Newpeak Metals (ASX:NPM) acquires AusVan
Wattlestone is pleased to announce that NewPeak Metals (ASX:NPM) has announced the acquisition of AusVan Battery Metals Pty Ltd, the company behind the Allaru Vanadium Project in Queensland. This acquisition positions NewPeak as a key player in the growing vanadium market, critical for the renewable energy transition.
The Allaru Vanadium Project, located in Queensland’s North West Minerals Province near Julia Creek, holds a JORC Inferred Resource of 710 million tonnes of vanadium, making it one of the most significant deposits in the region. This acquisition highlights the strategic importance of vanadium as a critical mineral, driven by its applications in both the steel industry and the emerging vanadium redox flow battery (VRFB) market.
Key Details of the Acquisition:
- Commercials: NewPeak has entered into a binding agreement to acquire all shares in AusVan in a scrip deal for NewPeak shares at an issue price of $0.0165 per share.
- Exploration Permits: The acquisition includes six granted Exploration Permits and one permit application covering 1,498 square kilometers in the highly prospective Allaru region.
- Capital Raising: To support ongoing exploration and development, NewPeak plans a rights issue to raise $2–3 million at the same issue price.
NewPeak plans to prioritize exploration at Allaru North, where shallow, oxidized vanadium mineralization occurs at depths as low as 12 meters, with grades averaging 0.45% V₂O₅. This initial focus underscores the project’s potential for efficient and scalable development.
Why Vanadium?
Vanadium’s importance extends beyond its traditional role in strengthening steel. It is now a cornerstone of the renewable energy transition, particularly in vanadium redox flow batteries (VRFBs), which provide long-lasting, scalable, and safe solutions for grid-scale energy storage. With the increasing integration of renewable energy into electricity grids, demand for vanadium in VRFBs is projected to grow significantly.
AusVan and Wattlestone
Wattlestone’s investment in AusVan reflects our focus on critical minerals with transformative potential. Vanadium’s dual role in infrastructure and energy storage positions it as a cornerstone for sustainable development. We are excited about AusVan’s future as part of NewPeak Metals, leveraging its expertise and resources to unlock the full potential of the Allaru Vanadium Project.
This acquisition is a major step forward for both NewPeak and AusVan and further establishes Queensland as a leader in critical minerals for the energy transition.