ATVVF - Vanadium Miners News For The Month Of January 2023

Summary

• Europe vanadium pentoxide spot prices were slightly higher the past 30 days. China and Europe ferrovanadium prices were higher.
• Vanadium market news - Analysts forecast vanadium prices to increase steadily coming into 2023. Queensland government to build a A$75m vanadium, rare earth processing facility.
• Vanadium company news - AMG Board approves to build a vanadium electrolyte plant in Nuremberg, Germany with production expected to start at the end of 2023.
• Australian Vanadium & Neometals have signed a Term Sheet to investigate opportunities for AVL to purchase and further process the co-product vanadium/iron concentrate from Neometals’ Barrambie Project.

Welcome to the Vanadium miners news.

January saw a slow month of company news but some positive reports for the vanadium market and pricing in 2023.

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 9.00/lb (China price not given)

China and Europe Ferrovanadium [FeV] 80% prices - China = USD 42.50/kg, Europe = USD 36.75/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.

Woodmac forecasts high growth ahead for solar, wind and energy storage

Vanadium demand is projected to surge from now to 2025 ( source )

Global VRFB forecast growth by region 2022-2031

Vanadium market news

On December 29 Investing News reported :

Vanadium market forecast: Top trends that will impact vanadium in 2023......As 2023 kicks off, global demand for vanadium is once again expected to increase, according to CRU, as many industries ? steel, chemicals, aerospace, batteries and more ? are still seeing growth coming out of COVID-19....... In terms of the battery segment, Project Blue expects to see continued commercialization of vanadium redox batteries in its base case. Its current projection is set at more than 35 percent per year growth to 2027, with demand to be driven by China...... CRU is also forecasting continued battery growth in China, with large-capacity additions being almost exclusively within this region...... "Going into 2023 we expect an increase in demand compared to 2022 as some large VRFB projects are expected to begin construction, as well as numerous smaller commercial-scale projects."......In terms of prices, the analysts said they will increase steadily coming into 2023. "This will be off the back of a large forecast of battery capacity with relatively steady demand seen in other sectors," Thomas and Murphy said. "Supply will be able to partially meet this growth in demand, but not completely......"

On January 12 Mining.com reported :

Metals prices could spike with markets so tight, Trafigura says....His comments come as mining executives warn that much more investment is needed to ensure the world has enough supplies of energy-transition metals in the next decade.....

On January 25 PV Magazine reported :

Queensland to build $75m vanadium, rare earth processing facility for burgeoning battery industries. The Queensland government will invest $75 million (USD 53 million) to expand a critical minerals demonstration facility in Townsville - a project it claims will be an Australian first. The facility, slated for operations in 2025.....Originally intended for the processing of vanadium, the Queensland government has expanded its ambition for a critical minerals demonstration facility in Townsville, northern Queensland, broadening its scope to include processing for cobalt, high purity alumina, and rare earth elements....... "Global demand for vanadium in batteries and high-quality steel is expected to outpace supply before the end of the decade," Stewart said. "Queensland has world class, highly economic deposits of vanadium located in accessible marine shale"...... The announcement builds on a broader strategy by the Queensland government to become the hub for battery-related industries.....

Vanadium miner news

Vanadium producers

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

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

No significant news for the month.

AMG Advanced Metallurgical Group NV [NA:AMG] [GR:ADG] ( OTCPK: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.

On January 9 AMG Advanced Metallurgical Group NV, announced :

AMG Advanced Metallurgical Group N.V. announces approval for vanadium electrolyte plant at AMG Titanium......the Management Board has approved to build a Vanadium Electrolyte plant at its subsidiary, AMG Titanium, in Nuremberg, Germany. The target capacity is 6,000 m³ vanadium electrolyte. Basic engineering for the plant was completed in November, with production expected to start at the end of 2023.

You can view the latest investor presentation here and a recent 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.

No news for the month.

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 January 24 Largo Inc. announced : "Largo reports fourth quarter and full year 2022 operational and sales results; Provides 2023 guidance." Highlights include:

• "Quarterly V ₂ O ₅ production of 2,004 tonnes (4.4 million lbs ¹ ) in Q4 2022 vs. 2,003 tonnes in Q4 2021; Annual V ₂ O ₅ production of 10,436 tonnes (23.0 million lbs ¹ ) in 2022 vs. 10,319 tonnes in 2021.
• Quarterly global V ₂ O ₅ recovery of 74.7% in Q4 2022 vs. 76.0% in Q4 2021; Annual global V ₂ O ₅ recovery of 79.1% in 2022 vs. 79.7% in 2021.
• V ₂ O ₅ production in Q4 2022 was largely impacted by a lower quantity of mined material available due in part to the Company's mining contractor transition in September 2022; As a result, the low availability of mined material stockpiles was insufficient to effectively mitigate the impacts of corrective maintenance in November 2022 and heavy rain in December 2022 at Maracás Menchen Mine.
• Quarterly sales of 2,774 tonnes of V ₂ O ₅ equivalent (inclusive of 118 tonnes of purchased material) in Q4 2022 vs. 2,899 tonnes in Q4 2021; Annual V ₂ O ₅ equivalent sales of 11,091 (inclusive of 1,057 tonnes of purchased material) tonnes in 2022 vs. 11,393 tonnes in 2021 and within sales guidance of 11,000 - 12,000 tonnes.
• In Q4 2022, vanadium demand remained steady in the steel and chemical sectors, while the aerospace and vanadium redox flow battery ("VRFB") sectors saw considerable growth; In Europe, average V ₂ O ₅ prices increased approximately 18% to $9.44 per lb at the end of the quarter, and have risen to $10.08 as of January 20, 2023.
• Largo Clean Energy ("LCE") and Ansaldo Green Tech ("Ansaldo") continued their negotiations to form a joint venture for the manufacture and commercial deployment of vanadium redox flow batteries ("VRFB") in the European, African and Middle East power generation markets; The exclusivity agreement between LCE and Ansaldo in accordance with the previously announced non-binding MOU has been extended to March 31, 2023 to allow for the completion of ongoing negotiations.
• The Company progressed with the construction of its ilmenite concentration plant at its Maracás Menchen Mine in Q4 2022......Commissioning to be completed in Q2 2023.
• The Company received 'Company of the Year in the Mineral Sector' for its work in Social Governance from Brasil Mineral magazine and 'Company of the Year' from Companhia Baiana de Pesquisa Mineral ("CBPM"); These recognitions are the result of the Company's dedication to executing on our ongoing Environment, Social and Governance ("ESG") initiatives with the goal of progressing sustainable development at Largo."

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. ( OTCQX: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.

On January 23 Western Uranium & Vanadium Corp. announced :

Western Uranium & Vanadium Corp. announces Utah Processing Plant. Western Uranium & Vanadium Corp. (CSE:WUC) (WSTRF) ("Western" or "Company") is pleased to announce that it has acquired property in the State of Utah to build a state-of-the-art mineral processing plant (the "Facility"). Site and Facility design, as well as permitting, has begun. The Facility will be designed and constructed to recover uranium, vanadium and cobalt from ore mined both from mines owned by Western and ore produced by other miners. Selecting and acquiring the processing site has taken over one year, as the site requires road, power and water infrastructure. The site was also selected based on the support of local municipal and county officials.

On January 25 Western Uranium & Vanadium Corp. announced :

Western Uranium & Vanadium Corp. processing facility update..... Western's mineral processing facility (the "Facility") will complement other planned strategic uses of the Industrial Complex, including a nuclear power plant, oil refinery and inland port facility. It is also an ideal location for a vanadium redox flow battery plant, as substantial amounts of vanadium will be produced from Western's Facility. The Facility is expected to be licensed and constructed for annual production of two million pounds of U3O8 and six to eight million pounds of V2O5. Initial production from the Facility is expected in 2026.

Investors can read the latest company presentation here .

Vanadium developers

Neometals [ASX:NMT] ( OTCPK:RDRUY ) ( OTCPK: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 December 29 Neometals announced : "Vanadium recovery project - Corporate update." Highlights include:

• "Neometals has agreed a short extension of term for its Co-operation Agreement with Critical Metals Ltd.
• Extension allows documentation of new Slag Supply Agreement with SSAB for additional volumes contemplated in a non-binding letter of intent signed during Q3 2022 and revised timetable milestones.
• In parallel, Neometals is negotiating a shareholders agreement to secure its 50% ownership in, and a technology licence to, the Project's special purpose vehicle, Recycling Industries Scandinavia AB."

On January 25 Neometals announced : "AVL: Critical minerals collaboration signed with Neometals." See below.

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 January 25 Australian Vanadium announced : "Critical minerals collaboration signed with Neometals. Western Australian regional vanadium and titanium concentrate processing hub to unlock critical and battery mineral projects." Highlights include:

• "AVL and ASX listed Neometals Ltd (ASX: NMT and AIM: NMT) have signed a Term Sheet to investigate opportunities for: AVL to purchase and further process the co-product vanadium/iron concentrate generated from Neometals' Barrambie Project; and AVL and Neometals to co-locate and/or share infrastructure near AVL's processing plant site.
• Significant vanadium, titanium and iron processing opportunities are expected to flow from the proposed collaboration.
• Development of AVL's Midwest regional concentrate processing hub is anticipated to help unlock critical and battery mineral projects in the region."

