Australian Vanadium Ltd (ASX:AVL) has welcomed Resource Capital Funds (RCF) to its shares register as a substantial holder with an interest of 5.35% in the voting shares of the company.
RCF is a global mining-focused alternative investment firm that partners with companies to build strong and sustainable businesses that strive to produce superior returns to all stakeholders.
The firm is organised around investment strategies aimed at providing capital throughout the development and capital structure risk spectrum.
$8 million investment
RCF acquired shares worth about $8 million on March 22, 2023 to become a substantial shareholder in AVL.
AVL chairman Cliff Lawrenson said: “AVL has been working to attract larger strategic and financial investors to its register as it progresses the Australian Vanadium Project.
“We are delighted to welcome RCF as a substantial shareholder and we look forward to further developments on our register as we work towards securing funding for the Project.”
Australian Vanadium Project
AVL is advancing the development of its world-class Australian Vanadium Project at Gabanintha.
The Australian Vanadium Project is one of the most advanced vanadium projects being developed globally, with a resource of 239 million tonnes at 0.73% vanadium pentoxide (V₂O₅) and an ore reserve of 30.9 million tonnes at 1.09% V₂O₅.
AVL is also marching ahead with plans to develop a commercial vanadium electrolyte manufacturing facility in Western Australia to support its strategy to become a vertically integrated ‘pit to battery’ vanadium producer.
Read: Australian Vanadium has near-term production in sight as vanadium electrolyte facility plans progress
A facility location has been secured, detailed design completed and long lead equipment ordered for the plant which will produce vanadium redox flow battery (VRFB) high-purity electrolyte.
Deliveries of the equipment are expected during the second quarter of 2023.