Magnum Mining and Exploration Ltd. is accelerating development of its magnetite mine development and has compressed its project timeline by signing an exclusive green hydrogen supply agreement with AVF Energy Inc.

AVF has agreed to fund and build a commercial scale green hydrogen plant on the Magnum site in Nevada. The firm will produce green hydrogen from waste on a commercial scale for the Magnum steelmaking facility. The agreement provides Magnum with green hydrogen, at a 10% discount to market rates, for the manufacture of ‘green friendly’ Hot Briquetted Iron (HBI) and High Purity Iron (HPI) products for supply to the US domestic steel market and battery industry.

The agreement is on an exclusive basis for the hydrogen supply to the territory of Nevada. Magnum has the right to seek 3rd party hydrogen supply agreements should AVF be unable to meet the delivery schedules and quantities required by Magnum.