Halloysite clay is used in everything from a fire retardant additive to a key material in lithium-ion batteries. The clay is also the most efficient delivery methods for agricultural agents like fertilizers and pesticides.
Last month, Mario Concha was appointed President and CEO of the group , replacing Andre Zeitoun, who resigned on September 9 this year.
"With the largest halloysite mine in the western hemisphere, our goal has been and will continue to be the development and sale of our halloysite clay products into high-value industrial application markets," Concha wrote in a letter to shareholders.
"We believe we are in a position to grow our halloysite clay sales over the next few years. Management has been focused on a number of promising customer projects that we hope will convert to revenue over the near-to-intermediate term. Additionally, we are pursuing several short-term opportunities to address our liquidity needs."
Concha highlighted that earlier this year, the firm hired Sharad Mathur, PhD, formerly of BASF, to be the chief technology officer.
Dr. Mathur is an accomplished inorganic chemist with a great deal of experience working with aluminosilicate clays, he noted.
The firm owns the Dragon Mine in the Tintic District of Utah, stretching over 230 acres and produces halloysite clay under the trade name DRAGONITE and advanced natural iron oxides under the trade name AMIRON.
"We hope to increase the value of the company's equity primarily by continuing to expand the commercialization of our halloysite and iron oxide products. We fully intend to provide shareholders and the marketplace with periodic updates regarding our progress," concluded Concha.
Shares surged 34% in New York to US$0.027.