Vanadium Miners News For The Month Of September 2021

Summary

  • Europe vanadium pentoxide spot prices were lower the past 30 days. China and Europe Ferrovanadium prices were also lower.
  • Vanadium market news - Global Vanadium Ore market forecast to reach $2.36 Billion in 2025 at a CAGR of 10.2%. Biden doubles climate pledge in test to spur global action.
  • Vanadium company news - AMG announces the construction of its first Lithium Vanadium Battery for Industrial Power Management Applications. Ferro-Alloy Resources commences production of ferro-molybdenum and vanadium pentoxide.
  • Silver Elephant to spinout nickel and vanadium assets to shareholders and do a 10:1 consolidation.
  • I do much more than just articles at Trend Investing: Members get access to model portfolios, regular updates, a chat room, and more. Learn More »

Vanadium V, chemical element. 3D rendering isolated on black background
AlexLMX/iStock via Getty Images

Welcome to Vanadium miners news. September saw lower Europe V2O5 prices and a slower month of news from the vanadium miners.

Vanadium uses

Vanadium is traditionally used to harden steel. New Chinese rebar standards are requiring more vanadium. Also Vanadium Flow Batteries [VRFBs] are becoming increasingly popular especially for commercial energy storage, most notably in China. Vanadium Pentoxide [V2O5] is used in VRFBs and Ferrovanadium [FeV] is used in the steel industry.

Vanadium spot price history

Europe Vanadium Pentoxide [V2O5] Flake 98% 1 year chart - Price = USD 8.20/lb (China price not given)

Europe Vanadium Pentoxide Flake

China and Europe Ferrovanadium [FeV] 80% prices - China = USD 36.50, Europe = USD 32.25

China and Europe Ferrovanadium price

Source: Vanadiumprice.com

Vanadium demand versus supply

The charts below show energy storage to be a new source of vanadium demand, and overall demand looks likely to grow very strongly to 2025.

Vanadium total demand forecast to outstrip supply 2020-2025

Vanadium demand versus supply

Source: Technology Metals Australia investor presentation & TTP Squared

An April 2021 Wood Mackenzie report stated:

Global energy storage deployment surged a remarkable 62% in 2020, with 5 GW/9 GWh of new capacity added. This brought the total energy storage market to more than 27 GWh. Furthermore, we expect the global (energy storage) market to grow 27-fold by 2030.

Vanadium total demand forecast to outstrip supply 2020-2025

Source: Woodmac.com

An early 2021 Roskill post stated:

The vanadium market is set to tighten over the year and more so in 2022, driven by higher demand but also by tighter supply, as Chinese steel slag producers are running close to capacity. Outside of China, incremental supply will also be limited and come mainly from AMG's new facility in Ohio, USA, and Bushveld's Vametco gradually increasing its production in South Africa. Roskill believes that vanadium prices reached a low in Q4 2020 and should gradually rebound in 2021... Vanadium redox batteries (VRBs) could become a major market for vanadium amid growing demand for energy storage, should the technology develop... On the supply side, Roskill does not expect significant tonnages from new projects to enter the market before 2024.

In 2017 Robert Friedland stated:

We think there's a revolution coming in vanadium redox flow batteries...

Vanadium market news

On September 1 PRNewswire reported (from Research and Markets):

Global Vanadium Ore Market Report 2021: Market is expected to reach $2.36 Billion in 2025 at a CAGR of 10.2%... The use of vanadium redox flow batteries (VRFB's) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers... Use of vanadium alloy for manufacturing automobile parts will reduce their weight and increases their fuel efficiency. According to an investing firm (aheadoftheherd.com), around 85% of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency by 2025.

