11:55 AM EDT, 10/08/2025 (MT Newswires) -- Geomega Resources ( GOMRF ) shares rose 6.9% Wednesday after it said its wholly owned unit, Innord, entered into a Joint Development Agreement (JDA) with Rio Tinto in connection with Geomega's Bauxite Residue Valorization Technology.

The company said the JDA includes Rio Tinto purchasing a demonstration license for Circuit 1 and 2 of the Technology and covers engineering studies, if successful, that could potentially lead to the construction of a demonstration plant in Saguenay, Quebec. Geomega expects to receive payments totaling $1.4 million in 2025, $100,000 in early 2026 and then $3 million of potential additional payments, if Rio Tinto decides to move forward with the construction of the demonstration plant, for a total of up to $4.5 million.

"Importantly, this partnership highlights the growing demand for sustainable solutions in managing industrial and mining residues," said Geomega chief executive Kiril Mugerman. "In addition to the environmental benefit, recovering valuable critical and strategic minerals develops a reliable and sustainable local supply chain."

Shares of the company were last seen up $0.025 at $0.39 on the TSX Venture Exchange.

Price: 0.39, Change: +0.03, Percent Change: +6.85