[Ferro-Alloys.com]  Horizon Minerals Ltd (ASX:HRZ) spin-off Richmond Vanadium Technology Ltd has listed on the ASX following a successful $25 million initial public offering (IPO) that included a priority offer for HRZ shareholders.

Richmond Vanadium Technology or RVT is an Australian-based vanadium redox flow battery (VRFB) manufacturer aiming to create a mine-to-metal battery corridor within Australian shores.

Horizon is a major shareholder, owning 25% of Richmond Vanadium shares after restructuring a 25% stake in the VRFB company’s flagship project.

Funds raised will primarily be used to complete a bankable feasibility study and progress approvals for development of the Richmond Vanadium Project.

World-class resource

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

Vanadium is listed by the Australian and US governments as a 'critical mineral' and is poised to play a pivotal role in the commercialisation of renewable energy.

Priority IPO share offer

Horizon Minerals investors were offered priority in the RVT IPO due to the close working relationship of the two companies and HRZ’s existing stake.

HRZ investors received some 20 million shares previously held by Horizon Minerals as part of a capital reduction and in-specie distribution of shares.

This large holding gives HRZ and its shareholders exposure to both RVT’s project and its efforts toward construction of a vanadium common-user facility (VCUF), which would process Queensland’s vanadium deposits, with the support of the Queensland Government.

"Ideal time"

Richmond Vanadium Technology managing director Dr Shaun Ren said, “I look forward to regularly updating the market as we continue to progress the bankable feasibility study and other developments at the Richmond Vanadium Project to create significant value for our shareholders.

"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.”

• [Editor:tianyawei]