Name of the Project
Vanadium recovery project (VRP 1).

Location
For the purpose of cost estimation, the Tahkoluoto port, in Pori, Finland, is the selected location for the
project, with plant offices, administration, ablutions facilities and a laboratory included in the
scope.

Project Owner/s
Emerging battery materials producer Neometals has the option to enter into a 50:50 incorporated joint venture to develop the VRP 1 with Australian mineral development company Critical Metals.

Project Description
The project aims to process and recover high-purity vanadium pentoxide from vanadium-bearing steelmaking by-product generated by SSAB EMEA AB and SSAB Europe Oy, collectively SSAB. A Class 3 engineering cost study (ECS) has confirmed the potential for lowest-quartile operating costs for the project.

This aligns with prior outcomes from the historical Neometals prefeasibility study (PFS).  The ECS envisages an operation with a throughput of 300 000 t/y for total production of 19.01-million pounds, or 8 642 t/y,
vanadium pentoxide. This compares with a throughput of 13.43-million pounds, or 6 091 t/y, vanadium pentoxide in the 2021 PFS.

Potential Job Creation
Not stated. 

Net Present Value/Internal Rate of Return
The 2021 PFS forecast a net present value, at a 10% discount rate, of $230.1-million and an internal rate of return of 31% on a 100% ownership basis, with a payback of about four years.

Capital Expenditure|
Capital costs have increased from $183.4-million in the PFS to $341-million in the ECS on a 100% ownership basis.

Planned Start/End Date
Operations are due start in December 2024.

Latest Developments
As part of the VRP1 evaluation activities, Neometals is finalising a feasibility study, which will include the findings from the ECS.

Key Contracts, Suppliers and Consultants
Hatch (PFS); and Sweco Industry Oy (ECS).

Contact Details for Project Information Neometals, tel +61 8 9322 1182 or email info@neometals.com.au.