Australian minerals company Richmond Vanadium Technology (ASX:RVT) has started trading on the Australian Securities Exchange (ASX) as of today (13 December).
The company raised $25 million through the issue of 62.5 million shares at an issue price of $0.40 per share in its initial public offering (IPO).
Richmond Vanadium Technology is also welcoming new shareholders, including shareholders of Horizon Minerals (ASX:HRZ) which received Richmond Vanadium shares by way of capital reduction and in-specie distribution of about 20 million Richmond Vanadium shares previously held by Horizon.
Richmond Vanadium Technology Managing Director Dr Shaun Ren says: “We are very excited to be listing on the ASX and I would like to personally welcome all new shareholders to the company.
I look forward to regularly updating the market as we continue to progress the Bankable Feasibility Study (BFS) and other developments at the Richmond Vanadium Project to create ‘significant’ value for our shareholders.
“With the expected emergence of vanadium as one of the most important critical minerals …this is an ideal time to provide investors with an opportunity to invest in a world-class clean green-focused vanadium project”
With the expected emergence of vanadium as one of the most important critical minerals that will enable the global energy transition, this is an ideal time to provide investors with an opportunity to invest in a world-class clean green-focused vanadium project.
We are excited about the potential this advanced project has to offer shareholders and the role it can play in the expansion of the global vanadium sector.”
Richmond reports it is focused on advancing its wholly owned Richmond Vanadium Project located in between the towns of Richmond and Julia Creek in Northern Queensland.
The company says it is one of the largest undeveloped oxide vanadium (V2O5) resources in the world with a mineral resource of 1.8 billion tonnes @ 0.36% for 6.7 million tonnes V2O5 and an ore reserve of 459 million tonnes @ 0.49% for 2.25 million tonnes V205.
Richmond also states it has completed a Prefeasibility Study (PFS) at the project which demonstrated a technically viable and financially attractive development project.
The company has completed a process flow sheet for the project using conventional techniques with a provisional patent application lodged with IP Australia covering the method for the extraction of vanadium.
In November 2021, the Queensland government announced it will contribute at least $10 million towards constructing a vanadium common-user facility (VCUF) to process vanadium from the state’s ‘vast’ deposits, allowing multiple small mining operations to access the facility with the ambition of kickstarting downstream battery storage industries in the state.
Richmond reports it is included in the panel helping to determine the Queensland Government’s VCUF Future User Engagement Protocol.
The company also believes the Richmond Vanadium Project can provide ‘significant’ economic development benefits to regional Queensland and the national economy, supported by the declaration in May 2022 by the Queensland Government of Coordinated Project Status. It notes the project is the first critical minerals project to receive this status.
Richmond Vanadium Technology is an Australian minerals company currently advancing its Richmond Vanadium Project in North Queensland. The company states a BFS is currently progressing approvals for the Richmond Vanadium Project.
Vanadium is used in many industries and has many applications which make things stronger, lighter, more efficient and more powerful. Currently 92% of vanadium consumption is ferrovanadium, which is a mixture of iron and vanadium used to increase the strength and hardness of steel.
Vanadium is also poised to play a pivotal role in the commercialisation of renewable energy via Vanadium Redox Flow Batteries (VRFB) and the consumption for VRFBs is forecast to grow by 20.7% a year up to 2029.
Images: Richmond Vanadium Technology Ltd & iStock
