Richmond vanadium project

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One of the world's largest primary ore Vanadium resources

Vanadium has become a strategic metal in most parts of the world, listed as a critical commodity from Geoscience Australia, and also listed in the Australian Critical Minerals Prospectus 2020 with the Richmond–Julia Creek Vanadium Project listed as a key advanced project.

Horizon (ASX: HRZ) is an exploration and production company within the Kalgoorlie and Coolgardie regions of Western Australia. HRZ also have listed investments in the world class 1.8Bt Richmond vanadium project in northwest Queensland.

The Richmond vanadium project is a large vanadium deposit with a JORC-compliant resource of 1.8 billion tonnes (bt) at 0.36% vanadium pentoxide (V2O5). The project is located in the Tier 1 mining jurisdiction of north Queensland, Australia. The project is close to existing infrastructure, including a gas pipeline, proposed Copper String 2.0 HV network line and Great Northern rail line linked to Townsville Port.

Horizon holds a 25% interest in the Richmond vanadium project through its subsidiary, Richmond Vanadium Technology (RVT). RVT is the operator of the project and is currently advancing the project through a Bankable Feasibility Study (BFS). The BFS is expected to be completed in the second half of 2023.

The Richmond vanadium project is a significant vanadium project with the potential to be a major supplier of vanadium to the global market. The project is well-located and has a strong infrastructure base. The BFS is expected to provide further clarity on the project's economics and timeline for development.

Vanadium is a critical metal with a wide range of uses. It is used in steelmaking, as an alloying agent, and in the production of batteries and other energy storage devices. The demand for vanadium is expected to grow in the coming years, driven by the increasing demand for steel and energy storage.

The Richmond vanadium project is well-positioned to benefit from the growing demand for vanadium. The project has the potential to be a major supplier of vanadium to the global market and to contribute to the Australian economy.

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The Julia Creek Project covers a total of 249.6km2 in the Julia Creek area of north western Queensland, Australia. The exploration tenements (100% owned by QEM Limited) contain large deposits of vanadium and oil shale and are located less than 16km east of the township of Julia Creek.

QEM is seeking to develop the tenements into a large-scale vanadium and oil shale mine. A modular, scalable development strategy is planned. The proponent is evaluating renewable energy options, with preliminary assessment focusing on mapping and modelling of a 250 megawatt (MW) hybrid solar/wind layout (with further desktop preliminary assessments on 500MW and 1GW scenarios underway)

As part of mine development, QEM is examining utilising planned renewable energy production to potentially power hydrogen electrolysers onsite. As well as providing hydrogen for its own project needs, there may be potential for a Julia Creek located facility to act as a future hydrogen distribution point to service the North West Minerals Province



This description is based on the publicly available QEM 2021 AGM presentation of 26 November 2021.

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This project is between the towns of Richmond and Julia Creek and is one of the largest undeveloped oxide vanadium resources in the world with a JORC 2012-compliant mineral resource of 1.8 billion tonnes at 0.36% vanadium pentoxide (V2O5) for 6.7 million tonnes V2O5 and an ore reserve of 459 million tonnes at 0.49% for 2.25 million tonnes V2O5.

RVT said this resource was capable of supporting a world-class clean green-focused vanadium operation for at least 25 years....

"With the expected emergence of vanadium as one of the most important critical minerals that will enable the global energy transition, this is the ideal time to provide investors with an opportunity to invest in a world class-clean green focussed vanadium project.”

https://www.proactiveinvestors.com.a...o-1001007.html

https://richmondvanadium.com.au/our-projects/

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[Highlights
 GSAe UK has produced initial acid and alkaline leaching flow sheets for Julia Creek vanadium extraction based on the outstanding previous yield
results (see ASX Announcement dated 28 February 2023).
 QEM has progressed enabling infrastructure work packages aimed at further de-risking the Julia Creek Project (JCP).
 QEM secured Circular Economy opportunity with Sun Metals to upcycle Queensland industrial waste to battery grade vanadium pentoxide (V2O5).
 Specialist mining consultancy RPM Global engaged to update scoping study

Read full report: https://www.qldem.com.au/investor-centre/#