CA - Vanadium Miners News For The Month Of April 2023

2023-04-29 05:30:51 ET

Summary

• Europe vanadium pentoxide spot prices were lower the past 30 days. China and Europe ferrovanadium prices were lower.
• Vanadium market news - Tesla Master Plan 3 says we need 240 TWh of total energy storage for the world to move to become 100% renewable energy.
• Vanadium company news - Neometals to increase holding in vanadium recovery project to 72.5%. Australian Vanadium reports high grade results from infill drilling at the Australian Vanadium Project.
• Technology Metals Australia signs MOU to supply vanadium to Indian battery manufacturers. Vanadiumcorp Resources secures a Québec electrolyte manufacturing site.

Welcome to the Vanadium miners news.

April saw a slower month for vanadium news, but we did get Tesla Master Plan 3. It gives the world a blueprint on how to move to a 100% renewable energy future. A key part of that is stationary energy storage.

Vanadium uses

Vanadium is traditionally used to harden steel. Chinese rebar standards are requiring more vanadium. Also Vanadium Flow Batteries [VRFBs] are becoming increasingly popular especially for commercial energy storage, most notably in China. Vanadium Pentoxide [V2O5] is used in VRFBs and Ferrovanadium [FeV] is used in the steel industry.

Vanadium spot price history

Europe Vanadium Pentoxide [V2O5] Flake 98% 1 year chart - Price = USD 8.50/lb (China price not given)

China and Europe Ferrovanadium [FeV] 80% prices - China = USD 35.50/kg , Europe = USD 33.75/kg

Vanadium demand versus supply

In 2017 Robert Friedland stated : "We think there's a revolution coming in vanadium redox flow batteries...."

An April 2021 Wood Mackenzie report stated :

Global energy storage deployment surged a remarkable 62% in 2020, with 5 GW/9 GWh of new capacity added. This brought the total energy storage market to more than 27 GWh. Furthermore, we expect the global (energy storage) market to grow 27-fold by 2030.

ResearchAndMarkets forecasts VRFBs to grow from US$237.5M in 2022 to US$1,300M by 2030 ( source )

Global VRFB forecast growth by region 2022-2031

CRU forecasts vanadium demand to double by 2032 mostly due to VRFB's ( source ) (As of January 2023)

Large scale global deployments of VRFB's are becoming more common ( source )

Vanadium market news

On April 5 Tesla released their Master Plan 3 . It says we need 240 TWh of total energy storage for the world to move to become 100% renewable energy. 112 TWh of that is for electrification and the rest mostly for stationary energy storage.

For a full analysis of Master Plan 3 Trend Investing subscribers can read:

• Tesla Master Plan 3 Breakdown And Investment Opportunities

Tesla Master Plan 3 - Summary of key requirements needed for the world to move to 100% clean sustainable energy, including electric transportation ( source )

Estimated Resources & Investments Required for Master Plan 3 ( source )

On April 23 Merchant Research and Consulting released :

Vanadium: 2023 World Market Review and Forecast to 2032.

About Vanadium Market

• "more than half of vanadium [V] is mined in China, while China, Russia and South Africa together account for 85% of world mine production
• the main demand for metal is generated by the steel industry, and in recent years there has been an increased interest in vanadium possible application in the production of vanadium redox batteries, however, due to high metal prices, there has been no great activity in this direction
• in recent years, the global vanadium market has come to a certain balance of supply and demand, but in 2020 production decreased, as did the demand, as a result of the crisis caused by the COVID-19 pandemic
• the decline in metal prices has led to renewed interest in researching the production of vanadium redox batteries, any breakthrough in this area will lead to a significant increase in demand for vanadium, which may cause some tightness and again increase in prices
• and yet, in the next couple of years, the steel industry will remain the main driver of the world V market
• in the long term, the situation with global vanadium supply may undergo some changes as a result of additional volumes of metal from spent catalysts entering the market (oil industry)...."

