Neometals Vanadium Recovery Project Advances Towards Construction as Financing Timelines Extended

Emerging battery materials producer Neometals Ltd (ASX: NMT, AIM: NMT) announced an update on its Vanadium Recovery Project (VRP1), in which it has a 72.5% interest. VRP1 aims to produce high-purity vanadium pentoxide from steel slag in Scandinavia.

The project is at the financing stage ahead of a final investment decision to construct the production facility. The project company, Recycling Industries Scandinavia AB, has engaged leading Nordic investment banks SEB and Aventum Partners to lead the financing. Due diligence by European Investment Bank and a banking club is progressing favourably. Equity financing is also attracting interest from Nordic and international investors.

To allow more time for financing, Neometals and its partner Critical Metals have extended the final investment deadline to 30 September 2023. This extension will align with project financing timelines.

Neometals is focused on developing sustainable lithium-ion battery recycling and materials production technologies. With battery demand surging, its proprietary processes aim to produce battery materials with low costs and minimal carbon footprint.

The vanadium project is nearing the construction phase and has strong financing progress. For investors interested in the battery materials supply chain, Neometals offers exposure to innovative recycling and production technologies that can help enable the green energy transition.