On September 10 Mining Newswire released:

A Review of Vanadium's market performance for first half of 2021... The steel sector is the primary consumer of vanadium as mentioned above. Throughout the first half of 2021, vanadium demand from the rest of the world worked to catch up with China. Erik Sardain, an analyst at Roskill, explains that one of the main reasons that demand for the metal in the rest of the world lagged behind was because most economies were more exposed to the chemical and aerospace industries. China's economy is focused more on construction and infrastructure. Sardain expects demand from the steel sector to remain strong in China throughout the second half of 2021, while vanadium demand in the rest of the world also continues to grow steadily... CRU Group's Willis Thomas also expects that as more conversations and announcements surrounding the battery segment occur, the demand for vanadium will increase... Sardain expects vanadium prices in the second half of 2021 to remain at present levels and forecasts that vanadium pentoxide in Europe will average $8.10 per pound.

On September 22 Bloomberg Green reported:

Biden doubles climate pledge in test to spur global action. U.S. is now offering $11.4 billion to fight climate change.

Vanadium miner news

Vanadium producers

Glencore [LSX:GLEN] [HK:805] (OTC:OTCPK:GLCNF)

Glencore is a large vanadium producer, but vanadium production represents only a small portion of their revenue.

No vanadium related news for the month.

AMG Advanced Metallurgical Group NV [NA:AMG] [GR:ADG] (OTCPK:AMVMF)

AMG Vanadium is a leading provider of products and services for the metals, manufacturing, refinery and petrochemical industries. AMG Vanadium produces ferrovanadium and related ferroalloys from spent refinery catalysts using a proprietary pyrometallurgical process.

On August 23, AMG Advanced Metallurgical Group NV announced:

AMG Advanced Metallurgical Group N.V. announces the construction of its first Lithium Vanadium Battery for Industrial Power Management Applications... AMG has developed an alternative concept in the form of a large scale "hybrid" lithium vanadium redox flow battery ("LIVA") which avoids CO2 emissions. The lithium part of the new battery design enables fast discharging including black start abilities. The lithium battery is then recharged by the low-cost vanadium battery which in turn is charged by the grid... The first LIVA system will be installed in one of AMG's German manufacturing plants and is scheduled to go online in the first quarter of 2022. Engineering has started for three more systems, two in Germany and one in the US.

You can view the latest investor presentation here.

Bushveld Minerals Limited [LN- AIM:BMN] (OTC:BSHVF)

Bushveld is a diversified AIM-listed resources company with a portfolio of vanadium, tin and coal assets in Southern Africa and Madagascar.

No news for the month.

You can view the latest investor presentation here.

Largo Resources [TSX:LGO] [GR:LR81] (LGORF)(NASDAQ:LGO)

Largo Resources is a pure-play vanadium pentoxide producer from their Maracás Menchen mine in Brazil.

No news for the month.

You can view the latest investor presentation here.

Energy Fuels Inc. [TSX:EFR] (UUUU)

Energy Fuels state they are "the No. 1 uranium producer in the U.S. with a market-leading portfolio", as well as being a recent vanadium producer.

On September 16, Energy Fuels announced:

Energy Fuels establishes the San Juan County Clean Energy Foundation with potential to contribute millions to local communities.

Ferro-Alloy Resources [LON:FAR]

FAR is developing the giant Balasausqandiq vanadium deposit in Kyzylordinskaya Oblast of southern Kazakhstan. FAR state: "The ore at this site has a significantly higher grade than all other primary vanadium extraction sites, which allows for much lower processing costs."

On September 13, Ferro-Alloy Resources announced:

Electrolyte patent received and proving trials started with Fraunhofer Institute for Chemical Technology... [The] Kazakhstan patent for the efficient technology which it has developed to produce electrolyte for vanadium flow batteries ('VFBs') directly from ammonium metavanadate ('AMV'), a precursor form of vanadium from which vanadium pentoxide is usually made. The Company has also signed an agreement with Fraunhofer Institute for Chemical Technology, an institute in Germany that is well-known for its research work on VFBs and electrolyte technology, for testing of the Company's electrolyte for battery purposes. Samples have been shipped and work is expected to commence on 15 September 2021.

