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The Shareholders of the Vanadium recovery project, led by Neometals, have moved the Financial Investment Decision (FID) deadline to 30th September 2023, providing extra time for negotiations and due diligence with potential financiers.
The project is showing strong progress and attracting interest from both Nordic and International investors, with SEB and Aventum Partners leading the financing processes and the European Investment Bank progressing favourably with due diligence.
Neometals is in advanced discussions with SSAB to extend the investment decision deadline under the SSAB slag supply agreement to align with project financing timelines, signifying SSAB's support for the project's progress.
Lowest quartile cash cost of US$4.19/pound, excl. royalty, with potential to lower with by-product/carbon credits
Average annual production (excluding ramp up) of 19.1 million pounds per annum (~8,655tpa) of potentially carbon negative high-purity V2O5 secured by 10-year supply agreement with Scandinavian steelmaker SSAB
40% increase in pre-tax NPV 10, to US$323 million compared to PFS1 and pre-tax IRR of 24.8% on 100% ownership basis