Vanadium Industry Report: Powering the Renewable Energy Revolution

Your Guide to Understanding and Investing in Vanadium Companies

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


Vanadium-AtomicReport 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:
  1. 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.
    • Figure 1: Vanadium Redox Flow Battery

      VRFB - Circuit
      Source: U.S. Department of Energy; eResearch Corp.
  2. 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.
  3. 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.
  4. 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 ResourcesCurrie Rose - logo 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

Currie Rose Resource table
Source: Company Reports

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

Currie Rose NQVP
Company Presentation (2022)

Short-term Catalysts for Currie Rose

  1. Deliver the next phase of the metallurgical test work required for the PEA.
  2. Initiate the environmental test work required for the PEA.
  3. 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.
  4. Develop a plan for processing the resource.
  5. Update the Cambridge Resource with infill drilling.
  6. 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
  • Vanadium CompaniesAura 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:


Notes: All numbers in CAD unless otherwise stated. The author of this report, and employees, consultants, and family of eResearch may own stock positions in companies mentioned in this article and may have been paid by a company mentioned in the article or research report. eResearch offers no representations or warranties that any of the information contained in this article is accurate or complete. Articles on eresearch.com are provided for general informational purposes only and do not constitute financial, investment, tax, legal, or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this information should consult with a financial advisor. The article may contain “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements are based on the opinions and assumptions of the Company’s management as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein. Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Please read eResearch’s full disclaimer.

About Chris Thompson 340 Articles
Chris Thompson is the President and Director of Equity Research at eResearch. He is a Professional Engineer and CFA Charterholder with a MBA in Investment Management and over 15 years of experience in software development, FinTech, telecommunications, and information technology. For the past 10 years, he has worked in the Capital Markets in Equity Research, M&A Investment Banking and Consulting in various sectors.