Australia is one of the most resource-rich countries on Earth for vanadium. The Australian Government has classified vanadium as a critical mineral under its Critical Minerals Strategy 2023-2030, reflecting both the country's geological endowment and the strategic importance of diversifying global supply away from the dominant producers: China, Russia, and South Africa, which together account for approximately 95 per cent of the world's vanadium output.

The Australian Securities Exchange (ASX) hosts a range of companies with vanadium exposure, from pure-play vanadium developers and explorers to diversified miners where vanadium is a secondary or even incidental part of a broader commodity portfolio. For investors, the ASX vanadium sector offers exposure to the vanadium supply chain at various stages of development, from early-stage grassroots exploration through to advanced feasibility and near-production development.

However, the ASX vanadium space also comes with significant caveats. Most listed vanadium companies are small-capitalisation or micro-capitalisation stocks with limited liquidity, no revenue, and substantial execution risk. The vanadium price itself is less transparent than most base metals and precious metals, since vanadium does not trade on a major commodity exchange like the London Metal Exchange (LME). Instead, pricing is determined through over-the-counter contracts, producer quotes, and assessments from agencies such as CRU Group and Asian Metal, creating opacity that can amplify volatility and uncertainty.

The ASX Vanadium Landscape at a Glance

As of April 2026, the Market Index ASX Vanadium Companies list identifies 19 ASX-listed stocks with vanadium exposure. These range from Australian Vanadium Ltd (ASX:AVL) and Vanadium Resources Ltd (ASX:VR8), which are pure-play vanadium names, through to companies like Arafura Rare Earths (ASX:ARU) and Syrah Resources (ASX:SYR), where vanadium is incidental to a primary rare-earths or graphite business. Several names on the list are primarily uranium explorers, gold miners, or technology-metals companies that happen to hold tenements or joint-venture interests with some vanadium mineralisation.

Understanding the degree and nature of vanadium exposure across these 19 companies is essential context for any reader navigating this sector. A simplistic assumption that every company on a "vanadium list" is a vanadium investment would lead to significant misunderstanding. Many of these companies are primarily focused on rare earths, graphite, lithium, uranium, gold, or zinc, and their inclusion on a vanadium-themed list reflects the presence of vanadium in their geological assets rather than vanadium's importance to their corporate strategy or valuation.

The ASX vanadium sector should also be understood in the context of Australia's broader critical minerals ambition. The Australian Government, through its Critical Minerals Strategy 2023-2030 and the Future Made in Australia initiative, has signalled strong support for developing domestic critical mineral supply chains, including vanadium. This policy backdrop provides potential access to government-backed financing, streamlined approvals, and international partnerships for qualifying projects. However, government policy support does not guarantee commercial viability, and the gap between government ambition and successful mine development is often measured in years and hundreds of millions of dollars.

The sections that follow provide a comprehensive market overview, a detailed comparison table, individual company profiles, thematic deep-dive analysis, and a robust FAQ section designed to answer the most common questions about ASX vanadium companies. This article aims to be the most comprehensive publicly available guide to ASX vanadium companies as of April 2026.

Company-by-Company Analysis

This section provides a detailed individual profile for each of the 19 companies identified on the Market Index ASX Vanadium Companies list. Each profile covers the company's background, the nature and extent of its vanadium exposure, its key projects and assets, recent developments, opportunities, and risks. Profiles are presented in alphabetical order by ASX code.

ACP — Audalia Resources Ltd

Company Overview. Audalia Resources Limited is an Australian minerals exploration and development company focused on its Medcalf vanadium-titanium-iron project in Western Australia. The company is headquartered in Perth and listed on the ASX under the code ACP.

Why It Appears on a Vanadium Company List. Vanadium is a core commodity for Audalia. The Medcalf project is a vanadium-titanium-iron deposit, and vanadium is central to the company's development strategy and investment case.

Main Vanadium-Related Project. The Medcalf Project is 100 per cent owned by Audalia and is located approximately 470 kilometres southeast of Perth, near Lake Johnston in Western Australia. The project area covers approximately 38 square kilometres and hosts a mineral resource of 32 million tonnes grading 0.47 per cent V2O5, 49.2 per cent Fe2O3, and 8.98 per cent TiO2. Audalia has completed a pre-feasibility study (PFS) and is working toward a definitive feasibility study (DFS).

Project Jurisdiction and Geography. Western Australia, within an established mining region with access to existing road infrastructure and relatively well-understood geology.