On September 22, Ferro-Alloy Resources announced:

Start of production of ferro-molybdenum and vanadium pentoxide. Nick Bridgen, CEO, commented: "This low cost, revenue-generating step completes our current product line-up and allows us to extract the maximum value of the vanadium and molybdenum from our raw-materials. Together with our low Kazakhstan operating costs, this enables us to be amongst the most efficient producers of vanadium from secondary raw materials. We look forward to the addition of the electric arc furnace which will complete our plans for the existing plant, the earnings from which will contribute to the ongoing development of the main Balasausqandiq project."

Vanadium developers

Western Uranium & Vanadium Corp. (OTCQX:WSTRF)

Western Uranium & Vanadium Corp. own the Sunday Mine Complex which is an advanced stage mine property consisting of five interconnected underground mines in Colorado, USA.

No news for the month. On August 3, 2021 the Company reported that activities had re-started at the Sunday Mine Complex stating:

The team has completed its first three weeks on the resumption of mining activities at the Sunday Mine Complex... Following development activities, limited ore production from this target area is anticipated.

Investors can read the latest company presentation here.

Neometals [ASX:NMT] (OTCPK:RDRUY) (OTCPK:RRSSF)

Neometals 100% own the Barrambie Titanium Vanadium Iron Project in Western Australia. Barrambie's Eastern Band is one of the highest grade hard rock titanium deposits globally.

On September 13, Neometals announced: "MOU for potential second, larger Vanadium Recovery Plant." Highlights include:

    • Neometals' Vanadium Recovery Project partner Critical Metals, has entered into an MoU* for a potential 10-year Slag supply agreement with green steel developer, H2GS AB.

    • MoU agrees evaluation framework of H2GS's potential Slag and key commercial terms of a potential Slag supply agreement.

    • MoU represents an opportunity to significantly increase the scale and scope of proposed 50:50 (Neometals /Critical) incorporated JV to produce high-purity vanadium products from Slags using Neometals' proprietary technology.

You can view the latest investor presentation here.

Location map and site view of the 11km titanium-vanadium trend at the Barrambie Titanium and Vanadium Project in WA

titanium-vanadium trend at the Barrambie Titanium and Vanadium Project in WA

Source: Barrambie Titanium / Vanadium Project - 3D Flythrough (video by Neometals)

Australian Vanadium [ASX:AVL] [GR:JT71] (OTC:ATVVF)

Australian Vanadium is an emerging vanadium producer focused on their Australian Vanadium Project in Western Australia. VSUN Energy was launched by AVL in 2016 to target the energy storage market for vanadium redox flow batteries (VRFBs).

On September 2, Australian Vanadium announced: "Vanadium Redox Flow Battery shipment to kickstart industry." Highlights include:

    • Three 5kW/30kWh VRFBs manufactured by AVL's Singaporean partner V-Flow Tech have been shipped to Perth with delivery anticipated in September.

    • Vanadium electrolyte required for the batteries has already been received by the VSUN Energy sales team and is awaiting installation.

    • Customers include the Beverley Caravan Park, an off-grid residential customer in WA, and a test site being developed by one of WA's energy utilities.

    • VSUN Energy is leading the way in market development for VRFBs throughout Australia. Focus is on sales across a range of project sizes, from small scale rural residential customers through to large scale projects for mining, agriculture, commercial, and utility customers.

    • AVL was recently awarded a $3.69M grant under the Resources Technology and Critical Minerals Processing National Manufacturing Priority Scheme to advance high purity vanadium production, construction of a commercial electrolyte plant, and manufacture of residential and standalone power systems based on VRFB technology.

On September 21, Australian Vanadium announced: "AVL prepares for Vanadium Project growth opportunity." Highlights include:

    • Beneficiation testwork indicates higher vanadium and iron concentrate grades.

    • Iron grades in fresh magnetic concentrate up to 61.0% Fe, demonstrating potential to improve value of AVL's FeTi coproduct after vanadium extraction is completed.

    • Grades of up to 1.51% V2O5 in concentrate confirm near surface opportunities for higher vanadium concentrate grades and recoveries.

    • New detailed ground geophysics in southern Block 90 confirms 1.5km extension of vanadium magnetite trend, with limited previous drilling.

    • Infill drilling planned post-BFS to improve resource categories and extend the resource envelope.

