eResearch is pleased to publish an Industry Report on “Vanadium: Powering the Renewable Energy Revolution; Your Guide to Understanding and Investing in Vanadium Companies”.
You can download the full 18-page report by clicking here: eR – Vanadium_2022-12-16_FINAL
Report Highlights:
- The 18-page report covers various aspects of the Vanadium industry including Supply, Demand, Pricing, Uses for Vanadium, and includes a list of Vanadium mining companies (from exploration companies to producers), as well as highlights Currie Rose Resources Inc. (TSXV:CUI), an advanced, resource-stage company, with a vanadium project in Australia that is undervalued compared with some its peers.
- 4 main reasons to look at investing opportunities in Vanadium now:
- Shift to Renewable Energy Could Trigger a Surge in Demand
- The use of vanadium in renewable energy storage solutions, such as Vanadium Redox Flow Batteries (VRFB), is an efficient and cost-effective alternative to existing lithium-ion (Li-ion)-based batteries.
- A redox flow battery (RFB) is an electrochemical energy storage device that converts chemical energy into electrical energy.
- An RFB differs from other conventional rechargeable batteries in that the energy storage occurs in a liquid media and the charging and discharging processes can occur within a single cell.
- The VRFB is a type of RFB that uses vanadium ions as the charge carriers and has two separate tanks in which one tank contains the positive electrolyte and the second tank contains the negative electrolyte.
- Advantages over Lithium-ion batteries include:
- Significantly longer cycle lifetimes and performance result in a lower overall energy storage cost
- Scalability: Can be scaled for small to large energy storage projects
- Reusability: Nearly 100% of the liquid electrolyte used in a VRFB can be recovered and reused
- Safety: Flow batteries do not contain toxic materials and, because the battery’s electrolyte is in an aqueous form, it makes the technology inherently nonflammable and safe
- Currently, it is estimated that the VRFB market only accounts for 3%-5% of vanadium production but the continued shift to renewable energy solutions could trigger a surge in vanadium demand and account for 20% of vanadium consumption by 2030.
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Figure 1: Vanadium Redox Flow Battery
Source: U.S. Department of Energy; eResearch Corp.
- Demand Across Various Applications Continues to Grow
- The majority of all vanadium produced is used as an alloying agent for strengthening steel. Vanadium producers have recently benefited from an increase in infrastructure spending.
- However, the demand for vanadium also continues to increase with other applications, including in the aerospace industry and the production of vanadium redox batteries.
- Potential Supply Deficit as Early as 2025
- Various supply-demand forecasts have vanadium in a supply deficit starting around 2025. Without additional supply to meet the demand, the price of vanadium could remain above historical averages.
- Domestic Sources Needed to Secure Supply Chains
- Over 66% of vanadium production comes from China, while China and Russia together account for over 83% of world mine production.
- With recent geopolitical and supply chain issues, Australian, European, and North American industries need to secure a domestic supply chain for critical minerals, including vanadium.
Company Spotlight:
Currie Rose Resources
is an advanced-stage exploration and development company focused on its 100%-owned North Queensland Vanadium Project (NQVP) located within the mining-friendly vanadium hub in central Queensland, Australia.
Currently, Currie Rose is trading with an Enterprise Value (EV) that is well below the Average and Median EVs for other vanadium companies in the Resource Stage of development (see the report for more details).
Currie Rose’s NQVP project has a well-developed infrastructure with a local, skilled workforce, power service, and rail, road, and port access.
The NQVP hosts the Cambridge deposit with an NI 43-101 compliant resource of 61.33 Mt at 0.34% V2O5 in the Indicated category and an Inferred Resource of 144.87 Mt at 0.33% V2O5 as well as an estimated MoO3 grade of 239.7 parts-per-million (ppm).
Figure 2: Currie Rose NI 43-101 Resource (2022) for the Cambridge Resource
The Indicated resource can be part of a Preliminary Economic Assessment (PEA) study. The Cambridge resource is open for expansion to the north and the project hosts multiple other drill-ready targets.
The project contains an oxide resource within sediments that can be mined with a low strip ratio and the preliminary metallurgy work that was completed in 2018 shows the vanadium ore is suitable for pre-concentration and acid leaching. Concentrate production will have reduced energy requirements and lower Capital Expenditure (CAPEX).
In addition, the Queensland Government is supplying an initial A$10 million grant to support the development of a common user pilot processing plant to domestically process vanadium ore at the nearby city of Townsville on the northeastern coast of Queensland.
The processing plant will be part of a plan to “make Queensland a leading producer and exporter of new-economy minerals and the home of new industries” and is targeted for opening by the end of 2023.
Figure 3: North Queensland Vanadium Project (NQVP) in North-Eastern Australia
Short-term Catalysts for Currie Rose
- Deliver the next phase of the metallurgical test work required for the PEA.
- Initiate the environmental test work required for the PEA.
- Initiate drilling programs to get the appropriate samples for geotechnical and metallurgical test work, water testing, and exploring new advanced projects, including Flinders River and Runnymede.
- Develop a plan for processing the resource.
- Update the Cambridge Resource with infill drilling.
- Complete the PEA.
You can download the full 18-page report by clicking here: eR – Vanadium_2022-12-16_FINAL
Companies mentioned in this report include:
- Audalia Resources
Aura Energy- Australian Vanadium
- Blue Sky Uranium
- Bushveld Minerals
- Critical Minerals
- Currie Rose Resources
- Energy Fuels
- EVRAZ plc
- Flinders Mines
- Glencore plc
- Golden Deeps
- Gossan Resources
- Horizon Minerals
- Ironveld Plc
- King River
- Largo
- Neometals
- NextSource Materials
- Pegasus Resources
- Richmond Vanadium Tech. Ltd.
- Strategic Resources
- Surefire Resources
- Syrah Resources
- Technology Metals
- TNG Limited
- Vanadian Energy
- Vanadium Resources
- Vanadiumcorp
- Venus Metals
- Voyager Metals
- Western Uranium & Vanadium
- Westwater Resources
Other Mining Industry Reports by eResearch include:
- Atlantic Gold Industry Report – The Ultimate Guide to Gold Mining Companies in the Appalachian Gold Belt
- Invest Like Eric Sprott – Invest Like a Pro
- Niobium Industry Report – Strategic Metal Beginning to Shine
- Project Generator Industry Report – Portfolio Investing in Mining to Improve Gains While Reducing Risk
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