to in Manitoba with its Minnova Renewable Energy strategy.
PL GOLD MINE
Minnova has completed a positive feasibility study in support of restarting the PL gold mine at an average annual production rate of 46,493 ounces over a minimum five-year mine life. The resource remains open to expansion and future surface exploration work programs will target resource expansion.
The PL gold mine has a short preproduction timeline forecast at 15 months, and benefits from a valid underground mining permit (Environment Act 1207E), an existing 1,000-tonne-per-day processing plant and over 7,000 metres of developed underground ramp to negative 135 metres of depth, and is fully road accessible and close to existing mining infrastructure in the prolific Flin Flon greenstone belt of central Manitoba.
At PL the Company continues to analyse its development and financing options, solicit and consider M&A and is actively seeking additions to management to focus on PL's ultimate re-start. Based on the 2018 Feasibility Study the restart of PL has considerable inherent value at current gold price in the US$1800/oz range (NPV @5% over C$150mln). Beyond the base case Feasibility Study development plan Minnova has successfully demonstrated the resource and reserve expansion potential and vast exploration potential with the last drill hole of the 2021 drill program.
Hole M-21-048x was the biggest step out drill hole in the history of the project and a major technical success intersecting 101.6 g/t Au over 0.5m at targeted down projection of the PL North Upper Zone. (See news release dated May 27, 2021)
Management and Directors
Gorden Glenn, Chairman, President & CEO
Mr. Glenn has over 30 years industry experience in finance as Investment Banking/Mining Analyst and including 9 years as a geologist.
James D. A. White, Director
Mr. White is the Managing Partner of Baynes & White, a Toronto-based pension and benefits actuarial consulting firm.
Brian Robertson, P.Eng., Director
Mr. Robertson has over 30 years experience in corporate management, exploration programs, project management, mine permitting, construction, development and operation as well as the evaluations or corporate acquisitions.
Chris Irwin, LL.M., Interim CFO, Director
Mr. Irwin is President of Irwin Professional Corporation, a corporation providing legal services mainly to the natural resource sector.
Exploration & Development Team
Chris Buchanan, MSc., P.Geo. – Geology
Mr. Buchanan is a senior structural geologist with 20 years of experience specialized in structural controls and alteration assemblages of gold systems.
Minnova Renewable Energy Team
Mario Mantaci, MSc., P.Geo. – Geology
Mr. Mantaci is Professional Engineer and has a master's degree in aerospace engineering and 20 years' experience in aircraft design, ship design and construction, hydrogen filtration, biomass gasification and simulation analysis.
Mr. Sonnessa has a bachelor's degree in Management Engineering with over 15 years' experience in project management, renewable energy systems design, steam reforming and hydrogen production from biomass.
On March 24, 2022, Minnova Corp. announced that it has appointed Kent Newman to its advisory board. Mr. Newman has over 30 years experience in utility scale power including over 20 years at MB Hydro at increasing supervisory levels. Mr. Newman is currently President of AMPS Powerline Incorporated.
On February 15, 2022, Minnova Corp. and Minnova Renewable Energy updated on Green Hydrogen Production Strategy.
On December 30, 2021, Minnova Corp. announced that it has closed a $299,999.96 non-brokered private placement.