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Appointment Of Chief Financial Officer
May 16, 2023
Highly experienced financial professional to drive financial outcomes
Australian Vanadium Limited (ASX: AVL, “the Company” or “AVL”) is pleased to announce that it has appointed Mr Tom Plant as Chief Financial Officer (CFO) of the Company with effect from 6th June 2023.
KEY POINTS
- Experienced finance professional Tom Plant appointed as Chief Financial Officer.
- Mr Plant has almost 30 years of experience as a Chartered Accountant and finance professional within mining and financial sectors.
- Key strategic appointment as AVL progresses the Australian Vanadium Project.
CEO, Graham Arvidson comments, “We are delighted that Tom has chosen to join AVL. His experience in project finance and investment evaluation will be of great assistance as we progress the Project. His stewardship of the financial discipline of the Company will ensure that a robust team of people, processes and systems are in place for delivery of successful operations, spanning our mining operations, vanadium electrolyte facility and downstream battery opportunities. We are looking forward to having Tom on the AVL team and the substantial contribution that a CFO of his calibre will bring to the Company.”
Incoming CFO, Tom Plant comments, “I am excited to be joining AVL at a pivotal time for both the Company and the vanadium industry more broadly. The energy transition is accelerating and sufficient large-scale battery storage is a critical supporting element in this process. The Company’s world-class Australian Vanadium Project is uniquely positioned to capitalise on the expected significant role vanadium redox flow batteries will play in delivering the required battery storage capacity.”
Mr Plant is a seasoned finance executive, with almost 30 years of experience in various corporate and commercial roles. He has a strong background in debt and equity funding solutions, investment evaluation and corporate transactions. Mr Plant’s experience in these areas will complement the existing capabilities in the AVL team as it progresses the Australian Vanadium Project.
Mr Plant most recently served as interim CFO at Leo Lithium Limited (ASX: LLL), the developer of the Goulamina Lithium Project in Mali and prior to that, CFO of Firefinch Limited (ASX: FFX). Previous roles have included ten years at global mineral sands and rare earths producer Iluka Resources (ASX: ILU) and various positions in investment banking and professional services with Macquarie Group, Dresdner Kleinwort Wasserstein and Arthur Andersen.
Mr Plant is a Chartered Accountant (CAANZ) and holds an MBA from INSEAD, an MSc (Mineral Economics) from Curtin University, a Bachelor of Commerce from The University of Western Australia and a Graduate Diploma of Applied Corporate Governance and Risk Management from the Governance Institute of Australia.
Interim CFO, Ms Liesl Strachan, will continue to work within the Company on the development of the finance function. We thank her for her leadership in this role.
23 December 2024
QEM’s Julia Creek Vanadium Asset Gets Coordinated Project Status in Queensland
Explorer and developer QEM (ASX:QEM) said on Monday (December 23) that its Julia Creek vanadium and energy project has received coordinated project status from Queensland’s Office of the Coordinator-General.
According to QEM, the declaration will allow the office to facilitate regulatory approvals.
The company has been working for the last 24 months on environmental baselines needed for Julia Creek's environmental impact statement (EIS), and will now start preparing draft terms of reference for the EIS.
“Coordinated Project status is another major milestone for QEM and I welcome the ongoing support from the Queensland Government for new and expanded mining opportunities and high-value industries, particularly in regional Queensland,” said QEM Chairman Tim Wall in the company's press release.
Jarrod Bleiji, deputy premier and minister for state development, infrastructure and planning, said the declaration “is another example of how Queensland is now open for business under the Crisafulli LNP Government.”
Julia Creek is located in Northwest Queensland, where it covers 250 square kilometres. QEM says the asset is “one of the single largest vanadium deposits in the world today.”
Its resource currently stands at 2,870 million tonnes at 0.31 percent vanadium pentoxide (V2O5), with 461 million tonnes at 0.28 percent V2O5 in the indicated category and 2,406 million tonnes at 0.31 percent V2O5 in the inferred category.
A scoping study released on August 27 reveals that the project aims to produce approximately 10,571 tonnes of 99.95 percent pure V2O5 and 313 million litres of transport fuel annually over a 30 year mine life.
The company has said Julia Creek has the potential to create up to 600 jobs over a two year construction period and approximately 588 permanent jobs during its operational phase.