    • AVL's technical team has developed a unique understanding of vanadium [V2O5] and iron [FE] recoveries to concentrate, enabling optimised outcomes in the mining and processing at the Project.

On September 27, Australian Vanadium announced: "Vanadium Electrolyte Manufacturing Plant build awarded to Primero."

Catalysts include:

  • 2021 - Possible further off-take and/or JV partner announcements.
  • 2021 - BFS due.

You can view the latest investor presentation here, or read "Australian Vanadium Managing Director Vincent Algar Talks With Matt Bohlsen Of Trend Investing."

Technology Metals Australia [ASX:TMT]

The Company's primary exploration focus is on the 100% owned Gabanintha Vanadium Project located 40km south east of Meekatharra in the mid-west region of Western Australia.

On September 16, Technology Metals Australia announced: "Yarrabubba resource drilling confirms thickening of massive magnetite zones." Highlights include:

    • Infill and extensional drilling has confirmed the presence of broad zones of high-grade massive magnetite mineralisation and a number of hangingwall units grading better than 20% Fe.

    • Drilling in the south east of the Mineral Resource has identified thickening of the orebody with results including: GBRC145: 24m @ 50.2% Fe, 1.13% V2O5 and 12.8% TiO2 from 176m. GBDD057: 26.5m @ 46.6% Fe, 1.06% V2O5 and 12.1% TiO2 from 21.5m...

    • The Yarrabubba deposit has been drilled out to better than 100m x 50m spacing, with these results expected to lead to an increased Mineral Resource and Ore Reserve estimate.

On September 23, Technology Metals Australia announced: "Resource capital fund VII L.P. secured as Cornerstone shareholder as part of $20m placement."

  • ...Placement means TMT is funded through DFS and Front-end Engineering and Design ("FEED") stages targeting project development from H2 calendar year 2022.

You can view the latest investor presentation here, or read "Technology Metals Australia Executive Director Ian Prentice Talks With Matt Bohlsen Of Trend Investing."

TNG Ltd [ASX:TNG] [GR:HJI] (OTCPK:TNGZF)

TNG is an Australian resources company focused on the evaluation and development of its Mount Peake Vanadium-Titanium-Iron project. The Mount Peake Project is located 235km north-northwest of Alice Springs in the Northern Territory of Australia. TNG Ltd is well advanced with a massive $4.7b NPV8%, but relies on titanium and iron with a lower grade vanadium by-product.

On August 31, TNG Ltd. announced:

Detailed assessment of alternative sites completed for the Tivan® processing facility. Australian resource and mineral processing technology company TNG Limited is pleased to advise that it has completed a comprehensive assessment of alternative sites ("Assessment") for the TIVAN® Processing Facility ("TPF") proposed for Darwin as part of the environmental approvals process for its Mount Peake Vanadium-Titanium-Iron Project ("Project") in the Northern Territory.

On September 17, TNG Ltd. announced: "Annual Report 2021."

You can view the latest investor video presentations here.

Silver Elephant Mining Corp. [TSX:ELEF] (OTCQX:SILEF) (100% owned subsidiary Nevada Vanadium LLC)

Silver Elephant Mining Corp. is a Canadian public company listed on the Toronto Stock Exchange. The Company now plans to exit from its non-silver assets (keeping its Bolivia silver assets), such as the Gibellini Black Shale primary vanadium project and the Bisoni Vanadium Project.

On August 26, Silver Elephant Mining Corp. announced:

Silver Elephant announces execution of plan of arrangement and spin-out of nickel and vanadium assets. Silver Elephant Mining Corp. announces that it has executed a plan of arrangement under the Business Corporations Act (British Columbia) pursuant to which, it shall (the "Arrangement"): [i] as disclosed in a Company press release dated August 26, 2021, transfer certain royalties presently held by the Company in certain projects of the Company to Battery Metals Royalties Corp. ("Battery Metals Royalties"), a wholly owned subsidiary of the Company; and [II] spin-out its Manitoba based Minago Nickel project ("Minago"), its Nevada based Gibellini Vanadium project ("Gibellini"), and Battery Metals Royalties each into its own entity (each a "SpinCo"). In connection with the Arrangement, the Company shall distribute shares of each SpinCo to the Company's shareholders ("Shareholders"). Pursuant to the Arrangement, it is currently expected that each Shareholder will receive one share of the Minago SpinCo, one share of the Gibellini SpinCo, and two Battery Metals Royalties SpinCo shares for every share of Silver Elephant held by such Shareholder on the record date for the Arrangement (the "Record Date"). The share distribution offers Shareholder direct participation in the growth and upside in each of the four companies' businesses (silver mining, vanadium mining, nickel mining, and royalty investments).

On August 26, Silver Elephant Mining Corp. announced:

Silver Elephant announces creation of new royalty focused subsidiary and grant of 2% royalty of Company's Mining Projects.

On August 30, Silver Elephant Mining Corp. announced:

Silver Elephant: Gibellini Vanadium Project's PEA shows 25.4% after Tax IRR At $10/lb V2O5, Capex $147 million. Silver Elephant Mining Corp. is pleased to announce the results of a preliminary economic assessment (the "2021 PEA") for its Gibellini vanadium project ("Gibellini project") that demonstrates an after-tax internal rate of return ("IRR") of 25.4%, and after-tax cumulative cash flow of $260.8 million, assuming an average vanadium pentoxide [V2O5] price of $10.00 per pound. The Gibellini project is designed to be an open pit, heap leach operation in Nevada's Battle Mountain region (25 km south of Eureka) with initial capital cost of $147 million, average annual production is 10.2 million pounds of V2O5 , at an all-in sustaining cost of $6.04 per pound with strip ratio of 0.18 to 1 (waste rock:leach material).

On September 23 Silver Elephant announced:

Silver Elephant Provides Update and Schedule on Plan of Arrangement... it is presently expected that, pursuant to the Arrangement:

  1. each Silver Elephant share outstanding on the Record Date, will be consolidated on the basis of one post-consolidation common share ("ELEF Share") for every ten pre-consolidation shares of Silver Elephant (the "Consolidation"); and

  2. each Silver Elephant shareholder ("Shareholder") will receive: one share of each of Flying Nickel and Nevada Vanadium for every post-Consolidation ELEF Share by such Shareholder on the Record Date; and two shares of Battery Royalties for every post-Consolidation ELEF Share held by such Shareholder on the Record Date.

You can view the latest investor presentation here.

Vanadium Resources Limited [ASX:VR8]

Vanadium Resources is a junior exploration company established with the purpose of exploring and developing gold zinc, lead, copper and other mineral opportunities. Vanadium Resources owns 74% of a globally significant vanadium project, the Steelpoortdrift [SPD] Project, in Gauteng Province, South Africa.

No significant news for the month.

You can view the latest investor presentation here.

King River Resources [ASX:KRR] (formerly King River Copper)

King River holds 785 square kilometres of mineral leases covering a unique geological feature in the Eastern Kimberley of Western Australia, called the Speewah Dome. The company state on their website: "The focus of King River Copper Limited is the exploration for Gold, Silver and Copper." However, their deposits also contain vanadium.

On September 8, King River Resources announced:

HPA Project - DFS precursor priorities... Work has progressed on the build of a Mini-Pilot Plant to demonstrate the ARC process works at a larger scale for the DFS and to produce batch marketing samples...

On September 24, King River Resources announced: "Annual Report for the year ended 30 June 2021."

You can view the latest investor presentation here.

VanadiumCorp Resource Inc. [TSXV:VRB][GR:NWN] (OTCPK:VRBFF)

VanadiumCorp Resources Inc. 100% owns the Lac Dore Vanadium-Iron-Titanium project in Quebec Canada. The Company also has royalties on the Raglan Nickel-PGM mine. The Company is looking to take a vertically integrated approach and is also developing leading process technologies 'VanadiumCorp-Electrochem Processing Technology' and "Electrochem globally patented Electrowinning" technology.