Vanadium miner news

Vanadium producers

G lencore [LSX:GLEN] [HK:805] ( GLCNF )

Glencore is a large vanadium producer, but vanadium production represents only a small portion of their revenue.

On April 21 Glencore announced : "First Quarter Production Report 2023.". No vanadium production details were given.

AMG Advanced Metallurgical Group NV [NA:AMG] [GR:ADG] ( AMVMF )

AMG Vanadium is a leading provider of products and services for the metals, manufacturing, refinery and petrochemical industries. AMG Vanadium produces ferrovanadium and related ferroalloys from spent refinery catalysts using a proprietary pyrometallurgical process. In January 2023, AMG announced plans to build a Vanadium Electrolyte plant in Germany with production expected to start at the end of 2023.

No significant news for the month.

You can view the latest investor presentation here and a Trend investing article here .

Bushveld Minerals Limited [LN- AIM:BMN] ( OTC:BSHVF )

Bushveld is a diversified AIM-listed resources company with a portfolio of vanadium, tin and coal assets in Southern Africa and Madagascar.

On April 12 Bushveld Minerals announced : "Conditional acquisition by VRFB-H of Garnet's interest in Enerox Holdings Limited." Highlights include:

• ".....Bushveld Minerals will hold approximately between 21% and 23% of Mustang with final shareholding interest dependent on the final amount raised by Mustang.
• .....Mustang will own 100% of VRFB-H.....
• The standalone energy storage focused company will be better positioned to attract the appropriate energy storage focused investors and achieve a market valuation that is more reflective of underlying value......
• The sale of Bushveld's interest in VRFB-H to Mustang is an important part of the Group's previously announced process to carve out Bushveld Energy into an independent entity focussed on the VRFB value chain. The carve out is now expected to be completed during the second half of 2023."

Note: VRFB-H refers to Vanadium Redox Flow Battery Holdings.

You can view the latest investor presentation here .

Largo Inc. [TSX:LGO] [GR:LR81] (LGORF)(NASDAQ: LGO )

Largo Inc. is a pure-play vanadium pentoxide producer from their Maracás Menchen mine in Brazil as well as a producer of VRFBs.

On April 18 Largo Inc. announced : "Largo reports first quarter 2023 operational and sales results; Installation of its 6.1 MWh Vanadium Flow Battery and construction of its Ilmenite Plant nears completion." Highlights include:

• "Quarterly V ₂ O ₅ production of 2,111 tonnes (4.6 million lbs ¹ ) in Q1 2023 vs. 2,442 tonnes produced in Q1 2022.....
• Quarterly sales of 2,849 tonnes of V ₂ O ₅ equivalent.....
• Construction of the Company's ilmenite concentration plant progressed as planned in Q1 2023; The Company expects to complete commissioning in Q2 2023 and initiate a gradual ramp up of ilmenite concentrate production in early Q3 2023 as a new by-product of its vanadium operations in Brazil.
• Largo Clean Energy ("LCE") continued with the installation of its 6.1-megawatt hour ("MWh") vanadium redox flow battery ("VRFB") for Enel Green Power España ("EGPE") in Q1 2023 with a majority of the site equipment installed.
• In April 2023, Largo completed its registration to become a member of the Long Duration Energy Storage Council, a global non-profit working group to accelerate the decarbonisation of the world through the acceleration of long duration energy storage.
• LCE and Ansaldo Green Tech ("Ansaldo") continue to explore business opportunities to address the identified needs in the European energy sector. Discussions between LCE and Ansaldo have progressed beyond the stage of a memorandum of understanding ("MOU") to the stage of final agreement negotiations......"

You can view the latest investor presentation here .

Energy Fuels Inc. [TSX:EFR] ( UUUU )

Energy Fuels state they are "the No. 1 uranium producer in the U.S. with a market-leading portfolio", as well as being a small vanadium producer.

No news for the month.