“The dual-commodity nature of our project seeks to address two urgent needs: long-duration energy storage and domestic fuel security,” commented QEM Managing Director Gavin Loyden on Monday.
“The adoption of vanadium flow batteries is accelerating around the world, and Queensland is uniquely positioned to establish a ‘pit to battery’ manufacturing value chain. QEM will expand its participation in this value chain by processing its vanadium pentoxide into vanadium electrolyte for long-duration batteries,” he furthered.
QEM completed a AU$2.76 million capital raise for the project on October 26, with new shares and options issued to support progress on a prefeasibility study.
Construction is slated for early 2028, while a commissioning and operational phase is set for late 2029.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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16 August 2024
Australian Vanadium Gets AU$2.63 Million Government Refund for R&D Work
Australian Vanadium (ASX:AVL,OTC Pink:ATVVF) announced on Tuesday (August 13) that it has received AU$2.63 million by way of the Australian government’s Research & Development (R&D) Tax Incentive Scheme.
The refund amount was granted for R&D completed in the 2022/2023 tax year by Australian Vanadium and Technology Metals Australia, with AU$1.79 million and AU$0.84 million coming from their respective submissions.
The two companies announced plans to merge in 2023, and completed the transaction earlier this year.
Australian Vanadium is currently advancing its Western Australia-based Australian Vanadium project, which it says is one of the most advanced vanadium projects globally. It also has a wholly owned subsidiary called VSUN, whose efforts are centred on developing the Australian market for vanadium flow batteries for long-duration energy storage.
In its latest quarterly activities report, released on July 31, Australian Vanadium said the first phase of an optimised feasibility study for the Australian Vanadium project has been completed. With the second stage now in progress, the company's goals include finalising a detailed mine plan and optimising project infrastructure.
Australian Vanadium is also looking to complete layout and design criteria for an upstream crushing, milling and beneficiation plant at Gabanintha and a downstream processing plant at Tenindewa.
Earlier this month, on August 6, the City of Greater Geraldton's council lent its support to a local planning scheme amendment that proposes to rezone the site of Australian Vanadium's Tenindewa facility.
“Obtaining support from the Council advances our efforts to finalise approvals of our project and serves as a strong endorsement of the Company’s plan to become a fully integrated vanadium flow battery provider, from vanadium products and electrolyte manufacturing to the batteries themselves, all within Western Australia,” the company said.
The Australian government's R&D Tax Incentive Scheme is described as a self-assessment that “encourages companies to engage in R&D benefiting Australia by providing a tax offset for eligible activities.”
Included in the scheme’s requirements are AU$20,000 in notional deductions this income year.
“If your eligible R&D expenditure is less than AU$20,000, you can still apply for the offset. However, you must use a registered Research Service Provider to conduct your R&D,” an online explainer reads.
“For R&D entities with aggregated turnover of less than AU$20 million, the refundable R&D tax offset is your corporate tax rate plus an 18.5 percent premium."
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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14 August 2024
Vanadium Market Update: H1 2024 in Review
Vanadium saw a price bump in January on hopes that China's property sector would prop up demand, but that positivity began to erode during the first half of the year as consumption remained weak.
Willis Thomas, head of CRU+, said that in January prices were 5 percent higher than December’s average, reaching 91,167 renminbi per metric ton (MT) delivered at place (DAP), or US$12,766.16.
“However, since this pre-New Year’s bump, policies introduced this year have so far failed to revive demand in the property sector, and the downward trend on pricing has continued along with structurally weak demand for finished long steel products,” he told the Investing News Network (INN) via email.
By June, a sharper-than-expected drop in China's rebar production, which fell by 12 percent year-on-year in Q1 and 13 percent year-on-year in Q2, had exacerbated vanadium's price declines. Growing battery-related demand wasn't enough to offset the losses experienced in steel applications, which make up nearly 90 percent of vanadium usage.
“Generally, the price of vanadium is very low compared to recent historical periods,” said Thomas.
By June, Chinese vanadium pentoxide was averaging just 82,312 renminbi DAP (US$11,526.19).
Lower Chinese vanadium demand stalls price growth
Global vanadium production contracted slightly in 2023, slipping from 102,000 MT in 2022 to come in at 100,000 MT, according to the US Geological Survey's latest information on the critical metal.