No news for the month.

You can view the latest investor presentation here.

Phenom Resources Corp. [TSXV:PHNM] (OTCQX:PHNMF) (formerly First Vanadium Corp.)

Cornerstone's Carlin Vanadium project hosts one of North America's largest richest primary vanadium deposits, located in Nevada. Its West Jerome project targets a large scale high grade copper and zinc deposit in Arizona. Carlin has a historic Inferred Resource 28Mt at 0.525% V2O5 (2010 SRK).

On September 21, Phenom Resources Corp. announced:

Phenom Resources provides drilling progress report on its Nevada Projects. Phenom Resources Corp. is pleased to announce that it has completed to date five reverse circulation holes totaling 3,487 metres (11,440 feet) on its flagship Carlin Gold-Vanadium Project on the Carlin Gold Trend and 6 reverse circulation holes totaling 1,147m (3,765 ft) on its AVP Project in the Battle Mountain-Eureka trend, Nevada. Drilling continues without pause. The drill programs are planned and executed under the supervision of Dave Mathewson, renowned Carlin gold expert and mine finder. To date the Carlin Gold-Vanadium property 2021 drilling which started in late June, broadly tests a 750m (2,260 ft) stretch of the persistent 1.4 kilometre (4,920 ft) long by 500m (1640 ft) wide IP chargeability anomaly reported July 6, 2021...

Investors can read the latest company presentation here.

Graphite miners with potential vanadium projects

  • Syrah Resources [ASX:SYR] (OTC:OTCPK:SYAAF) (OTC:SRHYY)
  • Triton Minerals [ASX:TON] [GR:1TG]
  • Battery Minerals [ASX:BAT]
  • NextSource Materials [TSX:NEXT]
  • DNI Metals [TSXV:DNI] [GR:DG7N](OTCPK:DMNKF)

Other listed vanadium juniors

  • BlackRock Metals (Private)
  • Gladiator Resources [ASX:GLA]
  • Golden Deeps [ASX:GED]
  • Intermin Resources [ASX:IRC]
  • Maxtech Ventures [CSE:MVT]
  • New Energy Minerals [ASX: NXE] (formerly Mustang Resources)
  • Pursuit Minerals [ASX:PUR]
  • QEM Limited [ASX:QEM]
  • Sabre Resources [ASX:SBR]
  • Trigon Metals Inc. [TSXV:TM] (OTC:PNTZF)
  • Vanadium One Energy Corp. [TSXV:VONE] [GR:9VR1] (OTC:VDMRF)
  • Vanadium One Iron [TSXV:VONE]
  • Venus Metals [ASX:VMC]
  • Victory Metals [TSXV:VMX]

VRFB Companies

  • Protean Energy [ASX:POW] [GR:SHE1]
  • CellCube Energy Storage Systems [TSXV:CUBE] [GR:01X] (OTCPK:CECBF)
  • Invinity Energy Systems (LSE:IES) (OTCPK:IVVGF)

EV metal miners royalties companies

  • Electric Royalties [TSXV:ELEC]

Conclusion

European vanadium pentoxide spot prices were lower in September.

Highlights for the month include:

  • Global Vanadium Ore market is expected to reach $2.36 Billion in 2025 at a CAGR of 10.2%. The use of vanadium redox flow batteries (VRFB's) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers.
  • Biden doubles climate pledge in test to spur global action. U.S. is now offering $11.4 billion to fight climate change.
  • AMG announces the construction of its first Lithium Vanadium Battery for Industrial Power Management Applications.
  • Ferro-Alloy Resources commences production of ferro-molybdenum and vanadium pentoxide.
  • Neometals signs MOU for potential second, larger Vanadium Recovery Plant.
  • Australian Vanadium - Vanadium Redox Flow Battery shipment to kickstart industry.
  • Silver Elephant to spinout nickel and vanadium assets to shareholders and do a 10:1 consolidation. Gibellini Vanadium Project's PEA shows 25.4% after tax IRR at $10/lb V2O5, Capex $147 million.

As usual all comments are welcome.

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