Ferro-Alloy Resources [LON:FAR]

FAR is developing the giant Balasausqandiq vanadium deposit in Kyzylordinskaya Oblast of southern Kazakhstan. FAR state : "The ore at this site has a significantly higher grade than all other primary vanadium extraction sites, which allows for much lower processing costs."

No news for the month.

Western Uranium & Vanadium Corp. ( WSTRF )

Western Uranium & Vanadium Corp. own the Sunday Mine Complex which is an advanced stage mine property consisting of five interconnected underground mines in Colorado, USA.

No news for the month.

Investors can read the latest company presentation here .

Vanadium developers

Neometals [ASX:NMT] ( RDRUY ) ( RRSSF )

Neometals 100% own the Barrambie Titanium Vanadium Iron Project in Western Australia. Barrambie's Eastern Band is one of the highest grade hard rock titanium deposits globally.

On April 6 Neometals announced : "Neometals to increase holding in vanadium recovery project." Highlights include:

• "Neometals' ownership to increase to 72.5% in the Vanadium Recovery Project's incorporated JV company, Recycling Industries Scandinavia AB ("RISAB").
• Critical Metals Ltd ("Critical"), via its subsidiary, will move from 50% to 27.5% ownership of RISAB after contributing A$300k capital on 31st March 2023.
• RISAB is advancing engineering, procurement, equity, and project financing activities to enable consideration of an investment decision by 30 June 2023."

You can view the latest investor presentation here.

Australian Vanadium [ASX:AVL] [GR:JT71] ( OTCQB:ATVVF )

Australian Vanadium is an emerging vanadium producer focused on their Australian Vanadium Project in Western Australia. VSUN Energy was launched by AVL in 2016 to target the energy storage market for vanadium redox flow batteries [VRFBs].

On April 4 Australian Vanadium announced : "High grade results from infill drilling at the Australian Vanadium Project" Highlights include:

• "Results received for 7,283 metres of Reverse Circulation infill drilling at the Australian Vanadium Project.
• The infill drilling program confirms higher vanadium and iron grades and more shallow weathering profiles.
• Best down-hole high-grade zone Reverse Circulation intercepts include: 22ARC025 - 14m @ 1.35% V2O5 from 64m including 9m at 1.52% V2O5 from 65m. 22ARC024 - 19m @ 1.28% V2O5 from 29m including 12m at 1.44% V2O5 from 36m. 22ARC041 - 21m at 1.21% V2O5 from 29m including 11m at 1.47% V2O5 from 36m. 22ARC051 - 15m at 1.35% V2O5 from 25m including 13m at 1.41% V2O5 from 26m. 22ARC015 - 23m at 1.25% V2O5 from 18m including 16m at 1.36% V2O5 from 21m......
• Assay results will inform updated Mineral Resource Estimate and economic updates in 2023."

On April 27 Australian Vanadium announced : "Quarterly activities report period ending 31st March 2023." Highlights include:

Australian Vanadium Project

• "Successful Yugunga-Nya Native Title Aboriginal Corporation site visit undertaken and negotiations progressing.
• Mineral Resource classification upgrade drilling results.
• Wood appointed to undertake pyrometallurgical Early Contractor Involvement.
• Completion of Australian Government co-funded Co-operative Research Centres Project.
• Critical minerals collaboration signed with Neometals.
• Strategic bankable offtake partners being advanced.
• Increase in institutional investment, pursuit of export finance and project equity relationships progressing."

Vanadium in Energy Storage

• "Vanadium electrolyte manufacturing facility site secured in Western Australia."

Corporate

• "Resource Capital Finance initial substantial holder notice lodged and subsequent additional on-market share purchases.
• Cash position of $23.2M as at 31st March 2023."

You can view the latest investor presentation here , or read a Trend Investing CEO interview here .

Technology Metals Australia [ASX:TMT]

The Company's primary exploration focus is on the 100% owned Gabanintha Vanadium Project located 40km south east of Meekatharra in the mid-west region of Western Australia. Technology Metals Australia has combined the high grade, high quality Yarrabubba deposit with the Gabanintha Vanadium Deposit to form the Murchison Technology Metals Project (MTMP).