The report states that vanadium redox flow batteries (VRFBs) are becoming increasingly significant for large-scale energy storage, particularly in supporting renewable energy projects aimed at reducing carbon emissions.
Global installations of VRFB projects are on the rise, with analysts predicting that the VRFB market will account for about 17 percent of vanadium consumption by 2033, up from just 3 percent in 2021.
However, while the VRFB market's growing need for vanadium will be helpful in the future, Thomas said weak demand in the steelmaking sector, where vanadium is used as a strengthener, is weighing on the metal now.
“It was not surprising to see rebar production numbers fall in China, but it was surprising by how much," he said, noting that back in December declines for Q1 and Q2 were projected at 6 percent and 5 percent, respectively.
Vanadium prices could improve in H2 as China's new rebar standards go into effect in September.
“The new regulations will shift standards from recommendatory to mandatory. They will also adjust standards of tolerance, smelting, properties, package and implement stricter requirements on rebar quality,” states a July report from Fastmarkets. The firm said the regulations are expected to lead to increased demand for vanadium nitrogen and silicomanganese amid a push for developing high-quality steel.
“For example, the tolerance for rebar with diameters of 6-12 millimeters (mm) is 5.5 percent in 2024 standards, compared with 6 percent in the 2018 version. The tolerance for rebar with diameter of 14-20 mm is 4.5 percent, compared with 5 percent in the 2018 version,” the firm continues in the article.
During the first half of 2024, Chinese rebar consumption slipped to 102.35 million MT, an 11.7 percent decline from the same period in 2023, when 115.92 million tonnes were used.
Battery demand growing, but still far outpaced by steel
While battery demand growth is seen supporting vanadium prices in the coming years, some of that potential may be eroded as different battery chemistries vie for dominance in the market.
According to the International Energy Agency's 2024 Global Critical Metals Outlook, the battery storage market experienced significant growth in 2023, with global installed capacity surpassing 85 gigawatts. This growth was driven mainly by China, the EU and the US, which together accounted for nearly 90 percent of capacity additions.
China led the market, making up 55 percent of the new global additions, primarily through utility-scale projects paired with solar and wind. The majority of the US’ new capacity was made up of utility-scale systems, while the EU saw rapid growth in behind-the-meter storage, especially in Germany and Italy.
Of this new capacity, lithium-ion batteries — particularly lithium-iron-phosphate batteries, known as LFP — make up the largest share, representing 80 percent of storage systems. This dominance reflects their increasing use due to lower costs and better performance for frequent charging and discharging.
The report goes on to note that lithium-ion batteries remain key for short-duration storage, while alternative technologies like vanadium flow batteries are being developed to diversify energy storage solutions.
“Lithium-ion batteries’ role in fuelling the growth of the EV industry remains unchallenged in the near term,” the International Energy Agency explains. “Alternative technologies such as sodium-ion batteries and vanadium flow batteries begin to take some shares from lithium-ion batteries in low-range vehicles and storage markets, but they do not materially alter the prospects for lithium demand in climate-driven scenarios.”
Thomas also expects to see continued growth in the energy storage sector, which will benefit vanadium.
“Battery-related demand has seen increases, with 2024 looking to be another record-breaking year for this sector — but growth in this sector has not offset the loss of steel-related demand," he emphasized.
What factors will move the vanadium market in 2024?
If forecasts for increased rebar demand and energy storage applications are correct, the vanadium market will need to increase production, a point the US Geological Survey makes in its vanadium overview.
However, escalating tensions between the west and China, as well as Russia, could impact access to supply. China and Russia are the first and second largest producers of vanadium globally.
“New supplies of high-purity vanadium pentoxide needed for VRFBs are expected to come from existing producers or early-stage development projects,” the organization's report on the battery metal states.
As the US looks to build its domestic supply chains for critical minerals, the country could look to the Gibellini vanadium project in Nevada. The site is owned by Nevada Vanadium, a subsidiary of Silver Elephant Mining (TSX:ELEF,OTCQB:SILEF), and has garnered attention from the Biden administration.
“The Gibellini project, located in Eureka County, Nevada, will help provide the critical mineral vanadium, which is an important component in lightweight steel and has the potential to increase the life and reduce the cost of batteries when used in utility-scale wind and solar projects,” an April press release from the White House states.
“This was the first primary vanadium mine to be permitted in the United States.”
