Vanadium Resources Limited (ASX:VR8) Steelpoortdrift Vanadium Project Update

Vanadium Resources Limited (ASX:VR8) has announced significant operational efficiencies and funding advancements for its Steelpoortdrift Vanadium Project in South Africa. The company has completed a comprehensive internal review, resulting in modifications to the concentrator and salt-roast-leach (SRL) plants, as well as the relocation of the SRL plant to the Steelpoortdrift site. The concentrator and SRL plant construction are anticipated to commence in Q3 CY2025 and after Q1 CY2026, respectively, enabling early concentrate production and accelerating operating cashflow.

Executive Commentary on Steelpoortdrift Vanadium Project Update

Mr John Ciganek, Chief Executive of VR8, expressed confidence in the consolidated project and identified technical improvements, anticipating substantial long-term benefits for the company and stakeholders. Mr Jurie Wessels, Executive Chairman of VR8, highlighted the potential for further improvement, positioning the Steelpoortdrift Vanadium Project as one of the most significant and capital-efficient vanadium projects globally. Both executives emphasized the phased funding approach, which is expected to derisk the project financially and operationally.

Summary of Steelpoortdrift Vanadium Project Update

Vanadium Resources Limited (ASX:VR8) has optimized its concentrator and SRL plants, reducing operating costs and streamlining operations. The relocation of the SRL plant to the Steelpoortdrift site is expected to further enhance operational efficiency. The company is well advanced in its offtake, funding, and strategic equity processes for the concentrator and SRL plants. The phased construction approach is set to enable early concentrate production, potentially generating early cashflow and derisking the project. The company is also progressing with environmental and regulatory approvals, with construction anticipated to commence in Q3 CY2025 for the concentrator and after Q1 CY2026 for the SRL plant.