Current Stage of Development. Developer. The PFS has been completed, environmental ministerial approval was granted under Part IV of the Environmental Protection Act in July 2024, and exploration drilling continues to expand the resource base. The DFS is the next major milestone.

Recent Developments. Audalia received environmental ministerial approval in July 2024, a significant de-risking step. In November 2024, the company completed a 28-hole step-out drilling program at the Egmont prospect within the Medcalf project area, extending the known extent of mineralisation.

Core or Secondary Exposure. Core. Vanadium is central to the Medcalf project's economics, alongside titanium and iron co-products.

Possible Opportunities. Environmental approval de-risks the permitting pathway. The vanadium-titanium-iron combination provides optionality across multiple commodity markets. Proximity to existing infrastructure in Western Australia is a logistical advantage compared to more remote project locations.

Major Risks. Funding the development phase will require significant capital. The project must demonstrate commercially viable metallurgy and processing economics through the DFS. Vanadium, titanium, and iron prices are all subject to cyclical volatility. The company's share price of $0.025 and absence of trading volume on the source date suggest very limited market liquidity.

AEE — Aura Energy Ltd

Company Overview. Aura Energy Limited is an Australian-based mineral exploration and development company with its primary operational focus on the Tiris uranium project in Mauritania. The company also holds the Häggån polymetallic project in Sweden, which hosts vanadium alongside uranium, nickel, molybdenum, zinc, and potash.

Why It Appears on a Vanadium Company List. Aura Energy's Häggån project in Sweden contains significant vanadium mineralisation as part of a polymetallic deposit, qualifying the company for inclusion on vanadium-focused company lists.

Main Vanadium-Related Project. The Häggån Polymetallic Project is located in Sweden and is 100 per cent owned by Aura Energy. It is a large-tonnage, low-grade deposit containing vanadium, uranium, nickel, molybdenum, zinc, and sulfate of potash. Development of the Häggån project has been deferred while the company focuses capital and management attention on the Tiris uranium project.

Project Jurisdiction and Geography. Sweden (Häggån, vanadium-bearing) and Mauritania (Tiris, uranium flagship). Sweden's regulatory environment for alum shale mining is currently subject to a government inquiry, which has delayed strategic investment negotiations for Häggån. Sweden lifted its uranium mining ban effective 1 January 2026, which is a positive development for the project's uranium component.

Current Stage of Development. Tiris (uranium): pre-development and engineering, with a final investment decision (FID) targeted for Q3 2026. Häggån (vanadium): early development stage with strategic investment discussions deferred pending regulatory clarity. Cash position was reported at A$4.2 million as of 31 December 2025.

Recent Developments. Aura Energy secured its first long-term uranium offtake agreement with a major US nuclear utility in August 2025, covering approximately 10 per cent of Tiris production from 2028 to 2031. Sweden's lifting of the uranium mining ban is directly relevant to the Häggån project. However, development at Häggån remains on hold pending the outcome of the Swedish government's inquiry into alum shale mining.

Core or Secondary Exposure. Secondary. Vanadium is part of the Häggån polymetallic deposit but is not the company's primary operational or strategic focus. Uranium at Tiris is the flagship business.

Possible Opportunities. If the Swedish regulatory environment becomes more favourable, the Häggån project offers substantial multi-commodity optionality. The lifting of the uranium mining ban is a positive step. Vanadium could become more material if Häggån advances to development.

Major Risks. Regulatory uncertainty in Sweden around alum shale mining is the primary risk for the vanadium exposure. Mauritania presents its own political and regulatory risks. The company has limited cash and faces funding requirements for both projects. Vanadium development is deferred and may not proceed in the near term.

ARU — Arafura Rare Earths Ltd

Company Overview. Arafura Rare Earths Limited is an Australian rare-earths developer focused on the Nolans project in the Northern Territory, approximately 135 kilometres north of Alice Springs. The company is one of the more advanced rare-earths development projects on the ASX.

Why It Appears on a Vanadium Company List. Arafura appears on the Market Index ASX Vanadium Companies list, but based on publicly available information, vanadium is not a material component of the Nolans project or the company's investment case. The primary focus is on neodymium-praseodymium (NdPr) oxide production, with phosphate as a co-product.

