Welcome to the Vanadium miners news.

June saw vanadium pentoxide prices slightly lower and ferrovanadium prices flat.

Vanadium uses

Vanadium is traditionally used to harden steel. 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 & China Vanadium Pentoxide [V2O5] Flake 98% one year price chart - Europe = USD 5.10/lb, China = USD 5.06/lb

Europe and China Ferrovanadium [FeV] 80% one year price chart - Europe = USD 26.85/kg, China = USD 26.25/kg

Vanadium demand versus supply

In 2017 Robert Friedland stated: "We think there's a revolution coming in vanadium redox flow batteries...."

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.

ResearchAndMarkets forecasts the global VRFB market to grow from US$298m in 2023 to US$921m in 2028, at a CAGR of 20.5% (as of January 2023) (source)

Global VRFB forecast growth by region 2022-2031

CRU forecasts vanadium demand to double by 2032 mostly due to VRFB's (source) (As of January 2023)

Large scale global deployments of VRFB's are becoming more common (source)

Vanadium market news

On May 15 Stockhead reported:

Mission Critical: Albanese and Chalmers' budget delivers $7bn splash for critical minerals refiners. Canberra answers miners' prayers, with $7b production tax credit at centre of $22b Future Made in Australia program. The budget announcement could see 10% of operating costs for downstream processing in critical minerals like nickel, vanadium, lithium and rare earths returned to miners as a tax credit.

Note: Bold emphasis by the author.

On May 24 Linklaters reported:

The EU Critical Raw Materials Act entered into force in May 2024. Key measures to strengthen the EU's supply chain vulnerabilities. The Critical Raw Materials Act ("CRMA") entered into force on 23 May 2024.

On May 28 Bloomberg reported: "EU, Australia sign critical minerals pact to diversify supply chains."

On June 27 Stockhead reported:

ASX vanadium companies are in the hot seat as batteries rise... Vanadium batteries offer a viable alternative to lithium batteries for grid storage purposes. VRFBs offer longer lifespans, greater safety and are more tolerant of operating temperature...Vanadium redox flow batteries (VRFBs) have longer lifespans than their lithium-ion equivalents, lasting more than 20 years, or up to 25,000 cycles. They also boast greater safety metrics and an equally broad range of operating temperatures... VRFBs are already starting to be rolled out commercially, a prime example being China's Rongke Power in Dalian province, which connected its first phase 100MW/400MWh system in 2022...Adding to this is another key part of the Future Made in Australia policy - the $7bn Critical Minerals Production Tax Incentive, which provides eligible recipients with a refundable tax offset of 10% for the costs of processing the 31 critical minerals currently listed in Australia. This credit, which includes vanadium, will be available for at least 10 years from 1 July 2027...

Vanadium miner news

Vanadium producers

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

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

On May 29, Glencore announced: "Results of 2024 AGM."

AMG Critical Materials N.V. [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. In January 2023, AMG announced plans to build a Vanadium Electrolyte plant in Germany, with production expected to start at the end of 2023.

No vanadium news, but some lithium news 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.

On May 31, Bushveld Minerals Limited announced: "General meeting results."

On May 31, Bushveld Minerals Limited announced:

Competition commission approval for the sale of a 64% interest in Mokopane. Further to the Company's announcement on 15 December 2023, Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, is pleased to announce that the Competition Commission of South Africa ("CCSA") has unconditionally approved the proposed sale of Mokopane by SPR Fund I ("SPRF"), represented by its general partner SPR GP1...

On June 24, Bushveld Minerals Limited announced:

Update on SPR funding & Orion 2024 financing package...Following shareholder approval of the Vanchem Disposal on 31 May 2024, the Company has to date received US$3.5 million from SPR, in advance of all the outstanding conditions being satisfied, to reduce long outstanding creditors balance. The balance of the second tranche, being a further US$1.5 million, was expected to flow shortly thereafter. However, the concluding of the agreements and obtaining the required consents from Orion has taken longer than expected. Whilst this delay in the receipt of funds was initially manageable, the Company now finds itself in a position whereby Vanchem is unable to secure adequate ore and raw materials to continue operating at unconstrained production levels. Consequently, should the funding not be forthcoming within the next 2 days, a controlled production ramp down will commence during the course of the week, the length of which will be determined by the timing of the receipt of further funds. Furthermore, sustainable production at Vametco is currently being impacted due to its inability to procure critical spares...As a result of the amended terms of the Vanchem Disposal, the initial application for the disposal of 50% acquisition of Vanchem to SPR had to be withdrawn and a new application was required. This application was lodged by SPR with the Competition authorities on 21 June 2024. The Company will advise the market as to the updated timing of receipt of the Competition Tribunal's approval in due course.

