Richmond Vanadium Technology (ASX: $RVT) Quarterly Report Overview

Richmond Vanadium Technology Limited (ASX: $RVT) has released its Quarterly Report for the period ending 31st March 2024. The company extended the timeframe to complete the Bankable Feasibility Study (BFS) for the Richmond - Julia Creek Vanadium Project by 6 months to the June Quarter 2025. The forecast timing of work programs for 2024 - 2025 has been completed, and regulatory approvals and a final investment decision for the Project are expected in the September Quarter 2025.

Executive Commentary

The Company has decided to extend the timeframe for completion of the BFS by 6 months, with completion expected in the June Quarter 2025. This decision has been driven by several internal and external factors, including expected delays in securing essential services, additional mineralogical and metallurgical test work, further infill drilling, and identification of the type of ore that performs best in the existing process flowsheet. The Company continues to progress its ESG journey, focusing on policy updates, GHG assessment methodology, and review of International Sustainability Standards Board (ISSB) standards.

Summary

Richmond Vanadium Technology (ASX: $RVT) has extended the completion timeframe for the Bankable Feasibility Study (BFS) for the Richmond - Julia Creek Vanadium Project to the June Quarter 2025. The Company expects regulatory approvals and a final investment decision for the Project in the September Quarter 2025. The Richmond - Julia Creek Vanadium Project is one of the largest undeveloped oxide vanadium resources in the world, and the Company is working on extensive metallurgical test work, infill drilling, and environmental impact assessment. RVT continues to progress its ESG journey, focusing on policy updates, GHG assessment methodology, and review of International Sustainability Standards Board (ISSB) standards. The global adoption of vanadium redox flow batteries is expected to drive future demand growth, and RVT aims to position itself as a key industry partner with other vanadium developers.