Applied Minerals Receives Purchase Order for Its DRAGONITE Halloysite Clay for Oilfield Application
EUREKA, March 22, 2022 - Applied Minerals Inc. (the "Company" or "AMI") (OTC:AMNL), a leading producer of halloysite clay and natural iron oxides for high-value industrial applications, is pleased to announce it has received an initial purchase order for $270,000 from a customer for its DRAGONITE halloysite clay product for use in a downhole oilfield application.
Halloysite has been shown to improve the performance of a range of oilfield applications. The uncertainty in the energy markets experienced during 2020 delayed the commercialization of a number of oilfield-related products developed around the Company's DRAGONITE halloysite clay. In light of the improved oil and gas market, management believes these oilfield-related products will gain commercial traction.
The Company looks forward to providing additional business updates in the future.
About Applied Minerals, Inc.
Applied Minerals Inc., the owner of the Dragon Mine property in Eureka, UT, is a producer of halloysite clay and natural iron oxides. Halloysite is aluminosilicate clay that possesses a naturally formed tubular structure. The Company markets its halloysite clay and iron oxide products into a number of high-value application areas including, but not limited, catalysts and molecular sieves, polymer reinforcement, flame retardant additives, controlled release, construction products and lithium-ion battery minerals. Applied Minerals sells its halloysite products under the DRAGONITE trade name its iron oxide products under the AMIRON trade name.
Safe Harbor Statements
The following are safe harbor statements under the Private Securities Litigation Reform Act of 1995 for Applied Minerals Inc. Some statements contained or implied in this news release may be considered forward-looking statements, which by their nature are uncertain. Consequently, actual results could materially differ. For more detailed information concerning how risks and uncertainties could affect the Company's revenue pipeline, please refer to Applied Minerals' most recent annual and quarterly reports filed with the SEC. The Company assumes no obligation to update any forward-looking information.
Investor Relations Contact:
Christopher Carney
President and CEO
info@appliedminerals.com
SOURCE: Applied Minerals Inc.
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