3 ASX Critical Minerals Stocks Lower Today: What to Know About VR8, FRB and SRL

Sonal Goyal

23 October 2026 02:46 PM AEDT

3 ASX Critical Minerals Stocks Lower Today: What to Know About VR8, FRB and SRL

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Key Highlights

Vanadium Resources Ltd (ASX:VR8) was down 21.05% at A$0.03, Firebird Metals Ltd (ASX:FRB) down 13.33% at A$0.13 and Sunrise Energy Metals Ltd (ASX:SRL) down 15.18% at A$12.46 during the 23 October 2026 session.
The S&P/ASX 200 was at 8,760.50, down 0.37%, at 1:16 pm AEDT on 23 October 2026.
The three companies' latest updates concern a vanadium scoping study (5 October), ultra-high-purity manganese sulphate (19 October) and a scandium Quarterly Report (23 October).

Three ASX-listed critical minerals companies traded lower during the 23 October 2026 trading session, each falling by a wider Margin than the broader market. Vanadium Resources Ltd (ASX:VR8) was down 21.05% at A$0.03, Firebird Metals Ltd (ASX:FRB) was down 13.33% at A$0.13 and Sunrise Energy Metals Ltd (ASX:SRL) was down 15.18% at A$12.46. By comparison, the S&P/ASX 200 (XJO) was at 8,760.50, down 0.37% (down 32.70 points), at 1:16 pm AEDT. The three companies work on different materials, namely vanadium, manganese-based battery materials and scandium, and each has issued an update in recent weeks, as set out below.

Vanadium Resources Ltd (ASX:VR8)

Vanadium Resources Ltd was trading at A$0.03 during the 23 October 2026 session, down 21.05%. The company is developing the Steelpoortdrift vanadium project in Limpopo, South Africa. According to the company, it holds an 86.49% interest in the Steelpoortdrift Mining Project through VanRes and a 100% interest in VR8 Highveld, the Subsidiary through which a proposed V-Iron plant would be developed.

On 5 October 2026, the company announced the completion of a Scoping Study for an integrated vanadium and iron co-production operation. The study describes a base case with a post-tax NPV10 of approximately US$842 million, a post-tax IRR of approximately 36% and pre-production Capital of approximately US$400 million including contingency. The proposed plant targets about 603,000 tonnes per annum of pig iron and about 65,000 tonnes per annum of vanadium-rich slag. The company described the study as preliminary, with capital and operating cost accuracy of plus or minus 30%, and said further studies and funding would be required.

Firebird Metals Ltd (ASX:FRB)

Firebird Metals Ltd was trading at A$0.13 during the 23 October 2026 session, down 13.33%. The company describes itself as an Australian battery materials technology company developing manganese-based Lithium-Ion Battery materials for electric vehicle and energy-storage markets.

On 19 October 2026, Firebird announced it had produced its first 99.999% (5N) ultra-high-purity manganese sulphate at its Hunan Pilot Plant in China. The company said a second technical program had also begun at the plant, processing ore from its 100%-owned Oakover Manganese Project in Western Australia. According to the announcement, the program will be replicated as the first experimental campaign at the Australian Demonstration Plant in Perth, with commissioning planned for 2027. Firebird said it will report product purity results once the program is complete and samples have been independently tested and validated.

Sunrise Energy Metals Ltd (ASX:SRL)

Sunrise Energy Metals Ltd was trading at A$12.46 during the 23 October 2026 session, down 15.18%. The company is developing the Syerston Scandium Project in New South Wales and also holds exploration interests in Queensland.

The move came on the same day the company released its Quarterly Activities Report for the quarter ended 30 September 2026, dated 23 October 2026. The company reported that the Front End Engineering Design study had been completed and that it continues to target a Final Investment Decision by the end of 2026 and commercial production in 2028. It said the US Office of Strategic Capital had confirmed a conditional commitment of up to US$400 million in debt financing, and that cash on hand at 30 September 2026 was A$148.1 million. The report also noted a Scheme Implementation Deed for a proposed redomiciliation to the United States and a Nasdaq listing.

Related Sector Context

Each company's update touches on Supply chains for advanced materials. According to the announcements, vanadium slag would be refined into products such as vanadium pentoxide, manganese sulphate is an input to manganese-rich battery chemistries, and scandium is used mainly in solid oxide fuel cells, with emerging Demand in aluminium-scandium alloys. Companies at the development and demonstration stage typically depend on technical studies, permitting and external funding. The S&P/ASX 200 was down 0.37% at 1:16 pm AEDT, so the three stocks' moves were considerably larger than the benchmark's.

Risks to Weigh In

VR8 stated that its Scoping Study is preliminary, that a feasibility study and pre-production funding of at least US$400 million would likely be required, and that funding may not be available or may be dilutive.
VR8 noted that its low-price case would not support the indicative debt structure without mitigation.
FRB's 5N product was made at a pilot plant, and the Oakover ore program results have not yet been reported.
SRL's US$400 million funding commitment is conditional and non-binding, subject to Due Diligence and definitive documentation.
SRL's redomiciliation Scheme remains subject to shareholder, Federal Court, FIRB, SEC, Nasdaq and ASX approvals.

Catalysts on Watch

VR8 has said it is focused on securing funding for the V-Iron Definitive Feasibility Study and progressing offtake discussions with U.S. Vanadium.
FRB has said it will report purity results from the Oakover ore program after independent testing.
FRB is preparing to commission its Australian Demonstration Plant in Perth in 2027.
SRL is targeting a Final Investment Decision by the end of 2026.
SRL has said a Scheme Booklet will be provided to shareholders in due course.

Where Things Stand

VR8, FRB and SRL each fell by more than the S&P/ASX 200's 0.37% decline during the 23 October 2026 session. Their latest announcements cover a vanadium scoping study dated 5 October 2026, a manganese sulphate milestone dated 19 October 2026 and a scandium quarterly report dated 23 October 2026. Each company has outlined further steps, including studies, testing, funding and approvals, in its own disclosures.

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