Horizon Minerals Ltd (ASX:HRZ) has restructured and demerged its interest in the Richmond Vanadium Project, a transitional metal asset in northwest Queensland.
The mid-tier gold explorer worked alongside joint venture partner Richmond Vanadium Technology (RVT) to cut the ribbon on a sale and purchase agreement, making RVT the project’s sole owner.
Horizon shareholders will retain exposure to the vanadium asset thanks to a 25% shareholding in RVT, which plans to hit the ASX later this year.
HRZ managing director Jon Price said of the demerger: “With the restructure now complete, we can now advance the IPO and ASX listing process and continue progressing the bankable feasibility study for this world-class project.”
About Richmond
The Richmond Vanadium Project is one of the largest undeveloped vanadium projects in the world.
Thanks to its scale, it has the potential to meet increased demand from both the specialty steel industry and the grid-scale energy storage market.
The 1.8-billion-tonne project has a completed pre-feasibility study, which Horizon believes demonstrated a technically viable and financially attractive development project.
Both joint venture partners are advancing a bankable feasibility study, and they’ve put a dedicated board and management team in place to accelerate RVT’S listing and complete the report next year.
The new board includes:
Former Western Australian MP, senior WA cabinet minister and corporate strategist Brendon Grylls, serving as independent non-executive chair;
RVT CEO and critical minerals specialist Dr Shaun Ren, who has stepped up as managing director; and
Metallurgist, mineral economist and Horizon managing director Jon Price, who has come on board as a non-executive director.
Next steps
Moving ahead, Horizon will keep the market updated in tune with its continuous disclosure agreements.
When it’s able, it’ll provide further details on how much RVT plans to raise under the proposed IPO, how funds will be used and the record date for the in-specie distribution for eligible Horizon shareholders.
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