The project covers 1550 square kilometres of the Toolebuc Formation near Julia Creek containing oil shale deposits over five exploration permits and AXF can earn up to 75% interest in Richmond by spending A$6 million over four years.

The project contains 3.3 billion tonnes of vanadium molybdenum resource (JORC 2004) grading 0.40% V2O5 and 295g/t molybdenum trioxide.

Vanadium is used globally as an industrial element with many applications such as steel and titanium alloys and chemicals but its demand is growing due to new technologies such as energy storage with vanadium a key component in the grid scale storage of solar and wind energy and batteries for electric vehicles.

The Richmond Vanadium Project was first discussed over 10 years ago with the joint Venture started in 2016 and Queensland’s Department of Natural Resources & Minerals approved Project Status for the Richmond Project on August 28, 2017.

Intermin has conducted extensive field work and metallurgical test work to assess pre-concentration and metal extraction flowsheets and AXF has completed initial bulk sample collection of vanadium ore for dispatch to research institutes in China for detailed metallurgical testwork.

Intermin Managing Director Jon Price said there was increasing interest in the energy metals space and rising vanadium prices.

“We are extremely pleased to be advancing this globally significant resource with our JV partner AXF who bring both technical expertise and commercial opportunities in China,” Mr Price said.

"Vanadium redox flow battery applications for grid-scale renewable energy storage systems is set to continue growing at a rapid rate and, together with conventional steel alloy and chemical demand, places the project front and centre as a potential leading supplier into the future."