- Vanadium Resources (VR8) has ended the June quarter well-funded for future growth, having advanced its Steelpoortdrift project
- VR8 completed a pre-feasibility study on the South African vanadium project during the period, with VR8 able to acquire a 73.95 per cent stake in the asset
- The materials stock also raised funds during the June quarter, issuing 48.6 million shares at 4.8 cents each to raise $2 million in cash
- The company says it spent just under $280,000 on exploration over the period, entering the September quarter with $1.8 million in the bank
- Vanadium Resources closed up 1.89 per cent at 5.4 cents per share
Vanadium Resources (VR8) ended the June quarter well-funded for future growth and having advanced its Steelpoortdrift project.
The vanadium project is in South Africa and VR8 has the opportunity to increase its 50 per cent stake in the asset to 73.95 per cent.
A pre-feasibility study on the Steelpoortdrift project was completed during the period, finding it had a net present value of US$884 million (A$1.192 billion).
Since the quarter ended, VR8 has also completed a maiden ore reserve for the asset of 73.85 million tonnes at 0.75 per cent vanadium pentoxide for 560,000 tonnes.
Along with the progress at Steelpoortdrift, the materials stock also raised funds over the June quarter.
VR8 tapped investors for an extra $2 million in funds via a share placement, with 48.6 million shares issued at 4.8 cents each.
The money from the placement would help Vanadium acquire a 74 per cent
interest in an ESG integrated extraction, processing, refining and manufacturing technology.
VR8 has $1.8 million in the bank at the end of June, as well as $500,000 in unused finance facilities.
The company spent $92,000 on operating expenses during the same three-month period and just under $280,000 on exploration.
At that rate of spend, VR8 said it has enough cash on hand to continue operating for another 22 quarters of growth.
Vanadium Resources closed up 1.89 per cent at 5.4 cents per share.