VanadiumCorp is transitioning from a junior mining company to a mining and technology company. Can you explain the circumstances that led to this recent evolution?

In 2007, we identified and acquired a strategic vanadiferous titanomagnetite “VTM” resource base with an extensive history of work, available infrastructure and great metallurgy. From 2013-2017, we evaluated conventional production methods for vanadium worldwide and realized that current pyrometallurgical methods were highly pollutive and inefficient.  We further concluded that no current existing process technology could efficiently recover all three high-grade metals contained in our unique VTM resources (vanadium, titanium and iron). This led us to consult with Dr. Francois Cardarelli at Electrochem Technologies & Materials in Montreal, who is well known for the development of the only commercially demonstrated zero carbon technology for recovering high purity (electrolytic) iron from copperas.

How was the VanadiumCorp-Electrochem processing technology (VEPT) developed?

VanadiumCorp made a calculated risk to test novel approaches with Electrochem utilizing off the shelf equipment and affordable chemicals. This led to experimentation with a sulfation approach. Commercially, sulfation is used in a limited scope for digesting titanium rich ilmenite with concentrated sulfuric acid in 100 m3 vessels. Dr. Francois applied this approach successfully and proceeded with building a new flowsheet to extract all metals in high purity. On February 28^th 2017, we announced the jointly owned, U.S. provisional patent application for VanadiumCorp-Electrochem Processing Technology (“VEPT”). With a custom built semi-pilot reactor and a commercial objective, we are now able to process virtually any material that contains vanadium and achieve direct recovery of vanadium, iron and titanium from a wide spectrum of magnetites.

What is the next step for VEPT?

On December 10th, 2018, VanadiumCorp and Electrochem signed a Patent Option Agreement for Ultra Power Systems to purchase an exclusive license for Australia.  Ultra plans to utilize the Australian license of VEPT to expedite construction of the world’s first dedicated vanadium processing facility. Ultra’s core objective is to directly integrate low-cost battery grade vanadium electrolyte into vanadium redox batteries from virtually any source in a fraction of the time and the capital requirements of current vanadium extraction processes. Their key incentive is that VEPT dramatically reduces emissions associated with vanadium extraction while also substantially offsetting the operating cost through the production of valuable by-products. Given the significant increase in use for vanadium in energy storage, VanadiumCorp is very optimistic about helping to build the first plant and additional licensing in other jurisdictions. VanadiumCorp plans to utilize this non-dilutive cash flow and risk mitigation to eventually build a VEPT plant in Canada and develop our 100% owned mining assets.

How do you see the fundamentals of vanadium moving forward?

The world now views vanadium as one of the most critical metals for sustainable energy storage, and our technology offers the unique method to reduce its cost and carbon footprint. Vanadium’s place in energy storage technologies is ensured as it has four oxidation states that allow it to conduct electricity without generating or dissipating heat and to change its molecular state at a nano level.

Can you elaborate on how VanadiumCorp plans to lease out vanadium electrolytes?

VanadiumCorp’s goal is to lease vanadium electrolyte (VE) produced, allowing for the lowest cost and most sustainable and reliable form of energy storage. Leasing a non-depreciating asset removes the upfront cost and amortizes the value of electrolyte over the uniquely long lifespan of vanadium batteries (25-50 years).

What are the characteristics and benefits of vanadium redox flow batteries (VRFBs)?

Vanadium represents approximately 80% of vanadium redox flow batteries (VRFB), and the electrolyte within the VRFB is 100% reusable and lasts forever. VRFBs are a mature technology capable of storing an unlimited amount of energy. VRFBs do not generate heat; they absorb intermittent renewable energy without issue; and they do not degrade and can deep cycle repeatedly without any degradation or thermal runaway. The batteries also have the unique ability to charge and discharge power at different rates as vanadium is both the analyte and catholyte of the battery, which means you have a full separation of power and energy. With VEPT, vanadium batteries would represent a truly sustainable energy storage technology many times cheaper than current energy sources.