Vanadium Resources (VR8) has released its June quarterly report which was highlighted by its dual listing on the Frankfurt Stock Exchange (FSE).
In late April, the company revealed it had successfully listed on the FSE under the ticker code TR3 to grow its investor reach and increase its exposure to European markets.
The FSE is one of Europe’s largest stock exchanges with more than 50 per cent of the total trades conducted through investors outside of Germany.
In the quarter, VR8 completed the definitive feasibility study with an aim to produce a high purity vanadium flake product from primary run of mine mineralised material.
VR8 is currently undertaking a definitive feasibility study (DFS) to undertake mining operations and construct a concentrator and salt roast plant potentially capable of initially producing 12,500 tonnes per annum of vanadium pentoxide.
The DFS is progressing well and remains within time and budget to be completed towards the end of Q3.
Taking a look at its financials, VR8 burnt through $142,000 with the majority going towards administration and corporate costs. The company also invested $2.2 million in exploration and evaluation.
VR8 ended the quarter with $2.91 million in total available funding, representing one quarter of use if spending levels remain the same.
This hasn’t fazed VR8 as the high level of costs were in relation to the DFS which is nearing completion.
Near market close, VR8 shares were down 3.90 per cent to trade at 7.4 cents per share at 3:07 pm AEST.
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