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Everest Metals Corporation (ASX:EMC) has revealed it has received approval from the U.S. Defence Industrial Base Consortium (DIBC) to join.
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This, in Everest’s ideal world, will allow it to collaborate with the U.S. Department of Defence, with a view towards the supply of rubidium – a critical mineral on the USA’s books.
That collaboration, best case, looks like non-dilutive funding. Perhaps a blessing for the illiquidity-troubled stock.
EMC boasts patented Direct Rubidium Extraction (DRE) technology, which the company reports can achieve 97% rubidium recovery. The company’s also got ambitions to establish a commercial pilot plant “by 2026.”
It collaborated with WA’s Edith Cowan University (ECU) to this end.
What appetite exists among the DIBC’s parts to secure rubidium such that they’ll co-fund the project remains unclear, though the metal is used in defence. Particularly when it comes to things like radiation detection, night vision, and even next-gen satellite propulsion systems.
“We are thrilled to join the DIBC, a testament to the strategic importance of our Mt Edon Rubidium Project,” company chief Mark Caruso said.
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Mr Caruso added: “This approval opens doors to collaborate with the U.S. Department of Defence, access non-dilutive funding.”
EMC last traded at around 15.5cps through Thursday morning.
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