Elsewhere, fresh supply could come from an unexpected source.
In June, Kazakhstan began producing mixed vanadium oxides, aiming to supply the growing battery market and support green energy efforts. A facility in the Kyzylorda region is reportedly able to produce over 30 MT of the material on a monthly basis using local raw materials and advanced technologies.
Kazakhstan's Ministry of Science and Higher Education is said to be exploring partnerships with battery producers VRB Energy and Invinity Energy Systems (LSE:IES,OTCQX:IESVF). These moves are part of a broader strategy to leverage the nation’s critical raw materials, including vanadium and lithium, for the green energy transition.
Despite the potential growth the vanadium sector is expecting over the next decade, Thomas warned that there is still plenty of volatility in the market. In his view, it's not yet clear if the bottom is in.
“Vanadium capacity is being curtailed currently, but there may still be some room left for prices to fall. If steel-related demand continues to fall, as expected in Q3, then vanadium prices are likely to be flat to negative," he said.
Chinese rebar production is projected to see a 5 percent year-on-year increase in Q4, “which along with continued battery related demand may support prices near the end of the year,” Thomas said.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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06 August 2024
Velox Announces ASX Dual Listing, Gets Vanadium Project Support from Queensland Government
Exploration-stage Velox Energy Materials (TSXV:VLX) publicized plans to dual list on the ASX in a press release shared on August 2, saying it's aiming to raise AU$8 million to AU$10 million in the process.
The vanadium-focused company also said it has secured a "cornerstone investment" commitment from the QIC Critical Minerals and Battery Technology Fund, which is managed and administered by QIC.
“With our flagship North Queensland Vanadium Project (NQVP) and Kotai Hydrogen Project both based in Australia, it is logical that we would seek to gain further exposure to Australian investors via a proposed dual listing on the ASX,” Simon Coyle, president and CEO of Velox, commented in last week's announcement. “We are extremely excited to have a QIC-managed fund as a cornerstone investor in the proposed dual listing capital raise.”
QIC is owned by the Queensland government and is one of the largest institutional investment managers in Australia. Its investment will come to AU$4 million to AU$5 million and will be used to help progress the NQVP.
“Up to two million tonnes of vanadium is required for battery storage to decarbonise industries and communities globally under 2050 net zero targets, while total global production in 2023 represented approximately five percent of this figure,” noted Allison Hill, QIC's state chief investment officer. She added that this deficit showcases the opportunity that companies like Velox have in harnessing in the next critical minerals boom in Queensland.
Should Velox receive in-principle approval from the ASX, it intends to lodge a prospectus with the Australian Securities and Investments Commission in the third quarter of this year.
The planned AU$8 million to AU$10 million in funds will be used to further feasibility studies and pre-production activities for the NQVP, and for continued investment and support of the Kotai hydrogen project.
The NQVP covers 1,246 square kilometers in Northwest Queensland. It is located along the Flinders Highway between Julia Creek and Richmond, where vanadium exploration has been receiving strong support from the government.
At Kotai, Velox is working with experts from Perth's Curtin University to investigate the feasibility of using sodium borohydride as "a 'safe carrier' of hydrogen that can be deployed on demand wherever it is required.”
Velox also holds the Lake Pierre lithium project in Eastern Québec, Canada.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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18 July 2024
Strategic Resources Engages Lead Bank for its Construction Financing Package
Strategic Resources Inc. (TSXV: SR) (the "Company" or "Strategic") is pleased to announce that it has engaged Societe Generale to lead the project financing debt package to fund development of the project. The Company has initiated work with Societe Generale to put together a senior debt package for the BlackRock project in Québec. The Company is targeting an approximately US$300 million senior debt financing package to fund the US$470 million initial capital that was outlined in its Phase 1, four million tonne per annum, Iron Pelletizer Pre-feasibility Study(1). Post the completion of the debt financing, the Company will work with existing shareholders and other groups to bring together a full funding solution for the construction of the BlackRock project.
Sean Cleary, CEO commented: "Societe Generale is an established leader in the project financing space and Strategic is excited to work on this process with them. This is a significant step on the path towards supplying Canada's steel industry with the high purity iron metallics necessary to operate new environmentally friendly electric arc furnaces that are under construction today. Strategic Resources will help supply the green steel movement that is now well underway."