Main Vanadium-Related Project. There is no clearly identifiable, material vanadium project or asset within Arafura's portfolio. The Nolans deposit is a rare-earths-phosphate-uranium-thorium mineralisation, and while trace amounts of vanadium may be present in the ore body, it does not feature in the company's public disclosures as a significant product or by-product.

Core or Secondary Exposure. Incidental at best. Vanadium is not a meaningful part of the Arafura investment case.

Recent Developments. Arafura completed a $475 million institutional placement in October 2025 (led by Hancock Prospecting) and secured a $300 million credit facility from Export Development Canada. The company was targeting FID in Q1 2026.

ASN — Anson Resources Ltd

Company Overview. Anson Resources Limited is an Australian-listed critical minerals company with its primary strategic focus on lithium production from the Green River Lithium Project in Utah, USA. The company also holds a secondary uranium-vanadium exploration project (Yellow Cat) in the same region.

Why It Appears on a Vanadium Company List. Anson Resources holds the Yellow Cat uranium-vanadium project in Utah, where vanadium mineralisation occurs alongside uranium in sandstone-hosted deposits. This qualifies the company for inclusion on vanadium company lists, although vanadium is not the primary business focus.

Main Vanadium-Related Project. The Yellow Cat Uranium-Vanadium Project is located in the Colorado Plateau region of Utah. It is an early-stage exploration project with drilling scheduled to commence in early 2026 over an approximately 2,500-metre strike length. The project targets sandstone-hosted uranium-vanadium mineralisation typical of the Colorado Plateau province.

Core or Secondary Exposure. Secondary. Lithium (Green River) is the core business. The Green River project has a maiden JORC resource of 1.04 million tonnes lithium carbonate equivalent (LCE) and is progressing through a definitive feasibility study. Vanadium at Yellow Cat is a secondary exploration-stage commodity.

AVL — Australian Vanadium Ltd

Company Overview. Australian Vanadium Limited is one of the most prominent pure-play vanadium companies on the ASX. The company is developing the Australian Vanadium Project in the Murchison region of Western Australia, approximately 43 kilometres south of Meekatharra, with an integrated strategy spanning mining, processing, and downstream vanadium battery participation through its subsidiary VSUN Energy.

Why It Appears on a Vanadium Company List. AVL is a pure-play vanadium developer. Vanadium is the sole strategic focus, making it one of the most directly relevant names on any ASX vanadium company list.

Main Vanadium-Related Project. The Australian Vanadium Project comprises the Gabanintha mine site (approximately 40 kilometres southeast of Meekatharra) and the proposed Tenindewa processing plant (inland from Geraldton). The project targets the production of high-purity vanadium pentoxide (V2O5) from a vanadium-titanium-iron magnetite deposit, with titanium and iron recovered as co-products.

Project Jurisdiction and Geography. Western Australia. Both the mine site and proposed processing plant are located in established mining regions with access to road and rail infrastructure and a skilled mining workforce.

Current Stage of Development. Developer at the optimised feasibility study (OFS) stage. Environmental Protection Authority (EPA) approval was secured in January 2025, a significant milestone. The company is working toward a final investment decision and is seeking financing in the order of A$500 million or more for mine and processing plant construction.

Recent Developments. AVL won EPA approval in January 2025. The company has lodged a Stage One Expression of Interest for the Kalgoorlie Vanadium Battery Energy Storage System (VBESS), a 50 MW, 10-hour vanadium battery system backed by A$150 million in state government funding, with a preferred developer decision expected in July 2026. The company's grant agreement completion date has been extended to 31 March 2028, reflecting an extended development timeline.

Core or Secondary Exposure. Core. This is one of the few ASX companies where vanadium is the entire investment thesis.

Possible Opportunities. EPA approval is a meaningful de-risking step. The integrated mine-to-battery strategy, including VRFB exposure through VSUN Energy, is differentiated among ASX vanadium names. Western Australia's mining-friendly jurisdiction and established infrastructure reduce some logistical risk. The potential VBESS contract would provide downstream demand visibility.

Major Risks. The company requires substantial capital (A$500 million or more) to finance construction, and no financing arrangements have been publicly confirmed. The project has missed earlier construction start-date targets, and the extended timeline introduces execution risk. Vanadium price weakness has been a headwind. The company is pre-revenue, and the share price reflects the speculative nature of the investment. Offtake agreements and binding financing are prerequisites for a final investment decision.

