The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Neometals (NMT) secures a binding offtake agreement with Glencore for its Vanadium Recovery Project (VRP1)
  • Glencore will purchase all saleable vanadium-bearing products produced by Novana, Neometals’ majority-owned subsidiary
  • The deal is for five years and automatically extends every two years until one of the companies pulls out
  • The delivery period will start on January 1 2026 unless specified otherwise by one of the companies
  • Shares closed 11.7 per cent higher, trading at 52.5 cents at market close

Neometals (NMT) has secured a legally binding offtake agreement with international mining giant Glencore, towards the profitability of its VRP1 scheme.

Under the agreement, Neometals’ majority-owned subsidiary Novana will exclusively sell recovered vanadium to Glencore.

Novana is a 100 per cent owned subsidiary of VRP1’s joint venture company, Recycling Industries Scandinavia AB (RISAB).

Neometals has a 72.5 per cent ownership interest in RISAB, with Critical Metals holding the remaining 27.5 per cent stake.

“The offtake agreement further emphasises the anticipated future need for high-purity material in the market,” NMT Managing Director Chris Reed said.

“This is supported by significant expected demand from the vanadium redox flow battery sector and other potential high purity applications.”

NMT closed 11.7 per cent higher, trading at 52.5 cents at market close.

NMT by the numbers
More From The Market Online

Australia and New Zealand seen as top places for business

Australia has moved up the ranks in terms of its 'reputation' and ease of doing business,…
The Market Online Video

Bitcoin: what’s driving the major comeback?

Why is bitcoin suddenly making a comeback after a dormant couple of years? Watch the video above…
The Market Online Video

Market Close: Autumn’s ASX200 record breaking start

The ASX200 has closed the first day of Autumn at a new record 7745.6 points -…