Strategic has also completed a request for proposal process on the next phase of engineering work for the Phase 1 iron pelletizer. The Company has shortlisted potential candidates and plans to announce its preferred independent engineering choice in Q3 2024.
Strategic has made considerable progress in sourcing direct reduction grade iron feed material for the iron pelletizer. These negotiations are ongoing and Strategic expects to conclude definitive supply agreements by Q4 2024.
Notes: | |
(1) | The non-National Instrument 43-101 Pre-feasibility Study described above is an independent economic scenario from the BlackRock National Instrument 43-101 Feasibility Study ("FS"), which was effective on November 18, 2022. Details for this scenario were outlined in the Company's March 12, 2024 news release and further clarified in the July 12, 2024 news release. The Project will not exploit any of the Company's own mineral reserves and will rely on merchant third-party iron feed. It is possible that the full BlackRock Project as was described in the FS could benefit from the Project infrastructure in the future, but the potential benefits are unknown at this time. |
About Strategic Resources
Strategic Resources Inc. (TSXV:SR) is a critical mineral exploration and development company focused on high-purity iron and vanadium projects in Canada and Finland. The Company is developing its flagship BlackRock Project, which is a fully permitted and ready to construct mine, concentrator and metallurgical facility located at a seaport in Québec with full access to the St. Lawrence Seaway. The Company's Head Office is in Montreal, Québec.
Further details are available on the Company's website at https://strategic-res.com/. To follow future news releases, please sign up at https://strategic-res.com/contact/.
Follow us on: Twitter or Linkedin.
STRATEGIC RESOURCES INC.
Signed: "Sean Cleary"
Sean Cleary, CEO & Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the size of a senior debt package, the initial capital amount to build the Phase 1 iron pelletizer, timing of the senior debt package, timing for selecting independent engineers for the next phase of engineering and concluding negotiations for direct reduction iron pellet feed. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or "projected" or variations of those words or statements that certain actions, events or results "will", "could", "are proposed to", "are planned to", "are expected to" or "are anticipated to" be taken, occur or be achieved.
Although management of the Company believes that the assumptions made and the expectations represented by all forward-looking statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. Strategic does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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17 July 2024
Vecco Vanadium and Critical Minerals Site Gets “Coordinated Project” Status
Queensland Coordinator-General Gerard Coggan has declared the AU$798 million Vecco critical minerals asset a “coordinated project,” paving the way for the environmental approval process.
Coggan made the announcement in a July 11 release, saying that Vecco Industrial, the owner of the property, will be required to produce an environmental impact statement (EIS) for the project.
Vecco is a greenfield site that Vecco Industrial plans to develop into a mine that will produce vanadium pentoxide, high-purity alumina and molybdenum trioxide. Located in Queensland’s Critical Minerals Zone, the project spans 3,534 hectares and is approximately 70 kilometres north of Julia Creek and 515 kilometres west of Townsville.
According to an initial advice statement submitted by Vecco Industrial in May, the project aligns with various state and federal critical minerals initiatives. All three metals to be produced are on Australia's critical minerals list.
Once in production, Vecco's processing plant will produce up to 8,000 tonnes of vanadium annually, along with 4,000 tonnes of high-purity alumina and 600 tonnes of molybdenum. Its mine life is set at 17 years.
A project overview shared by the Queensland government also specifies that Vecco is projected to open a total of 574 job opportunities, divided between the construction (300) and operational (274) phases.
Once processed, the mineral products will be packed as dry reagents and sent to Townsville. After that, downstream processing into battery electrolyte will take place, or the material will be sold to domestic or international markets.
The maximum disturbance area of the project, including contingency and buffers, is approximately 1,726 hectares.
“Infrastructure will be developed on an as-needed basis to avoid unnecessary clearing where possible,” states an overview of Vecco on the EPBC Act's public portal. Remnant vegetation is expected to be impacted.
“None of the potentially affected vegetation communities are listed as threatened under the EPBC Act,” it adds.
The project’s potential direct and indirect impacts will be fully assessed during the EIS process. The draft terms of reference are being prepared as of writing, with submission expected by Vecco Industrial in late 2024.
Should the Vecco project obtain the necessary approvals, construction and operation of the asset will begin in 2025 and 2026, respectively. The proposed mine life is about 27 years, including construction, operation and rehabilitation.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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