Vanadiumcorp Announces the Resignation of its CEO
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Vancouver, British Columbia – July 2, 2024 – VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTC: VRBFF) ("VanadiumCorp" or the "Company). The Company announces the resignation of its CEO, Paul McGuigan, who has completed his mandate as temporary CEO as announced in March 2022.
Paul McGuigan, P. Geo., states:
"VanadiumCorp has constructed its first electrolyte plant in less than 12 months using mostly in-house technical staff. We look forward to our next phase of corporate development and commercial production enabled by the experience of our first plant. It has been my pleasure to work with the VanadiumCorp team on this stage of its development.”
The Company completed construction and commissioning of its Plant No. 1 in Val des Sources, Quebec. The Company selected this first plant to enable team experience and market development based on a minimal capital expenditure. We look forward to our next phase of corporate development and commercial production enabled by the experience of our first plant.
Batches produced to date in this demonstration-sized plant meet tight electrolyte specifications and high purity, vindicating our selection of electrolyzer technologies, like the new, larger facilities of AMG Vanadium LLC (Europe), Australian Vanadium Ltd. (Australia) and Bushveld Minerals (South Africa). Additionally, we are in receipt of a scoping-level engineering from the Company's technical team for a 4 to 8 million litres per year plant. This second larger plant is scoped using electrolyzer modules from C-Tech Innovation Limited, of the UK. Prior to committing to this larger plant, we seek markets for its premium electrolyte product.
Market studies commissioned by the Company indicated a good demand for high purity electrolytes. However, as the Vanadium Flow Battery (VFB) market grows quickly, demand intensifies for the lowest transformation charge for the conversion of vanadium feedstocks to electrolyte for certain VFB applications. The Company will actively scope a chemical process to create a hybrid chemical/electrolyzer manufacturing design, or alternately a fully chemical process design, to meet the growing demand for lower conversion costs and to augment our premium product line.
About VanadiumCorp Resource Inc.
The Company’s Plant No. 1 is in Val-des-Sources, Québec, at the Carrefour d’Innovation sur les Matériaux de la MRC des Sources (CIMMS). The Company's website (www.vanadiumcorp.com) displays photographs of the completed plant.
A remarkable transformation of the global energy landscape is underway as we shift toward renewable energy sources. Solar and wind energy sources are forecasted to dominate power generation. Yet, vast amounts of long-duration energy storage (LDES) are vital to time-shift and stabilize these variable energy sources. The Vanadium Flow Battery is the most mature of the LDES battery technologies. According to MIT (2022), the VFB is “unique for its ability to perform indefinitely with inexpensive operational maintenance."
To assure stable, long-term access to vanadium feedstocks for electrolyte manufacturing, the Company is developing novel hydrometallurgical processes to extract vanadium from the titanomagnetite deposits at its wholly owned Lac Doré property near Chibougamau, Québec.
On behalf of the Board of VanadiumCorp Resource Inc.:
Paul McGuigan, P. Geo.
Director, Chief Executive Officer
pjm@vanadiumcorp.com
Direct: +1.604.970.3278
Company Contact Information:
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Canada
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Email: info@vanadiumcorp.com Website: www.vanadiumcorp.com |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This document may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) regarding, among other things, VanadiumCorp's business. and the environment in which it operates. In general, forward-looking statements can be identified by the use of words such as "anticipates", "expects" or "does not expect", "is expected", "budget", "forecast", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "could" or "will be taken", "occur" or "will be achieved". VanadiumCorp relies on a number of assumptions and estimates to make these forward-looking statements, including, without limitation, the ability to acquire the necessary permits and authorizations to advance the Lac Doré property to the production stage, the ability to add to existing resources at Lac Doré through drilling, the costs associated with the development and operation of its properties. These assumptions and estimates are made in light of forecasts and conditions that are considered relevant and reasonable based on available information and current circumstances. A number of risk factors may cause actual results, level of activity, performance or results of such exploration and/or mine development to differ materially from those expressed or implied by such forward-looking statements, including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the ability to modify project parameters as plans continue to be refined, the ability to execute planned future exploration and drilling programs, the need for additional financing to continue exploration and development efforts, changes in general economic, market and business conditions, and other risks outlined in VanadiumCorp's latest Annual Information Form under the heading "Risk Factors" and in its other public documents. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and that may be beyond VanadiumCorp's control. Although VanadiumCorp has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, undue reliance should not be placed on these forward-looking statements. In addition, all forward-looking statements in this press release are made as of the date of this press release. VanadiumCorp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.