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

Largo Inc. is a pure-play vanadium pentoxide producer from their Maracás Menchen mine in Brazil as well as a producer of VRFBs.

No significant news for the month.

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 small vanadium producer.

No vanadium news, but some rare earths and uranium news here.

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."

No news for the month.

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.

Vanadium developers

Neometals [ASX:NMT] (OTCPK:NMTAY)(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 May 27, Neometals announced: "Option to acquire precious metals waste recovery process and plant in US." Highlights include:

• "Neometals secures option to acquire an 80% equity interest in a private US company which has developed a process to selectively recover precious metals from industrial waste streams.
• The purchase price for the 80% equity interest is approximately US$10 million (A$15.4M), payable by way of a combination of staged cash and equity in Neometals..."

On June 4, Neometals announced: "Precious Metals due diligence update. Highlights include:

• "Initial six-week pilot-scale metallurgical test work program to selectively recover precious metals from purchased third-party waste streams yielded encouraging yet highly variable results...
• Commenced second phase of test work on preferred feedstock, reagent regime and recovery technique to confirm repeatability of results from initial test work, completion in June and results expected July."

Australian Vanadium [ASX:AVL] [GR:JT71] - merger with Technology Metals Australia completed in early 2024

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 May 31, Australian Vanadium announced: "Voluntary withdrawal from OTCQB."

On June 20, Australian Vanadium announced: "$14.7 million received from federal grant. Milestone payment received supporting the development of the Australian Vanadium Project." Highlights include:

• "Milestone payment of $14.7 million* received from Australian Government grant under the Modern Manufacturing Initiative - Manufacturing Collaboration Stream.
• The grant provides up to $49 million* to support the Australian Vanadium Project to enable new critical mineral production which will support the domestic vanadium supply chain in the battery market."

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 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.

On June 4, VanadiumCorp Resources Inc. announced:

VanadiumCorp announces non-brokered private placement financing...of flow-through and non-flow-through units for aggregate proceeds of up to $1 million (the "Financing").

Tivan Limited [ASX:TVN] (formerly TNG Ltd [ASX:TNG](OTCPK:TNGZF)

Tivan Limited 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. Tivan Limited is well advanced with a massive $4.7b NPV8%, but relies on titanium and iron with a lower grade vanadium by-product. Tivian 100% owns the Speewah Mining Pty Ltd (from King River Resources Limited [ASX:KRR]) the owner of the Speewah Vanadium-Titanium-Iron Project in WA.

On May 30, Tivan Limited announced: "Tivan & CSIRO successfully complete TIVAN+ Testwork Program."

On May 31, Tivan Limited announced: "Tivan signs Heads of Agreement with Glen Hill Pastoral Aboriginal Corporation."

On June 7, Tivan Limited announced:

Tivan & Sumitomo Corporation agree Strategic Alliance for the Speewah Fluorite Project...Under the joint venture, SC will be appointed as the sole distributor and agent to market and distribute Speewah's commercial grade fluorspar product in Asia, with prescribed tonnage reserved for customers of Japan. The parties view the Speewah Fluorite Project as representing a globally significant opportunity to provide a stable and long-term source of supply of high-grade fluorite, suitable for use in semiconductor manufacturing and the electric vehicle battery supply chain.

On June 7, Tivan Limited announced: "Tivan awarded exploration grants by Northern Territory Government for the Sandover Project."

On June 19, Tivan Limited announced: "Update on Vanadium Electrolyte Testwork Program." Highlights include:

• "Tivan is progressing technology development and assessment of two separate vanadium processing pathways for its Speewah Vanadium Project in Western Australia...
• Salt roasting testwork has also now delivered excellent results, in support of the production of high-purity vanadium electrolyte from Speewah ore to achieve the specifications of Sumitomo Electric Industries.
• Tivan will review its strategy and preferred technology pathway for the Speewah Vanadium Project following completion of the Pre-Feasibility Study for the Speewah Fluorite Project in July."

