Milford Mining Company Utah and Furnace Japan Announce Strategic Partnership at the Embassy of Japan in the United States to Pioneer Zero-Waste Mining and Critical Mineral Recovery

Milford Mining Company Utah LLC (hereinafter "MMCU") and Furnace Japan Co., Ltd. (hereinafter "Furnace Japan") today announced the signing of a Memorandum of Understanding (MoU) at the Embassy of Japan in the United States of America. This MoU aims to jointly promote the introduction of a next-generation environmentally friendly dry refining process in Utah and the recovery of tungsten and other critical minerals from historical tailings materials.

This collaboration combines MMCU's extensive mining assets, including one of the highest-grade copper mines in the US, historical tungsten deposits, and existing tailings spread across the Milford mining district, with Furnace Japan's proprietary and internationally patented Electric Resistance Furnace (ERF) technology. Both companies aim to significantly reduce environmental impact while creating new value from both primary mineral resources and existing mine waste. They also seek to contribute to rebuilding the Japan-US supply chain for metals essential for electrification, AI data centers, and the defense industry.

**Innovative Alternative to Conventional Mining**

Traditional wet refining processes heavily rely on acid treatment, generating large volumes of tailings. In many cases, large quantities of acid are required to process one ton of raw material, leading to significant logistical, economic, and environmental burdens associated with transportation to remote mines and the safe management of generated waste.

In contrast, Furnace Japan's dry refining approach offers a powerful alternative. This technology primarily uses electricity (approximately 360 KVA per 10 tons) to efficiently process both newly mined ore and historical tailings, eliminating the need for large-scale acid use. Furthermore, the resulting slag byproduct is environmentally harmless and can be reused as a functional material due to its porous structure.

**Promoting Sustainable and Zero-Waste Mining**

Under this MoU, MMCU and Furnace Japan will proceed with the joint development of a pilot plant in Milford, with the goal of introducing a commercial-scale furnace if the pilot is successful. This will enable the recovery of tungsten and other valuable metals from historical tailings, simultaneously acquiring previously unrecovered critical minerals and resolving long-standing environmental issues. This initiative marks a significant step towards transforming waste into valuable resources.

Building on this foundation, both companies plan to gradually expand their operations, extending ERF technology to upstream mineral processing, specifically the primary treatment and refining of newly mined ore.

Moreover, these technological developments can benefit from the rapidly expanding wind and geothermal power generation in the Milford Renewable Corridor, enabling the recycling of existing waste and processing of new ore using green electricity. The utilization of these renewable energies will further reduce the carbon footprint of mining, positioning this project as a model case for sustainable, resource-efficient, and ultimately "zero-waste" mining.

**Strengthening Japan-US Economic Security**

This partnership aligns with the Japan-US framework aimed at strengthening critical mineral and rare earth supply chains and mobilizing private capital. Japan provides world-class processing technology and long-term oriented capital, while Utah offers resources, infrastructure, energy, and a highly trained workforce. This exemplifies an alliance-type industrial partnership that strengthens the national and economic security of both countries.

The MoU between MMCU and Furnace Japan is expected to be a practical milestone towards achieving these goals.

**About Milford Mining Company Utah LLC**

Milford Mining Company Utah is a US mining company operating in Beaver County, Utah, possessing extensive mining assets and focusing on expanding resource development and critical mineral recovery. MMCU is one of the first copper mine restarts in the US in decades, having successfully resumed operations at one of the nation's leading high-grade copper mines and established a production system to meet the rapidly increasing domestic copper demand.

**About Furnace Japan Co., Ltd.**

Furnace Japan is an engineering company specializing in advanced dry refining technologies, including Electric Resistance Furnace (ERF) systems integrated with plasma applications. Its proprietary technology enables the recovery of precious and critical minerals simultaneously with hazardous waste treatment, transforming residues into non-polluting, environmentally safe functional slag. The company's solutions are designed to achieve sustainable resource recovery, promote a circular economy, and ensure advanced environmental preservation.

Furnace Japan executives greeting Utah Governor Spencer Cox
MMCU executives explaining to Ambassador Shigeo Yamada
MMCU and Furnace Japan MoU signing