On April 3 Technology Metals Australia announced : "MOU to supply vanadium to Indian battery manufacturer." Highlights include:

• "Memorandum of Understanding ((MOU)) executed with Delectrik Systems Pvt. Ltd, a fast-growing Indian Vanadium Redox Flow Battery (VRFB) manufacturer.
• MOU covers supply of vanadium raw material from Technology Metals' MTMP to Delectrik in India.
• Indian Government has launched investment of US$4.3 billion towards the country's energy transition.
• MOU also contemplates supply of vLYTE electrolyte to Delectrik for use in VRFBs within Australia.
• Supports the development of the VRFB industry in Australia and represents another key component of Technology Metals' downstream strategy."

On April 19 Technology Metals Australia announced : "Quarterly activities report for the three months ended 31 March 2023." Highlights include:

• "Letter of Interest received from Danish export credit agency, EKF, for potential financing support of around A$150 million for the MTMP.
• Vanadium electrolyte plans progressing with production of high quality battery grade vanadium electrolyte from MTMP feedstock......
• GR Engineering and Iron Mine Contracting engaged as key project partners to work with TMT project team and FLSmidth to advance the Implementation Phase of the MTMP.
• Positive momentum maintained on environmental approvals and Traditional Owner engagement consistent with the Company's ESG philosophy."

You can view the latest investor presentation here .

Tivan Limited [ASX:TVN] (formerly TNG Ltd [ASX:TNG]( TNGZF )

Tivan Limited is an Australian resources company focused on the evaluation and development of its Mount Peake Vanadium-Titanium-Iron project. The Mount Peake Project is located 235km north-northwest of Alice Springs in the Northern Territory of Australia. Tivan Limited is well advanced with a massive $4.7b NPV8%, but relies on titanium and iron with a lower grade vanadium by-product. Tivan 100% owns the Speewah Mining Pty Ltd (from King River Resources Limited [ASX:KRR]) the owner of the Speewah Vanadium-Titanium-Iron project in WA.

On April 5 Tivan Limited announced : "Tivan signs Letter of Intent with renewable energy company Sun Cable for potential power supply to the TIVAN Processing Facility in Darwin."

On April 11 Tivan Limited announced : "Tivan completes acquisition of 100% of the Speewah Vanadium-Titanium-Iron Project in Western Australia."

On April 12 Tivan Limited announced : "Tivan announces TIVAN+ technology pathway, Speewah Project delivery timeline and Pilot Plant roadmap....."

You can view the latest investor presentations here .

Vanadium Resources Limited [ASX:VR8] [GR:TR3]

Vanadium Resources is a junior exploration company established with the purpose of exploring and developing gold zinc, lead, copper and other mineral opportunities. Vanadium Resources owns 74% of a globally significant vanadium project, the Steelpoortdrift [SPD] Project, in Gauteng Province, South Africa.

No significant news for the month.

You can view the latest investor presentation here .

Vanadiumcorp Resource Inc. [TSXV:VRB][GR:NWN] ( VRBFF )

Vanadiumcorp Resources Inc. 100% owns the Lac Dore Vanadium-Iron-Titanium project in Quebec Canada. The Company also has royalties on the Raglan Nickel-PGM mine . The Company is looking to take a vertically integrated approach and is also developing leading process technologies 'VanadiumCorp-Electrochem Processing Technology' and "Electrochem globally patented Electrowinning" technology.

On March 29 Vanadiumcorp Resources Inc. announced :

VanadiumCorp secures a Québec electrolyte manufacturing site..... VanadiumCorp's CEO Paul McGuigan, P. Geo. stated, "We are delighted that our electrolyte facility is now taking shape. VanadiumCorp will be able to plan production for the expanding global market for this key ingredient in long-duration vanadium redox flow batteries. We look forward to a very positive partnership with CIMMS."

You can view the latest investor presentation here.