GTR — GTI Energy Ltd (renamed American Uranium Limited, August 2025)

Company Overview. GTI Energy Ltd (now American Uranium Limited) is a Perth-based ASX-listed uranium explorer with projects in Wyoming and Utah, USA. The company's primary focus is on in-situ recovery (ISR) amenable uranium deposits, with secondary conventional sandstone-hosted uranium-vanadium exploration in Utah.

Why It Appears on a Vanadium Company List. GTI Energy's Henry Mountains project in Utah contains uranium-vanadium mineralisation in conventional sandstone-hosted deposits, a geological setting common to the Colorado Plateau.

Main Vanadium-Related Project. The Henry Mountains Project in Utah targets sandstone-hosted uranium-vanadium mineralisation. The project is at an early exploration stage. The company's primary focus is the Lo Herma uranium project in Wyoming, which has a JORC 2012 resource of 8.57 million pounds U3O8 at 630 ppm.

Core or Secondary Exposure. Secondary. Uranium is the primary commodity. Vanadium is incidental to the geological setting at Henry Mountains and is not the company's strategic focus.

HRZ — Maritana Minerals Ltd (formerly Horizon Minerals)

Company Overview. Maritana Minerals Limited (formerly Horizon Minerals, rebranded April 2026 with ASX code changing from HRZ to MRT) is a Western Australian gold developer focused on bringing the Black Swan gold hub into production. The company also holds a 25 per cent joint-venture interest in the Richmond Vanadium Project in Queensland, with Richmond Vanadium Technology Ltd (ASX: RVT) holding the remaining 75 per cent.

Why It Appears on a Vanadium Company List. Maritana holds a 25 per cent minority JV stake in the Richmond Vanadium Project, one of the world's largest undeveloped vanadium resources, located in the Julia Creek region of North West Queensland.

Main Vanadium-Related Project. The Richmond Vanadium Project has a mineral resource estimate of 1,838 million tonnes grading 0.36 per cent V2O5. The project received Coordinated Project status from the Queensland Government in May 2022. However, Maritana's interest is a minority 25 per cent stake, and the project is operated and majority-owned by Richmond Vanadium Technology (RVT), a separately ASX-listed entity.

Core or Secondary Exposure. Secondary. Maritana is transitioning to gold production at Black Swan in Western Australia. The Richmond vanadium JV is a non-core holding with limited corporate focus or capital allocation. The company's direction is toward gold, not vanadium.

KRR — King River Resources Ltd

Company Overview. King River Resources Limited is an ASX-listed vanadium-titanium-iron explorer and developer based in Perth. The company's flagship asset is the Speewah Specialty Metals Project in the Kimberley region of Western Australia, which it describes as containing Australia's largest vanadium-in-magnetite deposit.

Why It Appears on a Vanadium Company List. Vanadium is a core commodity for King River Resources. The Speewah project contains an enormous vanadium resource and the company's development strategy is centred on vanadium extraction.

Main Vanadium-Related Project. The Speewah Specialty Metals Project is 100 per cent owned and located approximately 70 kilometres south of Kununurra in the East Kimberley, Western Australia. The project hosts a measured, indicated, and inferred mineral resource of 4,712 million tonnes grading 0.3 per cent V2O5, 3.3 per cent TiO2, and 14.7 per cent Fe. This makes it one of the largest vanadium resources globally by total tonnage, although the grade is relatively low compared to some other vanadium deposits.

Current Stage of Development. Pre-feasibility study stage. Metallurgical test work has achieved vanadium extraction rates of 90 to 92 per cent using heated sulphuric acid leaching. The company is evaluating alternative processing routes (vat leaching, heap leaching) aimed at reducing upfront capital expenditure and enabling a smaller-scale starter operation.

Core or Secondary Exposure. Core. Vanadium, alongside titanium and iron, is the primary focus of the Speewah project.

Major Risks. The project's capital intensity is a significant challenge, with earlier estimates exceeding A$524 million. Metallurgical test work on alternative processing routes is still at the testing phase and has not been validated at commercial scale. Financing risk is substantial for a project of this scale and complexity in a remote location. The share price of $0.03 reflects market scepticism about near-term value realisation.

MOM — Moab Minerals Ltd

Company Overview. Moab Minerals Limited is a multi-commodity explorer with projects spanning uranium, vanadium, lithium, gold, copper, and cobalt across the USA, Western Australia, and Tanzania.

Why It Appears on a Vanadium Company List. Moab holds the REX uranium-vanadium exploration project in Colorado's Uravan Mineral Belt, where vanadium mineralisation occurs alongside uranium in historic mine workings.

Main Vanadium-Related Project. The REX Project (60 per cent owned) is located approximately 130 kilometres east of Moab, Colorado. It is an early-stage exploration project targeting uranium-vanadium mineralisation in historic mine workings. Initial sampling has returned grades of up to 0.53 per cent U3O8, with vanadium occurring as a by-product.

Core or Secondary Exposure. Secondary. Vanadium is a by-product of uranium exploration. The company's portfolio is widely diversified across multiple commodities and geographies, with no single project or commodity dominating.

Major Risks. Extremely early-stage. No defined vanadium resources. Share price of $0.002 indicates micro-cap, highly speculative status. BLM permitting in Colorado is ongoing. Commodity price risk across multiple metals.

MTB — Mount Burgess Mining NL (now Talonx Resources)

Company Overview. Mount Burgess Mining NL (rebranded to Talonx Resources, ASX: TXR, effective January 2026) is a diversified explorer and developer focused on the Kihabe-Nxuu polymetallic project in Botswana. The project hosts zinc, lead, silver, germanium, gallium, copper, and vanadium mineralisation.

Why It Appears on a Vanadium Company List. Vanadium is one of several metals present in the Kihabe-Nxuu deposit. Metallurgical test work at Nxuu has achieved 82 per cent vanadium pentoxide recovery, with vanadium hosted in descloizite (an oxide vanadate mineral).

Main Vanadium-Related Project. The Kihabe-Nxuu Project is located in Western Ngamiland, Botswana, covering approximately 1,000 square kilometres. Zinc and lead are the primary target metals. Vanadium is a secondary recovery product. The company is advancing toward pre-feasibility and definitive feasibility studies for the Nxuu deposit, which is viewed as a potentially low-capital fast-track to production.

Core or Secondary Exposure. Secondary. Zinc, lead, and silver are the primary commodities. Vanadium is a by-product. The company's recent strategic shift toward adding Australian gold projects further reduces the relative importance of vanadium.

NMT — Neometals Ltd

Company Overview. Neometals Limited is an ASX-listed technology and development company with operations spanning vanadium recovery, lithium technology, gold, and titanium. The company's vanadium activities are conducted through its Novana subsidiary, which is developing the Vanadium Recovery Project (VRP1) in Pori, Finland.

Why It Appears on a Vanadium Company List. Neometals has meaningful vanadium exposure through two distinct pathways: the VRP1 vanadium recovery plant in Finland (which would process vanadium from industrial by-products rather than primary mining) and the Barrambie vanadium-titanium deposit in Western Australia.

Main Vanadium-Related Project. The Vanadium Recovery Project (VRP1) is located at the Tahkoluoto industrial site in Pori, Finland. It targets the production of 9,000 tonnes of V2O5 per year, which would represent approximately 5 to 6 per cent of global production and roughly 60 per cent of European demand. VRP1 has a 100 per cent offtake agreement with Glencore International AG and is positioned as a low-carbon, circular-economy project that recovers vanadium from industrial residues rather than primary ore.

Current Stage of Development. VRP1: pre-construction phase. In November 2025, the Finnish government (through Business Finland) approved a conditional grant of EUR 48.7 million (approximately A$86.8 million). Financing of approximately EUR 400 million is in progress with Skandinaviska Enskilda Banken (SEB). Environmental permits are secured. Construction timeline is estimated at 2.5 to 3 years to commissioning.

Core or Secondary Exposure. Core (significant). Vanadium recovery is a principal business segment for Neometals, not a minor by-product. The Glencore offtake agreement and Finnish government grant demonstrate the seriousness of the vanadium commitment.

Possible Opportunities. The VRP1 project is differentiated from most ASX vanadium peers by its circular-economy model (recovering vanadium from waste streams rather than mining), its European location (providing geographic diversification from Chinese supply), and its binding offtake with a major global commodity trader. The Finnish government grant is a meaningful funding contribution.

Major Risks. The project still requires approximately EUR 400 million in equity and debt financing beyond the government grant. Construction execution risk and potential cost escalation are concerns for a first-of-kind recovery plant. The company's multi-project portfolio (gold, lithium, vanadium) requires careful capital allocation across competing priorities.

PUR — Pursuit Minerals Ltd

Company Overview. Pursuit Minerals Limited is an ASX-listed exploration and development company with its flagship vanadium project in northern Finland and a growing gold-silver portfolio.

