Accelerate holds around 16.6% in TSX listed Currie Rose Resources, which has just announced a strategic alliance with Liontown Resources (ASX:LTR) and Chalice Mining (ASX:CHN) via the acquisition of two advanced vanadium assets.
The assets are known as the North Queensland vanadium project, covering around 1,240km2 with a JORC inferred resource of 86 Mt at 0.3% vanadium.
In April, Accelerate Resources (ASX:AX8) exercised its right to convert CA$500,000 on Currie Rose’s Rossland Gold Project to 8,333,333 shares (equivalent to 16.6% of shares on issue) in Currie Rose.
This provided shareholders continued exposure to the Canadian high grade gold projects, and now provides exposure to vanadium – a key metal for the battery and broader electrification sector.
Potential to share synergies in the battery space
Accelerate managing director Yaxi Zhan said the deal means there’s potential for the company and Currie Rose to share synergies within the rapidly developing renewables and battery space.
“I would like to congratulate Mike Griffiths and his team at Currie Rose on their strategic acquisition of an advanced vanadium play,” she said
“Since April 2021, Accelerate has been supporting Currie Rose in its ongoing corporate activities, and as a substantial shareholder, we welcome this proposed transaction and Currie Rose’s identification of vanadium as having potential to drive future growth for its shareholders, including Accelerate.
On completion of all approvals, Currie Rose will have the two ASX listed companies as equal majority shareholders.
“Although Accelerate’s interest in Currie Rose will be diluted as a result of the transaction, the new incoming major shareholders each have significant exploration and development track records over the past few years,” Zhan said.
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