Vanadium Miners News For The Month Of December 2022

Welcome to the Vanadium miners news.

December saw some recovery in vanadium prices after a poor 2022. It was a quieter month of news from the vanadium companies looking forward to a better 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 8.60/lb (China price not given)

China and Europe Ferrovanadium [FeV] 80% prices – China = USD 38.50/kg, Europe = USD 35.75/kg

Vanadium demand versus supply

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

In 2017, Robert Friedland stated: “We think there’s a revolution coming in vanadium redox flow batteries….”

Vanadium market news

An article missed from last month, on November 17 CRU Group reported:

Battery demand for vanadium from VRFB to change vanadium market….. Though there will be increases for vanadium in steel as well as titanium alloying and non-battery chemicals, it is the vanadium redox flow battery (VRFB) which will see the most change in the vanadium market over the next two decades……The increasing need for storage on the grid will push the balance from nearly non-flow batteries a potential even split by 2040, with total GWh of energy storage rising nearly 10 fold from 2022. The cumulative share of energy storage using VRFB will rise to 7% by 2030, and to nearly 20% by 2040. Though we will see improvements to the ratio of vanadium per GWh, the high intensity of vanadium per GWh of storage means that even a small share in the future is a big deal to the vanadium market. With a current market of ~110 kt V in 2022, the demand for vanadium will double by 2032 owing more than 90% of this growth to VRFBs.

CRU forecasts VRFBs to make up 15-40% of electro-chemical energy storage by 2040 (source)

On November 26, CleanTechnica reported:

Vanadium Flow Batteries could leapfrog over pumped hydro for long duration energy storage. Flow batteries sport a number of advantages compared to lithium-ion batteries, including the ability to restart quickly after being idled for long periods of time……The long duration energy storage angle follows naturally, because the tanks that store the liquids can be sized up or down to meet capacity needs. Flow batteries sport a number of advantages compared to lithium-ion batteries, including the ability to restart quickly after being idled for long periods of time. However, there is also a catch. If the two liquids contaminate each other, the battery degrades or destabilizes.

Vanadium miner news

Vanadium producers

Glencore [LSX:GLEN] [HK:805] (OTCPK:GLCNF)

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

No vanadium related 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 December 22, AMG Advanced Metallurgical Group NV announced:

AMG sells the first commercial LIVA Battery to Wipotec. AMG…..has sold its first commercial industrial battery Hybrid Energy Storage System (“HESS”) to Wipotec, GmbH, a leading global provider of intelligent weighing and inspection technology located in Southern Germany. The HESS battery system is an ecosystem combining Lithium-Ion and Vanadium Redox Flow batteries with artificial intelligence routines and self-learning algorithms to maximize efficiency, safety, and lifetime of the batteries. HESS will be integrated into the facility’s power system.

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.

On November 28, Bushveld Minerals Limited announced:

Conditional sale of interest in VRFB Holdings Limited to Mustang Energy PLC and amendment to terms of the Mustang Convertible Loan Notes. Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer and energy storage solutions provider, is pleased to announce that Bushveld Energy, its 84%-owned subsidiary, has entered into a conditional agreement to sell its entire 50.5% interest in VRFB Holdings Limited (“VRFB-H”) to Mustang Energy PLC (“Mustang”). VRFB-H’s principal asset is a 50% interest in Enerox Holdings Limited (“EHL”) which in turn holds the entire issued share capital of Enerox GmbH (“Enerox”). Enerox is an Austrian-based vanadium redox flow battery (“VRFB”) manufacturer that has invested more than 20 years of research and development into its energy storage system, branded under the name CellCube…..

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.

No news for the month.

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 vanadium related 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.”

On December 7, Ferro-Alloy Resources announced:

Feasibility study update. Completion of drilling programme for 2022. Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, is pleased to announce the completion of drilling for ore body one (“OB1”) and the partial completion of drilling on ore bodies 2, 3 and 4 (“OB2, OB3 and OB4”), following a total of 19,720 metres of drilling undertaken in 2022. Phase 1 Update: The Company has previously announced a resource and a reserve estimate for OB1 of 23 million tonnes, sufficient for a mine-life of more than 20 years for Phase 1 of the project (processing 1 million tonnes of ore per year)…..Phase 2 Update: The drilling programme for OB2, OB3 and OB4, that will support Phase 2 of the project (an additional 3 million tonnes of ore processed per year), has been completed so far as possible……

On December 20, Ferro-Alloy Resources announced:

Balasausqandiq feasibility study update. As previously announced, the drilling programme for Phase 1 of the Feasibility Study has been completed and an updated resource estimate for Phase 1 will be announced during Q1 2023……Metallurgical test-work continues to advance at SGS Lakefield under the supervision of TetraTech. Extraction of vanadium during acid leaching continues to be above expectations with 94-97% vanadium extraction into solution. The test-work programme will also complete subsequent phases of vanadium, uranium, molybdenum and potassium alum extraction stages, and solid liquid separation tests…..The open pit geotechnical drilling has commenced and will continue into 2023…..

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.

No news for the month.

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.

No vanadium related news.

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 December 6, Australian Vanadium announced:

Early contractor involvement appointments for crushing, milling and beneficiation plant. ECI process commencement marks key execution activity for the Australian Vanadium Project.