Why It Appears on a Vanadium Company List. The Koitelainen Vosa Vanadium Project in northern Finland is Pursuit's flagship asset and the primary reason for its inclusion on vanadium company lists.

Main Vanadium-Related Project. The Koitelainen Vosa project hosts an inferred mineral resource of 116.4 million tonnes of ore body, with 5.8 million tonnes of magnetite at 2.3 per cent V2O5 in magnetite concentrate, containing an estimated 131,000 tonnes of V2O5. A scoping study has been completed, confirming initial economic viability, and the company is proceeding toward feasibility-level work.

Core or Secondary Exposure. Core. Vanadium is the flagship commodity, although the company is diversifying through the binding acquisition of the Sascha Marcelina gold-silver project in Argentina.

Major Risks. The project is at the post-scoping-study stage with further feasibility work required. Finland's regulatory and permitting timelines introduce some uncertainty. The decision to diversify into gold-silver in Argentina introduces strategic dilution and execution complexity. Capital requirements for advancing multiple projects simultaneously are a concern.

QEM — QEM Ltd

Company Overview. QEM Limited is an Australian mineral exploration and development company focused on the Julia Creek Vanadium and Energy Project in North West Queensland. The project targets a dual-commodity extraction model producing both vanadium pentoxide and transport fuel from oil shale.

Why It Appears on a Vanadium Company List. Vanadium is a co-primary commodity for the Julia Creek project, making QEM one of the more directly relevant vanadium names on the ASX.

Main Vanadium-Related Project. The Julia Creek Vanadium and Energy Project covers approximately 250 square kilometres in North West Queensland. The project hosts a mineral resource of 2,867 million tonnes grading 0.31 per cent V2O5 (461 Mt indicated, 2,406 Mt inferred) and a contingent in-situ oil shale resource. A scoping study completed in August 2024 indicated a post-tax NPV of $1.106 billion and an IRR of 16.3 per cent over a 30-year mine life, targeting production of 10,571 tonnes per annum of high-purity V2O5 and 313 million litres per annum of transport fuel.

Current Stage of Development. Developer (pre-production). QEM received Coordinated Project Status from the Queensland Government in December 2024, which streamlines the environmental impact assessment process. Environmental baseline work is underway for the Environmental Impact Statement (EIS). The company's scoping study targets construction commencing in early 2028 with commissioning and operations in late 2029.

Core or Secondary Exposure. Core. Vanadium is co-primary alongside oil shale in the dual-extraction model.

Major Risks. The share price has declined substantially (reported down approximately 79 per cent over 12 months from early 2025 levels), suggesting market scepticism. The dual-commodity extraction model introduces technology risk, as both vanadium and oil shale processing must be validated at commercial scale. Significant capital funding is required for development. Environmental permitting through the EIS process is ongoing. The oil shale component may face reputational and regulatory challenges in the context of global decarbonisation.

RVT — Richmond Vanadium Technology Ltd

Company Overview. Richmond Vanadium Technology Limited is a Perth-based, ASX-listed pure-play vanadium developer focused exclusively on the Richmond-Julia Creek Vanadium Project in North Queensland. The company listed on the ASX in December 2022 following a $25 million IPO.

Why It Appears on a Vanadium Company List. RVT is a pure-play vanadium company with 100 per cent of its business focused on vanadium. The Richmond-Julia Creek project is one of the world's largest undeveloped vanadium resources.

Main Vanadium-Related Project. The Richmond-Julia Creek Vanadium Project consists of approximately 1,403 square kilometres of tenements in the Julia Creek region of North Queensland. The project hosts a resource of approximately 1.8 billion tonnes, making it one of the largest vanadium resources globally. A pre-feasibility study was completed in 2020 (updated August 2021), and the company has been working toward completion of a Bankable Feasibility Study (BFS).

Current Stage of Development. Advanced explorer / developer. BFS completion has been extended to Q2 2025, delayed from original timelines due to weak vanadium pricing and a detailed review of study results. The company has also been developing a vanadium flow battery (VFB) demonstration plant and evaluating a new processing pathway to conserve cash.

Core or Secondary Exposure. Core. RVT is one of the purest vanadium plays on the ASX, with no other commodities in its portfolio.

Major Risks. Cash burn has increased significantly (reportedly up 145 per cent year-on-year). Vanadium price weakness has been a headwind, with prices declining approximately 47 per cent from their 2022 peak. The BFS timeline extension indicates project challenges. The company faces competitive risk from other large vanadium projects in the same Queensland region (including QEM). Financing risk for eventual construction is substantial.

SBR — Sabre Resources Ltd

Company Overview. Sabre Resources Limited is a diversified mineral exploration company with a portfolio spanning nickel, lithium, gold, uranium, and vanadium across Western Australia and the Northern Territory.

Why It Appears on a Vanadium Company List. Sabre holds vanadium exploration tenements, including the Speewah project in the Kimberley (WA) and the Ngalia Basin uranium-vanadium project (NT, 80 per cent interest). These were partly acquired from Kinetic Metals.

Main Vanadium-Related Project. Sabre's vanadium-bearing tenements include Speewah (170.7 square kilometres in the Kimberley), Unaly, Balla (WA), and the Ngalia Basin projects (NT). All are at the early exploration stage with no defined vanadium resources. The Ngalia Basin projects are prospective for sandstone-hosted uranium-vanadium mineralisation, with nearby analogue deposits referenced as exploration targets.

Core or Secondary Exposure. Incidental. Vanadium is a minor component of a widely diversified early-stage exploration portfolio. The company's primary activities focus on nickel, lithium, and gold.

SYR — Syrah Resources Ltd

Company Overview. Syrah Resources Limited is an Australian company that operates the Balama graphite project in Mozambique and the Vidalia active anode material (AAM) facility in Louisiana, USA. It is one of the larger companies on this list by market capitalisation and operational maturity.

Why It Appears on a Vanadium Company List. Vanadium occurs as a by-product of graphite processing at Balama. The company commenced a pre-feasibility study on vanadium recovery from graphite processing tailings in 2023.

Main Vanadium-Related Project. The Balama Vanadium Project is a potential second-stage development that would recover vanadium from tailings generated during graphite processing at the Balama operation in Cabo Delgado Province, Mozambique. A resource estimate update was expected in 2025. However, Balama operations have been suspended since December 2024 under force majeure due to post-election civil unrest in Mozambique, and vanadium development is not a near-term priority.

Core or Secondary Exposure. Secondary / by-product. Graphite is the primary business. Vanadium is a potential future by-product recovery opportunity that is currently not operational and is subordinate to the graphite restart.

Major Risks. The most significant risk is the geopolitical and security situation in Mozambique, which has resulted in the suspension of Balama operations under force majeure since December 2024. Vanadium is a future by-product opportunity, not a current revenue stream, and its development depends on the successful restart and stable operation of the graphite business. The Vidalia AAM facility in Louisiana continues to operate but depends on Balama graphite feedstock.

TVN — Tivan Ltd

Company Overview. Tivan Limited (formerly TNG Limited, renamed January 2023) is an Australian critical minerals developer headquartered in Darwin, Northern Territory. The company is advancing a multi-commodity portfolio with vanadium as a core focus through the Speewah project in Western Australia's Kimberley region.

Why It Appears on a Vanadium Company List. Tivan's Speewah Vanadium-Titanium-Iron Project is the company's flagship asset, and the company has secured a binding joint-venture agreement with Sumitomo Corporation for its development.

Main Vanadium-Related Project. The Speewah Project is located in the Kimberley region of Western Australia. Note that this is a separate project from King River Resources' (KRR) Speewah Specialty Metals Project, though both are in the broader Speewah area. Tivan's project focuses on vanadium extraction using the TIVAN+ processing technology (developed in partnership with CSIRO) as well as a conventional salt-roast pathway. Pilot testing has achieved vanadium pentoxide purity of 99.86 per cent, and vanadium electrolyte production has met all 24 Sumitomo Electric specifications for VRFB applications.

Current Stage of Development. Advanced development. The feasibility study was expected for completion in February 2026, with a final investment decision targeted for October 2026. The binding Sumitomo JV, signed in May 2025, covers development, financing, and operation of the project.

Core or Secondary Exposure. Core. Vanadium is the flagship commodity, with the Sumitomo partnership underscoring the strategic importance of the vanadium output. The company also holds tungsten-fluorite (Molyhil, NT), fluorite (Sandover, NT), and copper-gold exploration (Timor-Leste).

