EVSX Deploys Battery Recycling Capacity Through European Joint Venture to Accelerate Revenue Generation

In a strategic move to bolster its battery recycling capabilities and advance its revenue generation, St-Georges Eco-Mining Corp. has proudly unveiled an exciting joint venture between its subsidiary, EVSX Corp., and the renowned Italian company AraBat SRL. This partnership paves the way for the establishment of an industrial battery processing plant nestled in the picturesque Italian region of Puglia, where AraBat has been making significant strides in the field.

The agreement, which will see its final execution in the first quarter of 2024, outlines the formation of a jointly-owned Italian corporation. This entity will enjoy the benefits of Italian permitting and access to substantial governmental subsidies and financial support designated for recycling operations.

Anticipated to be majority Italian-owned (51%), with EVSX retaining a 49% stake along with ownership of its processing circuit, both partners will have the opportunity to contribute their respective eco-technologies for processing critical minerals concentrate, or 'blackmass,' derived from battery recycling. This contribution will depend on the specific chemical composition of the concentrate available at the time, demonstrating a commitment to sustainability and innovation.

Raffaele Nacchiero, CEO of AraBat SRL, expressed his enthusiasm for this partnership, highlighting its potential to bridge market gaps and construct a circular supply chain that outpaces current competitors. In his words, "This agreement is just the beginning of a great future in the name of sustainability."

AraBat will spearhead the project's location, permitting, and financial support endeavors, while EVSX will provide and upgrade a processing unit to meet Italian certification requirements.

With an initial processing capacity of 10,000 tons annually and an estimated cost of 8 million euros, this collaborative effort promises an eco-conscious and world-class approach to battery recycling. The joint venture will initially collect batteries, processing them at EVSX's Canadian plant in Thorold, Ontario, Canada. Subsidies and net profits accrued from processing Italian batteries at this stage will be earmarked for the joint venture's future operations.

In a visionary leap toward a sustainable future, this venture marks a significant milestone for both St-Georges Eco-Mining Corp. and EVSX, bringing revenue generation to the forefront and opening doors to growth throughout Italy and Europe from their Puglia base. The consortium's unique approach to battery preparation, hydrometallurgy, and pyrometallurgy positions them as pioneers in North America and Europe.

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