Richmond Vanadium Technologies Pty Ltd [ASX:RVT]

RVT now owns 100% of the Richmond Vanadium Project. It has a global Mineral Resource of 1.8Bt @ 0.36% Vanadium Pentoxide (V2O5) .

On April 11 Richmond Vanadium Technologies Pty Ltd announced : "Terms of reference for Environmental Impact Statement released." Highlights include:

• "Richmond Vanadium Project's Terms of Reference (ToR) for an Environmental Impact Statement ((EIS)) have been finalised by the Queensland Government.
• Richmond Vanadium Technology to proceed with EIS and seek grant of an Environmental Authority and Mining Lease.
• Specialist environmental consultant Epic Environmental previously appointed to lead development of EIS and assist with associated approvals."

On April 20 Richmond Vanadium Technologies Pty Ltd announced : "Metallurgical sample Drill Program commenced." Highlights include:

• "Metallurgical sample drill program commenced at the Richmond - Julia Creek Vanadium Project.
• All holes will be immediately rehabilitated following drilling.
• Samples will be used for independent confirmation testing of RVT's patented process flowsheet.
• Ore samples collected in this program from starter pit area representing Stage 1 ore to be mined."

Phenom Resources Corp. [TSXV:PHNM] ( PHNMF ) (formerly First Vanadium Corp.)

The Carlin Gold-Vanadium Property hosts one of North America's largest richest primary vanadium deposits, located in Nevada. Its West Jerome project targets a large scale high grade copper and zinc deposit in Arizona. Carlin has a Historic Inferred Resource 28Mt at 0.525% V2O5 (2010 SRK).

No news for the month.

Investors can read the latest company presentation here .

Graphite miners with potential vanadium projects

• Syrah Resources [ASX:SYR] ( SYAAF ) ( SRHYY )
• NextSource Materials [TSX:NEXT]
• DNI Metals [TSXV:DNI] [GR:DG7N]( DMNKF )

Other listed vanadium juniors

• BlackRock Metals (Private)
• Blue Sky Uranium [TSXV:BSK] ( OTCQB:BKUCF )
• Currie Rose Resources Inc. [TSXV:CUI]
• Gladiator Resources [ASX:GLA]
• Golden Deeps [ASX:GED]
• Intermin Resources [ASX:IRC]
• Manuka Resources [ASX:MKR]
• Maxtech Ventures [CSE:MVT]
• New Energy Minerals [ASX: NXE]
• Pursuit Minerals [ASX:PUR]
• QEM Limited [ASX:QEM]
• Sabre Resources [ASX:SBR]
• Strategic Resources [TSXV:SR] ( SCCFF )
• Trigon Metals Inc. [TSXV:TM] ( PNTZF )
• Voyager Metals Inc. [TSXV:VONE][GR:9VR1] ( VDMRF )
• Venus Metals [ASX:VMC]
• Victory Metals [TSXV:VMX]

VRFB companies

• Protean Energy [ASX:POW] [GR:SHE1]
• Enerox GmbH ( 90% Bushveld/ 10% Cellcube Energy Storage Systems)
• Invinity Energy Systems (LSE:IES) ( IVVGF ) ( IESVF )

Conclusion

April saw lower V2O5 prices and lower ferrovanadium prices.

Highlights for the month include:

• Tesla Master Plan 3 says we need 240 TWh of total energy storage for the world to move to become 100% renewable energy.
• Largo Inc. reports quarterly V ₂ O ₅ production of 2,111 tonnes in Q1 2023 vs. 2,442 tonnes produced in Q1 2022.
• Neometals to increase holding in vanadium recovery project to 72.5%.
• Australian Vanadium reports high grade results from infill drilling at the Australian Vanadium Project.
• Technology Metals Australia signs MOU to supply vanadium to Indian battery manufacturer.
• Vanadiumcorp Resources secures a Québec electrolyte manufacturing site.

As usual all comments are welcome.

For further details see:

Vanadium Miners News For The Month Of April 2023