Richmond Vanadium Technology (ASX:RVT) has extended by 6 months the completion of a Bankable Feasibility Study (BFS) for its wholly owned 1.8 billion tonne Richmond – Julia Creek Project in Queensland.
The $57.67 million market capitalisation company says the BFS is now scheduled for completion in the June quarter 2025, with regulatory approvals and a final investment decision expected in September 2025.
Richmond reports the extension follows a detailed review of initial results from all work programs related to the BFS and the current vanadium market.
Several internal and external factors which have led to the extension include expected delays include securing essential services (power, water, reagents, transport etc); additional mineralogical and metallurgical testwork; further infill drilling; refining of the process flowsheet; and current vanadium market dynamics.
According to Richmond, the vanadium market is touted to grow ‘significantly’ from 2026 onwards driven by the global adoption of flow batteries for long duration energy storage.
Managing Director Jon Price says the company is focused on contributing to the creation of a new industry for Australia.
“Richmond Vanadium Technology is focused on contributing to the creation of a new industry for Australia, the development and global implementation of vanadium redox flow batteries.
We need to ensure we have the technical, ESG and financial assessments capabilities, as well as the expected rise in vanadium price to take advantage of the forecast growth in demand for grid-scale energy storage in 2026 and beyond.
RVT has a strong balance sheet and is fully funded up to an investment decision next year. We look forward to keeping all stakeholders fully informed as we progress the BFS and approvals according to this updated timeline.”
The company notes key elements of the study begun in June 2023 with the appointment of DRA Global as the engineering services consultant and Epic Environmental as lead consultant to deliver an environmental impact statement (EIS).
Terms of the EIS included assisting with the delivery of an environmental authority and progressive rehabilitation; as well as the delivery of a closure plan to support a future mining lease grant for the project.
The Richmond – Julia Creek project holds the largest undeveloped vanadium resource of its type and was awarded ‘co-ordinated project’ status by the Queensland government’s Office of the Coordinator General in 2022, highlighting its significance to the state.
As of 30 September 2023, Richmond Vanadium Technology had $17.263 million cash at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Richmond Vanadium Technology