On December 22, Australian Vanadium announced:

AVL option conversion increases funds. The Company now has $27.3M in cash and is well funded to progress the next phase of the Australian Vanadium Project.

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).

No significant news for the month.

You can view the latest investor presentation here.

TNG Ltd [ASX:TNG] [GR:HJI] (OTCPK:TNGZF) (proposed name change to Tivan Limited)

TNG 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. TNG Ltd is well advanced with a massive $4.7b NPV8%, but relies on titanium and iron with a lower grade vanadium by-product.

On November 30, TNG Ltd announced:

TNG proposed change of name. The Board of TNG Limited (ASX: TNG) (“TNG” or “Company”) is pleased to advise that it proposes to change the name of the Company to Tivan Limited.

On December 12, TNG Ltd announced:

TNG puts water extraction licence application for Mount Peake Project on hold…..Following the Project review, the WELA will either be updated to include new findings in respect of the Mount Peake aquifer and borefield, or withdrawn and resubmitted to reflect revised Project requirements. Further works by the Company’s appointed hydrological consultant, AQ2 Pty Ltd, will continue in parallel.

On December 16, TNG Ltd announced: “Update on Mount Peake Offtake agreements.” Highlights include:

• “Notice of termination has been provided to Gunvor Singapore Pte Ltd in respect of the Life-of-Mine Offtake and Marketing Agreement (see ASX announcement of 15 October 2020) for 40% of the vanadium pentoxide intended to be produced from the Project, given the conditions precedent have not been satisfied.
• Agreement has been 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 (see ASX announcement of 27 July 2020), for up to 100% of high purity iron products intended to be produced from the Project.”

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.

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.

No news for the month.

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 13, Vanadiumcorp Resources Inc. announced:

VanadiumCorp to establish a Vanadium Electrolyte Manufacturing Test Facility…..The Company also reports that the field program at its Lac Doré property near Chibougamau, Quebec, has collected representative titanomagnetite-mineralized samples from historical trenches to commence advanced metallurgical tests…..

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 December 9, Richmond Vanadium Technologies Pty Ltd announced:

Financial report for the year ended 30 June 2022…..The loss of the Company for the year after providing for income tax amounted to $467,583 (2021: $474,976)…..

On December 13, Richmond Vanadium Technologies Pty Ltd announced: “Richmond Vanadium Technology commences trading on ASX.” Highlights include:

• “Richmond Vanadium Technology is an Australian resources company which is advancing its 100% owned Richmond Vanadium Project in North Queensland.
• Richmond Vanadium Technology today commences trading on ASX with the code “RVT” following a successful IPO that raised $25 million (before costs).
• Vanadium is listed by the Australian and US Governments as a “critical mineral” and is poised to play a pivotal role in the commercialization of renewable energy.
• The Company has a clear focus to unlock the potential of its world class Richmond Vanadium Project and deliver greater value through downstream processing in Australia.
• Funds raised will primarily be used to complete a Bankable Feasibility Study and progress approvals for development of the Richmond Vanadium Project.
• The Richmond Vanadium Project is capable of supporting a world class clean green focused vanadium operation for at least 25 years with a Mineral Resource of 1.8Bt @ 0.36% for 6.7Mt V2O5 and Ore Reserve of 459Mt @ 0.49% for 2.25Mt V2O5.”

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).

No news for the month.

Investors can read the latest company presentation here.

Graphite miners with potential vanadium projects

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

Other listed vanadium juniors

• BlackRock Metals (Private)
• Blue Sky Uranium [TSXV:BSK] (OTCQB:BKUCF)
• Gladiator Resources [ASX:GLA]
• Golden Deeps [ASX:GED]
• Intermin Resources [ASX:IRC]
• Maxtech Ventures [CSE:MVT]
• New Energy Minerals [ASX: NXE] (formerly Mustang Resources)
• Pursuit Minerals [ASX:PUR]
• QEM Limited [ASX:QEM]
• Sabre Resources [ASX:SBR]
• Strategic Resources [TSXV:SR] (OTCPK:SCCFF)
• Trigon Metals Inc. [TSXV:TM] (OTC:PNTZF)
• Voyager Metals Inc. [TSXV:VONE][GR:9VR1] (OTC:VDMRF) (formerly Vanadium One Iron Corp.)
• 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) (OTCQX:IESVF)

Conclusion

December saw higher V2O5 prices and higher ferrovanadium prices.

Highlights for the month include:

• CRU forecasts VRFBs to make up 15-40% of electro-chemical energy storage by 2040.
• Vanadium Flow Batteries could leapfrog over pumped hydro for long duration energy storage.
• AMG sells the first commercial lithium-vanadium (“LIVA”) Battery to Wipotec.
• Bushveld Minerals conditional sale of interest in VRFB Holdings Limited to Mustang Energy PLC.
• Australian Vanadium – Early contractor involvement appointments for crushing, milling and beneficiation plant. ECI process commencement marks key execution activity for the Australian Vanadium Project.
• TNG Ltd proposes to change the name of the Company to Tivan Limited.
• VanadiumCorp to establish a Vanadium Electrolyte Manufacturing Test Facility.
• Richmond Vanadium Technology commences trading on ASX, ticker ASX:RVT.

As usual, all comments are welcome.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.