Name of the Project
Australian Vanadium project.

Location
Murchison province, Western Australia.

Project Owner/s
Australian Vanadium Limited (AVL).

Project Description
The bankable feasibility study (BFS) has confirmed the project as a potential globally significant primary vanadium producer, targeting critical mineral, steel and energy storage.

The project has estimated ore reserves of 30.9-million tonnes grading at 1.09% vanadium pentoxide.

Average vanadium production is estimated at 11 200 t vanadium pentoxide, as a 99.5% vanadium pentoxide high-purity flake and a 900 000-dry-tonne-a-year iron titanium co-product, over a 25-year mine life.

An innovative process flowsheet recovers 90% of vanadium in concentrate using established grate kiln technology, with valuable reductions in gas consumption and carbon dioxide.

The strategic separation of the processing plant from the mine site and concentrator allows for access to competitive natural gas near Geraldton, the local workforce and iron titanium co-product sales opportunities through the Port of Geraldton.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 5% discount rate, of A$833-million and an internal rate of return of 20.6%, based on a $10.50/lb vanadium pentoxide price.

Capital Expenditure
A$604-million in upfront preproduction capital, excluding contingency.

The project has received a government grant of A$49-million, awarded under the Modern Manufacturing Initiative Collaboration Stream, to support the project to production.

Planned Start/End Date
A final investment decision on the project is expected in the fourth quarter of 2022, with construction expected to start in the fourth quarter of 2023, depending on approvals and financing.

Latest Developments
Australian Vanadium hopes to raise up to A$27.5-million to finance work at its namesake project.

The company announced on May 20 that it had received firm commitments from new and existing shareholders for the placement of 425.5-million shares, at 4.7c each, to raise an initial A$20-million.

The shares will be placed in one tranche under the company’s existing placement capacity, and will not require shareholder approval.

Australian Vanadium will also undertake a share purchase plan to raise up to A$7.5-million. Under the plan, eligible shareholders will be able to subscribe for an additional A$30 000 worth of Australian Vanadium shares.

The SPP opened on May 26 and will close on June 16.

The funds raised through the placement and the share purchase plan will ensure that the company remains well funded while it implements the next phases of the development programme for the project.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
AVL, tel +61 8 9321 5594 or email info@australianvanadium.com.au.