Richmond Vanadium Technology Ltd (ASX:RVT) has built on a transformational 2022 and remains on track this year with its strategy of feeding the growing global demand for vanadium utilising clean energy solutions while seeking to reduce the carbon footprint of the Richmond-Julia Creek Project in North Queensland.
Non-executive chair Brendon Grylls told today’s AGM that during 2023 the company had made strong progress with its strategy to realise value from one of the largest undeveloped oxide vanadium resources in the world.
He said: "2022 was a year of transformation for RVT. After completing the sale and purchase agreement with Horizon Minerals Ltd (ASX:HRZ) in June 2022, RVT became the 100% holder of the Richmond-Julia Creek Project.
"In the latter part of 2022, we finalised our successful IPO raising $25 million before costs and listing on the ASX on December 13. These funds are for the completion of a bankable feasibility study for the project."
Key studies progressed
He said the RVT team had been busy since the IPO commencing the BFS and Environmental Impact Statement (EIS) with the appointments of Epic Environmental to deliver an EIS and associated approvals to support a Mining Lease grant, and DRA Global as engineering services consultant for the BFS.
"DRA and Epic are working in close collaboration with the RVT team, including Peter Hedley who was appointed as the company’s project director for the BFS.
"The BFS and EIS are being undertaken in parallel as we target forecast completion of both by Q4 2024."
Brendon Grylls.
Grylls told stakeholders and investors that RVT regarded itself as a key industry partner with other vanadium developers.
Working with governments
"Together, we have a common goal to educate and engage the wider population on the opportunity and necessity of vanadium for stationary battery energy storage systems.
"We know that the importance of vanadium and the creation of a new industry for Australia has been embraced by the Queensland Government as part of its Critical Minerals Strategy with significant investment in key infrastructure projects, along with the Federal Government which has also released its Critical Minerals Strategy.
"We are working with all levels of government and international partners to ensure value is created along the entire supply chain."
Clean, green intentions
The chair said that during the IPO RVT determined that a key focus of the BFS would be to assess clean energy solutions and seek to reduce the carbon footprint of the project.
"The board also set an ambitious target of adopting an Environmental, Social and Governance or ESG framework and publishing a baseline report in our first year of being listed.
"We believe that this will enable us to better identify material risks and growth, potentially leading to better business outcomes."
ESG commitment
In line with its ESG commitment, Grylls said that in May this year the company adopted the globally recognised World Economic Forum Stakeholder Capitalism framework and as part of its Annual Report released in September, had provided a baseline ESG report within its targeted timeframe.
"We regard this as just the starting point of our journey and commitment to ongoing ESG reporting; sharing our progress and improvements to create long-term value for all our stakeholders," he said.
The chair thanked retired managing director Dr Shaun Ren for his contribution and vision which had progressed the Richmond-Julia Creek Vanadium Project to its current position.
“Shaun retired from the role of managing director after almost eight years and was succeeded by Jon Price, who was previously the managing director of Horizon Minerals and a non-executive director of RVT,” he added.