Possible Opportunities. The Sumitomo JV provides a credible pathway to financing and operational support from a major Japanese trading house. High-purity V2O5 production capability opens the door to premium VRFB electrolyte markets. The multi-commodity portfolio provides optionality. The company's fluorite assets have attracted strategic investment from ETFS Capital.

Major Risks. The project is still in the feasibility study phase with FID not expected until late 2026. Construction timelines and capex are uncertain until the feasibility study is completed. The Kimberley location is remote, with associated infrastructure and logistics challenges. Commodity price volatility across vanadium, tungsten, and fluorite affects the economics. The Timor-Leste copper-gold exploration is very early stage.

VMC — Venus Metals Corporation Ltd

Company Overview. Venus Metals Corporation Limited is a Western Australian multi-commodity exploration company with advanced gold assets and an emerging vanadium development opportunity at the Youanmi project in the Midwest region of WA.

Why It Appears on a Vanadium Company List. Venus Metals holds a 90 per cent interest in the Youanmi Vanadium-Titanium-Iron Project, which has a defined inferred mineral resource of 330.6 million tonnes grading 0.29 per cent V2O5.

Main Vanadium-Related Project. The Youanmi V-Ti-Fe Project is located approximately 40 kilometres southeast of the Windimurra vanadium mine in the Midwest region of Western Australia. The inferred resource of 330.6 million tonnes at 0.29 per cent V2O5 represents a substantial vanadium deposit, although it is at an early stage of development. Venus Metals has proposed an innovative multi-commodity processing hub concept that would integrate vanadium-titanium-iron, zinc-indium, nickel-cobalt, and lithium processing into a single precinct. A CRC research program for vanadium electrolyte production is underway.

Core or Secondary Exposure. Secondary to significant. The Youanmi vanadium resource is a material asset, but the company's current operational and revenue focus is on gold through the Youanmi Gold Mine (via partnership with Rox Resources) and exploration across other commodities including lithium.

Recent Developments. In late 2025 and early 2026, Venus Metals was the subject of a takeover bid from QGold, which increased its offer to A$0.21 per share (from A$0.17). As of January 2026, the board unanimously recommended shareholders reject the offer, citing inadequate valuation. QGold held approximately 26.4 per cent of Venus Metals at the time.

VR8 — Vanadium Resources Ltd

Company Overview. Vanadium Resources Limited is a junior ASX-listed company focused exclusively on vanadium development. The company's sole asset is the Steelpoortdrift Vanadium Project in South Africa's Bushveld Complex, one of the world's premier geological provinces for vanadium mineralisation.

Why It Appears on a Vanadium Company List. VR8 is a pure-play vanadium developer. Vanadium is the company's only commodity and the only focus of its project portfolio.

Main Vanadium-Related Project. The Steelpoortdrift Vanadium Project is located in the Limpopo Province of South Africa, within the Bushveld Complex. The project has a mineral resource of 680 million tonnes grading 0.70 per cent V2O5 (4.74 million tonnes of contained V2O5), making it one of the higher-grade vanadium deposits among ASX peers. Proved and probable ore reserves total 77 million tonnes grading 0.72 per cent V2O5, supporting an initial mine life of 25 years. A definitive feasibility study (DFS) completed in October 2022 indicated a post-tax NPV (at 7.5 per cent discount rate) of US$0.9 billion (at 73.95 per cent ownership), an IRR of 42 per cent, and a 27-month payback period on a capex of US$211 million.

Current Stage of Development. Post-feasibility, seeking FID and construction financing. The company signed a memorandum of understanding (MOU) with China Energy International Group (CEIG) in September 2024 for financing and EPC support. In June 2024, VR8 modified its production plan to produce both 98 per cent V2O5 (for steel applications) and 99.5 per cent V2O5 (for the VRFB market). A phased funding approach is under consideration, with the concentrator to be built first to accelerate positive cash flow.

Core or Secondary Exposure. Core. VR8 is a pure-play vanadium developer with no other commodities.

Major Risks. Financing risk is the critical concern: the company has not secured construction debt or equity, and the path to FID funding is unclear. The South African jurisdiction introduces political, regulatory, and currency risk, as well as electricity supply concerns. The experience of Bushveld Minerals, a peer vanadium company in the Bushveld Complex that entered liquidation and was delisted from the London Stock Exchange in 2025 due to low vanadium prices and inability to raise funds, is a cautionary data point for the sector. The share price of $0.018, and the 10 per cent decline on the source date, reflect market concerns about the company's ability to fund and deliver the project.