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 is studying ("Integration Study") to combine the high grade, high quality Yarrabubba deposit with the Gabanintha Vanadium Deposit to form the Murchison Technology Metals Project (MTMP).

On January 18 Technology Metals Australia announced : "EKF issues financing Letter of Interest Danish Export Credit Agency indicates support for MTMP." Highlights include:

• "EKF Denmark's Export Credit Agency has issued a Letter of Interest including high level terms for potential Danish ECA financing support for the development of the MTMP.
• EKF supports Danish businesses and the export of equipment around the world, and has extensive and positive experience working with FLSmidth, a key equipment supplier for the MTMP.
• The EKF Letter of Interest contemplates support of around A$150 million subject to, among others, customary due diligence, satisfactory documentation and approvals.
• The EKF Letter of Interest is a significant step in the Company's funding strategy with discussions ongoing across a range of Government and commercial sources of finance and funding support."

You can view the latest investor presentation here .

Tivan Limited [ASX:TVN] (formerly TNG Ltd [ASX:TNG]( OTCPK: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.

On January 17 TNG Ltd announced : "TNG receives $1.9m Research & Development rebate....."

On January 23 TNG Ltd announced :

Name change to Tivan Limited. The Board of Directors is pleased to advise that the Company's change of name from TNG Limited to Tivan Limited has been affected following official confirmation from the Australian Securities and Investments Commission. The new name captures the criticality of the Company's minerals, specifically titanium (Ti) and vanadium (Van), the verticality of the Company's mineral processing technology, TIVAN®, and the commitment of the Board to sustainability principles. It is forward facing, culturally appropriate, elemental in design and central to the Company's core mission. New branding for Tivan Limited will be phased in, including the first iteration of the corporate website by the end of the month.....The Company previously reserved the ASX code TVN for Tivan Limited (see ASX announcement: 16 December 2022). The ASX has advised that the code change will be effective as of 25 January 2023.

On January 24 Tivan Limited announced : "December 2022 quarterly activities report." Highlights include:

• "......The Water Extraction Licence Application ("WELA") for the Project has been put on hold pending the outcome of the Project review, following meetings with the Central Land Council ("CLC") and Department of Environment, Parks and Water Security ("DEPWS").
• Notice of termination provided to Gunvor Singapore Pte Ltd in respect of the Life-of-Mine Offtake and Marketing Agreement for 40% of the vanadium pentoxide intended to be produced from the Project.
• Agreement reached with Vimson Group, through its Singapore-based, wholly owned subsidiary V.M. SALGAOCAR & Bro. (Singapore) Pte. Ltd, to extend the Life-of-Mine Offtake and Marketing Agreement for up to 100% of the high purity iron products intended to be produced from the Project.
• The Company's cash position at 31 December 2022 was $5.9 million."

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 news for the month.

You can view the latest investor presentation here .

A comparison of various vanadium projects globally done by Vanadium resources Limited

King River Resources [ASX:KRR]

King River holds 785 square kilometres of mineral leases covering a unique geological feature in the Eastern Kimberley of Western Australia, called the Speewah Dome. The company state on their website: "The focus of King River Copper Limited is the exploration for Gold, Silver and Copper." However their deposits also contain vanadium.

On January 18 King River Resources announced :

Quarterly activities report 31 December 2022. King River continued metallurgical investigations by Murdoch University Hydrometallurgy Research Group to develop an optimised process flow sheet for the Speewah Project to produce high purity V2O5, pigment grade TiO2 and iron metal, by trialing oxidative and reductive roast techniques, including the use of hydrogen as a reductant. King River completed a comprehensive technical background report of its large Speewah Vanadium-Titanium-Iron deposit and has ongoing discussions with a number of potential buyers and/or partners. The Company has also released drill core and concentrate samples to those interested in further assessment with their own studies. Further information will be released if these discussions progress.....The Company's cash position as at 31 December 2022 was $1,164,147

You can view the latest investor presentation here .

VanadiumCorp Resource Inc. [TSXV:VRB][GR:NWN] ( OTCPK: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 December 28 VanadiumCorp Resources Inc. announced : "VanadiumCorp opens a business office in Quebec....."

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).

No significant news for the month.

Phenom Resources Corp. [TSXV:PHNM] ( OTCQX: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).

On January 10 Phenom Resources Corp. announced :

Phenom proposes a return to pure vanadium miner with gold spin-out. Paul Cowley, President and CEO of Phenom, states: "Phenom Resources is moving toward a pure vanadium play with a proposed spinout of its gold assets. The Company intends to focus on resource expansion, engineering and metallurgical studies on our flagship Carlin Vanadium Project in Nevada, as well as other vanadium related opportunities. The Carlin Vanadium project hosts the largest highest grade primary vanadium resource in North America and has a PEA dated May 2020......"

For further details see: