Geomega Resources: REE Recycling & ISR Technology

Geomega Resources Inc. (TSXV: GMA; OTCQB: GOMRF) is a Boucherville, Québec-based clean technology company developing proprietary rare earth recycling and extraction processes, with a NdFeB magnet recycling demonstration plant under construction at Saint-Hubert, Québec, and a Joint Development Agreement with Rio Tinto covering bauxite residue valorization technology.

Geomega Resources: Company Overview

Founded in 2008 and listed on the TSX Venture Exchange, Geomega Resources operates through its wholly-owned subsidiary Innord Inc., which holds the company’s core intellectual property. The business model targets licensing and royalty income from proprietary separation and recycling technologies rather than conventional mine development. Market capitalisation stood at approximately CAD $45 million as of early May 2026, on trailing revenue of $1.82 million.

President and CEO Kiril Mugerman has led the company since its pivot away from primary exploration toward clean technology. The shift followed difficulty raising capital for the Montviel carbonatite deposit and a strategic decision to pursue near-term revenue from industrial waste streams — end-of-life magnets and aluminium refinery residues — where Innord’s process offers a differentiated, lower-emissions route to rare earth recovery.

Geomega also holds 100% of the Montviel rare earth property in Québec, the largest NI 43-101-compliant bastnaesite resource estimate in North America. The deposit covers 96 mining claims across 5,333 hectares approximately 100 km north of Lebel-sur-Quevillon. Montviel is not in active development; it functions as a strategic asset underpinning the company’s long-term optionality in primary Canadian rare earth production.

Geomega Resources: ISR Technology & Magnet Recycling

Innord’s Separation of Rare Earths (ISR technology) is the company’s flagship process. It is designed to extract and separate rare earth elements from end-of-life NdFeB magnets and magnet production swarf without the organic solvents used in conventional solvent extraction. The closed-loop hydrometallurgical design recovers more than 90% of process acids and water, targeting a material reduction in liquid effluent and greenhouse gas emissions relative to Chinese processing routes.

The primary output is neodymium, praseodymium, dysprosium, and terbium oxides — the four rare earth elements critical to permanent magnet manufacturing for electric vehicles, wind turbines, and defence systems. For context on underlying demand drivers, see the neodymium price and supply chain overview and the rare earth recycling and circular economy analysis.

As at February 2026, the Saint-Hubert demonstration plant had received all long-lead process equipment, with the majority of units assembled and anchored in place. The piping contract for the process area had been awarded, with installation proceeding alongside control system integration. Environmental permitting remained in process. The plant is targeting staged cold and hot commissioning before gradual start-up — the expected timeline to first operation has not been publicly confirmed.

Rio Tinto Joint Development Agreement

In September 2025, Innord signed a Joint Development Agreement with Rio Tinto covering Geomega’s Bauxite Residue Valorization Technology. The JDA includes Rio Tinto purchasing a demonstration licence for Circuit 1 and Circuit 2 of the technology and covers engineering studies that, if successful, could lead to construction of a demonstration plant in Saguenay, Québec.

The financial structure provides Geomega with up to CAD $4.5 million in total potential payments: $1.4 million expected in 2025, $100,000 in early 2026, and a further $3 million contingent on Rio Tinto’s decision to proceed to plant construction. The bauxite residue technology targets recovery of iron, alumina, caustic soda, sodium, calcium, silica, and trace scandium and titanium from aluminium refinery waste — with pilot testwork for Circuits 1 and 2 already validated by Rio Tinto’s technical team as at April 2025.

In December 2025, Geomega secured a CAD $750,000 repayable contribution from Canada Economic Development for Quebec Regions to support a new integrated R&D and piloting facility at Saint-Hubert, consolidating laboratory and pilot-scale infrastructure to support both the magnet recycling and bauxite residue programs.

Geomega Resources in the Western REE Supply Chain

Geomega Resources occupies a distinct position in the emerging Western rare earth supply chain: a recycler and technology licensor rather than a primary miner or chemical processor. Its commercial model — licensing ISR technology to magnet factories generating production swarf in Europe and North America — is designed to scale as Western NdFeB magnet manufacturing capacity grows in response to supply chain policy in the US, EU, and Canada.

The company’s approach contrasts with conventional primary producers such as those profiled in the top rare earth mineral processing companies ranking and differs from integrated processors such as Neo Performance Materials, which processes primary rare earth oxides into advanced materials. Geomega targets the secondary feed stream — post-production scrap and end-of-life magnets — which carries higher rare earth grades than most primary ore bodies. For a broader view of the Canadian landscape, see the top Canada rare earth companies ranking.

Company Snapshot

Price data sourced from Shanghai Metals Market (SMM). Production and corporate data sourced from company press releases and USGS National Minerals Information Center. This profile is for informational purposes only and does not constitute investment advice.