Vanadium Resources Limited [ASX:VR8] [GR:TR3]

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 86.49% of a globally significant vanadium project, the Steelpoortdrift [SPD] Project, in Gauteng Province, South Africa.

On May 29, Vanadium Resources Limited announced: "Results of general meeting."

On June 17, Vanadium Resources Limited announced:

Steelpoortdrift Vanadium Project update...Mr John Ciganek, Chief Executive of VR8 said: "We have always anticipated that Steelpoortdrift would be banked and developed solely on the back of the steel market, which currently accounts for 89.2%7 of vanadium demand. However, after our recent Roadshow, it became evident that the demand for high-quality Vanadium Pentoxide in China for grid-scale VFB systems is significantly larger than previously estimated. Our strategic decision to enable dual product streams of 98% and 99.5% V2O5 is a direct response to this market demand, future proofing Steelpoortdrift's production profile and maximising its total long-term sales value."

Richmond Vanadium Technology [ASX:RVT] ("RVT")

RVT now owns 100% of the Richmond Vanadium Project. It has a global Mineral Resource of 1.8Bt @ 0.36% Vanadium Pentoxide (V2O5).

No news for the month.

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

The Carlin Gold-Vanadium Property 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 June 10, Phenom Resources Corp. announced: "Phenom announces up to $1,125,000 private placement financing."

On June 21, Phenom Resources Corp. announced: "Phenom announces $1.24M closing of over-subscribed non-brokered private placement financing."

QEM Limited [ASX:QEM]

QEM Limited owns the Julia Creek Vanadium and Oil Shale Project in North Western Queensland, Australia.

No significant news for the month.

Graphite miners with potential vanadium projects

• Syrah Resources [ASX:SYR] (OTCPK:SYAAF) (OTC:SRHYY)
• NextSource Materials [TSX:NEXT]
• DNI Metals [TSXV:DNI] [GR:DG7N](OTC:DMNKF)

Other listed vanadium juniors

• BlackRock Metals (Private)
• Blue Sky Uranium [TSXV:BSK] (OTCQB:BKUCF)
• Critical Minerals Group [ASX:CMG]
• Currie Rose Resources Inc. [TSXV:CUI]
• Gladiator Resources [ASX:GLA]
• Golden Deeps [ASX:GED]
• Intermin Resources [ASX:IRC]
• Manuka Resources [ASX:MKR]
• Maxtech Ventures [CSE:MVT]
• Moab Minerals [ASX:MOM]
• Nevada Mining Vanadium Corp. [TSX:ELEF] (OTC:SILEF)
• New Energy Minerals [ASX: NXE]
• Pursuit Minerals [ASX:PUR]
• Sabre Resources [ASX:SBR]
• Santa Fe Minerals [ASX:SFM]
• Strategic Resources [TSXV:SR] (OTCPK:SCCFF)
• Surefire Resources [ASX:SRN]
• Trigon Metals Inc. [TSXV:TM] (OTC:PNTZF)
• UVRE [ASX:UVA]
• Venus Metals [ASX:VMC]
• Victory Metals [TSXV:VMX]
• Viking Mines [ASX:VKA]

VRFB Companies

• Protean Energy [ASX:POW] [GR:SHE1]
• Enerox GmbH (90% Bushveld/10% Cellcube Energy Storage Systems)
• Invinity Energy Systems (LSE:IES) (IVVGF) (OTCQX:IESVF)

Conclusion

June saw vanadium pentoxide prices slightly lower and ferrovanadium prices flat.

Highlights for the month include:

• Australia - Albanese and Chalmers' budget delivers $7bn splash for critical minerals refiners. Note that vanadium is included.
• The EU Critical Raw Materials Act entered into force in May 2024.
• EU, Australia sign critical minerals pact to diversify supply chains.
• Vanadium redox flow batteries (VRFBs) have longer lifespans than their lithium-ion equivalents, lasting more than 20 years, or up to 25,000 cycles.
• Australian Vanadium - $14.7m received from federal grant. Milestone payment supporting the development of the Australian Vanadium Project.
• Tivan & Sumitomo Corporation agree Strategic Alliance for the Speewah Fluorite Project.
• Vanadium Resources says "demand for high-quality Vanadium Pentoxide in China for grid-scale VFB systems is significantly larger than previously estimated. Our strategic decision to enable dual product streams of 98% and 99.5% V2O5 is a direct response to this market demand."

As usual, all comments are welcome.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.