Technology Metals Australia (ASX:TMT) reports its largest shareholder Resource Capital Fund VII has made a further investment into the Murchison vanadium strategy by lodging a notice showing an initial substantial 5.35% interest in fellow vanadium developer Australian Vanadium (ASX:AVL).
Technology Metals considers this investment in Australian Vanadium, which holds an vanadium project adjacent to the company’s Murchison Technology Metals Project (MTMP) in Western Australia, reconfirms its positive outlook on the vanadium sector. The company says it also represents the opportunity to create a ‘world-class’ vanadium operation centred in the Murchison region.
Resource Capital Fund VII has now invested $13.5 million in Technology Metals Australia, and $8 million in Australian Vanadium to secure a major interest across the adjoining MTMP and Australian Vanadium projects. Resource Capital Fund VII is now the largest shareholder of both companies based on public disclosures.
Resource Capital Fund VII also remains Technology Metals’ largest shareholder with 17.2%, which represents no change since initially investing in the company in September 2021.
Resource Capital Fund VII has now invested $13.5 million in Technology Metals Australia, and $8 million in Australian Vanadium to secure a major interest across the adjoining MTMP and Australian Vanadium projects
Technology Metals is maintaining a ‘clear’ focus on the development of the MTMP, and to deliver a secure and reliable supply of ‘high-purity’ vanadium pentoxide (V2O5) to support the global transition towards net zero.
Technology Metals Australia is a future-oriented ASX-listed company focused on developing its flagship Murchison Technology Metals Project located 50km southeast of Meekatharra in Western Australia. The company says the project is one of the ‘highest-grade’ vanadium projects in the world with planned production at 6% of the current global vanadium demand.
The MTMP has a global Mineral Resource Estimate (MRE) of 153.7 million tonnes @ 0.8% V2O5 with the Integration Study incorporating ‘high-grade’ ore from the Yarrabudda satellite deposit into the central processing hub at Gabanintha.
The completion of the study has facilitated the progression of the implementation phase of the MTMP, and the move towards development, construction, and operation of the project.
Vanadium is a specialty material used in the steel industry to increase the strength and reduce the weight of ‘high-carbon’ steel alloys used in structural steel, high-speed tools, titanium alloys, and aircrafts.
An emerging use for vanadium is in the energy storage sector with the expanding use of vanadium redox flow batteries (VRFB) designed to store and re-supply solutions for renewable energy in micro-grid to large-scale applications.
Images: Technology Metals Australia Ltd
