Velox Announces ASX Dual Listing, Gets Vanadium Project Support from Queensland Government

Exploration-stage Velox Energy Materials (TSXV:VLX) publicized plans to dual list on the ASX in a press release shared on August 2, saying it’s aiming to raise AU$8 million to AU$10 million in the process.

The vanadium-focused company also said it has secured a ‘cornerstone investment’ commitment from the QIC Critical Minerals and Battery Technology Fund, which is managed and administered by QIC.

“With our flagship North Queensland Vanadium Project (NQVP) and Kotai Hydrogen Project both based in Australia, it is logical that we would seek to gain further exposure to Australian investors via a proposed dual listing on the ASX,” Simon Coyle, president and CEO of Velox, commented in last week’s announcement. “We are extremely excited to have a QIC-managed fund as a cornerstone investor in the proposed dual listing capital raise.”

QIC is owned by the Queensland government and is one of the largest institutional investment managers in Australia. Its investment will come to AU$4 million to AU$5 million and will be used to help progress the NQVP.

“Up to two million tonnes of vanadium is required for battery storage to decarbonise industries and communities globally under 2050 net zero targets, while total global production in 2023 represented approximately five percent of this figure,” noted Allison Hill, QIC’s state chief investment officer. She added that this deficit showcases the opportunity that companies like Velox have in harnessing in the next critical minerals boom in Queensland.

Should Velox receive in-principle approval from the ASX, it intends to lodge a prospectus with the Australian Securities and Investments Commission in the third quarter of this year.

The planned AU$8 million to AU$10 million in funds will be used to further feasibility studies and pre-production activities for the NQVP, and for continued investment and support of the Kotai hydrogen project.

The NQVP covers 1,246 square kilometers in Northwest Queensland. It is located along the Flinders Highway between Julia Creek and Richmond, where vanadium exploration has been receiving strong support from the government.

At Kotai, Velox is working with experts from Perth’s Curtin University to investigate the feasibility of using sodium borohydride as ‘a ‘safe carrier’ of hydrogen that can be deployed on demand wherever it is required.”

Velox also holds the Lake Pierre lithium project in Eastern Québec, Canada.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.