Vanadium developer Richmond Vanadium Technology has started share trading on the ASX following a successful initial public offering (IPO) which raised A$25-million.
The company on Tuesday started trading on the ASX under the code RVT and issued 62.5-million shares at a price of 40c each under its IPO.
“We are very excited to be listing on the ASX and I would like to personally welcome all new shareholders to the company. I look forward to regularly updating the market as we continue to progress the bankable feasibility study (BFS) and other developments at the Richmond vanadium project to create significant value for our shareholders,” said Richmond Vanadium MD Dr Shaun Ren.
“With the expected emergence of vanadium as one of the most important critical minerals that will enable the global energy transition, this is the ideal time to provide investors with an opportunity to invest in a world class clean, green, focussed vanadium project. We are excited about the potential this advanced project has to offer shareholders and the role it can play in the expansion of the global vanadium sector.”
The Richmond vanadium project, in Queensland, is considered one of the largest undeveloped oxide vanadium resources in the world, with a Joint Ore Reserves Committee-compliant resource of 1.8-billion tonnes, at 0.36% for 6.7-million tonnes of vanadium pentoxide, and an ore reserve of 459-million tonnes, at 0.49% for 2.25-million tonnes of vanadium pentoxide.
A 2020 prefeasibility study estimated a project life of an initial 25 years at a production rate of 4.2-million tonnes a year run-of-mine ore mined, producing 790 000 t/y of vanadium pentoxide.
The company is completing a BFS on the Richmond project and is progressing approvals. The project was declared a Coordinated Project in May this year, making it the first critical minerals project in Queensland to be awarded this status.
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